How Jack Welch Killed Capitalism & Crushed The Soul Of America

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Have you ever pondered the repercussions of prioritizing profits over people?

David Gelles, author of "The Man Who Broke Capitalism," delves into the aggressive profit-driven tactics of former GE CEO Jack Welch and their impact.

David poses a crucial question: "While profits are essential, are you also caring for your employees in the process?"

To him, true leadership means harmoniously balancing financial success with people-centric values.

BOOKMARKS:

0:00 -- Intro
2:38 -- Introducing David Gelles and his book “The Man Who Broke Capitalism”
4:11 -- Business climate before Jack Welch became CEO
6:38 -- How Welch focused ruthlessly on short-term profits over people
9:18 -- Questioning how corporations allocate massive profits
10:55 -- Welch pioneered mass layoffs to boost margins
13:18 -- Welch turned GE from industrial company into financial giant
15:13 -- Welch's unprecedented wave of downsizing in early 1980s
16:16 -- The ripple effect of Welch's layoffs across corporate America
18:03 -- Consequences of Welch's downsizing and deal-making focus
18:51 -- How Welch proteges spread his profit-first playbook
21:00 -- Critique of Welch's deal-making acquisitions
24:03 -- How Welch neglected GE's core industrial businesses
25:06 -- The unravelling of GE's finances after Welch retired
26:28 -- Welch's legacy of destabilizing communities and workers
29:02 -- Alternatives today to Welch's profit-obsessed model
34:40 -- Comparisons between Amazon's labor practices and Welch
37:14 -- Balancing stakeholder and shareholder value
38:52 -- Rethinking the purpose and role of corporations
42:10 -- Business' role in social/political debates
46:34 -- Things to checkout and Closing

#LeadingWithVulnerability #leadership #empathy #PeopleFirst #PeopleOverProfits

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[gregoryclifford]

It begs the question of who restrains or approves the extreme growth in executive compensation and severance packages? Executive Chairman of the Board of Directors? Surely not the SEC. Those are former CEOs, right? If stock buybacks are a manipulation for 'pump-n-dump' rewards for the top 30 execs, how does the nincompoop fund investor know the bottom of the paper bag is wet? If shareholders see an equity collapse and utter destruction of the company product at the behest of shareholder advocates, it must be pension fund members and moms-n-pops in retirement savings plans who are left holding the bag? Buyer beware?

[taocook]

Boeing is on the same track as GE to fall

[gregoryclifford]

"Let them eat cake, " may be a fictional quote, but surely that recognition of a societal disconnect gave rise to the beginnings of popular haircuts for royals. Does the intended power of the general public reside within Americans now? Can a representative government system root-out the plagues of Wall Street and corporate looterships? The US Supreme Court says corporations are just regular guys, and they can contribute as much to SuperPACs as they want. How's that for an identity crisis, when corporate funds are in the hands of just one single very powerful man?

[flexmasterson]

Emely is the second worst CEO. Heineken Welch. The difference is that Emely made poor decision after poor decision to the, point GE is dead.

[eugenekasper]

I am in about 4 minutes and no specific examples.

[topcatmatt]

Can't critique capitalism properly, as a good lib can't