GE's CEO, Jeff Immelt, just bounced a $2,000 check he gave to a fundraiser, and the story is getting passed around various websites and newspapers. It has got to be tough to be a star, politician, or high-profile CEO where every stupid little thing you do is pounced upon by those who follow you around analyzing your every single move.In this NY Times article about Jeff's little oops, it is pointed out that many wealthy people don't pay attention to the little details that regular people do. Like making sure your account is current or has enough money to pass a check. While the article is written in joking fashion, it does evoke a response in me. Though I do sympathize with Jeff's awkward position, being under the public scrutiny of the press and shareholders, it's the little things that always trip the big people and the big companies up. It's that little invention that changes things from the ground up. It's the suggestion by the guy on the line. It's an attention to detail that is important.
Can we really trust in a CEO that doesn't understand his own financial position to a point that he bounces a check?It demonstrates a separation from the ground level of his very own interests. Is he uninterested in the fine grain details of GE in a similar manner?
Now the CEO of a multi-billion dollar conglomerate can hardly be expected to know every single cent of every single expenditure, but it still makes one pause and wonder what sort of comment on Jeff Immelt's management style this action is.
[Pic credit: a_kartha]
Reader Comments (Page 1 of 1)
7-18-2006 @ 3:08PM
DON HENNEL said...
THIS IS ONE MORE SICK ITEM THE NYTIMES REPORTS. NO WONDER THEY ARE HURTING FOR CUSTOMERS. EVEN THEIR AD SHOW A 7 YR OLD GIRL THAT CLAIMS SHE READ THE TIMES. PROPABLY ONE OF THEIR VERY BEST CUSTOMER.ITS SAD TO SHE A FINE PAPER THAT GETS FACTS AND EDITORIALS CONFUSED.
7-18-2006 @ 3:16PM
Frank said...
By highlighting this issue, we are assuming several things that may or may not be true. It may have been the bank's or an accountant's mistake that caused the snafu. It certainly is easy enought to have the checking account linked to overdraft protection (i.e., credit card, etc., but let's not forget the fact others may have been involved and responsible, and let's also not forget he gave $2,000 to a charity, something a lot of CEO's aren't willing to do.
I am a GE shareholder and do not find the incident alarming at all - embarassing for Immelt, no doubt, but not a major issue.
7-18-2006 @ 3:32PM
Jay Pedel said...
What is Jack Welch teaching these boys? Complete Failure by Larry Johnston at ABS and the good old boy GE network at Home depot. The only common denominator is that Jack taught them to pay themselves very well!
7-18-2006 @ 3:54PM
Ricky said...
Someone missed the boat. The fact that Immelt bounced a check is not significant, however, the fact that GE facilities were used for a political fundraiser is questionable as is his choice of candidates. Also, a fundraiser is not a charity. It may seem like one but it is not.
7-18-2006 @ 4:34PM
leon vieira said...
You people gotta get out more. a bounced check and your going to question his position. Hey Moron GE's stock just declared a 1.00 dividend as a C E O myself I know that withdrawal's sometimes hit before deposits the difference here is We can cover and the overdraft charges dosen't send us crying to mommy for money to balance our checking accounts find a new scab to pick. you people are not journalist
7-18-2006 @ 4:40PM
Carl Henry Jones said...
Poor Jeffrey. We have to see about giving him a raise. If we treat him well, he will work hard for us.
7-18-2006 @ 5:34PM
Michael J. Henry said...
The minimal GE stock that I hold leaves me with little power to assess the financial dealings of those who run a conglomerate such as GE. It was just this past year that I too bounced a check. Thankfully, I belong to a credit union that covers overdrafts, basic economics are what need to be taught here. Don't even start with political contributions and the ethics involved therein. It's all just a bunch of people who have too much money needing to find ways to contribute to a worthwhile cause. Make a contribution to something that matters - research & the betterment of human kind.
7-19-2006 @ 8:43AM
Jerry Lisman said...
People are fighting in parts of the world, nuclear bombs are being built and tested and the press and others are obsessing on a check written on a closed account. I stress CLOSED ACCOUNT, since you can't have overdraft protection on something that really doesn't exist. We've all done something like this is our lives. Just because a person is CEO of a company that doesn't prevent him/her from making mistakes. This should be a non-event....at best a "even CEO's bounce checks", not a questioning of Jeff's CEO abilities. I'm sick and tired of all these back seat quarterbacks thinking they can do better.....If they are so good, why aren't they running GE??
7-19-2006 @ 9:32AM
Rick Matthews said...
On face value I found this incident amusing at most. I hardly believe that Mr. Immelt only has one account (FDIC Insured banks normally set limits on how much they will cover). He probably has more accounts than I do rooms in my home with many of them set up for different purposes (family account, country club account, savings, charity, etc). As for questioning his ability to run a company..give me a break. Maybe it is just that passion and commitment to the company which caused him (or his assistants) to overlook a simple check.
I have nothing but respect for Immelt and the job he is doing at GE.
7-19-2006 @ 10:01AM
LEWIS E CURLEE said...
I once bounced a check because I had too much money in the bank. The credit union automatically set up another account when you got over the insured amount. Their system only acommodated three and I was into a fourth. So when I wrote a big check to move some money to brokerage, the check bounced. So, there can be any number reasons for a check to bounce.
7-19-2006 @ 10:42AM
Maureen said...
The only thing this article "makes one wonder" about is why the NYTimes continues to employ journalistic midgets who seem to be bent on turning the newspaper into a tabloid rag. It seems all the intelligent journalists are employed by the Wall Street Journal and other reputable newspapers that actually report the news. Way to go Times! You are more than likely closing in on the National Enquirer's subcriber base!
I've never bought one of your rags, and have no intention of doing so in the future. My preference is a newspaper that stimulates me intellectually.
7-20-2006 @ 8:40AM
Tom WARD said...
There is a lot of more important information to be reported then a bounced check . Save some trees and internet time and space .Give Jeff a break.
7-20-2006 @ 4:43PM
Aram Serverian said...
In reading some of the comments, I find it hard to give any credence to some of the morons who write that do not know proper English or spelling.
8-04-2006 @ 3:28PM
Kim J Gray said...
Regrading Jeff Immelt's bounced check...as with anyone you should know exactly how much money you have and where it is at. If you don't then you should hire an accountant. I think it is very sad that he is a CEO of one of the biggest corporations in the world but he can't balance his own money?
What an embarrassment to GE as a company.
8-25-2006 @ 10:59PM
Loetta Vann said...
I am not at all surprised that Mr. Immelt has lost touch with the little guy. Just look at how hard it is to get service on a GE appliance. I spent all day here at home waiting for the repiar man only to find out that the repair man cancelled my appointment noting the repair was previously completed when he called a wrong number. The customer service reps. that I spoke to, all four of them showed little sympathy that we would go for another whole weekend without a refridgerator, or that this is the 2nd time in a month that the computer broke in my new profile refridgerator, or that I would need to take an additional day off work.