Investors Tell GE Board Dismiss Immelt, "Needs to go and NOW!"
Well friends as we reported in a past posts, investor ire is paramount towards embattled GE CEO, Jeff Immelt, and investors want Immelt out, NOW. Take a look at the link above for the full story.
Investors have had enough of your offences:
- GE and Iran, the love fest continued into 2008. I wonder what Immelt will ultimately say before congress. "I did it for the investors", that will probably suffice. In other circles you would be called a traitor.
- GE hit's up Buffett for $3 billion, Buffett won't live long enough to see a return .
- GE stock in the tank, almost a 10-year low and in a free fall .
- Shareholders really pissed, GE facing two shareholder class action lawsuits alleging misleading statements.
- GE lobbying efforts will result in higher energy prices for consumers and hurt economy.
- Panic to raise about $12.2 billion in bailout stock sale.
GE needs a major public relations overhaul ( not the Edelman kind) and here is how GE could begin to improve their reputation.
- Install a female CEO at GE, there are highly qualified women very capable of turning the company around. Not from the existing BOD.
- The added benefit of a female CEO would be that any executives that suffer from SAS (smart ass syndrome) could never stand working for a woman and would leave the company.
- Pull the ejection handle on the GE BOD, they have been along for the "country club" ride the entire time. How many lawsuits are the directors named in?
- Immediately engage the investors to participate in an Emergency Action Plan to turn the company around. Listen to everybody. People won't be in such a hurry to dump GE if they feel that someone is listening to their ideas.
- Demonstrate to the American people that although GE is a multinational corporation, GE will be transparent with respect to relationships that could be considered questionable or controversial.
- And never forget the quote from Thomas Edison, ' I would find out what people need, then invent it' . Human Capital is the most precious asset that GE can access, do it kindly.
Hell, if GE implemented even a few of these suggestions they might just get a resume from a fifty year old cripple (and 13 year GE veteran) that still has a lot to offer! Don't worry friends, I won't hold my breath, I'm still not even ready for the paper route.
Special Report (2) Gus in "Gitmo"
Insurances companies routinely "Waterboard" Disabled Claimants by use of House Arrest. " Kill em with Kindness, Sedgwick / ATT Style!"
by Mimi S.
The relationship between Gus and Sedgwick is anything but aces. In a recent interview, I asked Gus to describe his ongoing interactions with Sedgwick and ATT.
(G) ' Sedgwick constantly questions me about my activities, income from all sources, my wife’s employment, my hobbies, the care of our children, my association affiliations, and a myriad of other issues.'
(G) 'Mimi, here is an example. I learned that one of my good friends at AT&T had suffered a stroke and I called him to “catch up” and offer him encouragement. During the conversation he shared with me that a provision in the AT&T Disability Plan that requires that all travel (defined in the plan as beyond 60 miles from home or spending the night away from home) be approved, in advance by Sedgwick CMS, or any benefits being received would be terminated.' I hear that he had recently requested to go on a short trip with his family (he had had a stroke 11 months earlier and was scheduled to (and did) return to work in another month). He was told if he took the trip “your benefits would be at risk” and possibly “terminated”. I was shocked. Could the same thing happen to me? I then realized that I had to get “permission” from Sedgwick to even leave home!' What did I ever do to deserve this? It was tantamount to being I prison!'
(Q) ' It seems like big companies like ATT and others have excellent benefit plans. Was this aspect of your benefit package clearly explained to you up front, you know at the beginning of your disability period by Sedgwick or ATT?'
G) 'No Mimi it was not, I was not happy to learn of this restriction. It is diametrically opposed to the advice of the medical community. They encourage people with disabilities to maintain as normal a lifestyle as possible.'
(Q) 'So did you make any requests to Sedgwick about travel?'
(G) ' Yes Mimi I have, I subsequently made numerous requests to Sedgwick and ATT to travel keeping my limitations in mind. I need to have some semblance of a normal life with my wife and children. My doctors have supported all these requests and all my plans take into account my condition and limitations.'
