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84-707: The F101 was developed specifically for the Advanced Manned Strategic Aircraft, which became the B-1A. The F101 powered the four development aircraft from 1970 to 1981. The B-1A was officially cancelled in 1977. However the flight test program continued. General Electric was awarded a contract to further develop the F101-102 engine variant. This turbofan eventually powered the B-1B from 1984, entering service in 1986. The B-1's four F101 engines helped

168-668: A mechanical television station, W9XR, which began in 1929 after the company installed the first 50,000 watt radio transmitter in Chicago for its two radio stations. The Wall Street Crash of 1929 and ensuing Great Depression , caused the collapse of Insull's public utility holding company empire. When Insull's fortune started to fade, he sold both WENR and WBCN along with W9XR, to the National Broadcasting Company in March 1931. Two years after its purchase of

252-538: A $ 3 billion deal and also bought a $ 1.6 billion portfolio of retail credit cards from Citigroup Inc. On October 14, 2010, GE announced the acquisition of data migration & SCADA simulation specialists Opal Software. In December 2010, for the second time that year (after the Dresser acquisition), GE bought the oil sector company Wellstream , an oil pipe maker, for 800 million pounds ($ 1.3 billion). In March 2011, GE announced that it had completed

336-450: A 56-year-old millionairess playing a gleeful 18-year-old, the whole production bought for her like a trinket by a man Herman knew to be an unscrupulous manipulator. Herman began to write: "Miss Gladys Wallis, an aging, hopelessly incompetent amateur, opened last night in ..." Then Herman passed out, slumped over the top of his typewriter. Mankiewicz resurrected the experience in writing the screenplay for Citizen Kane , incorporating it into

420-569: A Ponzi Scheme run by Bernard Madoff , accused General Electric of being a "bigger fraud than Enron," alleging $ 38 billion in accounting fraud. GE denied wrongdoing. On October 6, 2020, General Electric reported it received a Wells notice from the Securities and Exchange Commission stating the SEC may take civil action for possible violations of securities laws. Samuel Insull Samuel Insull (November 11, 1859 – July 16, 1938)

504-538: A controlling interest in the company, while GE would retain a 49% stake and would buy out shares owned by Vivendi. Vivendi would sell its 20% stake in NBCUniversal to GE for US$ 5.8 billion. Vivendi would sell 7.66% of NBCUniversal to GE for US$ 2 billion if the GE/Comcast deal was not completed by September 2010 and then sell the remaining 12.34% stake of NBCUniversal to GE for US$ 3.8 billion when

588-439: A demand metered billing system, measuring not only total power consumption, but a set of rates for low-demand and high-demand electric use times. By 1897, Insull had worked out his formulas enough to offer Chicago electric customers two-tiered electric rates. With the new system, many homeowners found their bills lowered by 32% within a year. In 1896, Insull became a US citizen. In 1897, he incorporated another electric utility,

672-590: A division of GE called GE Information Systems (GEIS). The new company, named GXS , is based in Gaithersburg, Maryland . GXS is a provider of business-to-business e-commerce solutions. GE maintains a minority stake in GXS. Also in 2002, GE Wind Energy was formed when GE bought the wind turbine manufacturing assets of Enron Wind after the Enron scandals . In 2004, GE bought 80% of Vivendi Universal Entertainment,

756-578: A few years later with Thomson-Houston Electric Company , led by Charles Coffin . In 1887, Hart left to become superintendent of the Edison Electric Company. General Electric was formed through the 1892 merger of Edison General Electric Company and Thomson-Houston Electric Company with the support of Drexel, Morgan & Co. The original plants of both companies continue to operate under the GE banner to this day. The General Electric business

840-515: A joint venture in steam turbines, plus a €3.1 billion cash investment. In June 2014, a formal offer from GE worth $ 17 billion was agreed by the Alstom board. Part of the transaction involved the French government taking a 20% stake in Alstom to help secure France's energy and transport interests and French jobs. A rival offer from Siemens Mitsubishi Heavy Industries was rejected. The acquisition

924-553: A lamp manufacturer in East Newark, New Jersey ; Edison Machine Works , a manufacturer of dynamos and large electric motors in Schenectady, New York ; Bergmann & Company, a manufacturer of electric lighting fixtures , sockets , and other electric lighting devices; and Edison Electric Light Company, the patent -holding company and financial arm for Edison's lighting experiments, backed by J. P. Morgan (1837–1913) and

