Another indication of poor judgment—and one that Jeff would continue to repeat—was his decision to have GE buy back its own stock, at prices that turned out to be high, not low. In 2007, GE bought back about $14 billion worth of its own stock; in 2008, it bought back about $1 billion of its stock—all at prices above $30 per share. Then, six days after suspending the 2008 buyback program, Jeff made the decision to sell stock to the public at $22.50 per share. “That is,” deadpanned Colvin and Benner, “buying high and selling low.”
