General Electric

GE spent lavishly on shareholders, shortchanged pensions and still landed in a deep hole

GE spent lavishly on shareholders, shortchanged pensions and still landed in a deep hole

It’s customary to laud a departing corporate chief executive as a giant of industry and a management genius. That’s the tongue bath General Electric’s Jack Welch received when he retired in 2001. Not so much his successor Jeffrey Immelt, whose legacy already is being panned weeks ahead of his Aug. 1 scheduled departure.

Among other things, a close look is being taken at Immelt’s lavish spending on stock buybacks, especially over the last two years at the behest of the company’s biggest and richest shareholders. A new analysis by Bloomberg...

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