Neutron Jack

Jack Welch became CEO of GE the same year Reagan became

president. Over the next 20 years he would embody Reaganomics -

the low tax/low regulation obsession with corporate profits.

David Gelles, a NYT reporter, documents those two decades in a

wonderful book The Man Who Broke Capitalism.

Welch viewed employees as just another expense, like rent and utilities.

So, instead of viewing labor as an asset, he decimated it whenever he

could. (historical definition of decimate: "to kill one in every ten as a

punishment for the whole group") Welch urged his managers to fire the

bottom (least productive)10% of their labor force every year.

He was called Neutron after the weapon that would use high levels of

radiation to kill people while preserving the buildings.

For 20 years Welch was lauded as a hero and dined with kings and

presidents because he created great wealth for shareholders.