March 03, 2009 at 11:45 AM EST
CEOs of GE, Bank of America: We Were Wrong
Top executives at General Electric (GE) and Bank of America (BAC) have made startling statements: We goofed. This is unusual in a time when many top executives are blaming unnamed gremlins and forces beyond anyone’s control for their mistakes. Jeffrey Immelt General Electric’s CEO  turned down an $11.7 million bonus 2 weeks ago. In a letter to shareholders he took responsibility for GE’s low stock price and said he would work to rebuild investors’ confidence in the company. “Our company reputation was tarnished because we weren’t the ‘safe and reliable’ growth company that is our aspiration ” Immelt said in ...
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