Legacy of the Man Who Broke Capitalism

Greetings, Silurians !

For two decades, Jack Welch the CEO of General Electric was lauded as the paragon of a modern business executive, someone who by 2001 had turned GE into the world’s most valuable company and brought huge profits to its shareholders. But that reputation has acquired more than a few chinks in no small part as a result of the reporting and conceptualizing of our guest speaker David Gelles for his recent book, “The Man Who Broke Capitalism.”

Gelles showed how Welch ruthlessly ran he company to maximize profits at the expense of the lives of his workers and the needs of his consumers. Welch closed factories and fired employees by the tens of thousands, mandating that the bottom 10 percent of workers be fired each year. He embraced offshoring and outsourcing, sending labor overseas and turning to other companies to provide back-office functions like accounting and printing. He took an industrial company that made its money selling appliances, light bulbs, and jet engines into one that made most of its money from unregulated banking. Dozens of CEOs followed his lead, earning multimillion dollar salaries that increasingly dwarfed the stagnating compensation of their average workers while finding ways for their companies and themselves to pay little or no taxes. His legacy may be evident in the deeply divided country we have today.

Gelles will be the guest speaker at the Silurians luncheon at 12 noon on Dec. 21 at the National Arts Club at 15 Gramercy Park South. He is now a reporter on the Climate Desk of the New York Times and was for several years the writer of its Corner Office column. He was part of the team that made “Boeing’s Fatal Flaw,” a documentary film that won the News and Documentary Emmy for outstanding business coverage. Before joining the Times in 2013, he spent five years with the Financial Times, a highlight of which was his jailhouse interview with Bernie Madoff. His previous book was “Mindful Work: How Meditation is Changing Business from the Inside Out,” which was published by Houghton Mifflin Harcourt in 2015.

To make sure no one is disappointed, I importune you to register early !

The date: Wednesday, December 21, 2022

The time: Noon [ Cocktails will be available from 11:30 am. ]

The place: National Arts Club, 15 Gramercy Park South

The NAC requires proof of vaccination before you can enter the club.

PLEASE NOTE: You must reserve for yourself and guest via Eventbrite. You may pay in advance using Eventbrite. Click on the word “TICKETS” and follow the directions. You will then receive an email confirming your reservation. On Eventbrite you can either pay for lunch in advance (for you and guest) or just reserve your place and pay at the door. Lunch prices are $65 for members, $75 for guests. You can pay at the door by cash (exact change, please), check or credit card. If you’re bringing a guest, make sure to give us your guest’s name.

There wil also be a zoom option. We request a $15 voluntary contribution to help defray our zoom costs.

One other reminder: Because we must give a final tally to the National Arts Club at noon on DEC. 19 — the Monday before the luncheon — we cannot cancel any reservations after that time. No-shows will be asked to pay for their seats.

Joe Berger / President

Host or Publisher The Silurians Press Club