Then it all came crashing down when the new CEO (John Flannery) came on board and found the company’s cash flow actually cannot sustain the dividends payout among many other things. It pride itself for never missing the dividends payout to the shareholders (only except once in 1938). Though $60 is nothing when you think of the tech stocks now such like Google, Facebook or Tesla but it was something then. It was once high in the Dow Jones industrial index and share price went close to $60 in NYSE during the early 2000. General Electric (GE) was one of the darling of wall street during its heydays and one with the biggest market capitalization. I was literally shaking my head with disbelief as I was reading them. Words like greed, hypocrisy, selfishness, self-importance all came to my mind as I was reading it.
The author says it in the title, pride and delusion but I can think of many words after reading it. I think it will be very difficult to sum up in just one word. Well, the company is still around and did not collapse but just a pale shadow of what it used to be. Lights out, the fall of General Electric is a really good read. I think I finished it in less than 4 days.
However, it soon became a page turner as soon as I finished the first few chapters. if you do not count acknowledgements section). Not to mention when realised that it is a 919 pages long (ie. I was expecting it to be a rather boring read about corporate failures and being in corporate life myself, I was not too keen to hear about mess in other company.
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