I missed this story several days ago about General Electric’s former CEO Jeff Immelt, who always spouted the party line about climate change and the “renewable energy” racket:
For much of Jeff Immelt’s 16-year run atop one of the world’s largest conglomerates, an empty business jet followed his GE-owned plane on some trips to destinations around the world, according to people familiar with the matter. The two jets sometimes parked far apart so they wouldn’t attract attention, and flight crews were told to not openly discuss the empty plane, the people said.
The second plane was a spare in case Mr. Immelt’s jet had mechanical problems. A GE spokeswoman said that “two planes were used on limited occasions for business-critical or security purposes.” Mr. Immelt didn’t respond to requests for comment.
GE’s new CEO John Flannery is cutting out this nonsense. Perhaps it might have made sense if Immelt delivered stellar returns for GE shareholders, but GE has been one of the worst performing blue chip stocks of the last 15 years. In fact the value of GE stock fell by half during Immelt’s 15 years as CEO, and is down 25 percent just this year alone.
General Electric (GE), often referred to as a stock for widows and orphans because of the steady and generous dividend, is coming full circle and not in a positive way.
Wall Street analysts are pounding the drum warning that its dividend, yielding 4.15%, may get slashed as CEO John Flannery, who took over in August, looks to cut costs. Because GE is the third-largest owned stock among institutional investors, according to our partners at the WSJ Market Data Group, that could impact many Americans either through their 401(k) or plain vanilla index funds.