In fact, Grant had been right about GE for years. On September 5, he wrote a new piece, “Not Your Father’s GE.” Grant intoned, “General Electric under Jack Welch, like the Fed under Alan Greenspan, was an enterprise seemingly touched by the gods. It launched a thousand case studies—for growth, profitability, reinvention, globalization and all-around, Six Sigma excellence. And a wonderful business only became more lucrative when a finance subsidiary was grafted on to a manufacturing superstructure.” His beef in early September was that GE Capital had failed to put up sufficient reserves for the
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