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The board of General Electric, who had owned Kidder Peabody since 1986, had to approve the outsized $9.3 million bonus in 1993. [ 8 ] In the first quarter of 1994, Jett was "trading" so frequently that Kidder's computer systems couldn't keep up, and his "profits" had grown to $350 million, large enough that Kidder management feared he was ...
Lights Out: Pride, Delusion, and the Fall of General Electric is a 2020 book written by Wall Street Journal reporters Thomas Gryta and Ted Mann. [1] It documents the downfall of the American conglomerate General Electric, largely attributing it to the decisions of CEO Jeff Immelt. The book ends with Larry Culp becoming CEO in 2018.
General Electric in Schenectady, New York, aerial view, 1896 Plan of Schenectady plant, 1896 [19] General Electric Building at 570 Lexington Avenue, New York. During 1889, Thomas Edison (1847–1931) had business interests in many electricity-related companies, including Edison Lamp Company, a lamp manufacturer in East Newark, New Jersey; Edison Machine Works, a manufacturer of dynamos and ...
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In these two actions, the SEC charged Wachovia Bank N.A. with fraudulently rigging the bids of at least 58 municipal bond reinvestment transactions in 25 states and Puerto Rico and General Electric Funding Capital Market Services with fraudulently rigging the bids of at least 328 municipal bond transactions in 44 states and Puerto Rico.
They timed their statements to coincide with their resignations from responsible positions in General Electric's nuclear energy division, and later established themselves as consultants on the nuclear power industry for state governments, federal agencies, and overseas governments.
Utility companies are trying to stop these types of scams from taking place. A coalition of utilities (including electric, natural gas, and water) across North America started a public campaign called "Utilities United Against Scams" (UUAS) in 2016. [2] More than 100 utility companies and other groups are part of the coalition. [1]