How could General Electric--perhaps America's most iconic corporation--suffer such a swift and sudden fall from grace? This is the definitive history of General Electric's epic decline, as told by the two Wall Street Journal reporters who covered its fall. Since its founding in 1892, GE has been more than just a corporation. For generations, it was job security, a solidly safe investment, and an elite business education for top managers. GE electrified America, powering everything from lightbulbs to turbines, and became fully integrated into the American societal mindset as few companies ever had. And after two decades of leadership under legendary CEO Jack Welch, GE entered the twenty-first century as America's most valuable corporation. Yet, fewer than two decades later, the GE of old was gone. ​Lights Out examines how Welch's handpicked successor, Jeff Immelt, tried to fix flaws in Welch's profit machine, while stumbling headlong into mistakes of his own. In the end, GE's traditional win-at-all-costs driven culture seemed to lose its direction, which ultimately caused the company's decline on both a personal and organizational scale. Lights Out details how one of America's all-time great companies has been reduced to a cautionary tale for our times.

"O'Boyle has researched and written a monumental book that should be mandatory reading for all CEOs and anyone concerned with business ethics." --The Philadelphia Inquirer "Superb . . . a spirited study of General Electric, and of its sometimes brilliant, sometimes bungling, but always ruthless boss, Jack Welch." --Chicago Sun-Times With convincing passion and meticulous research, Thomas F. O'Boyle explores the forces behind General Electric's rise to the top of Wall Street, questioning if GE, with chief executive officer Jack Welch at the helm, is still "bringing good things to life." Welch--explosive, profit-hungry, and pragmatic--catapulted GE's stocks to the top, up 1,155 percent from 1982 to 1997. O'Boyle argues that these astounding results have come only with the heavy price of employees' lives, blighted under the tyranny of "Neutron Jack" Welch, so named for his bomb-like ability to eliminate staff without disturbing surrounding operations. During Welch's reign, hard-nosed success tactics--unblinking downsizing, ruthless acquisition negotiations, and the virtual abandonment of manufacturing in favor of the more glamorous entertainment and financial services industries--coexist with scandals like price-fixing, pollution, and defense contract fraud. Sure to spark controversy, this gripping, comprehensive account begs the greater question: Is Jack Welch's GE a model company for business in the next century, or is it time to change the way the world does business? "Smoothly written and thoroughly researched." --USA Today "This book makes a valuable contribution to our understanding of corporate America. . . . Thomas F. O'Boyle persuades you that GE--Jack Welch's GE--brings bad things to life. In abundance." --Washington Monthly

This volume describes General Electric Corporation’s venture into developing second and third generation mainframe computer systems. The General Electric Corporation (GE), which began its life as the Edison Electric Co., was long involved in electrical appliances and industrial machines. It was also a founder of the Radio Corporation of America, which eventually became one of its competitors, and developed many electrical systems in order to control different types of industrial machines. Its breakthrough into computing came with its winning bid to provide the computing systems for the Electronic Recording Method of Accounting) system developed for the Bank of America by the Stanford Research Institute. The success of this project led GE to develop the GE-200 series which was the foundation for commercial timesharing. The GE-235 was selected by Dartmouth for its Dartmouth Time Sharing System (DTSS), an innovative academic time-sharing system. BASIC was developed on the GE-235 computer system under DTSS. GE enhanced it to develop its Mark II/III Time Sharing System, apparently the first commercial time sharing service in the world. GE develop the GE-300/-400 systems for industrial process control. The GE-600 series replaced the GE-200 series and demonstrated innovation in time-sharing systems. The GE-645 was selected to host Multics, which was developed by MIT. However, GE felt that it could not compete in computing against IBM, Univac, and other mainframes competitors, so it folded its tent and sold its Computer Division to Honeywell, Inc. Nevertheless, GE will be remembered for many innovations which continue to be used in modern computing systems.