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1008-420: A monopoly, he kept his prices low and campaigned vigorously for regulation. Often regarded as a fictionalized biography of William Randolph Hearst , Orson Welles 's film Citizen Kane is, in part, inspired by the life of Samuel Insull. "It was a real man who built an opera house for the soprano of his choice, and much in the movie was borrowed from that story," Welles wrote. Welles gave Maurice Seiderman

1092-456: A photograph of Insull, with mustache, to use as a model for the makeup design of the old Charles Foster Kane. Welles denied that the character of Susan Alexander was based on Gladys Wallis, but co-writer Herman J. Mankiewicz did incorporate a related experience into the script. In June 1925, after a 26-year absence, Gladys Wallis Insull returned to the stage in a charity revival of The School for Scandal that ran two weeks in Chicago. When

1176-521: Is one of GE's four multifunctional shared services centers worldwide in Pudong , China; Budapest , Hungary; and Monterrey , Mexico. In April 2015, GE announced its intention to sell off its property portfolio, worth $ 26.5 billion, to Wells Fargo and The Blackstone Group . It was announced in April 2015 that GE would sell most of its finance unit and return around $ 90 billion to shareholders as

1260-573: Is sometimes wrongly credited with the invention of the holding company .) His holding company collapsed during the Great Depression , wiping out the life savings of 600,000 shareholders. The collapse along with the ongoing National Electric Light Association's Federal Trade Commission Investigation of the electric industry led to the enactment of the Public Utility Holding Company Act of 1935 . Insull fled

1344-691: The Chicago North Shore and Milwaukee Railroad , Chicago Rapid Transit Company , Chicago Aurora and Elgin Railroad , Gary Railways , and Chicago South Shore and South Bend Railroad . He helped modernize these railroads and others. As a result of owning these diverse companies, Insull is credited with being one of the early proponents for regulation of industry. He saw that federal and state regulation would recognize electric utilities as natural monopolies , allowing them to grow with little competition and to sell electricity to broader segments of

1428-569: The DATANET-30 and Datanet 355 message switching computers (DATANET-30 and 355 were also used as front end processors for GE mainframe computers). A Datanet 500 computer was designed but never sold. In 1956 Homer Oldfield had been promoted to General Manager of GE's Computer Department. He facilitated the invention and construction of the Bank of America ERMA system, the first computerized system designed to read magnetized numbers on checks. But he

1512-505: The Multics operating system on the GE 645 mainframe computer. The project took longer than expected and was not a major commercial success, but it demonstrated concepts such as single-level storage , dynamic linking , hierarchical file system , and ring-oriented security . Active development of Multics continued until 1985. GE got into computer manufacturing because, in the 1950s, they were

1596-577: The NBC television network for $ 6.28 billion; this merger surpassed the Capital Cities/ABC merger from earlier that year as the largest non-oil company merger in world business history. The remainder of RCA's divisions and assets were sold to various companies, including Bertelsmann Music Group which acquired RCA Records . Thomson SA , which licensed the manufacture of RCA and GE branded electronics, traced its roots to Thomson-Houston, one of

1680-478: The National Broadcasting Company (NBC), which built two radio broadcasting networks. In 1930, General Electric was charged with antitrust violations and was ordered to divest itself of RCA. In 1927, Ernst Alexanderson of GE made the first demonstration of television broadcast reception at his General Electric Realty Plot home at 1132 Adams Road in Schenectady, New York. On January 13, 1928, he made what

1764-568: The Vanderbilt family . Henry Villard, a long-time Edison supporter and investor, proposed to consolidate all of business interests. The proposal was supported by Samuel Insull - who served as his secretary and, later, financier - as well other investors. In 1889, Drexel, Morgan & Co. —a company founded by J.P. Morgan and Anthony J. Drexel —financed Edison's research and helped merge several of Edison's separate companies under one corporation, forming Edison General Electric Company, which

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1848-420: The regulated monopoly , a uniquely American institution that included utility companies. This came from a combination of his business persona and his political one. On the one hand, he abhorred the waste of competing power producers, whose inefficiency would often double the cost of production. On the other hand, he believed in the citizen's right to fair treatment. So while he bought up rival companies and created

