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Jack Welch Terminates Contract With Reuters, Fortune In Aftermath Of Infamous Tweet

Tyler Durden's picture





 

The fallout in the aftermath of last week's infamous tweet by Jack Welch in which he dares to accuse the BLS of manipulating labor data (the same BLS which has already been purposefully caught leaking data, but never actually caught red handed manipulating it: after all things like these don't happen, Liborgate notwithstanding), something which it did (although the one thing that nobody dares to say is "why" because if suddenly it becomes clear that if this most critical of economic indicators is fudged, then every other one must be) has begun. Moments ago, in response to perceived political badgering by Fortune and Reuters, Jack Welch, the CEO of Chairman of GE from 1981 to 2001, just after the company's stock peaked at $593 billion, the outspoken critic of Obama has decided to sever ties with both the CNN-controlled publication and with the Thomson Reuters organization, and instead going forward will use the WSJ as a platform. What drove Welch over the edge is the now traditional media response of attacking the person instead of the argument whenever the status quo is threatened, in this case predicated by articles by both Fortune and Reuters.

As Fortune's Stephen Gendel explains:

CNNMoney, which shares content with Fortune.com, ran a story on Friday covering Welch's tweet. The piece said that even conservative economists thought Welch was wrong to question the jobs numbers. On Tuesday, Fortune.com ran a story detailing Welch's record as a job destroyer. GE lost nearly 100,000 jobs during the 20 years in which Welch ran the company. "I never put myself out there as an employment agency," Welch told Fortune.

 

Following the story, Welch sent an e-mail to Reuters' Steve Adler and Serwer saying that he and his wife Suzy, who have jointly written for Reuters and Fortune in the past, were "terminating our contract" and will no longer be sending our "material to Fortune." Reuters' story about Welch's tweet quoted money manager and blogger Barry Ritholtz, who said Welch's comments were laughable. Reuters wrote that Ritholtz comments were referring to allegations that Welch regularly manipulated GE's earnings during his tenure as CEO in order to best Wall Street profit estimates.

Reuters used blogger Barry Ritholtz as the centerpiece for its particular debunking:

"This guy is the guy that's telling me the books are cooked? That's hilarious," said Barry Ritholtz, CEO and director of equity research at Fusion IQ in New York, which manages about $300 million in assets. Ritholtz, one of the first to respond to Welch's tweet, was referring to the allegation that during his tenure at GE, Welch sometimes used the GE Capital finance unit to sell quickly assets such as real estate and ensure that the largest U.S. conglomerate regularly beat Wall Street profit estimates.

In addition to blogging, Barry Ritholtz manages $256.7 million for 700 clients according to the latest Form ADV for his firm Fusion Analytics, which employs 18 people, and charges a 0.60% annual management fee for assets managed over $5MM  (link, full investor borchure here). He and his employees are frequent guests on CNBC.

Either way, we have already noted the major issues with the BLS report (here and here). For those who believe that the unemployment rate, which is at a 3+ year low, is indicative of the general status of the US economy, which is now growing at a sub-stall speed ~1.5% GDP, please advise: we have some AJ RMBS we need to offload and are always looking for gullible idiots buyers.

Full Welch letter below:

 

 


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Tue, 10/09/2012 - 13:32 | Link to Comment malikai
malikai's picture

I quit, bitchez!

Tue, 10/09/2012 - 13:41 | Link to Comment slaughterer
slaughterer's picture

WTI  +4.00%  Qu'est-ce que sait?    

Tue, 10/09/2012 - 13:43 | Link to Comment fightthepower
fightthepower's picture

In times of universal deceit, telling the truth will be a revolutionary act

Tue, 10/09/2012 - 13:51 | Link to Comment idea_hamster
idea_hamster's picture

He doesn't know how or care to change the sig line on his iPad?  Pretty weak.

Or he's pulling down a mint for leaving it stock?  Also weak, IMO.

Tue, 10/09/2012 - 14:48 | Link to Comment SoCalBusted
SoCalBusted's picture

Do you want to complain about the paragraph spacing too?

Tue, 10/09/2012 - 19:05 | Link to Comment The Alarmist
The Alarmist's picture

No, just the kerning between letters.

On a separate note, if we can't believe the employment statistics, why do we accept with no body or publicly released photographic evidence that Obama et al actually killed OBL?  I personally think the corpse, if there is one, needed to be checked for freezer burn.

Tue, 10/09/2012 - 16:05 | Link to Comment phyuckyiu
phyuckyiu's picture

He's worth a few billion and you're worth your Calfresh card, but hey you're cooler since you know how to change your sig. I'm sure all the hot girls love your l33t Iphone skillz over money.

Tue, 10/09/2012 - 15:34 | Link to Comment roadlust
roadlust's picture

The dude pulls this "belief" completely out his ass, and then gets embarrassed when people ask him to justify it??? Of course you should be able to throw out any kind of whacky conspiracy bullshit without ever having to cite evidence or proof!  The onus should always be on the people you fling the bullshit at, not the flinger of said bullshit.  If the accused can't "disprove" the bullshit enough to satisfy the bullshitter's personal "feeling" about his personal theory, it must be true! That's what science is!  Fox News has proven this formula works with at least 47% of America!  (And an even higher number around here.) 

