Reported statements of GE
Chairman and CEO Jeffrey Immelt


Reported statements made by General Electric CEO Jeff Immelt. All comments in quotes are from Immelt, per source; non-quoted text is from source material:

May 26, 2009, business gathering, Tokyo (Reuters): "The basic engine of global growth for a long period of time — maybe 25 years — has been the U.S. consumer. The U.S. consumer is finally going to have to save. ... As consumers around the world get more conservative, we think that overall economic growth — not just for a year or two but even post the recession — overall economic growth may be slower. ... Our focus on research and development, our focus on globalization, our focus on customer service and customers has to be increased ... in an even more substantial way because growth will be harder to come by and we are going to have to work harder to get it."

May 20, 2009, meeting of President’s Economic Advisory Board (Bloomberg): "Clean energy is the most exciting, fastest growing industry in the 21st century ... We have to have a broad inspiration to lead in technology ... It’s out there to be had."

May 19, 2009, industry conference (Wall Street Journal): "We have plenty of capital ... The early sign is that we're going to be able to get good advertising support for Leno at 10 ... big bet ..."

May 19, 2009, discussing credit card legislation at investor conference, Florida (Bloomberg): "Equal to or better than what our expectation was."

May 7, 2009, to reporters in Washington (Reuters): "At this point we're better than the Fed base case, but it's all about where the trends go. We're all cautious, but it certainly seems a lot better. ... We get a chance to go out and drive technology and help our customers ... I think over the next couple months more and more people are going to see GE Capital as an advantage and not a disadvantage."

April 22, 2009, writing letter on Notre Dame commencement and invitation to President Obama (ND Observer): "Our television network, NBC, has a great relationship with Notre Dame football ... Part of growing as a leader is to open the doors to divergent opinions, to let critics into the boardroom, and to engage diverse viewpoints and perceptions ... I know that Notre Dame is a force for good in the world. But sustaining that reputation requires a real and earnest engagement with that world, a certain level of give-and-take."

April 22, 2009, defending dividend cut at shareholder meeting in Orlando (Financial Times): "The world got worse, the government announced stress tests. We felt we needed extra safety. That's why we did what we did. ... The macro environment has been brutal ... The capital markets haven't fully opened yet. That's going to take some time."

April 22, 2009, to shareholders on government stress tests, stimulus and shareholder complaints (Bloomberg): "We thought it was important that we pass all the government stress tests no matter how bad things got. ... There's a lot of (stimulus) money out there. We've got the chance to get more action in 2009. ... I think it's important what the government's done." About shareholder concerns: "It's what shareowner democracy is all about. My job is to listen."

April 20, 2009, interview on smart grid system plans (Bloomberg): "Ultimately what ends recessions and moves things forward is when businesses start investing again ... Stimulus can pull this forward dramatically if it's done effectively."

April 17, 2009, 1st quarter earnings report (GE statement): "Amid a continued weak economy, we're performing well and our backlog remains strong ... Capital Finance earned $1.1 billion in the quarter and remains on track to be profitable for the full year ... questions about credit ratings have been resolved. We still have a strong rating and our outlook is stable. ... First-quarter results do not include any impact from the newly issued mark-to-market accounting rules, which we will implement, as required, in the second quarter 2009. ... For 2009, we will reduce our costs by more than $5 billion. We've reduced headcount and are managing company operations more efficiently ... Over the last six months, we have made the difficult decisions to raise equity and cut the dividend to keep GE safe and secure ... Estimated stress-test results showed that we do not need to raise additional capital even in the Fed's adverse-case scenario."

April 17, 2009, conference call with investors (Bloomberg): "The global environment remains challenging. While we're seeing some positive indicators globally, we continue to be cautious and remain safe and secure."

April 2, 2009, interview on push into home health-care products (Bloomberg): "This is going to be a big business for us ... What GE and Intel recognize, is that more of the care is going to take place in the home" ... comparison of Philips and GE-Intel partnership not "apples-to-apples" ... "The fact is this is a widely fragmented industry. There's hundreds of companies in this space."

March 23, 2009, statement on Moody's downgrade action from Aaa to Aa2 (GE statement): "This action was not unexpected in the current environment, and while no one likes a downgrade, Moody's, like S&P, confirmed the fundamental soundness of GE Capital and the strength of our industrial businesses."

