Immelt Tries to Be Jack and Leans on Capital

In 1999, Jack Welch was named "Manager of the Century". As CEO of General Electric for 20 years, Welch transformed the conglomerate and made it the biggest company in the world. Nicknamed "Neutron Jack", he closed down big chunks of old GE and set up new ventures... including GE Capital - which operated more like a bank than the wing of a manufacturing giant.    

Under the leadership of "Neutron Jack", General Electric was consistently profitable and seemed to be a safe investment... but in fact the company was headed for disaster.

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