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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

Gov. Gretchen Whitmer went to Delaware to meet with Joe Biden as he neared the announcement of his vice presidential choice, two high-ranking Michigan Democrats tell The Associated Press. The officials, who spoke on the condition of anonymity, say Whitmer visited Biden last Sunday. It's his first confirmed in-person meeting with a potential pick. Whitmer, the first-term governor of a battleground state, has long been on his short list of possible running mates. Flight records show a chartered flight left Lansing’s Capital Region International Airport for Delaware Coastal Airport at 5:33 p.m. and returned at 11:16 p.m. 633

From housing to food to health care, everything is getting more expensive while wages stay mostly stagnant. It’s part of a phenomenon called inflation and it has a direct impact on each of us.As the old cliché goes, ‘a dollar doesn’t get you what it used to.’ That saying helps explain the role inflation plays in the economy.Inflation happens when general prices go up, relative to supply. It causes a noticeable and continuous decline in buying power.It’s easy to confuse inflation with general market forces. Like, when kale prices go up because of fad-driven demand or when sweater prices increase just before winter.A small amount of inflation is supposed to help the economy by encouraging spending and investment. But too much of it could send the economy into a spiral. For that reason, the Federal Reserve takes different actions meant to keep inflation rates in check.Inflation isn’t an obscure technical financial term found in college textbooks. It directly affects everyone who participates in the economy.Let’s say a person decided to save in 1970 for use 50 years in the future. Back then, then money could buy about 17 dozen eggs, 28 gallons of gas, or one pair of Wrangler Jeans.But in 2020, the saved money doesn’t go as far.According to the Bureau of Labor Statistics, in 2020 can buy about seven dozen eggs, four gallons of gas, or a half-pair of Wranglers.Inflation gets a bad rap. Everyone would like to buy nice things for cheap. But economists say that’s just not how it works. When prices fall, in general, incomes also have to fall.Think of it as a cycle: a consumer buys from a business. If prices are lower, the business makes less money. That means wages have to drop, giving workers less money to spend as consumers. 1762

Hospital nurses in Philadelphia are ready to go on strike amid a surge of coronavirus cases across the country, according to the union. The union said in a statement that 800 members of the union at St. Mary Medical Center are planning to picket on Tuesday and Wednesday. One of the main sticking points is minimum staffing levels, which is the proportion of patients to nurses in a hospital.“Safe staffing is the main issue in our negotiation--it's why we organized last year in the first place,” says Kathy McKamey R.N., who works on St Mary's MG2 unit and has been at the hospital for 10 years, said in a statement provided by the union. “Trinity has refused to commit to the minimal safe staffing guidelines every study out there has said improve patient outcomes. But the truth is, even if they had, we don't have the staff to fill them because our wage scale is so far below that of area hospitals. Nurses are literally fleeing to other hospitals 20 minutes away where they can make to more an hour. My unit alone has lost 20 nurses since January; the perioperative areas have lost 35 nurses in the last year. The grids are meaningless if you can't find nurses to fill the spots."Adding to nurses’ concern is the possibility of having to report to work while infected with the coronavirus. Last week, the state of North Dakota called upon asymptomatic nurses to remain on the job amid a spike in COVID-19 cases and a shortage of nurses.“Nurses working across all health care settings and specialties are essential to combating COVID-19,” wrote Tarik Khan and Betsy M. Snook of the Pennsylvania State Nurses Association in a joint statement released Monday. “Unfortunately, nearly 400 nurses in the United States have died due to COVID-19, and many others have been infected and hospitalized. This lack of protection for our nurses is unacceptable. Nurses and health care workers who are risking their lives, and the health of their own families, deserve better.“They deserve all of the PPE, testing, supplies, and safe staffing they need to fight COVID-19 and, if they contract the virus, all of the rest that is required to mend and fully heal. Health care organizations should use all other staffing resources for replacement providers so that those nurses who test positive for COVID-19 can get the required rest to recuperate.”Hospitals in the Philadelphia area told the Philadelphia Inquirer that they would hire replacement nurses to work if the union goes on strike."We respect the union members’ right to strike, and we remain committed to negotiating in good faith to reach agreement on a fair, consistent and sustainable initial contract for St. Mary nurses. We look forward to the day productive negotiations can resume," said a statement from Trinity Health. Coronavirus cases in Pennsylvania reached record levels last week, topping 5,000 cases in a single day for the first time since the start of the pandemic. In response, the city of Philadelphia announced on Monday plans to close indoor dining, gyms and museums in hopes of reducing the spread of the virus. 3096

From the International Space Station: I voted today— Kate Rubins pic.twitter.com/DRdjwSzXwy— NASA Astronauts (@NASA_Astronauts) October 22, 2020 152