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GE considers breakup after $11B insurance, tax hit


MARIA: COMING AFOOT FOR GENERAL ELECTRIC 125-YEAR-OLD AMERICAN STAPLE CONSIDERING A CHARGES, FROM CARE INSURANCE PORTFOLIO AND CORE INSURANCE PORTFOLIO US

TAGS GE SHARES FALLEN 40% LAST YEAR JOINING ME IS FORMER CHRYSLER CEO FORMER HOME DEPOT CEO BOB NARDELLI THE REASON WE WANT YOU TO TALK ABOUT IT BOB NARDELLI THAT YOU ARE LONG TIME EXECUTIVE AT GENERAL ELECTRIC WORKED THERE 30 YEARS, VIRTUALLY EVERY BUSINESS APPLIANCE TRANSPORTATION GE CAPITAL, LIGHTING >> POWER GENERATION >> GREAT EXPERIENCING MARIA I WAS BLESSED TO BE ABLE ABOUT TO HAVE THAT OPPORTUNITY COMING OUT OF COLLEGE TO START WORKING AT GENERAL ELECTRIC AND THEN CERTAINLY, THE OPPORTUNITY TO WORK CLOSELY WITH JACK WELCH, AND HIS MENTORORSHIP LEADERSHIP SKILLS WAS INVALUABLE TO ME GOING FORWARD

>> FROM ALL THAT, YOU KNOW, AND ABOUT THIS COMPANY, THIS HEARTBREAKING NOT ONLY ME BUT HUNDREDS OF E-MAILS FROM COLLEAGUES ABOUT YOU KNOW WHAT IS HAPPENING AT GE TODAY, WESTINGHOUSE GE COMPETING TESLA BY THE BOARDS WESTING HIGHWAYS BY BOARDS YOU HOPE LIKE HECK GE DOESN'T GO BY BOARDS HERE, I THINK, YOU KNOW A LOT OF THINGS HAVE HAPPENED, HERE, IT IS YOU KNOW THIS PERFECT STORM JANE STEPS PERFECT STORM JANE STEP PERFECT STORM JOHE STEP PERFECT STORM JOHN STEP PERFECT STORM JOHN STEPS PERFECT STORM JOHN STEPS I PERFECT STORM JOHN STEPS IN HERK HECU HECULE HECULEAN HECULEAN CHALLENGE HECULEAN CHALLENGE P HECULEAN CHALLENGE PLA HECULEAN CHALLENGE PLAYI HECULEAN CHALLENGE PLAYING HECULEAN CHALLENGE PLAYING I HECULEAN CHALLENGE PLAYING IN SUPER BOWL WITH NEW TEAM NEW CFOI NEW PERSON IN CHARGE OF GE POWER SYSTEMS NEW PERSON IN CHARGE OF TRANSPORTATION, YOU GO RIGHT DOWN, NEW PERSON IN CHARGE OF CORPORATE RESEARCH AND DEVELOPMENT LEARNING CURVE FOR NEW CEOS HAS TO BE MURDERED MURDERE MEASURED IN SECONDS NOT MINUTES THE BUSINESS AS FEBLING A LEADER >> IF YOU TAKE A BILLION ONE AS YOU KNOW, IF YOU WAIT UNTIL THE THIRD QUARTER TO START ACTUALLY GETTING COOKBOOK, RING REGISTER AT THE END OF THE DAY SO I KNOW HOW THEY ARE ORGANIZED TO ADDRESS RUNNING THE BUSINESS DAY-TO-DAY, AND THEN REALLY FOCUSED ON GETTING PRODUCTIVITY YOU DON'T HEAR ANYTHING IN — IN THE DIALOG ABOUT THE INDUSTRIAL INTERNET BILLIONS SPENT AS OPPOSED TO PRODUCT INNOVATION CORE BUSINESSES CAPITAL ALLOCATION A BIG CHALLENGE WITH CASH GENERATION I WOULD THINK WOULD DO INVENTORY OF VR NONEARNING ASSET IN THAT COMPANY AND I KNOW WILL TAKE A PAPER HIT ON EARNINGS PER SHARE OUGHT TO SELL THOSE QUICKLY AS HE CAN IDLE FACTORS EQUIPMENT WHATEVER NOT EARNING OUGHT TO BE MONETIZE TO GO GET CASH, BECAUSE HE HAS HUGE DEBT BIGGER THAN REVENUE UNFUNDED PENSION 50% DIVIDEND COMMITTED TO MAYBE SHOULD HAVE TAN OUT TO TRY TO BRING TOGETHER >> THIS IS ABOUT LEADERSHIP I CALL OUT ELEPHANT IN THE ROOM YOU WERE ONE OF THOSE PEOPLE THAT COULD HAVE GOTTEN THE JOB THERE WAS THREE PEOPLE JACK WELCH AT THE TIME WANTED TO DO AND IT WAS YOU, MC >> YOU ARE KIND TO SAY THAT

