Eugene David ...The One-Minute Pundit |
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Friday, July 01, 2005
Forbes.com readers and editors rank Gerard Swope as the 20th most influential businessman of all time....
As president of General Electric, Gerard Swope expanded GE's consumer product offerings: The company sold its first electric clothes washer and refrigerator under his leadership. GE's foray into home appliances paid dividends for generations. He also oversaw the creation of the GE Credit Corp. to help finance the sale of appliances. GE Credit paved the way for consumer lending in the U.S., growing into GE Capital, now a $64 billion financial services giant. But his major legacy was in labor relations: Swope instituted "corporate welfare," a widely replicated program in which workers were offered benefits such as profit sharing. Somewhere LEGENDARY WELCH is having INDIGESTION.
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