1932-431: The temperance movement , and Emma Short. He was one of five siblings who survived to adulthood. His younger brother, Martin , became a major executive at Sam's companies. Insull's career began as an apprentice clerk for various local businesses at age 14. He went on to become a stenographer at Vanity Fair . Through a newspaper ad, the 19-year-old became the private secretary and bookkeeper to Colonel George Gouraud ,

2016-647: The transmission of electrical power . In 1896, General Electric was one of the original 12 companies listed on the newly formed Dow Jones Industrial Average , where it remained a part of the index for 122 years, though not continuously. In 1911, General Electric absorbed the National Electric Lamp Association (NELA) into its lighting business. GE established its lighting division headquarters at Nela Park in East Cleveland, Ohio . The lighting division has since remained in

2100-462: The 9HA. After the break, GE developed new protective coatings and heat treatment methods. Gas turbines represent a significant portion of GE Power's revenue, and also represent a significant portion of the power generation fleet of several utility companies in the United States. Chubu Electric of Japan and Électricité de France also had units that were impacted. Initially, GE did not realize

2184-631: The Chicago Edison Company. Another consideration is that he was caught between opposing factions when J. P. Morgan combined the Thomson-Houston Electric Company and Edison General Electric to form the new company in April 1892. Those loyal to Edison accused Insull of selling out, and in fact he did welcome the infusion of capital, from the Vanderbilts , from J. P. Morgan, and others, as necessary for

2268-564: The Commonwealth Electric Light & Power Co. In 1907, Insull's two companies formally merged to create the Commonwealth Edison Co. During a Chicago meeting on October 8, 1918, he introduced Professor Thomas Garrigue Masaryk as the president of the future Czechoslovak Republic, de facto. As more people became connected to the electric grid, Insull's company, which had an exclusive franchise from

2352-656: The Denver television station until in 1986, when General Electric bought out RCA and made it into an owned-and-operated station by NBC . It even stayed on until 1995 when it was transferred to a joint venture between CBS and Group W in a swap deal, alongside KUTV in Salt Lake City for longtime CBS O&O in Philadelphia, WCAU-TV . Stations are arranged in alphabetical order by state and city of license . Led by Sanford Alexander Moss , GE moved into

2436-802: The Fortune 20 as the 14th most profitable company, but later very severely underperformed the market (by about 75%) as its profitability collapsed. Two employees of GE— Irving Langmuir (1932) and Ivar Giaever (1973)—have been awarded the Nobel Prize . Following the Great Recession of the late 2000s decade, General Electric began selling off various divisions and assets, including its appliances and financial capital divisions, under Jeff Immelt 's leadership as CEO. John Flannery, Immelt's replacement in 2017, further divested General Electric's assets in locomotives and lighting in order to focus

2520-633: The Great Lakes Broadcasting Company in 1927 and purchased Chicago radio stations WENR and WBCN; the two stations were merged on June 1, 1927, with Insull paying a million dollars for WENR alone. Insull moved the stations first into the Strauss Building, then into Insull's Civic Opera House , where WENR became an affiliate of the NBC Blue Network . Insull's Great Lakes Broadcasting Company also included

2604-646: The Insulls visited Paris to see the Bastille Day festivities. Insull suffered from a heart ailment, and his wife Gladys had asked him not to take the Métro because it was bad for his heart. Nevertheless, Insull had made frequent declarations that he was "now a poor man" and on July 16, 1938, he descended a long flight of stairs at the Place de la Concorde station . He died of a heart attack just as he stepped toward

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2688-723: The London representative of Thomas Edison's telephone companies. When he learned of a job with Edison in the United States , Insull indicated he would be glad to have it, provided it was as Thomas Edison's personal secretary. In 1881, at the age of 21, Insull immigrated to the US, complete with side whiskers to make him appear older than his years. In the decade that followed, Insull took on increasing responsibilities in Edison's business endeavors, building electrical power stations throughout

2772-529: The U.S. Army Air Corps to select GE to develop the nation's first jet engine during the war. This experience, in turn, made GE a natural selection to develop the Whittle W.1 jet engine that was demonstrated in the United States in 1941. GE was ranked ninth among United States corporations in the value of wartime production contracts. However, their early work with Whittle's designs was later handed to Allison Engine Company . GE Aviation then emerged as one of

2856-520: The U.S. and Canada. The exact terms of the sale were not disclosed, but the final price would be based on the value of the assets at closing, plus a premium according to the parties. In October 2015, activist investor Nelson Peltz 's fund Trian bought a $ 2.5 billion stake in the company. In January 2016, Haier acquired GE's appliance division for $ 5.4 billion. In October 2016, GE Renewable Energy agreed to pay €1.5 billion to Doughty Hanson & Co for LM Wind Power during 2017. At

