He desperately wanted to reduce GE’s reliance on GE Capital, but he never could sever the Gordian knot. Despite his efforts, GE Capital’s percentage of GE’s overall earnings kept growing and growing, eventually reaching 51 percent of GE’s $15 billion 2003 profit. “Partly that was because our Power business”—previously the business that was biggest contributor of profit to GE—“had cratered,” Jeff remembered.
