♪ NEIL: YOU KNOW ONE OF THE MANY

NEIL: YOU KNOW ONE OF THE MANY BENEFITS OF MY JOB IS I GET TO

BENEFITS OF MY JOB IS I GET TO INTERVIEW A LOT OF VERY

INTERVIEW A LOT OF VERY IMPRESSIVE PEOPLE AND IN THE

IMPRESSIVE PEOPLE AND IN THE FINANCIAL WORLD, A LOT OF

FINANCIAL WORLD, A LOT OF IMPRESSIVE CEOs.

IMPRESSIVE CEOs. NOTHING MORE SO THAN JACK WELCH

NOTHING MORE SO THAN JACK WELCH WHO PASSED AWAY AT THE AGE OF

WHO PASSED AWAY AT THE AGE OF 84.

84. NOT ONLY REMEMBERING HIS LIFE

NOT ONLY REMEMBERING HIS LIFE AND CAREER, FORMALLY WITH THE

AND CAREER, FORMALLY WITH THE PASSING OF THE BATON TO NAME HIS

PASSING OF THE BATON TO NAME HIS SUCCESSOR.

SUCCESSOR. A QUICK LOOK BACK.

A QUICK LOOK BACK. >> WE RAISED THIS ISSUE AND THE

>> WE RAISED THIS ISSUE AND THE YOU AND I CHATTED IN THE PAST.

YOU AND I CHATTED IN THE PAST. THE GUY WHO COMES AFTER YOU HAS

THE GUY WHO COMES AFTER YOU HAS A TOUGH ROAD.

A TOUGH ROAD. I DID MENTION BEFORE THE

I DID MENTION BEFORE THE COCA-COLA EXAMPLE, THE

COCA-COLA EXAMPLE, THE JOHNSON & JOHNSON EXAMPLE, WHEN

JOHNSON & JOHNSON EXAMPLE, WHEN A BIG NAME LEAVES --

A BIG NAME LEAVES -- >> NOT JOHNSON & JOHNSON.

>> NOT JOHNSON & JOHNSON. THEY HAVE DONE FINE.

THEY HAVE DONE FINE. NEIL: DO YOU WORE IT SETS UP

NEIL: DO YOU WORE IT SETS UP HIGH EXPECTATIONS FOR THIS GUY?

HIGH EXPECTATIONS FOR THIS GUY? >> I THINK THE BEST WAY TO LOOK

>> I THINK THE BEST WAY TO LOOK AT THIS IS, I SAT IN THIS, A

AT THIS IS, I SAT IN THIS, A ROOM LIKE THIS 20 YEARS AGO, 20

ROOM LIKE THIS 20 YEARS AGO, 20 YEARS AGO THIS MONTH AND,

YEARS AGO THIS MONTH AND, REPLACE AD LEGEND.

REPLACE AD LEGEND. THE HEADLINE IN THE PAPER WAS,

THE HEADLINE IN THE PAPER WAS, LEGEND REPLACED BY LIVEWIRE.

LEGEND REPLACED BY LIVEWIRE. AND 20 YEARS LATER, PEOPLE ARE

AND 20 YEARS LATER, PEOPLE ARE SAYING THINGS.

SAYING THINGS. WHAT GE’S STRENGTH IS, IT IS A

WHAT GE’S STRENGTH IS, IT IS A GREAT ABILITY TO CHANGE.

GREAT ABILITY TO CHANGE. ALL THESE ASSUMPTIONS AT THIS

ALL THESE ASSUMPTIONS AT THIS MOMENT IN TIME, WE CAN’T PREDICT

MOMENT IN TIME, WE CAN’T PREDICT EXACTLY WHAT THE FUTURE IS.

EXACTLY WHAT THE FUTURE IS. NEIL: WHERE DO YOU GO FROM HERE?

NEIL: WHERE DO YOU GO FROM HERE? >> LOTS OF OPEN STUDENTS.

>> LOTS OF OPEN STUDENTS. NEIL: A LOT OF PEOPLE DO NOT

NEIL: A LOT OF PEOPLE DO NOT PICTURE YOU SITTING AROUND ON A

PICTURE YOU SITTING AROUND ON A GOLF COURSE.

GOLF COURSE. >> THAT IS NOT A BAD ASSUMPTION.

>> THAT IS NOT A BAD ASSUMPTION. NEIL: THE SHAREHOLDERS OF

NEIL: THE SHAREHOLDERS OF AMERICA LOVE YOU, YOU DELIVERED

AMERICA LOVE YOU, YOU DELIVERED FOR THE SHAREHOLDERS, GREAT,

FOR THE SHAREHOLDERS, GREAT, GREAT, THEY SAY PAY PACKAGE,

GREAT, THEY SAY PAY PACKAGE, OBSCENE, OVERDONE, TIME COME TO

OBSCENE, OVERDONE, TIME COME TO REIN THESE IN.