Tue, 10/09/2012 - 16:00 | Link to Comment phyuckyiu
phyuckyiu's picture

Your King Obama Lies. But hey, your Calfresh card and Unemployment card just got reloaded. FREE SHIT ARMY UNITE! Grannypurps.com awaits! Wait, Obama raided Harborside Health and Oaksterdam with FBI agents? I'm sorry my cognitive dissonance does not compute.

Tue, 10/09/2012 - 22:44 | Link to Comment dougngen
dougngen's picture

douche'

Wed, 10/10/2012 - 00:48 | Link to Comment Radical Marijuana
Radical Marijuana's picture

Yeah, and in those times a well-developed macabre sense of humour appears to be the only psychological defence left!

Tue, 10/09/2012 - 13:45 | Link to Comment malikai
Tue, 10/09/2012 - 13:54 | Link to Comment slaughterer
slaughterer's picture

+1  WTI = psycho

Tue, 10/09/2012 - 14:12 | Link to Comment LawsofPhysics
LawsofPhysics's picture

love it.  Plenty of demand around.  Rattle those sabers some more!!

Tue, 10/09/2012 - 13:59 | Link to Comment Stoploss
Stoploss's picture

There will come a day when every single one of these mother fuckers will hang by the neck until DEAD...........................

Tue, 10/09/2012 - 14:10 | Link to Comment Global Hunter
Global Hunter's picture

I object...if they're using rope, if they use piano wire I'm down with it

Tue, 10/09/2012 - 14:41 | Link to Comment Winston Churchill
Winston Churchill's picture

As long as its part of hanging,drawing and quartering I don't mind rope.

Tue, 10/09/2012 - 14:43 | Link to Comment gmrpeabody
gmrpeabody's picture

"I object...if they're using rope, if they use piano wire I'm down with it"

You remind me of somebody....

Tue, 10/09/2012 - 15:58 | Link to Comment Shizzmoney
Shizzmoney's picture

I tried to kill myself once using rope I bought from Home Depot...

.....................thankfully for me, it was Made In China and broke.

Tue, 10/09/2012 - 21:33 | Link to Comment Bagbalm
Bagbalm's picture

Very few people keep rope now - they'll have to use extension cords.

Tue, 10/09/2012 - 13:41 | Link to Comment fightthepower
fightthepower's picture

At least now I know not to trust anything Barry Ritholtz says ever again. 

Tue, 10/09/2012 - 13:51 | Link to Comment Fredo Corleone
Fredo Corleone's picture

Present Welch with an offer he can't refuse: contributor status on ZH.

Tue, 10/09/2012 - 14:10 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

Molly geez......Jack's coming to Fight Club?

Tue, 10/09/2012 - 14:45 | Link to Comment JPM Hater001
JPM Hater001's picture

I dont think he has what it takes.  Leave him outside.

Tue, 10/09/2012 - 15:03 | Link to Comment MachoMan
MachoMan's picture

"you're too old, fat man"

Tue, 10/09/2012 - 14:52 | Link to Comment malikai
malikai's picture

If I remember correctly, the story goes something like this:

Towards the end of the Reign of Terror, Talleyrand (who had be a supporter of Robespierre) switched sides, publicly condemning the killings. He had smelt the air. He then joined sides with Napolean. We know what happened to Robespierre and Napolean. But what happened to Talleyrand is far more informative: He died an old, wealthy man, a "statesman" who outlived several bloody revolutions and wars.

Tue, 10/09/2012 - 19:17 | Link to Comment The Alarmist
The Alarmist's picture

I was explaining to colleagues earlier today that today's Europe is like England and Scotland of Yesteryear.  Why did the Scottish nobels hang William Wallace out to be hanged and drawn and quartered?  Because they, like current Eurozone country functionaries, were cut into the deal ... the average citizen of the Eurozone willl be allowed to twist in the wind because their representatives know that they will be well taken care of while the Eurozone apparatus continues to exist.

They unfortunately do not perceive they can be dragged into the hell to which they have condemned the rest of their underlings.

Tue, 10/09/2012 - 14:15 | Link to Comment nonclaim
nonclaim's picture

It's never too late to open your eyes.And to remember that BR gained popularity in the beginning for pointing fudged numbers in BLS and other gov reports... what a sell out he turned out to be...

Tue, 10/09/2012 - 14:36 | Link to Comment fuu
fuu's picture

I thought Bailout Nation was alright.

Tue, 10/09/2012 - 16:54 | Link to Comment nonclaim
nonclaim's picture

yep, it was when he started his fund that the flip-flop statements started... more and more until no more flipping and only flop remained. Either way, he's free to make his choices.