2940-474: The US. With several other Edison Pioneers , he participated in Henry Villard's January 1889 founding of Edison General Electric, which later became the publicly held company known as General Electric . In 1892, Insull was offered the post of second-vice-president at General Electric, but was unhappy at not being named its president. When the presidency went to another, Insull moved to Chicago as head of

3024-443: The acquisition of Hydril Pressure & Control in 2008 for $ 1.1 billion. GE Plastics was sold in 2008 to SABIC (Saudi Arabia Basic Industries Corporation). In May 2008, GE announced it was exploring options for divesting the bulk of its consumer and industrial business. On December 3, 2009, it was announced that NBCUniversal would become a joint venture between GE and cable television operator Comcast . Comcast would hold

3108-459: The acquisition of privately held Lineage Power Holdings from The Gores Group . In April 2011, GE announced it had completed its purchase of John Wood plc's Well Support Division for $ 2.8 billion. In 2011, GE Capital sold its $ 2 billion Mexican assets to Santander for $ 162 million and exited the business in Mexico. Santander additionally assumed the portfolio debts of GE Capital in

3192-681: The aircraft win 61 world records for speed, time-to-climb, payload and range. The GE F110 turbofan fighter jet engine is a derivative of the F101, designed using data from the F101-powered variant of the F-16 Fighting Falcon tested in the early 1980s. The F101 also became the basis for the highly successful CFM56 series of civil turbofans. Data from Related development Comparable engines Related lists General Electric General Electric Company ( GE )

3276-466: The cataract's flow, but was thwarted by conservation interests and the Kentucky legislature. Samuel Insull also had interests in broadcasting. Through his long association with Chicago's Civic Opera , he thought the new medium of radio broadcasting would be a way to bring opera performances into people's homes. On hearing of the work of Westinghouse to establish a radio station in Chicago, he contacted

3360-564: The city and a furnished suite at the Civic Opera House. The Insulls had one son, Samuel Jr. Both husband and wife were patrons of the arts. Because of this Insull was instrumental in the building of Chicago's Civic Opera House , which opened November 4, 1929, with Aida . The opera and its cast were chosen by Insull. Samuel Insull was also known for his charitable works in other areas, donating large sums of money to local hospitals, then calling on others with similar resources to do

3444-548: The city, grew steadily. By 1920, when it used more than two million tons of coal annually, the company's 6,000 employees served about 500,000 customers. Annual revenues reached nearly $ 40 million. During the 1920s, its largest generating stations included the Fisk Generating Station and Crawford Station , both on the Sanitary and Ship Canal . Insull began purchasing portions of the utility infrastructure of

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3528-599: The city. When it became clear that Westinghouse 's support of alternating current would win over Edison's direct current , Insull switched his support to AC in the war of the currents . His Chicago area holdings later included Federal Signal Corporation , Commonwealth Edison , Peoples Gas , and the Northern Indiana Public Service Company , and held shares of many more utilities. Insull also owned significant portions of many railroads, mainly electric interurban lines, including

3612-800: The company expanded into cable with the launch of a franchise, which was awarded to a non-exclusive franchise in Schenectady through subsidiary General Electric Cablevision Corporation. On February 15, 1965, General Electric expanded its holdings in order to acquire more television stations to meet the maximum limit of the FCC, and more cable holdings through subsidiaries General Electric Broadcasting Company and General Electric Cablevision Corporation. The company also owned television stations such as KOA-TV (now KCNC-TV ) in Denver and WSIX-TV (later WNGE-TV, now WKRN ) in Nashville, but like WRGB, General Electric sold off most of its broadcasting holdings, but held on to

3696-572: The company more on aviation. After restrictions on air travel during the COVID-19 pandemic caused General Electric's revenue to fall significantly in 2020, GE's final CEO Larry Culp announced in November 2021 that General Electric was to be broken up into three separate, public companies— GE Aerospace , GE HealthCare , and GE Vernova —by 2024. The new companies are respectively focused on aerospace, healthcare, and energy. GE HealthCare's spin-off

