♪
♪ NEIL: YOU KNOW ONE OF THE MANY
BENEFITS OF MY JOB IS I GET TO
INTERVIEW A LOT OF VERY
IMPRESSIVE PEOPLE AND IN THE
FINANCIAL WORLD, A LOT OF
IMPRESSIVE CEOs.
IMPRESSIVE CEOs. NOTHING MORE SO THAN JACK WELCH
WHO PASSED AWAY AT THE AGE OF
84.
84. NOT ONLY REMEMBERING HIS LIFE
AND CAREER, FORMALLY WITH THE
PASSING OF THE BATON TO NAME HIS
SUCCESSOR.
SUCCESSOR. A QUICK LOOK BACK.
>> WE RAISED THIS ISSUE AND THE
YOU AND I CHATTED IN THE PAST.
THE GUY WHO COMES AFTER YOU HAS
A TOUGH ROAD.
I DID MENTION BEFORE THE
COCA-COLA EXAMPLE, THE
JOHNSON & JOHNSON EXAMPLE, WHEN
A BIG NAME LEAVES --
>> NOT JOHNSON & JOHNSON.
THEY HAVE DONE FINE.
NEIL: DO YOU WORE IT SETS UP
HIGH EXPECTATIONS FOR THIS GUY?
>> I THINK THE BEST WAY TO LOOK
AT THIS IS, I SAT IN THIS, A
ROOM LIKE THIS 20 YEARS AGO, 20
YEARS AGO THIS MONTH AND,
REPLACE AD LEGEND.
THE HEADLINE IN THE PAPER WAS,
LEGEND REPLACED BY LIVEWIRE.
AND 20 YEARS LATER, PEOPLE ARE
SAYING THINGS.
SAYING THINGS. WHAT GE’S STRENGTH IS, IT IS A
GREAT ABILITY TO CHANGE.
ALL THESE ASSUMPTIONS AT THIS
MOMENT IN TIME, WE CAN’T PREDICT
EXACTLY WHAT THE FUTURE IS.
NEIL: WHERE DO YOU GO FROM HERE?
>> LOTS OF OPEN STUDENTS.
NEIL: A LOT OF PEOPLE DO NOT
PICTURE YOU SITTING AROUND ON A
GOLF COURSE.
GOLF COURSE. >> THAT IS NOT A BAD ASSUMPTION.
NEIL: THE SHAREHOLDERS OF
AMERICA LOVE YOU, YOU DELIVERED
FOR THE SHAREHOLDERS, GREAT,
GREAT, THEY SAY PAY PACKAGE,
OBSCENE, OVERDONE, TIME COME TO
REIN THESE IN.
WHAT SAY YOU?
>> FREE MARKET SYSTEM HAS FLAWS,
EXCESSES, SWINGS BUT GIVE ME A
BETTER SYSTEM.
BETTER SYSTEM. LET’S NOT LEVEL THINGS BECAUSE
YOU GET SO MANY UNINTENDED
CONSEQUENCES.
CONSEQUENCES. I’M PARTICIPATE LIKE SOME OTHERS
OF AN AMERICAN DREAM.
STARTED WITH NOTHING.
WORKED HARD.
WORKED HARD. DID IT ALL.
YOU TOO.
YOU TOO. WE ACHIEVE WHAT WE WANT TO
ACHIEVE.
ACHIEVE. NEIL: DO YOU THINK THERE SHOULD
BE A LIMIT ON WHAT SOMEONE
MAKES?
MAKES? >> NO, I DON’T.
NEIL: FOR THE COMPANIES IN THOSE
REGIONS OF THE WORLD WHERE THERE
IS ANTI-AMERICAN ATTITUDE, DOES
IT CHANGE ANYTHING?
>> LOOK IT, NEIL, I THINK THAT
OVERALL MOST PEOPLE UNDERSTAND
THAT CORPORATIONS ARE THE HEART
AND SOUL OF AN ECONOMY.
AND CORPORATIONS WERE MADE UP OF
AN ECONOMY’S CITIZENS.
NEIL: YOU, MR. FREE MARKET
CAPITALIST, PROBABLY ONE OF THE
BEST CEOs OF THE LAST CENTURY
ARE SIGNING ON TO WHAT IS
ESSENTIALLY A FISCAL HAIL MARY
PASS.
PASS. >> NO.
>> NO. I THINK IT IS ANOTHER STEP IN
TRYING TO RESOLVE THE CRISIS
THAT WE HAVE.
THERE IS NO QUESTION WE WERE IN
A CRISIS.
A CRISIS. WE HAVE SPREADS HERE THAT WE
HAVEN’T SEEN.
HAVEN’T SEEN. DEBT IS, HIGH YIELD DEBT HAS
GONE TO ALL NEW LEVELS.
I’LL TELL YOU, WE NEEDED THIS
HELP TO GET A CHANCE TO GET THIS
ECONOMY BACK ON TRACK WITHOUT A
SERIOUS DECLINE.
SERIOUS DECLINE. NEIL: YOU WERE A YOUNG MAN WHEN
YOU WERE TAKING OVER GE.
YOU HAD A COUPLE RIVALS FOR THE
JOB.
JOB. HOW DID THAT GO?
>> WELL YOU KNOW, NEIL, IT WAS
SHOCKING BECAUSE ONE OF THE
RIVALS CAME IN TO ME AND HANDED
ME HIS RESIGNATION.
VERY CAPABLE GUY.
I SAID, WHAT THE HELL IS THIS
ALL ABOUT?
ALL ABOUT? AND HE SAID, WELL I SUPPORTED
THE OTHER CANDIDATE.
I SAID, LOOK, TEAR THAT UP AND
STAY HERE.
STAY HERE. NEIL: DID HE STAY?
>> YEAH.
>> YEAH. STAYED AND BECAME VICE CHAIRMAN
AROUND STAYED 20 YEARS.
NEIL: I ALWAYS THOUGHT YOUR KEY
TO SUCCESS WAS STRAIGHT FROM THE
GUT, GREAT BOOK, IT HAS TO BE
FROM THE GUT.
YOU HAVE TO GET TO PEOPLE FROM A
CERTAIN LEVEL THAT GOES BEYOND
JUST WONKINESS AND THAT IS WHAT
WE NEED.
WE NEED. >> YOUR JOB AS A LEADER TO GET
IN THE SKIN OF EVERYONE.
SHOW THEM WHERE YOU’RE GOING,
HOW YOU’RE GOING TO GET THERE
AND WHAT’S IN IT FOR THEM WHEN
YOU GET THERE.
>> YEAH.
>> YEAH. >> YOU GET THOSE THREE THINGS
GOING, MAN, YOU HAVE GOT IT.
NEIL: THAT IS WHAT I DO WITH THE
PROBLEMMER EVERY DAY, EVERY DAY,
JACK.
JACK. I KNOW YOU HEARD A LOT OF
WONDERFUL THINGS ABOUT
JACK WELCH, ALL WELL-DESERVED, I
CAN REMEMBER YEARS, WE HAVE A
LOT MORE ON FOX NEWS AT
4:00 P.M., WHAT WAS HIS BIGGEST
MISTAKE.
MISTAKE. WITHOUT BLINKING, HIRING YOU
MAKING YOU AN ANCHOR AT CNBC IS
A START.
A START. HE ENERGIZED YOU.
HIS ENERGY WAS CONTAGIOUS.
A GUY TOOK A 12 BILLION-DOLLAR
CONCERN, MADE IT BETTER THAN
400 BILLION-DOLLAR CONCERN.
THE STOCK ROCKETED 4,000% UNDER
HIS LEADERSHIP.