Tue, 10/09/2012 - 13:54 | Link to Comment GolfHatesMe
GolfHatesMe's picture

Dear Reuters, Be Fruitful and multiply. -   Sincerely, Jack Welch

Tue, 10/09/2012 - 13:57 | Link to Comment SilverRhino
SilverRhino's picture

"This guy is the guy that's telling me the books are cooked? That's hilarious," said Barry Ritholtz, CEO

Sometimes that childhood wisdom really does apply.   "It takes one to know one"   (Book cooker)

Tue, 10/09/2012 - 14:53 | Link to Comment vato poco
vato poco's picture

Hard to know who to root for in this deal. Welch is a lying, tough talkin' pussy poser who A) gets mad, stamps his little foot and runs home like a little bitch when someone dares to criticize something he said B) after he spent a career telling the tens of thousands of people he fired to 'suck it up like a man & stop whining!' and C) ran a company that miraculously brought in numbers just a teensy bit higher than the previous quarter for 80 straight quarters or so........which makes his complaints about 'cooked numbers' just a TAD ironic.

OTOH, Ritholtz is at least as big an asshole as Welch, just on a smaller scale. OT _Other_ OH, CNN/Reuters sucks donkey dicks. It's like the Dark Unholy Trinity: the trifecta of assholishness.

Can we just hate 'em all??

Tue, 10/09/2012 - 15:12 | Link to Comment Disenchanted
Disenchanted's picture

 

 

"Can we just hate 'em all??"

 

I'm way ahead of you...I already do hate em all, and have for quite awhile.

Tue, 10/09/2012 - 19:19 | Link to Comment The Alarmist
The Alarmist's picture

Sorry, but you have to choose a side.

Tue, 10/09/2012 - 23:58 | Link to Comment StychoKiller
StychoKiller's picture

Side two!

Tue, 10/09/2012 - 13:32 | Link to Comment mayhem_korner
mayhem_korner's picture

 

 

Dear Reuters:

    You don't know Jack.

Tue, 10/09/2012 - 13:32 | Link to Comment BidnessMan
BidnessMan's picture

Sometimes voting with your feet is the best alternative.

Tue, 10/09/2012 - 14:23 | Link to Comment mayhem_korner
mayhem_korner's picture

 

 

I was thinkin' Jack sorta voted with his middle digit.

Tue, 10/09/2012 - 15:16 | Link to Comment Thomas
Thomas's picture

Jack went up multiple notches in my book due to this affair. The only weak point was in the middle when he seemed to waffle a little. Call them fucking liars, tell them your bullshit meter is pegging, and point out that this shit has been going on since LBJ or earlier. Tell them that the Birth-Death model is a total lie--a third trimester abortion. Tell them that anybody who doubts men conspire is an idiot and an asshole. In short, tell them the "conpiracy theorist" antagonists to fuck themselves. This shit pisses me off. Of course the assertion that they cooked the books is credible. Right? Wrong? Who know? But credible? You betcha!

Tue, 10/09/2012 - 13:33 | Link to Comment Inthemix96
Inthemix96's picture

Rats jumping ship.

No more, no less.  Fuck you squelch, you're card is marked.

Stinking coward, just wait till the shit hits squelch, worm your filthy way out of that one you money hungry job wrecker.

Tue, 10/09/2012 - 13:33 | Link to Comment Yes We Can. But...
Yes We Can. But Lets Not.'s picture

Reuters = Leftist Propaganda Shop

Tue, 10/09/2012 - 13:33 | Link to Comment JPM Hater001
JPM Hater001's picture

I worked for GE and I will never forget what a co-worker said of Jack Welch at the time...

 

The fish always rots from the head down.

Tue, 10/09/2012 - 13:44 | Link to Comment azzhatter
azzhatter's picture

I was a long time SR Exec at GE during Jack's reign of terror. He's a prick, no doubt about it. But I agree with him on the BLS. Jack's a ratfuck and he knows a ratfuck when he sees one.

 

And GE did cook the books. Every quarter if we were off a little, just book an asset sale to make the difference. Strongarm some poor bastard that owed us money to buy something, even at inflated prices just to make the number. The whole place was pyschotic at closing time for the quarters.

Tue, 10/09/2012 - 13:49 | Link to Comment williambanzai7
williambanzai7's picture

How many six sigma black belt degrees did you have ;-)

Tue, 10/09/2012 - 14:27 | Link to Comment Osmium
Osmium's picture

We still have idiots doing that lean bullshit where I work.  Fck.

Tue, 10/09/2012 - 14:29 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

I smelt Immelt once in a elevator.....couldn't get that dead fish out of my nose for a good week.

 

Tue, 10/09/2012 - 19:20 | Link to Comment The Alarmist
The Alarmist's picture

Puhleeze, he wears a decent cologne. It's his character that stinks, which is sad coming from a nice midwestern boy.

Tue, 10/09/2012 - 14:37 | Link to Comment azzhatter
azzhatter's picture

Only one and I admit I cheated on the test. I had a statistics nerd with me to give me the answers

Tue, 10/09/2012 - 19:23 | Link to Comment The Alarmist
The Alarmist's picture

One. The funny thing about a six-sigma black belt is that it only takes 3 sigma to qualify.

