The Secret GE Millionaires of Schenectady, New York

Jack Welch used to tell everyone to buy General Electric stock during his tenure as GE CEO, and many employees in Schenectady, New York were wise enough to follow the chief’s counsel when it came to loading up on the stock. A New York advisor once remarked being shocked at all the blue-collar and secretarial clients who would show up on the eve of retirement with $10,000-$25,000 in generic mutual funds and over 10,000 shares of General Electric.

This phenomenon is well explored in the book “At Any Cost: Jack Welch, General Electric, and the Pursuit of Profit” which details the wild universe of parallel outcomes for GE employees in the 1980s and 1990s: some were laid off and had their lives destroyed as GE grew obssesive about automation and efficiency, and simultaneously, remaining employees that loaded up on the stock through the company’s 401(k) made a lot of money … Read the rest of this article!