my name is jeff welch. i am a resident of north beach and i am also a piledriver local 34. i am here today to voice my support for this project. i am all for it. there is over 2 million square feet of new construction and it will provide a local and future jobs in the area. i am also glad it is a local project because i will have the opportunity to work close to home so i don't have to travel. at least not that far. less travel, the better for me. i have been doing it for 32 years. it will provide jobs, at completion. 1500 units of housing opportunity for san francisco residents. san francisco has a housing shortage and these project contributes to the solution and not the problem. think about it. these acts today and let's move forward with the india basin process. thank you. >> supervisor tang: next speaker, please. >> my name is francisco. i am a member of local 22 in san francisco. i'm standing in front of you to show support for the project. as a carpenter apprentice, this will give me an opportunity towards getting a good paying job and hands-on experience that is nec

when i left and i had the honor of working with jeff welch, was a tremendous friend and mentor and i/ at general electric going forward, home depot etc.. we lost the intensity that jack had and the accountability. he talked about, let's have people with energy. tom: financial controls? a positive way. we had responsibility and accountability. we had operating views and attention to detail. ned in theat wa transition from jack to jeff. some of the cornerstones of general electric were gone, appliances on the way out, transportation, nbc universal. now we hear medical systems and health car sys than what i remer it is heartbreaking. francine: it's a different company, but a different environment. it is more difficult to run the company now than it was back then. is that fair? robert: i think it is a function of who is leading the company and you have to have clarity of vision. you have to have mission direct responsibility and accountability. fallen out ofhave favor, not because they aren't effective, but we have lost leadership and attention to detail. we are being distracted. the proj

reporter: the ceo, larry cult, may be new, but ge is facing a lot of familiar problems, like jack welch and jeffore him, john flannery was a company veteran spending 30 years at ge, but his 13-month run saw ge stock decline by half. kulp is the first outside tore take over ge in his 126 d-year history. he ran daniher for 14 years, and with him in charge the stock gained more than 460%, more than four times the s&p's 105% gain over the same period even with ge's poor performance this year, it's a stunning and unexpected move. >> the people who are there are some of the best people in the world in engineering, science and math this is a jolt to them now. they'll need to be feeling that they're valued, really valued, and that they won't be taken advantage of for quick decisions. >> quick decisions may be in order. today's move comes with news that ge is also taking a $23 billion writedown in its power unit, a division that includes alstom, acquired by immelt in 2015 a move that backfired as global demand for power generation fell ge also plans to shrink its healthcare manufacturing business further

now, where is jack welch when all this is going on, where is jeff immeldt, the two former ceos of theem don't say much about ge publicly but privately, they are pointing fingers at each other. liz: speaking of public versus private, janet yellen, the former fed chief, has been very quiet, she just came out to blast bitcoin. bitcoin is actually moving higher, but the former central bank chief said in a speech, here's the quote, bitcoin is not a stable source of value and that it's decentralized in nature. can we show bitcoin? >> can i tell you why a central banker might not like bitcoin aside from what it is? liz: i get it. >> take a look at the price. here's why -- liz: inefficient. that's what she called it. >> here's why she doesn't like it. bitcoin was started because people didn't trust central banks. they thought it was a fake economy being ruled by central banks. central banks believe bitcoin could be used to circumvent the monetary system. central banks like having power over the money supply. central bankers. that's why she hates it. by the way, just to -- liz: it's almost lik

you can go back to the final days of welch, the selection of jeff immelt over nardelli, and then i rememberjack, you remember had to sell nbc i thought we restructured this portfolio so many times to prepare for the future, then fast forward to flannery, he had a couple of kitchen sink quarters so many things he had to immediately exit then culp comes in and looks around he says after my first few weeks on the job it's clear to me -- fill in the blanks clear to me this is just a excrement show unbelievable what happened over the years to this great company. >> jack, i wonder -- the company has never performed at the top level since it didn't have a big finance arm with a triple "a" rating it's been a different world for ge for a while where does it stand now? aviation is doing well it was carrying the company to the extent it's doing anything at all you said it will be tough once it's power and aviation for the most part, transportation. in that portfolio, what do you think he ought to be doing >> that's what i don't have an answer to. how do you fix power when it is so large, has such poor

welch on this unexpected and certainly very quick change given mr. flannery's tenure extended one month beyond one yea year his successor jeff immelt in the job 16 years >> that's for sure. >> what do you think of the stock up 11% some people are saying it's not big, others say it's a vote in confidence you look at danaher's performance over a 14-year period they was ceo it was very, very strong i do think that we asked bob wrielgt wright if it's in the stock but it will be interesting to see if and when that occurs and as people dig through the numbers, the majority of which was related to the acquisition of allston but not entirely, how bad is it? there's no guidance any more from this company. so pretty significant move up for what is not good news on most fronts other than this view off stronger hand. >> last week down to a nine year low for the stock. >> and when we come back, tesla's ceo elon musk settling charges with the s.e.c we'll take a look at what he's giving up. dow up 2 54. almost the best day since august 'rba ia me wee ckn mont each day our planet awakens with signs of opportunity. but with opportunity comes risk. and to manage this r