Tue, 10/09/2012 - 14:05 | Link to Comment RSloane
RSloane's picture

So you are NOT some kid living in your mom's basement with no knowledge of real world experience as you were accused of being a couple of weeks or so ago?

Tue, 10/09/2012 - 14:39 | Link to Comment azzhatter
azzhatter's picture

if you are directing that at me, the answer would be no. Mom's been gone for 12 years now

Tue, 10/09/2012 - 14:49 | Link to Comment JPM Hater001
JPM Hater001's picture

"Every quarter if we were off a little, just book an asset sale to make the difference."

I was with the company about a year when even I figured that out.  Then in 2004 they IPO'd my company...to date I think it's still the only if not one of the only IPO's GE has ever done but Jack was gone by then.

 

If you're wondering the company included US and International Mortgage Insurance.

Tue, 10/09/2012 - 17:07 | Link to Comment Raymond K Hessel
Raymond K Hessel's picture

That's a Sicilian proverb.

Tue, 10/09/2012 - 13:34 | Link to Comment fuu
fuu's picture

"it's just a better a better platform"

 

Come on Jack, can't you afford a proofer?

Tue, 10/09/2012 - 13:36 | Link to Comment mayhem_korner
mayhem_korner's picture

 

 

a little Foghorn Leghorn never hurt anyone...

Tue, 10/09/2012 - 13:41 | Link to Comment redpill
redpill's picture

How dare you.  Foghorn Leghorn is a dog whistle for racists.

Tue, 10/09/2012 - 13:44 | Link to Comment mayhem_korner
Tue, 10/09/2012 - 14:31 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

Had he played baseball....he would have known there's no crying allowed.

Tue, 10/09/2012 - 15:14 | Link to Comment Disenchanted
Disenchanted's picture

 

 

 

Come on Jack can't you afford a poofter?

Tue, 10/09/2012 - 13:34 | Link to Comment bugs_
bugs_'s picture

Jack was one of the biggest outsourcers of American jobs.  Why he is even listened to or followed by those who purport to help the American worker is beyond me.

Tue, 10/09/2012 - 14:29 | Link to Comment Yes We Can. But...
Yes We Can. But Lets Not.'s picture

Who shipped the jobs overseas - Jack Welch or Adam Smith?

Tue, 10/09/2012 - 19:24 | Link to Comment The Alarmist
The Alarmist's picture

Jack ... just ask about the GE Capital "Indian Programmers" project.

Tue, 10/09/2012 - 14:53 | Link to Comment Keyser
Keyser's picture

@bugs_: No, he was the CEO of GE. Last time I checked, employing people is not the first priority of any company. Making money is the prime directive. Guess you just showed your commie colors. 

 

Tue, 10/09/2012 - 13:34 | Link to Comment ParkAveFlasher
ParkAveFlasher's picture

Hey Fusion IQ guy, it takes a good cook to know a bad one.  You just lent Welch credibility.

Welch isn't running for the Mother Theresa contest, btw.

You throw facts in these people's faces and it insults them.  When the facts insult you, you, in turn, are an insult to all things factual. 

Tue, 10/09/2012 - 13:36 | Link to Comment ghengis86
ghengis86's picture

Hahaha...what a sack of dicks!

Oh yeah, Fuck Bernanke (are we still doing that? And the Gold, Bitchezz too? Don't want to fuck up the site's mojo)

Tue, 10/09/2012 - 14:32 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

Picked up some mojo at the ZH store. That crap really does work!

Tue, 10/09/2012 - 13:37 | Link to Comment Dr. Engali
Dr. Engali's picture

Wow shitholtz manages a whopping $256 million for clients? Does that make him qualified to shine shoes in Manhattan?

Tue, 10/09/2012 - 13:45 | Link to Comment azzhatter
azzhatter's picture

poor bastards

Tue, 10/09/2012 - 14:34 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

You must be referring to Jon Corzine's dirt farmer clients.....sucks.....they so po they can't afford to hire a cop.

Tue, 10/09/2012 - 19:26 | Link to Comment The Alarmist
The Alarmist's picture

Only $250m ??? WTF, I'm doing 15X that, so I guess I need to puff up a web site and troll for fees.

Tue, 10/09/2012 - 13:47 | Link to Comment Dagny Taggart
Dagny Taggart's picture

LOL. It's a lot of employees for such a small amount of AUM. Hope Barry is getting plenty of smoke blown for that kind of overhead.

Tue, 10/09/2012 - 13:52 | Link to Comment Dr. Engali
Dr. Engali's picture

If you do the math based on his fee schedule he probably needs that $200.00 contributer fee to CNBC. 

Tue, 10/09/2012 - 14:06 | Link to Comment hannah
hannah's picture

how true dagny...i know shops that manage billions with 5 employees.....

Tue, 10/09/2012 - 16:33 | Link to Comment jayman21
jayman21's picture

AUM 256 * 60 basis points = 1.536 million a year / 18 employees = 85k...I think the shoe shine guy is doing better, but check my math.