REIN THESE IN. WHAT SAY YOU?

WHAT SAY YOU? >> FREE MARKET SYSTEM HAS FLAWS,

>> FREE MARKET SYSTEM HAS FLAWS, EXCESSES, SWINGS BUT GIVE ME A

EXCESSES, SWINGS BUT GIVE ME A BETTER SYSTEM.

BETTER SYSTEM. LET’S NOT LEVEL THINGS BECAUSE

LET’S NOT LEVEL THINGS BECAUSE YOU GET SO MANY UNINTENDED

YOU GET SO MANY UNINTENDED CONSEQUENCES.

CONSEQUENCES. I’M PARTICIPATE LIKE SOME OTHERS

I’M PARTICIPATE LIKE SOME OTHERS OF AN AMERICAN DREAM.

OF AN AMERICAN DREAM. STARTED WITH NOTHING.

STARTED WITH NOTHING. WORKED HARD.

WORKED HARD. DID IT ALL.

DID IT ALL. YOU TOO.

YOU TOO. WE ACHIEVE WHAT WE WANT TO

WE ACHIEVE WHAT WE WANT TO ACHIEVE.

ACHIEVE. NEIL: DO YOU THINK THERE SHOULD

NEIL: DO YOU THINK THERE SHOULD BE A LIMIT ON WHAT SOMEONE

BE A LIMIT ON WHAT SOMEONE MAKES?

MAKES? >> NO, I DON’T.

>> NO, I DON’T. NEIL: FOR THE COMPANIES IN THOSE

NEIL: FOR THE COMPANIES IN THOSE REGIONS OF THE WORLD WHERE THERE

REGIONS OF THE WORLD WHERE THERE IS ANTI-AMERICAN ATTITUDE, DOES

IS ANTI-AMERICAN ATTITUDE, DOES IT CHANGE ANYTHING?

IT CHANGE ANYTHING? >> LOOK IT, NEIL, I THINK THAT

>> LOOK IT, NEIL, I THINK THAT OVERALL MOST PEOPLE UNDERSTAND

OVERALL MOST PEOPLE UNDERSTAND THAT CORPORATIONS ARE THE HEART

THAT CORPORATIONS ARE THE HEART AND SOUL OF AN ECONOMY.

AND SOUL OF AN ECONOMY. AND CORPORATIONS WERE MADE UP OF

AND CORPORATIONS WERE MADE UP OF AN ECONOMY’S CITIZENS.

AN ECONOMY’S CITIZENS. NEIL: YOU, MR. FREE MARKET

NEIL: YOU, MR. FREE MARKET CAPITALIST, PROBABLY ONE OF THE

CAPITALIST, PROBABLY ONE OF THE BEST CEOs OF THE LAST CENTURY

BEST CEOs OF THE LAST CENTURY ARE SIGNING ON TO WHAT IS

ARE SIGNING ON TO WHAT IS ESSENTIALLY A FISCAL HAIL MARY

ESSENTIALLY A FISCAL HAIL MARY PASS.

PASS. >> NO.

>> NO. I THINK IT IS ANOTHER STEP IN

I THINK IT IS ANOTHER STEP IN TRYING TO RESOLVE THE CRISIS

TRYING TO RESOLVE THE CRISIS THAT WE HAVE.

THAT WE HAVE. THERE IS NO QUESTION WE WERE IN

THERE IS NO QUESTION WE WERE IN A CRISIS.

A CRISIS. WE HAVE SPREADS HERE THAT WE

WE HAVE SPREADS HERE THAT WE HAVEN’T SEEN.

HAVEN’T SEEN. DEBT IS, HIGH YIELD DEBT HAS

DEBT IS, HIGH YIELD DEBT HAS GONE TO ALL NEW LEVELS.

GONE TO ALL NEW LEVELS. I’LL TELL YOU, WE NEEDED THIS

I’LL TELL YOU, WE NEEDED THIS HELP TO GET A CHANCE TO GET THIS

HELP TO GET A CHANCE TO GET THIS ECONOMY BACK ON TRACK WITHOUT A

ECONOMY BACK ON TRACK WITHOUT A SERIOUS DECLINE.

SERIOUS DECLINE. NEIL: YOU WERE A YOUNG MAN WHEN

NEIL: YOU WERE A YOUNG MAN WHEN YOU WERE TAKING OVER GE.

YOU WERE TAKING OVER GE. YOU HAD A COUPLE RIVALS FOR THE

YOU HAD A COUPLE RIVALS FOR THE JOB.

