General Electric is one of the world’s largest companies. Its market capitalisation at the time of writing was US$177 billion. This compares to the approximately US$136 billion for CBA. The former CEO of General Electric was Jeff Immelt.
It was recently disclosed that when he was travelling on the company’s private jet, Immelt had another empty company private jet fly in convoy just in case there were any problems with the first jet.
According to the Wall Street Journal:
For much of Jeff Immelt’s 16-year run atop one of the world’s largest conglomerates, an empty business jet followed his GE-owned plane on some trips to destinations around the world, according to people familiar with the matter. The two jets sometimes parked far apart so they wouldn’t attract attention, and flight crews were told to not openly discuss the empty plane, the people said.
When asked about this practice, Mr Immelt said that it was within the rules.
When it was not in use, the back up plane was parked in the winner’s circle.
Mr Immelt said he was acting on the advice of the Australian Attorney General. Although he suspected in his stomach it was wrong, he was just acting on advice.
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