[headShrinker]

The problem started in the 80s when Jack welsh was CEO. He thought it would be fun to invest in all sorts of specialized debt. At the time it made GE‘s balance sheets look great. Then the debt obligations started to show up, that’s when things got bad. But not before Jack Welch retired with one of the biggest golden parachutes of all time.

https://moneyinc.com/largest-golden-parachutes-ever/

(skip to number 10)

[markus_zhang]

A lot of people praised Welch back in the day. I don't understand all these but maybe he was not that shiny after all. So the trick to be a successful and loved CEO (or anything) is to take ownership of something, beautify the balance sheet and get out before it explodes.

This also applies for software engineering. Try to start a new project in some company, and you get the privilege of:

1. No need to maintain other shit mountain;

2. Get to start your own shit mountain;

3. Can come back as consult and win big bucks

4. Can speak at conferences about "How X is implemented in company Y"

[version_five]

This is an almost universal problem in any endeavor. Everyone loves heros and visionaries, few give any respect to diligent maintainers, so we have a world of shiny, fragile new things on top of crumbling older ones that haven't kept up. Whether its software, infrastructure, equipment or corporate structure or whatever, incentives make it always like this.

[markus_zhang]

Yeah I believe it's just human nature. Can't do much with it except that in my career I'll pay more respect to the maintenance people and others who are sweating for someone else's glory. The glorious guys already get glory and big buck so they don't need anything else.

[ethagknight]

It’s really amazing that these companies can afford these kinds of compensation commitments and still make payroll and remain competitive in the marketplace. Wild how much of a competitive moat that size is.

[elliekelly]

Immelt shares quite a lot of the blame, too.

[wombat-man]

Wow that's insane, and sad for GE.