I did spend a number of nights away from home in conjunction with surgeries and hospitalizations, but in the last 13 years, (that's over 4500 days and nights), I have only been able to spend 19 nights away from home “traveling.' Most of these nights away from my home were at the homes of friends or family during holidays or to attend important family events. My only other choice was to remain “home alone” as I have many times during recent years. I can’t deny my wife and children the opportunity to “have a live” even if I can’t.'
(Q) 'You mentioned you spent time away from home because of surgeries and hospitalizations, could you elaborate?'
(G) ' Let's see, three trips to the University of Pittsburgh for three surgeries (including brain surgery), Hospitalizations at Northridge Hospital and St. Johns Hospital. These trips for medical treatment were "at risk" because Sedgwick/ ATT can /may assert that "trips even in the event of medical necessity, unapproved trips are considered "events that MAY lead to grant permission to travel. They , however, make no guarantees about approving any trips.
"There is a comment in my Sedgwick/AT&T file that says (paraphrased),'that I have been traveling which is unusual for someone on disability'. Another comment in my file states that I “travel extensively”. These statements are a good indication of Sedgwick’s position that any travel is inconsistent with any disability.'
(Q) 'Do you feel as though you are being set up to violate the rules so that Sedgwick can terminate your disability benefits?'
(G) 'Absolutely! During a conversation (12-14-2007) I questioned a Sedgwick manager about her statement during a call on December 5, 2007: when she stated “people on disability don’t travel”. She later denied making this statement I was so shocked by this statement and subsequent denial that I documented it in letter to Sedgwick dated December 19, 2007. I was then informed that two additional "mandatory" medical examinations would be scheduled in the near future.'
(Q) 'What do you mean mandatory medical exams? Were they telling you that you had to be examined by a doctor whenever you wanted to travel?'
(G) I was “informed” that I would be scheduled for these two additional “Independent Medical Exams” (IMEs) after I made two requests to travel. I hadn’t actually completed any of my “requested trips“ at this point In time . These exams, were in addition to the one exam I had already participated in. I readily agreed to these exams as I believed that, in the the long run, it would satisfy Sedgwick and end the constant questioning of my condition by Sedgwick managers. It didn't, it only made them more antagonistic.
"Remember Mimi, these people have no medical training or expertise about the “legitimacy” of my disability. I did, however, request that the doctors conducting the exams have experience with my disorder given the rarity and complexity of the presentation.'
(Q) I am no lawyer, but that sounds like Sedgwick is retaliating whenever you make a request to travel.'
(G) ' After I learned of the travel restrictions in the plan, I made numerous requests to travel, but many of the requests were not even addressed by Sedgwick. I really didn’t think I could complete most of the trips requested, but I wanted to keep my options open. It soon became clear that Sedgwick had no intention of approving any of my requests. Finally, even though my doctors and I had just provided them with a complete update on my status, Sedgwick wrote me and stated”…..since we are uncertain of your medical status at this time we are unable to consider your request………..”. Any doubt about their cooperation and their following their own internal polices regarding responding to my requests within five days was removed at this point in time. I was “de facto”a prisoner and under “house arrest”.
Sedgwick and ATT want Gus to be a “prisoner” of his disease and “confined to quarters”. More on this story next week-Gus and the independent medical exams!
links to be updated soon!
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Sedgwick CMS' David North..... Is that YOU, You Rascal?
Wow friends, we sure have been learning some new techniques after reading the MJM Investigations SURVEILLANCE INVESTIGATIONS manual we found on the web.
Perhaps one of our operatives in Memphis could walk the cat on this dude and file a report for next week. Follow the manual, be discrete, don't break the law and watch for a disguise. Our intel indicates that the "subject" often uses BBQ sauce on his face and tie in an attempt to alter his identity.
New Information Discovered on " Abusive Sedgethugs" terrorizing Americans with disabilities!
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The Great MetLife Short Sell. Did you make Money This Week? There's still another chance, one day left!
Wow Friends, even after a public offering " failing bailout" ( MET ) of 75 million shares of common stock at $26.50 per share, MetLife value continues to fall like a lead parachute. I hope some of our friends went short this week and made some moula la. Next week should be even better!
Talk to your financial advisor (and all of the other disclaimers) and check our "short list", (FNF), (EVR), (UNH) (GE), (MET). nothing wrong with the little man making a buck or USD 20 M.
See you next week,
