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Twitter laughs at Jack Welch’s suggestion that the US jobs report was manipulated

October 5, 2012
October 5, 2012

Former General Electric CEO Jack Welch ignited a firestorm on Twitter when he tweeted this morning that an above-expectations US jobs report had been manipulated to support US President Barack Obama and his election bid.

Financial journalists on Twitter, for the most part, ridiculed Welch’s comments, pointing out that Welch was hardly the one to talk. In 2009, GE agreed to pay a $50 million fine to the Securities Exchange Commission (SEC) after allegations surfaced that the company had been manipulating earnings reports for nearly a decade starting in 2001 in order to boost share price. Some of that manipulation could have occurred under Welch, who was CEO from 1981 to 1991.

love ya jack but here you’ve lost your mind @jack_welch Unbelievable jobs #s. the Chicago guys will do anything..can’t debate, change #s

— Austan Goolsbee (@Austan_Goolsbee) October 5, 2012

President Obama’s Chairman of the Council of Economic Advisers, Alan Krueger, subsequently told Bloomberg TV that anyone suggesting the Bureau of Labor Statistics had manipulated the numbers was “not a serious person.”

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