From Financial Times:
Former GE CEO Jack Welch, like Greenspan, has a change of heart (http://us.ft.com/ftgateway/superpage.ft?news_id=fto031220091430053057):
Quote"On the face of it, shareholder value is the dumbest idea in the world," he said. "Shareholder value is a result, not a strategy...your main constituencies are your employees, your customers and your products."
File under, "Day late, $1 trillion short".
Quote from: Chicken Little on March 13, 2009, 09:36:41 AM
From Financial Times:
Former GE CEO Jack Welch, like Greenspan, has a change of heart (http://us.ft.com/ftgateway/superpage.ft?news_id=fto031220091430053057):
File under, "Day late, $1 trillion short".
LOL. All of our Captains of Industries are carefully walking back their rhetoric. How precious.
I'm only now starting to understand how completely shareholders have been kow-towed to . . . and when I say "shareholders" I don't mean "you and me and our 401ks." I mean "the companies that manage our 401ks," who have an entirely separate group of interests than simply making our retirement funds grow.
They get paid if they go up or down. All they have to do is keep us putting as much money in as we are losing and they end up even.
WoW I'm stunned by this. Not that I don't agree with what he said. I'm stunned that Jack Welch said it.
I guess folks do mellow as they age.