Who Can Believe These Guys Anymore?

More signs of the Great Recalibration? Or just more hypocrisy?

Former GE CEO Jack Welch—who forged a legacy by beating his quarterly numbers—is quoted in this morning’s Financial Times that today’s business leaders put far too much emphasis on building shareholder value.

“On the face of it, shareholder value is the dumbest idea in the world,” FT.com quotes Welch as saying. “Shareholder value is a result, not a strategy. Your main constituencies are your employees, your customers and your products.”

Your products are a constituency? No wonder my refrigerator is so upset about GE’s stock price this morning.