JOB. HOW DID THAT GO?

HOW DID THAT GO? >> WELL YOU KNOW, NEIL, IT WAS

>> WELL YOU KNOW, NEIL, IT WAS SHOCKING BECAUSE ONE OF THE

SHOCKING BECAUSE ONE OF THE RIVALS CAME IN TO ME AND HANDED

RIVALS CAME IN TO ME AND HANDED ME HIS RESIGNATION.

ME HIS RESIGNATION. VERY CAPABLE GUY.

VERY CAPABLE GUY. I SAID, WHAT THE HELL IS THIS

I SAID, WHAT THE HELL IS THIS ALL ABOUT?

ALL ABOUT? AND HE SAID, WELL I SUPPORTED

AND HE SAID, WELL I SUPPORTED THE OTHER CANDIDATE.

THE OTHER CANDIDATE. I SAID, LOOK, TEAR THAT UP AND

I SAID, LOOK, TEAR THAT UP AND STAY HERE.

STAY HERE. NEIL: DID HE STAY?

NEIL: DID HE STAY? >> YEAH.

>> YEAH. STAYED AND BECAME VICE CHAIRMAN

STAYED AND BECAME VICE CHAIRMAN AROUND STAYED 20 YEARS.

AROUND STAYED 20 YEARS. NEIL: I ALWAYS THOUGHT YOUR KEY

NEIL: I ALWAYS THOUGHT YOUR KEY TO SUCCESS WAS STRAIGHT FROM THE

TO SUCCESS WAS STRAIGHT FROM THE GUT, GREAT BOOK, IT HAS TO BE

GUT, GREAT BOOK, IT HAS TO BE FROM THE GUT.

FROM THE GUT. YOU HAVE TO GET TO PEOPLE FROM A

YOU HAVE TO GET TO PEOPLE FROM A CERTAIN LEVEL THAT GOES BEYOND

CERTAIN LEVEL THAT GOES BEYOND JUST WONKINESS AND THAT IS WHAT

JUST WONKINESS AND THAT IS WHAT WE NEED.

WE NEED. >> YOUR JOB AS A LEADER TO GET

>> YOUR JOB AS A LEADER TO GET IN THE SKIN OF EVERYONE.

IN THE SKIN OF EVERYONE. SHOW THEM WHERE YOU’RE GOING,

SHOW THEM WHERE YOU’RE GOING, HOW YOU’RE GOING TO GET THERE

HOW YOU’RE GOING TO GET THERE AND WHAT’S IN IT FOR THEM WHEN

AND WHAT’S IN IT FOR THEM WHEN YOU GET THERE.

YOU GET THERE. >> YEAH.

>> YEAH. >> YOU GET THOSE THREE THINGS

>> YOU GET THOSE THREE THINGS GOING, MAN, YOU HAVE GOT IT.

GOING, MAN, YOU HAVE GOT IT. NEIL: THAT IS WHAT I DO WITH THE

NEIL: THAT IS WHAT I DO WITH THE PROBLEMMER EVERY DAY, EVERY DAY,

PROBLEMMER EVERY DAY, EVERY DAY, JACK.

JACK. I KNOW YOU HEARD A LOT OF

I KNOW YOU HEARD A LOT OF WONDERFUL THINGS ABOUT

WONDERFUL THINGS ABOUT JACK WELCH, ALL WELL-DESERVED, I

JACK WELCH, ALL WELL-DESERVED, I CAN REMEMBER YEARS, WE HAVE A

CAN REMEMBER YEARS, WE HAVE A LOT MORE ON FOX NEWS AT

LOT MORE ON FOX NEWS AT 4:00 P.M., WHAT WAS HIS BIGGEST

4:00 P.M., WHAT WAS HIS BIGGEST MISTAKE.

MISTAKE. WITHOUT BLINKING, HIRING YOU

WITHOUT BLINKING, HIRING YOU MAKING YOU AN ANCHOR AT CNBC IS

MAKING YOU AN ANCHOR AT CNBC IS A START.

A START. HE ENERGIZED YOU.

HE ENERGIZED YOU. HIS ENERGY WAS CONTAGIOUS.

HIS ENERGY WAS CONTAGIOUS. A GUY TOOK A 12 BILLION-DOLLAR

A GUY TOOK A 12 BILLION-DOLLAR CONCERN, MADE IT BETTER THAN

CONCERN, MADE IT BETTER THAN 400 BILLION-DOLLAR CONCERN.

400 BILLION-DOLLAR CONCERN. THE STOCK ROCKETED 4,000% UNDER

THE STOCK ROCKETED 4,000% UNDER HIS LEADERSHIP.