March 12, 2009, statement on S&P downgrade ratings action, AAA to AA+ with "stable" outlook (GE statement): "As we have previously said, we are prepared to fund the Company as a Double-A, but we will continue to run GE with the disciplines of a Triple-A company, which means low leverage, high liquidity and strong risk disciplines. While no one likes a downgrade, this review and rating reaffirm the relative strength of the Company."

March 5, 2009, interview on surviving market "armageddon" (Bloomberg): "You're talking to somebody that earned $18 billion last year on $183 billion in revenue, that's outperformed the S&P 500 from a revenue and earnings standpoint over the last five years. But I don't think any CEO worth his or her salt can sit back and say, it happened to everybody so it's OK ... The whole damn stock market's down 50 percent. We're down 75 percent, OK? We don't like where we are but it's not like anybody's feeling the groove right now." ... On "blather" speculation: "We're the last remaining finance company. We've kept the company safe and secure in really an armageddon case in financial services. ... Sleep comes tough, because you've got a sense of what you go to bed with the night before and what you might wake up to the next day. From Sept. 15 of last year, every day is a week, every week is a month, every month is a year." ... On credit default swaps: Investors can move prices "by spending 25 million bucks in a handful of transactions in an unregulated market. I just don't think we should treat credit default swaps as like the Delphic Oracle of any kind. It's the most easily manipulated and broadly manipulated market that there is."

Feb. 27, 2009, on dividend cut to 10 cents per share (GE statement): "We believe it is the right precautionary action at this time to further strengthen our Company for the long-term, while still providing an attractive dividend ... The revised dividend is competitive and reflects what we believe is an appropriate payout in today’s market ... At the February 6 Board meeting, we announced we would evaluate the dividend for the second half of 2009 in light of current market conditions. After extensive review, we have determined that reducing the dividend, while still maintaining it at a competitive level, is a prudent measure to further enhance our balance sheet and provide us with additional flexibility for potential future opportunities. With these actions and the others we have taken to keep the Company safe and secure, we currently do not have any plans to raise more equity."

Feb. 18, 2009, writing on blog about declining bonus for 2008; Feb. 5, interview with WSJ discussing compensation (Wall Street Journal): "Earnings came in below where we expected. In these circumstances, I recommended to GE's Board of Directors that I would not receive a bonus in 2008." (WSJ interview) "My compensation is never going to be an embarrassment to GE. It's going to be responsible; it's going to be appropriate; it's going to be transparent; and it's going to reflect the financial performance of the company."

Feb. 6, 2009, on GE authorizing regularly quarterly dividend of 31 cents per share (GE statement): "The Board and I believe that it is in the best interests of the Company’s shareowners to continue to pay an attractive dividend. The Board and I will continue to evaluate the Company’s dividend level for the second half of 2009."

Jan. 23, 2009, 4th quarter earnings report (GE statement): “We run the company to have a Triple-A credit rating, and we have significantly strengthened our liquidity position ... The first quarter dividend is done, and we are committed to our plan for $1.24 per share for the year. We believe the GE dividend provides our investors with a solid return in this uncertain time. ... We expect 2009 to be extremely difficult ... We have solid momentum in services, global growth and margins."

Dec. 16, 2008, outlook for 2008 and 2009 (GE statement): “While 2008 has been a challenging year for the global economy and for many of our businesses, we still expect to earn over $18 billion and outperform the S&P 500 Industrials and Financials sectors ... We expect the difficult market conditions to continue in 2009. ... Our financial services businesses, while slowed by the current financial crisis, are strong, global, middle market franchises with a conservative originate-to-hold model backed by senior secured collateral. We expect financial services to earn approximately $5 billion in 2009." The Company also announced that it will no longer provide specific quarterly EPS guidance. Instead, the Company will provide a full-year operating framework with detail in the industrial and financial businesses.

Oct. 29, 2008, Madrid speech, on Barack Obama's campaign financing and independence (Bloomberg): "Every opportunity to be completely his own man when he gets into the White House. ... He really doesn't owe oil companies anything, the Chamber of Commerce anything."

Oct. 29, 2008, Madrid speech, on corporate strategy (Bloomberg): "So we now say to our operating team we would like to make the same amount of money in 2009 even if revenues decline by 10 to 15 percent. So we send the team out to go figure out how can we earn the same amount of money even if revenues decline next year. ... cash safety is critical for companies now. For two reasons: There could be shocks in financial markets. And buying opportunities could be the best in 20 years." GE response from Russell Wilkerson: "There was no new forecast." Report of statement by Dow Jones Newswires "completely taken out of context."

