that generated place wrong bets in the ninety's for example back then jack welch put high stakes on the financial industry and then the company got hit hard when the financial crisis started in two thousand and seven and two thousand and eight and the g.e. stock has been losing this year do investors even think this restructuring process will work. investors do believe that it is important to get back in shape and that also means getting rid of some divisions but there's still not fully convinced that john flannery who started at the head of the general electric will have an easier time since there was even more pressure on the stock price of the stock lost almost half its value since the beginning of the year in fall john flannery announced to cut the dividend and half that also did not really go along very well here on wall street's all there so wall street does not fully convinced at this point tough times for g.e. thank you very much in court in new york for the analysis speaking of energy in mexico might fear the possible end of the nafta free trade agreement but so far investments

i was so privileged to be part of general electric for 30 years, to have jack welch as a mentor in providingrship and really help formulate a lot of my leadership skills and management skills. it was such a collegiate kind of competitiveness there were no one through anybody under the bus. if i was short a couple of pennies jim mcnerney would jump in or vice versa. it was just a wonderful, competitive, spirited, passionate kind of culture. >> but a team. >> it was a team culture. everybody took the field, were the same jersey. played for the logo on the front, not for their name on the back. >> but does not not happen once jack left? to speak there definitely was a transition and some of that may have been market backed environments. we went through the downturn, everybody kind of had to pull back. we saw the financial meltdown, certainly hurt the chrysler business that i was running at the time. >> it was incredible how close g.e. came to not being able to turn the lights on. >> amazing. even today i don't think the average person understood that they weren't generating enough cash to pay t

fortune" did a retrospective of the 20th century, and the best manager of the previous 100 years was jack welch so you better have some confidence if you are going to take his job, because those are pretty big shoes to fall into. but i love, i loved working with jack. and i was proud to follow him. david: before you got the job, you grew up in the cincinnati area. jeffrey: yeah. david: and your father was at ge, is that correct? jeffrey: yeah. david: what was his job? jeffrey: so my dad worked in the aircraft engines business for his whole career, almost 40 years. so i grew up around factories, i grew up around technology business. i had the classic kind of middle class education, high school, public high school in one of the most midwestern cities you can have, cincinnati, ohio. david: all right, so you were a football star, is that right? jeffrey: i was a good athlete. that was really -- you know, when i was in high school, if you said, what are you going to do, i would have said i would be a professional football player. david: i said that until i was about eight years old or nine years old

>> if jack welch was sitting here telling you he eliminated the 20% bottom performers each year. think by and large the president has been served well by his post-july staff. myself included for that matter. but there is room for improvement as there always is. my guess is he will have new people who are exciting and fresh who will help him out. jesse: do you see the russia investigation as a huge threat? >> i only see it as a threat, what happens with these special prosecutors, ken starr was appointed to go after the whitewater situation 25 years ago. he stayed there for five or sticks years and ended up hitting the president on the monica lewinsky situation. so for me these things get reckless. i don't like it on either side. if secretary clinton was in office they have would be hitting her on uranium one, the erase our of emails. there is always a scandal in washington. it's done to distract and attack and disfigure people. american people are actually tired of all that. they really want results. in the last 11 to 12 months the president delivered results. you left this out of

jack welch was the best thing to happen to general electric. n: jobs immelt was not an individual who could run a company that jack assembled. immelt was not capable of running it. >> john finger at $20 billion of assets which certainly puts a negative position at the negotiating table. maria: will talk more about this. all i said the federal reserve to raise interest rates. janet yellen with enough beat news tissue is behind. correction officers fury. officers from riker's island standoff after former nfl quarterback colin kaepernick makes a visit to riker's island and the prisoners. back in a minute. from the very beginning ... it was always our singular focus. to do whatever it takes, use every possible resource. to fight cancer. and never lose sight of the patients we're fighting for. our cancer treatment specialists share the same vision. experts from all over the world, working closely together to deliver truly personalized cancer care. and these are the specialists we're proud to call our own. expert medicine works here. learn more at can

really drive this company in a different way different than what we saw from predecessor immelt and jack welcht businesses he is really restructuring stocks down 45% this year pb now take a look at disney higher you can see right now up about a half of 1%, and nobody knows whether or not this deal with disney and fox will go through could be as next week even, we are hearing at least part that bob iger i go going to stay on there were those are rumors talk maybe he would step down people close to the talks the reports are saying that in fact, that rupert murdoch and his team they see athese are reports would like iger beyond 2019 retirement date see weather or not that happens back to you. maria: interesting to hear conversations as talking about fox selling assets to disney paul ryan says reigning in debt next on agenda joining me host "varney & company" stuart varney big point here, how do you think republicans will tackle spending cuts. >> paul ryan speaker ryan in radio interview yesterday in wisconsin, said the following. republicans will aim next year to reduce spending on federal health

. >> let me put something in perspective here i was at ge when i saw this culture that jack had created. wel welchund ge people, you felt this energy you felt this can do mentality i'm saddened by what's hand at ge ge today is a shadow of itself in fact, i don't even know if it will ultimately be broken up into smaller pieces again. the airplane, it's a small point, and it really doesn't merit a lot of attention, but the board got -- this is what i'm intrigued by the board got whistle blowers notice that this was going on in 2014 according to the press, which doesn't mean it's right, the board issued an edict stop it. now, the board doesn't go to the aviation department. the board goes to the ceo and the ceo says got it, i'll implement this policy. we know that since 14 they've done it again, which means that if the ceo went to the aviation department and he kept doing it, and he said they didn't know it, you got anarchy. you got the aviation department saying the hell with what the chairman said, the hell with what the board said. i'm still going to have a plan to follow them around. that was goi