GE's Jack Welch Knows All About Cooking the Books

CHART: General Electric Profits

A few notes on Jack Welch and criminal behavior by GE under his helm.

Anyone else pound their head against a wall when Welch complained about BLS manipulation in Friday's jobs report?  Welch wrote the book on cheating.

After the 2000 crash, we learned of earnings manipulation and accounting gimickry inside GE.  GE Capital acted as an opaque leveraged hedge fund that always could be counted on to help GE beat by a penny.  GE eventually settled accounting fraud charges with the SEC.

Links:

GE’s Jack Welch Knows All About Cooking the Books - Ritholtz

Gingrich Says Welch Conspiracy Theory on Jobs Report 'Rings True'

Meet The Press: Experts Dismiss Claims of 'Cooking Books' on Jobs Data

Meet the Obama Donors who work for at the BLS

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VIDEO: Schwarzenegger Does Arianna Huffington Impression

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Welch with Anderson Cooper discussing his BLS comments:

Comments

[DailyBail]

Afghan women plead not to be forgotten as NATO troops prepare to leave

http://www.rawstory.com/rs/2012/10/08/afghan-women-plead-not-to-be-forgotten-as-nato-troops-prepare-to-leave/

[DailyBail]

Paul Krugman Blasts Media Over Presidential Debate

http://www.huffingtonpost.com/2012/10/07/paul-krugman-media-debate-reaction_n_1946360.html

Krugman cries...

[Brasscheck]

Jack Welsh is a master criminal. He not only got away with one of the financial scams of the century (CE Capital), he's positioned himself as a senior statesman.

What a crock. But you have to hand it to him. Even Warren Buffett hasn't done as well packaging s*** and selling it as gold. And when it all collapses, he'll be in the clear. He is one slick operator.

[THolmes]

So your premise is that it is OK for BLS to cook the books because Jack Welch did? This isn't the schoolyard, people are suffering and playground approaches aren't going to fix the issues.

[DailyBail]

THolmes

Of course I don't condone manipulation of numbers. If you know anything about how the monthly jobs report is actually produced you know it's pure nonsense. All assumption, very little actual data. I was simply pointing out that a criminal liar was accusing someone else of lying.

[DailyBail]

Brasscheck

Spot on. Welch gets all the credit and none of the blame for GE. He's a financial criminal who was forced to admit as much to the SEC, and yet he is treated as royalty by the media, who of course are absolutely clueless about his earnings manipulation for a decade at GE, because that would require actually understanding markets.

[Pitchfork]

I LOVE the headline for this post. I knew he had criticized the BLS numbers and the headline just cracked me up.

[DailyBail]

Pitch

It's the first thing that came to mind when I saw the Welch story. The kids who write ZH aren't old enough to remember GE under Welch, and so they missed that angle of the story entirely.

[john]

Update:

http://finance.fortune.cnn.com/2012/10/09/jack-welch-quits/

[Josie]

The crypt keeper won't die...what keeps Jack up at night is not the bogus GE accounting. It's that CNBC ratings will suck when he is a guest host...

[DailyBail]

Nicely done.

[Strayhorse]

Ask Jack about his role with the IMF; what jackals did he agree to send into nations to "sway" the leaders' decisions to "cooperate". Follow the money............................

[John]

http://www.jdsupra.com/legalnews/deutsche-bank-files-666-million-suit-ag-18734/

[john]

Cats out of the bag. KFC recipe disclosed and put to the test.

http://i.stuff.co.nz/life-style/food-wine/recipes/83392929/kfc-recipe-challenge-kitchen-puts-the-11-herbs-and-spices-to-the-test