Tue, 10/09/2012 - 17:50 | Link to Comment Dr. Engali
Dr. Engali's picture

That was my conclusion too.

Tue, 10/09/2012 - 13:38 | Link to Comment Darkness
Darkness's picture

Liar, liar, pants on fire. 

Tue, 10/09/2012 - 13:41 | Link to Comment mayhem_korner
mayhem_korner's picture

 

 

Welch is to Immelt as Mubarak is to the new regime in Egypt.  Out of the pan and into the fire (but Barry likes the new guys better).

Tue, 10/09/2012 - 14:43 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

We're throwing money at them so they can dot the landscape with mosques.....not really sure why.

 

Even China is starting to question our logic. You borrowed money from us to give to them?

 

Tue, 10/09/2012 - 13:46 | Link to Comment Cult_of_Reason
Cult_of_Reason's picture

Ritholtz is a huge left wing asshole.

One has to be a complete detached from reality retard to trust Ritholtz (a dropout lawyer) to manage money.

Tue, 10/09/2012 - 13:43 | Link to Comment EscapeKey
EscapeKey's picture

The same morons who claim manipulated BLS data is conspiracy theory, will be the same who will excuse them when it's eventually exposed; "they were only trying to improve confidence in labour markets" and other nonsensical spin.

Useful idiots. That's what they are.

Tue, 10/09/2012 - 14:24 | Link to Comment RSloane
RSloane's picture

Yup. When you're a liar, there's always a good reason to lie.

Tue, 10/09/2012 - 13:45 | Link to Comment “Rebellion to t...
“Rebellion to tyranny is obedience to God.”-ThomasJefferson's picture

You can't Bullshit a Bullshitter.  Jack Welch is a crusty old goat who is not going to lie down and let these Jew scam artists from Chicago just play make believe. Christ almighty! How stupid and helpless does that twisted fuck Axelrod and that ballerina faggot Jew mayor think we are?

Tue, 10/09/2012 - 13:52 | Link to Comment Darth Sidious
Darth Sidious's picture

jew scam artists?  Jack Welch isn't jewish and he is one of the greats.  Lever up an industrial company with a finance sub to jack up your equity returns during an upcycle . . + use the greater leniency in accounting for financial transactions to help smooth out earnings (like, for example playing around with bad debt expenses).  In the down cycle, the finance sub went bust taking down the whole company if not for the public bailout. 

Try to understand things before you spew your anti-semitic garbage.  Most of the elites are corrupt and it has nothing to do with what religion or ethnicity they are.  

Tue, 10/09/2012 - 14:02 | Link to Comment “Rebellion to t...
“Rebellion to tyranny is obedience to God.”-ThomasJefferson's picture

Hey darth,  you're dumber than you look in the little photo; or perhaps English is not your first language.  Reread, slowly this time.  I'm referring to the "gentlemen" from Chicago that Mr. Welch believes may have helped those at the bureau of labor statistics go easy on the numbers.

 

Did you green light your stupid post?????

Tue, 10/09/2012 - 14:07 | Link to Comment Darth Sidious
Darth Sidious's picture

really, you were referring to the "gentlemen" from Chicago?  That's hard to understand.  Its also, apparently, hard for you to understand what I was referring to

Tue, 10/09/2012 - 14:15 | Link to Comment “Rebellion to t...
“Rebellion to tyranny is obedience to God.”-ThomasJefferson's picture

I don't know what the fuck you're talking about.  

 

My advice: Invest some shekels in a better Yiddish to English dictionary.  You're not making any sense.

Tue, 10/09/2012 - 14:38 | Link to Comment Darth Sidious
Darth Sidious's picture

my advice, watch your back . . the great zionist conspiracy is likely to get you

Tue, 10/09/2012 - 15:28 | Link to Comment “Rebellion to t...
“Rebellion to tyranny is obedience to God.”-ThomasJefferson's picture

I wish to be very careful and plain spoken for those who speak/read English as a second language:

The Zionists wish to control ALL wealth, power, and flow of information.  

Their propaganda machine is fairly fine tuned.  

The Zionist's power and control ebbs and flows; as does the Persians', Saudi's, and Egyptian's.

Tue, 10/09/2012 - 14:35 | Link to Comment Yes We Can. But...
Yes We Can. But Lets Not.'s picture

< Vote:  Axelrod is creepier

< Vote:  Emanuel is creepier

 

I find sneering Axelrod to be as creepy as there is.

Tue, 10/09/2012 - 19:27 | Link to Comment The Alarmist
The Alarmist's picture

Definitely Emanuel ... it's the missing finger and, more importantly, the reason why it is misssing.

Tue, 10/09/2012 - 13:46 | Link to Comment Darth Sidious
Darth Sidious's picture

is the pot calling the kettle black though. 

Tue, 10/09/2012 - 13:47 | Link to Comment Scalaris
Scalaris's picture

The fact that BLS books are cooked, doesn't make Jack a lesser chef.

