Frawley’s skepticism of GE’s internal controls wasn’t undeserved. Even now, years past the crisis, Capital remained a black box even to those who were paid to understand the company intimately, like sell-side stock market analysts and even some GE executives. The company’s remaining risks were unfathomably deep, some prescient investors felt. And the hubris that characterized decision-making elsewhere in the company could be just as prevalent at Capital.
