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General Electric was blasted on Wednesday by workers, retirees and shareholders bemoaning the downfall of the company they love.At its annual meeting, GE got an earful from employees and investors who pleaded with management to right the ship after a disastrous year."I believe it was arrogance and a series of bad business decisions," former employee Bill Freeda said. "Our board of directors clearly has been AWOL."Another shareholder said: "GE, which was once one of the preeminent companies in the world — the bluest of blue chips — is now an embarrassment."The past 12 months has been one of the darkest periods in GE's 126-year history. A cash crisis, brought on by years of bad deal-making, forced GE to cut its dividend in half and lay off thousands of workers. GE's stock price has crashed by 50%, and calls to kick it out of the Dow have grown louder.Despite the deep criticism of past and current GE leaders, the company's nominees to the board were all elected on Wednesday. None of the shareholder proposals calling for reform were adopted, though one pushing for splitting the CEO and chairman roles received strong support.John Flannery, a veteran GE executive who replaced longtime chairman and CEO Jeff Immelt last year, said he remains "extremely proud" of the company despite its "immensely disappointing" results."We're keenly aware of the pain that our performance has caused," he said.Flannery urged investors and employees to keep the faith and said results from the start of 2018 offer hope."I want all of you to be proud of the company and not lose heart," he said. "I assure you we will not let up until this job is complete."Former GE workers slammed the company for eliminating their supplemental health insurance plans."We built the company. We put it where it is today," said Ron Flowers, president of the Retiree Association of General Electric."Don't just think financially," Flowers urged the board. "Think morally also."Other retirees lamented GE's billion pension deficit, the largest among S&P 500 companies. They questioned whether the pension fund, whittled by years of low rates and inattention, will be around to support them.Flannery said the pension fund is running a "significant deficit," but he said maintaining its integrity is "a deep priority for us." He noted GE recently announced plans to contribute billion to the fund.Freeda, a GE retiree, slammed Immelt for having a back-up jet fly around the world with him on some trips. (GE has said it stopped that practice in 2014. Immelt told the board last year in a letter that he "did not have time to personally direct" the day-to-day operations of GE's corporate air team. He said use of the spare plane was halted once he became aware of it.)"Shareowners should wonder: Were there other serious business abuses?" Freeda said. He called for an independent investigation into questionable business practices under Immelt and urged GE to consider clawing back the former CEO's bonuses.Flannery said that the GE board would take "appropriate steps" if "evidence of serious misconduct" were to emerge. A spokesperson for Immelt declined to comment.GE shareholders voiced stronger support for a proposal aimed at boosting oversight by splitting the CEO and chairman roles. About 41% of shares were cast in favor of the bid, up from 24% last year.In light of accounting concerns at GE, shareholder support for KPMG as the company's auditor dropped sharply. Just 65% of shares were cast in favor of ratifying KPMG, down from 94% last year. KPMG has been inspecting GE's books for 109 years, leading critics to argue they've become too cozy.Martin Harangozo said he was fired by GE with no severance after raising questions about "bad" accounting."GE transitioned from an honest company to a dishonest company," Harangozo said.Underscoring the challenges facing GE, Moody's lowered its credit outlook on the conglomerate to negative on Wednesday because of the expected costs of a Justice Department investigation into its subprime-mortgages business.Moody's warned it could downgrade GE's credit rating if the company fails to improve cash flow significantly or if revenue keeps shrinking at the beleaguered power division. GE shares dropped nearly 5% on Wednesday, leaving them down 53% over the past year.One retiree pleaded with Flannery to turn around the company — fast."My whole life has been GE," he said. "Give it all you've got. We're with you." 4465
George Papadopoulos did not want to go to prison Monday. But 22 months after he first lied to the FBI about his contact with Russians while working for the Trump presidential campaign, the first person charged by the office of special counsel will do his time.Papadopoulos will surrender at the federal prison camp in Oxford, Wisconsin. He will serve a 14-day sentence, then be on probation for a year. He will also pay a ,500 fine and participate in community service.More than a year ago, Papadopoulos was a surprise early target in the Mueller investigation and since then has swung from working for the President, to turning against him and back again."The truth will all be out. Not even a prison sentence can stop that momentum," Papadopoulos wrote to his 74,000 Twitter followers Sunday night, as he prepared to travel north from Chicago, where his parents live. "The wool isn't going to be pulled over America's eyes forever. Much love."The final lurch of Papadopoulos' legal situation and public unrest comes after he swapped legal teams, lost last-minute requests to the judge to pause his sentence and after his wife asked for a presidential pardon online and in various media interviews. 1209
HONG KONG — TikTok CEO Kevin Mayer has resigned amid U.S. pressure for its Chinese owner to sell the popular video app, which the White House says is a security risk. In a letter to employees seen Thursday, Mayer said that his decision to leave comes after the “political environment has sharply changed."His resignation comes after U.S. President Donald Trump ordered a ban on TikTok, unless parent company Bytedance sells its U.S. operations to an American company within 90 days. TikTok said in a statement that “We appreciate that the political dynamics of the last few months have significantly changed what the scope of Kevin’s role would be going forward, and fully respect his decision." 703
HOLLYWOOD, Calif. (KGTV) -- Monday night, fans got a peek at the last chapter of the Skywalker saga. The official trailer for “Star Wars: The Rise of Skywalker” debuted during halftime of ESPN’s Monday Night football, according to CNN. The film will star Mark Hamill as Luke Skywalker, Billy Dee Williams as Lando Calrissian and the late Carrie Fisher as General Leia Organa thanks to unreleased footage shot for an earlier film. “The Rise of Skywalker” film is the ninth and final episode of Skywalker’s story. The movie is due in theatres December 20. Watch the trailer below: Disney acquired Lucasfilm in 2012 for billion, according to CNN. 655
Hazards created by Hawaii's Kilauea volcano have spawned a lot of questions from the public. How long will this last? Is it safe to be on Big Island right now? Can I roast marshmallows?The US Geological Survey has been answering those questions on social media. Here's a look at some of them. The questions have been edited for clarity and brevity.Q: Is it safe to roast marshmallows over volcanic vents?USGS: Erm...we're going to have to say no, that's not safe. (Please don't try!) If the vent is emitting a lot of SO2 [sulfur dioxide] or H2S [hydrogen sulfide], they would taste BAD. And if you add sulfuric acid (in vog, for example) to sugar, you get a pretty spectacular reaction.Q: Is it safe to be in Hawaii right now?USGS: The eruption at Kilauea right now is impacting a small portion of the Big Island. Lava flows are active on the eastern tip of the island, in lower Puna, and Hawaii Volcanoes National Park is closed due to the small explosions occurring at Kilauea's summit. But the Island of Hawaii is made up of 5 volcanoes, and only Kilauea is erupting.Even if there were to be a change in activity at Kilauea, it would not impact Hilo or Kailua-Kona (the largest towns on the island), which are located on different volcanoes. The biggest impacts might be vog, but that has been a persistent issue on the island for decades. You can actually get real-time vog information at sites around the island from the Hawaii Department of Health at http://www.hiso2index.info/. 1493