Debt and financialization may prove the undoing of an iconic American corporation, General Electric. From Bill Bonner at bonnerandpartners.com:
BALTIMORE – The titans of one era become the schmucks of the next.
Marshal Michel Ney, one of France’s greatest soldiers, was executed by his own people… who later put up a statue of him in Paris.
General Robert E. Lee was revered by both sides in the War Between the States; statues were later erected on both banks, north and south, of the Potomac. Now they are coming down (often in the middle of the night to avoid a confrontation).
And here now, among the mighty fallen, is General Electric and its celebrity ex-CEO, Jack Welch… Mr. “Winning” himself.
GE is crumbling. And so is Mr. Welch’s reputation. He made GE what it is today… and was named in 2000 as Fortune magazine’s “Manager of the Century.”
In summary of…