How BIG is General Electric? (They've Made Nuclear Weapons!) | ColdFusion

Summary

This Cold Fusion video delves into the history and impact of General Electric (GE), a multinational conglomerate with a diverse range of products and services. From its founding by Thomas Edison in 1889 to its current status as a global giant, GE has been a pioneer in various industries, including energy, aviation, and healthcare. However, the video also uncovers GE's darker past, including its involvement in nuclear weapons production and conflicts of interest with NBC during wartime. Despite these controversies, GE has made significant contributions to technology and innovation, shaping its complex legacy.

Takeaways

• 😀 General Electric (GE) was founded by Thomas Edison in 1889, merging multiple businesses into one corporation with the help of JP Morgan and Anthony AEL.
• 🧐 Despite Edison's controversial actions, including mistreatment of Nikola Tesla, GE became one of the first 12 companies listed on the Dow Jones Industrial Average and remains the only one from the original list.
• 📻 In the early 1900s, GE was a pioneer in voice radio broadcasting, which later led to the formation of the Radio Corporation of America (RCA).
• 🍳 GE introduced the first electric toasters and hot plates, revolutionizing home cooking in the 1930s, and also responded to the Great Depression by offering GE Consumer Finance for installment payments.
• 💡 The company was at the forefront of innovation, introducing the fluorescent lamp and the first autopilot for commercial applications in the 1930s and 40s.
• 💻 In the 1950s, GE was the first business to own a computer, becoming the largest user outside of the US Government, and later started manufacturing mainframe computers and operating systems.
• 🌬️ GE expanded into energy and acquired wind power assets from Enron in 2002, becoming a significant player in renewable energy.
• 🏭 Today, GE is a global giant with 35,000 employees, a revenue of $146 billion, and assets worth over $650 billion, ranking 24th in terms of revenue and 9th on Forbes' most valuable brand list.
• 💰 GE's largest revenue segment is finance at 31%, followed by power and water at 18%, aviation at 14%, and healthcare at 12%, with the oil and gas sector contributing only 10%.
• 🚫 GE has a controversial past, including involvement in nuclear weapons production and a boycott campaign in the 1980s that led to their exit from the nuclear weapons business.
• 📺 GE's acquisition of NBC in 1986 raised conflict of interest concerns, especially during wartime reporting, but the company sold NBC to Comcast in 2013, resolving the issue.

Q & A

Who founded General Electric and in what year?

General Electric, or GE, was founded by Thomas Edison in 1889.

What significant event in the Dow Jones Industrial Average is associated with GE?

GE was one of the first 12 companies listed on the newly formed Dow Jones Industrial Average, and after 120 years, it remains the only one of the 12 original companies still listed on the index.

What consumer finance initiative did GE introduce during the Great Depression?

GE introduced GE Consumer Finance during the Great Depression, allowing customers to pay for their new appliances over time.

What was the first business in the world to own a computer in the 1950s?

In the 1950s, GE was the first business in the world to own a computer.

What significant acquisition did GE make in the energy sector in 2002?

In 2002, GE acquired wind power assets from Enron when the company went bankrupt.

What is the revenue and asset value of General Electric as of the script's data?

As of the script's data, General Electric has a revenue of 146 billion and over $650 billion worth of assets.

What is the largest segment of GE's revenue according to the three-year chart provided in the script?

The largest segment of GE's revenue is finance, accounting for 31% of their total revenue.

What is the market share of GE in the medical equipment industry?

GE holds about 39% of the medical equipment industry in terms of market share.

What was the campaign organized by Kell lelia in 1984 against GE, and what was its outcome?

Kell lelia founded Corporate Accountability International to stop GE from producing nuclear weapons. The campaign, which included a boycott of GE products, was successful by 1993 when GE exited the nuclear weapons business.

What conflict of interest arose when GE owned NBC?

The conflict of interest arose when GE, which was a major defense contractor, owned NBC, leading to potential biased reporting on military conflicts that could benefit GE financially.

What significant change occurred in 2013 regarding GE's ownership of NBC?

In 2013, General Electric sold NBC to Comcast, ending the conflict of interest that existed when GE owned the network.