Tue, 10/09/2012 - 13:48 | Link to Comment aerojet
aerojet's picture

Good, Thomson Reuters blows.

Tue, 10/09/2012 - 13:49 | Link to Comment Sofa King
Sofa King's picture

Oh, I think there's a windbag in Manhattan that's about to be served...

and the dude that's going to do it has a Net Worth that's alot higher than that loser's assets under management.

If I was one of this clients, I would makes sure that he can't co-mingle client assets with his legal defense fund.

Tue, 10/09/2012 - 13:54 | Link to Comment Global Hunter
Global Hunter's picture

News organizations firing folks for having an opinion...sorry how exactly do we differ from the Eastern Bloc that I grew up fearing?

edit: firing or pushed out.  And by folks in this case sure I mean douchebags, but even douchebags should be able to voice their opinions (especially correct ones).

Tue, 10/09/2012 - 13:50 | Link to Comment BrigstockBoy
BrigstockBoy's picture

Free market in action...

Tue, 10/09/2012 - 14:48 | Link to Comment Winston Churchill
Winston Churchill's picture

Where ?

Tue, 10/09/2012 - 13:51 | Link to Comment williambanzai7
williambanzai7's picture

We need to roll in that Crazy Eddie guy to do an in depth presentation on GE under Welch and the BLS under Obama.

Tue, 10/09/2012 - 13:54 | Link to Comment WALLST8MY8BALL
WALLST8MY8BALL's picture

ZH is Jack's raging bile duct!

Tue, 10/09/2012 - 13:56 | Link to Comment malikai
malikai's picture

That price is too damn high.

http://www.youtube.com/watch?v=zqHZWdFVyyQ

Tue, 10/09/2012 - 17:22 | Link to Comment Maos Dog
Maos Dog's picture

Jut FYI that crazy eddie guy is still around and doing GREAT work. Trying to attone I guess.....

 

http://whitecollarfraud.blogspot.com

Tue, 10/09/2012 - 13:55 | Link to Comment i love cholas
i love cholas's picture

Accusing an organization of manipulation is liable unless it can be proven or you have a source. Journalism 101. Your opinion is not a source.

Tue, 10/09/2012 - 14:08 | Link to Comment IridiumRebel
IridiumRebel's picture

Libel* 

Tue, 10/09/2012 - 14:12 | Link to Comment i love cholas
i love cholas's picture

Do you feel better?

Tue, 10/09/2012 - 14:16 | Link to Comment Global Hunter
Global Hunter's picture

2 unrelated points to your post that come to mind, I'm not a lawyer so I'm not arguing per se:

1st: What about the Op-Ed section? 

2nd: If one needs proof or a source to voice an opinion in print, should we hang the lawyers before or after the bankers?

 

Tue, 10/09/2012 - 15:03 | Link to Comment Darth Sidious
Darth Sidious's picture

truth is an absolute defense to libel and i believe the burden of proof is on the plaintiff to show that what was said was not true.  You think bls wants to go there?

Tue, 10/09/2012 - 14:03 | Link to Comment earleflorida
earleflorida's picture

forget Jack!

where is John Galt?

what gives the MSM the right to incarcerate `Julian Assange', for life!- to speak only of the truth?

Welch doesn't like fudge [he's grown anemic to it over his hypocritical lifetime on the gov't. dole... so what's the big fucking deal... but, Assange doesn't like managed journalism... now that's a Gigantic, BIG fucking DEAL!!!

so what we have here in america and abroad is a 'Kangaroo Lynch? Mob'... the emasculating of the 'Lone 4th Estate`s' survivor [julian assange],... to be drawn-and-quartered... and hung by said appendages for all, 'innocent-til-proven-guilty-by-association-would-be-terrorist-to-see'... thusly decreed and  writ-stated by the honourable Supreme`s of Justice-- the USSofAmerikana!

Free Julian Assange!!! NOW!!!

thankyou tyler  

Tue, 10/09/2012 - 14:19 | Link to Comment Global Hunter
Global Hunter's picture

Hey earle, I was telling my mother about Julian Assange and his situation this weekend over our Canadian Thanksgiving...she didn't know much about him or his situation but she listened to me, I ended it with "he's in trouble and his life is in danger because he posted factual information", it made her think.

Tue, 10/09/2012 - 13:57 | Link to Comment Duke of Con Dao
Duke of Con Dao's picture

funny that. actually had a conversation with Neutron Jack in '85. assured me that China was nothing "but a shell game". 

had one more conversation with him in '91... assured me that GE would never sell NBC which he referred to as

"beachfront property"...

 

here's the short version...

YouTube - Did White House serve up B.S. from BLS on Jobs Numbers? Ask Rick Santelli about the Conspiracy.

