Who is responsible for the acquisition missteps? Nobody... Almost 20 billion gone, and yet nobody is responsible.
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GE is responsible for agreeing to spend the money.
So true
New breed six sigma managers only wanted to get promoted and rape GE with these fake Ponzi scheme cost savings that everyone knew were bogus. Look at what happened to cost structure, lost capabilities, and evaporating cash flow
$20 Billion used to be a lot of money
Now GE has to sell $20 Billion worth of businesses to raise cash just to survive, in addition to cutting $2 Billion in cost from GE Power.
After they sell off all their other businesses, where will the future cash flow come from?
They already sold off the huge GE empire of cash cow businesses to fund bogus cost savings by building all these new underutilized facilities rather than just staying were they were in GE Lynn, Schenectady, Erie and Niskayuna research center.
New breed six sigma managers only wanted to get promoted and rape GE with these fake Ponzi scheme cost savings that everyone knew were bogus. Look at what happened to cost structure, lost capabilities, and evaporating cash flow
Now GE might have to be broken up to pay the bills
Don't trust anyone in this business. The more despair there is, the uglier it gets.
And yet they leave, retire, move on, with giant packages and those of us doing the rank and file work are pushed out and have to fight for our measly severance. I gave that company everything I had and now I realize there is no reason to be loyal to the large companies.
The company has always overpaid for acquisitions, paying the price of a dream not reality. The company I joined was an acquisition back in 1997, it didn't take long for the company to realise that the business they thought they had bought didn't really exist. By 2003 those businesses were wound down and sold. Leaving the businesses it didn't really want to cease trading in 2007. Those were the days in Capitals cash rich environment. By comparison prefer those days to today. Share price, benefits and pay were all better.
Those responsible walked away with $100’s of millions in pensions and severance. That’s what GE considers “holding each other accountable” I suppose.
What about Converteam? That's now power conversion unit.
Immelt, Bolze, Borenstein and a few others, including the Board of Directors. Those 3 share fault but as we know those who had no say in the acquisitions will pay for the mistake. Just venting frustration.