Oct. 27, 2008, speech at Columbia University on globalization (Bloomberg): "When people are afraid they want to create barriers to trade ... It would be a real crime, I think, if we allowed the current economic volatility to make us move backward in globalization." ... The "only future" for the U.S. and Europe is "the ability to be able to make and sell products and to be able to do so on a global basis."

Oct. 10, 2008, 3rd quarter earnings report (GE statement): "On September 25, we revised our third-quarter and full-year 2008 guidance to reflect the current volatile environment. Reported earnings are fully in line with guidance ... While GE Capital is not immune from the current environment, we continued to outperform our financial services peers. We are improving our margins and focusing these businesses on the right products and markets. GE Capital is on track to earn over $9 billion for the year ... We have raised $15 billion of committed capital that makes the Company more secure in the short term, but could be used to play offense in the long term. ... the environment remains challenging. We have big backlogs, great products, stable service revenue, strong operating discipline, an unmatched global position and multiple revenue streams. As a result, the Company is well positioned to perform in a very difficult environment, and our Board has approved our plan to sustain the GE dividend through 2009."

Oct. 1, 2008, announcement of common stock offering; Warren Buffett announces investment by Berkshire Hathaway of $3 billion of GE perpetual preferred stock, dividend of 10%, callable after three years at 10% premium (GE statement): "This action does two things for GE investors. First, it enhances our flexibility and allows us to execute on our liquidity plan even faster. Second, it gives us the opportunity to play offense in this market should conditions allow. In addition, we remain committed to the Triple A rating and in the recent market volatility, we continue to successfully meet our commercial paper needs."

Sept. 25, 2008, revised earnings guidance reaffirming commitment to triple-A rating, maintaining current dividend (GE statement): "We run the company for the long term and are taking the actions expected from a Triple-A-rated company ... We have suspended the stock buyback to reduce GE Capital leverage, while still being able to pursue opportunistic acquisitions. We remain fully committed to the Triple-A credit rating, which distinguishes GE ... we will continue to run GE Capital to be safe and secure, while earning high margins on conservatively underwritten business."

Aug. 18, 2008, CNBC interview on possibly selling NBC, and possibility of financial services deals (New York Times): "Since I’ve never considered selling it [...] I shouldn’t get credit for keeping it ... kooky silliness. ... We’re going to do deals right now in financial services that will fuel earnings for years. If you’ve got some cash, if you have a strong balance sheet, this is as good of a time you're going to see in the next decade. ... We're not done doing cable deals."

Aug. 13, 2008, on welcoming 10 border governors from U.S. and Mexico — Arizona, Baja California, California, Chihuahua, Coahuila, Nuevo Leon, New Mexico, Sonora, Tamaulipas and Texas — to Universal Studios in "Building Green Economies" dialogue (GE statement): "With valuable businesses and 30,000 employees working across every one of your states, GE is proud to partner in this dynamic, clean technology evolution. And GE remains committed to working with you to grow high technology businesses in your states, to protect free and fair trade between us, to ensure our shared security and citizens’ access to clean energy and water, and to create and grow the high technology jobs your constituents aspire to — and deserve."

July 11, 2008, 2nd quarter earnings report (GE statement): "Led by double-digit segment profit growth in our industrial businesses and a strong relative performance in our financial services businesses, we delivered a solid quarter in a volatile environment ... Our financial services businesses are executing well in a tough market. We have a sound and differentiated business model with high quality, senior secured credit; diversification; and deep domain expertise. We are advantaged by a self-funded Triple-A-rating ... We have solid cash flow to reinvest in the businesses, pay an attractive dividend and execute a stock buyback program. ... For the third quarter 2008, we are forecasting EPS from continuing operations of $.50-.54, up 0-8% over comparable 2007 earnings, and reaffirming guidance of $2.20-2.30, up 0-5% for the full year."

April 11, 2008, interview on GE earnings miss with CNBC's "Squawk Box" (New York Times): "We're disappointed. We hate disappointing investors, it's not part of the company, it's not part of the culture. We take accountability for that. I would say that the financial markets, particularly in March, proved to be very difficult. The uh, commercial finance business ... had a very difficult last two weeks, kind of after the uh, the Bear Stearns saga. You know the market for transactions slowed appreciably. The industrial businesses remain fairly strong. It really is kind of a tale of two companies, not to make excuses, but uh, that's why we had this phenomena and that's why it happened late. I just think that March was an extraordinary month for financial services. ... The strategy of the company I think remains strong. This is just uh, a bump in the road. ... I think the actions they took around Bear Stearns were right ... there's not a whole lot more that I think the Fed can do. This has got to work its way through the system."