Tue, 10/09/2012 - 13:58 | Link to Comment johnnymustardseed
johnnymustardseed's picture

Is that the same Jack Welch whose GE took $180 billion dollar bailout in 2007 and 2008....fuck you Jack, you are a fake capitalist anyway

Tue, 10/09/2012 - 14:02 | Link to Comment Tyler Durden
Tyler Durden's picture

That particular GE was controlled by Jeff Immelt beginning in 2001, who incidentally converted GE Financial into one of the world's largest, most unregulated, and unsafest hedge funds.  The same GE that was sole owner of CNBC until very recently.

Tue, 10/09/2012 - 16:58 | Link to Comment Dburn
Dburn's picture

GE Capital grew to 50% of GE's earnings under Welch. It was also the famous Black Box where Welch miraculously managed to beat earnings estimates by 1 penny every quarter in every year until the DOJ, Under Bush, threw the book at GE for manipulating earnings around 2003. Obviously they were looking at "managed" earnings under Welch's tenure. Coincidence that the investigation started right as Welch retired? Coincidence that the Job numbers fell under 8% before the election?   Yup. 

What the hell, it takes a crook to know one. Therefore we should all get behind Jack Welch because he questioned the possibility of "managed" labor numbers.  

The guy is no better than Immelt. He's a piece of shit too. Try to find the 38 Billion dollar loss in GE's Investor reports. Somehow the 180 Billion we handed them , not counting loan Guarantees, that pays Welches pension and all the  other GE Goodies he takes, when it should have been busted down and broken up with his pension thrown in the trash. 

So , provided the BLS is BS'ing, and it only started on Obama's Watch we should be righteously indignant about BS labor numbers under Obama only, and the Geithner/Bernanke Put saved GE Capital and left GE shareholders and Bondholders whole while ripping the taxpayers for a few hundred billion? Yeah, because most of this site's real righteous indignation comes from that bail out. Screw that. 

Yeah, Welch is the  kinda guy that people should get behind. Notice he never said shit about that 180 Billion. He knows where the millions come from each year to support his lifestyle. That Fortune "contract"?, I'll take the Over he  mails it in for free. He loved the last few days. The worst part about aging for a guy in love with himself is  loss of relevance. So he's gotta love it. How dare anyone question him?  

 

Tue, 10/09/2012 - 23:11 | Link to Comment mark mchugh
mark mchugh's picture

Jack's getting old.  He's can't remember whose dick he's supposed to suck to protect his legacy anymore.

Tue, 10/09/2012 - 17:14 | Link to Comment johnnymustardseed
johnnymustardseed's picture

Tyler my point is that these CNBC guys rail on Obama and socialism and they have jobs because they recieved a socialist bailout

Tue, 10/09/2012 - 14:05 | Link to Comment CPL
CPL's picture

No, he's a good thief.

 

Pointing out it's not fair he didn't get to do it first

Tue, 10/09/2012 - 13:59 | Link to Comment hannah
hannah's picture

i think the powers that be shit a brick about all this media......

Tue, 10/09/2012 - 14:02 | Link to Comment Audacity17
Audacity17's picture

Jack cuts jobs while making more money?  Damn, that sounds like productivity....we can't have that!

Tue, 10/09/2012 - 17:29 | Link to Comment Zero Govt
Zero Govt's picture

indeed, much better to have GE's Jeff Immelt cutting jobs while being job creation czar for Barry Obumma

how's he doing?

Tue, 10/09/2012 - 14:05 | Link to Comment JustObserving
JustObserving's picture

We have a massive brouhaha on Jack Welch questioning the BLS employment numbers.  Imagine the brouhaha if someone from the elites ever questions the ridiculous 9/11 government's conspiracy theory.  They will probably be detained for life without charges under NDAA.

Speaking the truth in the land of the free has become a revolutionary act - a threat to the corrupt system. Just one stone can destroy the hall of smoke and mirrors that masquerades as American democracy.

 

Tue, 10/09/2012 - 14:12 | Link to Comment RSloane
RSloane's picture

"Truth is treason in the empire of lies." ~R Paul

Tue, 10/09/2012 - 14:17 | Link to Comment vrabobabo
vrabobabo's picture

Where is Warren Buffett?

Tue, 10/09/2012 - 14:37 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

He holding back the pipeline.....with his bare hands.

Tue, 10/09/2012 - 14:46 | Link to Comment azzhatter
azzhatter's picture

Where is Squicky?

Tue, 10/09/2012 - 21:03 | Link to Comment Papasmurf
Papasmurf's picture

Holding Warren's pipeline with her bare hands.

Tue, 10/09/2012 - 14:12 | Link to Comment I am a Man I am...
I am a Man I am Forty's picture

all you need to know =>"sent from my iPad"

You don't need 18 people to manage $257M either Barry, 1 CIO, 1 Secretary, and 16 salespeople I guess.

Tue, 10/09/2012 - 14:31 | Link to Comment Sofa King
Sofa King's picture

You forgot the "fluffer".

Tue, 10/09/2012 - 14:15 | Link to Comment ThisIsBob
ThisIsBob's picture

Going to the WSJ? Jack Welch and Rupert Murdoch? Never did two pieces of shit ever so deserve each other.

Tue, 10/09/2012 - 14:34 | Link to Comment Flakmeister
Flakmeister's picture

Hear! Hear!