3780-404: The company was renamed back to Baker Hughes. In May 2017, GE had signed $ 15 billion of business deals with Saudi Arabia . Saudi Arabia is one of GE's largest customers. In September 2017, GE announced the sale of its Industrial Solutions Business to ABB . The deal closed on June 30, 2018. On August 15, 2019, Harry Markopolos , a financial fraud investigator known for his discovery of

3864-517: The company's future development. Edison forgave him, but others did not, and it seemed a good idea to move on to a new company in a new place. The Western Edison Light Co. was founded in Chicago in 1882, three years after Edison developed a practical light bulb. In 1887, Western Edison became the Chicago Edison Co. Insull left General Electric and moved to Chicago in 1892, where he became president of Chicago Edison that year. Chicago Edison

3948-630: The company's longtime stake in television and film media. In April 2013, GE acquired oilfield pump maker Lufkin Industries for $ 2.98 billion. In April 2014, it was announced that GE was in talks to acquire the global power division of French engineering group Alstom for a figure of around $ 13 billion. A rival joint bid was submitted in June 2014 by Siemens and Mitsubishi Heavy Industries (MHI) with Siemens seeking to acquire Alstom's gas turbine business for €3.9 billion, and MHI proposing

4032-629: The company. Together the two companies arranged for a radio station to be built in Chicago which would be operated jointly by Commonwealth Edison and Westinghouse. KYW 's first home was the roof of the Edison Company building at 72 West Adams Street in Chicago, and it went on the air November 11, 1921. It was Chicago's first radio station. Though the partnership came to an end in 1926, with Westinghouse buying out Edison's interest in KYW, Insull's interest in broadcasting did not stop there. He formed

4116-440: The country, initially to France. When the United States asked French authorities that he be extradited, Insull moved to Greece, where there was not yet an extradition treaty with the US. He was later arrested and extradited to the United States by Turkey in 1934 to face federal prosecution on mail fraud and antitrust charges. He was defended by Chicago lawyer Floyd Thompson and found not guilty on all counts. In July 1938,

4200-531: The country. Following this, GE Capital focused on its core business and shed its non-core assets. In June 2012, CEO and President of GE Jeff Immelt said that the company would invest ₹ 3 billion to accelerate its businesses in Karnataka . In October 2012, GE acquired $ 7 billion worth of bank deposits from MetLife Inc . On March 19, 2013, Comcast bought GE's shares in NBCU for $ 16.7 billion, ending

4284-520: The deal was completed or to the public via an IPO if the deal was not completed. On March 1, 2010, GE announced plans to sell its 20.85% stake in Turkey-based Garanti Bank. In August 2010, GE Healthcare signed a strategic partnership to bring cardiovascular Computed Tomography (CT) technology from start-up Arineta Ltd. of Israel to the hospital market. In October 2010, GE acquired gas engines manufacturer Dresser Industries in

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4368-426: The end of October 2016, it was announced that GE was under negotiations for a deal valued at about $ 30 billion to combine GE Oil & Gas with Baker Hughes . The transaction would create a publicly traded entity controlled by GE. It was announced that GE Oil & Gas would sell off its water treatment business, GE Water & Process Technologies, as part of its divestment agreement with Baker Hughes. The deal

4452-637: The firm looked to trim down on its holdings and rid itself of its image of a "hybrid" company, working in both banking and manufacturing. In August 2015, GE Capital agreed to sell its Healthcare Financial Services business to Capital One for US$ 9 billion. The transaction involved US$ 8.5 billion of loans made to a wide array of sectors, including senior housing, hospitals, medical offices, outpatient services, pharmaceuticals, and medical devices. Also in August 2015, GE Capital agreed to sell GE Capital Bank's on-line deposit platform to Goldman Sachs . Terms of

4536-440: The largest user of computers outside the United States federal government , aside from being the first business in the world to own a computer. Its major appliance manufacturing plant " Appliance Park " was the first non-governmental site to host one. However, in 1970, GE sold its computer division to Honeywell , exiting the computer manufacturing industry, though it retained its timesharing operations for some years afterward. GE

4620-601: The market. At the same time, a regulated monopoly could keep costs down by eliminating duplication of infrastructure by competing companies, while prices could be kept to reasonable rates by regulators. He used economies of scale to overcome market barriers by cheaply producing electricity with large steam turbines, such as the installations in the 1929 State Line Generating Plant in Hammond, Indiana. This made it easier to put electricity into homes. As part of his drive to efficiency, Insull practiced vertical integration . Coal