April 11, 2008, 1st quarter earnings report (GE statement): "While we are disappointed with our results, the fundamentals of our businesses are strong ... Nevertheless, we failed to meet our expectations. Our primary shortfall was a decline in financial services earnings. We knew the first quarter was going to be challenging, but the extraordinary disruption in the capital markets in March affected our ability to complete asset sales and resulted in higher mark-to-market losses and impairments ... In light of what we have seen in the first quarter, we have revised our earnings outlook for the full year to protect investors by reflecting a slower economy and assuming capital markets remain challenging. We are lowering our full-year EPS guidance to $2.20-2.30 from continuing operations for growth of 0-5% ... We take full accountability for our performance and are making the right operational adjustments for this environment."

Dec. 12, 2007, interview on CNBC "Squawk Box" about the business model of network television (New York Times): "The TV network business model ... has to change and will change. We've been through that in lots of our businesses. We've been through that in every one of our businesses. Anyone out there that thinks the TV network is going to be run the same way two years from now is crazy. The TV network business is going to change."

Dec. 12, 2007, on NBC Universal (Media Daily News): "The vast majority of NBC Universal is doing well. ... We've got to continue to look for ways to take costs out of the system. ... further reduce prime costs ... focus on 'key hours' ... selectively utilize low-cost content in prime ... working on prime costs by making it a little bit more like the movie business in terms of having some tentpole shows and some shows that are lower-cost that are built for different parts of the schedule — and this is just going to be one we've got to continue to work on the business model, where cost is going to be an important part of it."

Dec. 11, 2007, profit forecast for 2008 in New York (Bloomberg): "What I really want to give investors is a sense that 10 percent is in the bag ... I'm not going to put a happy face on the slowing U.S. consumer. Our businesses that touch housing in the U.S. are going to be challenged. ... If we don't see industrial deals we like, you'll see more buyback ... If I thought taking more dramatic moves would make the stock suddenly go up, we'd discuss it with the board and go through it. I really believe what we're doing with GE money is a good step."

July 22, 2007, interview about analyst calls to break up company, and "growing pressure on Mr. Immelt to do something — anything — to get GE's stock moving after six years of stagnation" (New York Times): "We've had to re-earn the respect of investors, when you write off $3 billion on reinsurance, sell stuff, buy things, and the earnings growth rate is 11 percent and it should be 15 percent. (Share price $40.95) ... Five years ago, we had troubled franchises and no liquidity. Think about being in the aircraft leasing and aircraft engine business on September 12. ... The company in every way is different than it was in 2001. ... I feel like we now have control over our own destiny for the first time in the last few years. There's no headwind. ... Nobody is guaranteed 20 years. Not me. Not anyone else."

April 25, 2007, speaking to reporters, then shareholders, about share price at GE annual meeting in Greenville, S.C. (New York Times): "Is it frustrating? Sure it is, but the thing investors will always respond to is consistent earnings growth ... Our challenge is one of historical valuation ... As bad as it is to say, our earnings have grown into the stock price over the last five years. Maybe we were too highly valued, but we're not today. [share price $35.41] If you look at the company today, as we continue to grow earnings 10 to 15 percent a year, the stock price should follow earnings."

Feb. 7, 2007, responding to New York Post report that he is considering selling NBC Universal (Fortune): "That was more or less made-up stupid drivel ... This is a big, global growing industry. We've got every piece we need to be successful ... It's going through change. But we're a 125-year-old company, and change is what we do better than anything. I'm more convinced than ever before that NBC Universal is going to be a terrific contributor to GE investors. ... This industry has a 20 PE. That's higher than GE's. I don't know how to be clearer. We're here to stay and here to play. ... I'm not going to tolerate people who don't want it. But if you want it, I'm going to help you not just survive but thrive in this world."

Sept. 7, 2006, five-year anniversary as CEO, reflecting on stock market view of GE (USA Today): "You've got a bit of big-company anti-sentiment ... the blue-chip blues."

Dec. 1, 2000, profiled as GE chairman-elect (New York Times): "I don't expect any honeymoon period. But longevity is a function of performance. ... I don't have a Jack Welch management book that I will follow line for line. But Jack drove change, and I will drive change."


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