Tue, 10/09/2012 - 14:36 | Link to Comment TonyCoitus
TonyCoitus's picture

Welch is being replaced by Snoop Dogg.  Carry On.

Tue, 10/09/2012 - 14:38 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

 

He be hoe.

Tue, 10/09/2012 - 14:41 | Link to Comment Quixote2
Quixote2's picture

Both General Electric and Westinghouse were great industrial companies destroyed by money grubbing people taking over upper management.

Tue, 10/09/2012 - 14:44 | Link to Comment dime2962
dime2962's picture

My critiques of Mr Welch aside, perhaps we are asking the wrong question. Not are the numbers (inputs) manipulated, but rather are the means of computation, the algorithims manipulated?

Tue, 10/09/2012 - 14:44 | Link to Comment myshadow
myshadow's picture

I'm sure rupert will give him a call. he can spew for newscorp.

his toadies at cnbc have yet to spit his dick out, joe kernan, maria and michelle c squared will always give him face time.

Tue, 10/09/2012 - 14:51 | Link to Comment texw
texw's picture

Even John Mauldin, a Republican, said Welch was wrong.

Tue, 10/09/2012 - 17:23 | Link to Comment Zero Govt
Zero Govt's picture

not another fucking Republican that can't do maths

Tue, 10/09/2012 - 18:24 | Link to Comment PrDtR
PrDtR's picture

Not another idiot that uses swear words and can't speak or write the ENGLISH language!

Tue, 10/09/2012 - 14:55 | Link to Comment Keyser
Keyser's picture

Give 'em hell Jack. We got your back with the commie douche bags. 

Tue, 10/09/2012 - 17:20 | Link to Comment Zero Govt
Zero Govt's picture

good discription of the US President

Tue, 10/09/2012 - 15:49 | Link to Comment dcb
dcb's picture

lol we studied the guy as a business leader in my mba course.  everyone said he was great, I stood up and said that he fit the clinical definition of a sociopath. I can consider adding narcissistic personality disorder to the list.

Tue, 10/09/2012 - 16:47 | Link to Comment jayman21
jayman21's picture

you are being nice...

Tue, 10/09/2012 - 15:53 | Link to Comment SilverSurfer
SilverSurfer's picture

ok ok, the BLS is one thing, but what about all those dangerous GE reactors like the one at Fukushima that GE happily installed on fault lines using bogus Seismic Certifications?  Did Jacko have anything to do with that.  Or what about GE's famously well-managed earnings, almost a straight and sloped line, compared to Immelt's jagged and wild but presumably honest earnings?

 

 

Tue, 10/09/2012 - 16:00 | Link to Comment Shizzmoney
Shizzmoney's picture

Ritholtz and Welch are partisan clowns.

Tue, 10/09/2012 - 17:17 | Link to Comment Zero Govt
Zero Govt's picture

prefer partisan clowns to compliant crones as character traits go

Tue, 10/09/2012 - 16:14 | Link to Comment Oldwood
Oldwood's picture

Welch simply said what many of us were thinking. The maddening part was that most expected it, yet kept telling ourselves that Obama (surrogates) would not have the nerve to actually do it. Much like how everyone said that QE3 wouldn't happen before the election because it would appear politically motivated (which it was). Who gives a crap who said it anyway? Chavez could have said it for all I care. If he is as much of a manipulator of financials as many here believe, he should be an expert on the crap Obama is trying to pull.

Tue, 10/09/2012 - 16:21 | Link to Comment Benjamin Glutton
Benjamin Glutton's picture

Is this fight club or blow club Jack?

Tue, 10/09/2012 - 17:34 | Link to Comment Zero Govt
Zero Govt's picture

"What drove Welch over the edge is the now traditional media response of attacking the person instead of the argument whenever the status quo is threatened.."

what timerity questioning bent bureaucrats pumping out bullshit figures to dupe the public that pay their wages for the sole purpose of making crap politicians look good, which the un-bent figures clearly show they ain't

all-together now sheeple, "Baaaahhh" 

now eat your peas, pay your taxes, swallow the lies, and go down with the ship (US Govt) without an independent thought, opinion or whimper

USA RIP : built on rugged individualism, wrecked by collectivist Govt cronism


 
Tue, 10/09/2012 - 18:53 | Link to Comment Supernova Born
Supernova Born's picture

The suspicion surrounding the new numbers from the BLS has caused me to consider the wildly conspiratorial notion that the CPI might also have been fudged at some point in the past.

Tue, 10/09/2012 - 19:11 | Link to Comment The Alarmist
The Alarmist's picture

I'm not worried about Jack ... he's got at least a half billion bucks in the bank.  As for GE, its stock price started dropping the day I left GE Capital ... Jack can say the same, but it was higher when I left.

Wed, 10/10/2012 - 15:11 | Link to Comment RickC
RickC's picture

In addition to blogging, Ritholtz reularly engages in character assassination.  In fact, it appears to be one of his favorite pasttimes.

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