What does former GE (GE) boss and straight-from-the-gut management superstar Jack Welch think caused GE's first quarter bomb? Is GE's model broken? (Common analyst conclusion.) Did the economy and "market disruption" cause unforeseeable problems? (Wimpy GE explanation.)
Hell no!, said Jack on GE-owned network CNBC this morning.
The problem is simple: GE CEO Jeff Immelt (Jack's handpicked successor). Jeff made a promise to deliver something, Jack roared, and, three weeks later, he failed to deliver it.
"Jeff has a credibility issue," said Jack. "He's getting his ass kicked."