>> I AM SORRY I HAVE TO CALL IT WILL AS I SEE IT YOU WANT TO ASK >> SORRY — SO ABOUT AS YOU MENTIONED ALL THE — THE OLD GUARD IS GONE, THERE IS NEW PEOPLE IN THERE A LOT OF PEOPLE HAVE BEEN THERE MANY YEARS JOHN AT HELM WHO IS GUIDING HIM IF YOU LOOK AT BOARD YOU HE MENTIONED IN THE PAST THERE IS NOT ONE PERSON ON THAT BOARD WITH INDUSTRIAL EXPERIENCE, HOW DOES HE KNOW THAT THESE ARE RIGHT DECISIONS TO MAKE >> IT IS INTERESTING YOU SAY THAT, YOU KNOW I HAVE ALWAYS YOU GOT TO LOOK AT THE BOARD ALLOWED THIS TO HAPPEN OVER 16, 17 YEARS, AND YOU ARE RIGHT LINDSEY I WOULD HAVE WHEN JACK WAS THERE WE HAD REAL INDUSTRIALISTS ROGER PENSKE ON THE BOARD WHEN YOU THINK ABOUT THAT, IF YOU LOOK AT THE PEOPLE THAT HAVE LEFT, AFTER JACK LIKE I SAID DAVE CALHOUN, SCOTT DONNELLY JIM McINERNEY VERY THE LEGALITIED LEADERS UNNECESSARY CULTURE A PASSION COMMITMENT TO IMPROVE UPON EVERYTHING THEY DID 'RUNNING IN THE BUSINESS SO THE BOARD IS PROBABLY GOING TO GET RECON FIGURED COLD CEOS GET OFF GARDEN ON THERE ON THE BOARD TO BRING PEOPLE ON THAT HAVE SPEED THE PASSION THE COMMITMENT, CAUSE THESE BE THINKING ABOUT NOT ONLY RUNNING THE BUSINESS BUT YOU KNOW THE OLD BLACK SWAN THINGING WHAT COULD HAPPEN HOW DO WE — HOW YOU COULD BE SURPRISED WITH ME WITH A CHARGE LIKE THAT AFTER JANE SPENT SIX MONTHS, PROBABLY WITH THAT KIND OF THING >> INITIALLY WHEN GE WAS ON ITS KNEES FINANCIAL CRIES STOCK DOWN TO FOUR, IT WAS 59 3/4 WHEN I WAS AT CNBC GE FOR FINANCIAL SUPPORT NELSON GETS IN THERE DECIDES ASSETS NEED TO BE SOLD MAYBE JEFF LOOKING BACK NOW, DID THEY SELL IT TO GENERATE CASH TO THINK WHAT WE HAVE TO LOOK FOR NOW IS — WILL JOHN BE ABLE TO DELIVER ON THE COSTOUT, IF I LOOK AT THE BUSINESSES THAT ARE LEFT MARIA YOU CALIBRATE THEM BASED ON THE BOOKINGS, WERE RUNNING TRANSPORTATION YOU MENTIONED, WHEN I WENT IN THERE DOING 250 LOCOMOTIVES LEFT DOING 800 A YEAR WHEN WE WENT INTO POUR SYSTEMS 30 TURBINES A WREER, AND SO YOU NEED TO BE ABLE TO ENHANCE THE NOW WHEN YOU HAVE THIS CRISIS ON TOP OF THE NORMAL CHALLENGE OF RING YOUR BUSINESS, THE LEVEL OF COMPLEXITY CHALLENGE, IS IS HERCULEAN FOR JOHN AND TEAM >> YOU SOLD ALL YOUR STOCK SFIE DID I KEPT IT A LONG TIME VOTED WITH MY HEART FOR A LONG TIME, AND ABOUT I VOTED WITH MY HEAD >> BEFORE YOU GO WE WANT YOUR TAKE ON SOME NEWS OF THE AT A WE APPRECIATE YOUR THOUGHTS ON GE BECAUSE YOU ARE OPINION MATTERS HERE WE APPRECIATE

>> I AM PULLING FOR THEM >> YOU ARE INFORMED >> I LOVE THE COMPANY >> I KNOW YOU DO I KNOW DO YOU PLAN CREATING 20,000 JOBS, MAKING THAT ONE-TIME TAX PAYMENT, OF 38 BILLION DOLLARS, ON OVERSEAS CASH

>> HARD TO ARGUE WITH FACTS ABOUT WHAT IS HAPPENED DURING THIS ADMINISTRATION VERSUS PRIOR ADMINISTRATIONS, I THINK, THAT IS JUST I MEAN AMAZING, AND PROOF POSITIVE HEADED RIGHT DIRECTION >> CONGRATULATIONS >> IT IS PRETTY INCREDIBLE WHAT YOU ARE SEEING IN TERMS OF COMPANIES WANTING TO SHOW THE WORLD THAT THEY ARE ON USA TEAM >> I THINK — CORPORATE AMERICA CEOs RESPONDING TO TAX CUT IN BONUSES WAGE INCREASE WE INVESTMENT, IS EXACTLY WHAT

Source: Youtube

GE considers breakup after $11B insurance, tax hit

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