4704-452: The new field of aircraft turbo superchargers . This technology also led to the development of industrial gas turbine engines used for power production. GE introduced the first set of superchargers during World War I and continued to develop them during the interwar period . Superchargers became indispensable in the years immediately before World War II. GE supplied 300,000 turbo superchargers for use in fighter and bomber engines. This work led

4788-550: The original components of GE. Also in 1986, Kidder, Peabody & Co. , a U.S.-based securities firm, was sold to GE and following heavy losses was sold to PaineWebber in 1994. In 1997, Genpact was founded as a unit of General Electric in Gurgaon . The company was founded as GE Capital International Services (GECIS).  In the beginning, GECIS created processes for outsourcing back-office activities for GE Capital such as processing car loans and credit card transactions. It

4872-557: The parent of Universal Pictures from Vivendi . Vivendi bought 20% of NBC, forming the company NBCUniversal . GE then owned 80% of NBCUniversal and Vivendi owned 20%. In 2004, GE completed the spin-off of most of its mortgage and life insurance assets into an independent company, Genworth Financial , based in Richmond, Virginia . In May 2007, GE acquired Smiths Aerospace for $ 4.8 billion. Also in 2007, GE Oil & Gas acquired Vetco Gray for $ 1.9 billion, followed by

4956-467: The performance was repeated on Broadway in October 1925, Herman J. Mankiewicz – then the third-string theatre critic for The New York Times – was assigned to review the production. After her opening-night performance in the role of Lady Teazle, drama critic Mankiewicz returned to the press room "full of fury and too many drinks", wrote biographer Richard Meryman : He was outraged by the spectacle of

5040-588: The play For Money in 1892 and in his subsequent productions. Gladys played the role of Maggie Rolan in Brother John (1893); a New York Times reviewer listed her as one of the most popular players, one who "deserved quite all the applause [she] received." Prior to her marriage to Insull, Gladys also appeared on the New York stage in On Probation and Worth a Million . At the height of her fame she

5124-472: The radio stations and the mechanical television station, NBC shut W9XR just as it had done with W9XAP, which came with its purchase of WMAQ (AM) . On May 22, 1899, Samuel Insull married a "tiny, exquisitely beautiful and clever" Broadway ingénue actress whose stage name was (Alis) Gladys Wallis (1875–September 23, 1953). Her real name was Margaret Anna Bird. Gladys Wallis was popular with New York audiences and appeared in W. H. Crane's company first in

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5208-516: The remedies proposed by GE were insufficient to resolve the competition concerns resulting from the proposed acquisition of Honeywell". On June 27, 2014, GE partnered with collaborative design company Quirky to announce its connected LED bulb called Link. The Link bulb is designed to communicate with smartphones and tablets using a mobile app called Wink . In December 1985, GE reacquired the RCA Corporation , primarily to gain ownership of

5292-712: The same location. Owen D. Young, who was then GE's general counsel and vice president, through GE, founded the Radio Corporation of America (RCA) in 1919. This came after Young, while working with senior naval officers, purchased the Marconi Wireless Telegraph Company of America , which was a subsidiary of the British company Marconi Wireless and Signal Company. He aimed to expand international radio communications. GE used RCA as its retail arm for radio sales. In 1926, RCA co-founded

5376-508: The same. He donated freely to African-American charities in Chicago, asking the wealthy to follow his example. At the time the US entered WWI, Insull was named head of the Illinois Defense Council by President Woodrow Wilson ; his efforts sold over a million dollars of War Bonds. Insull controlled an empire of $ 500 million with only $ 27 million in equity. (Due to the highly leveraged structure of Insull's holdings, he

5460-574: The ticket taker. He had 30 francs in his pocket at the time and was identified by a hotel laundry bill in his pocket. Insull was receiving an annual pension totaling $ 21,000 from three of his former companies when he died. Insull was buried near his parents on July 23, 1938, in Putney Vale Cemetery , London, the city of his birth. His estate was found to be worth about $ 1,000 and his debts totaled $ 14,000,000, according to his will. Insull's legacies included electricity grid systems and

5544-516: The time, and GE increased engineering and supplies for the Wind Division and doubled the annual sales to $ 1.2 billion in 2003. It acquired ScanWind in 2009. In 2018, GE Power garnered press attention when a model 7HA gas turbine in Texas was shut down for two months due to the break of a turbine blade . This model uses similar blade technology to GE's newest and most efficient model,

5628-596: The transaction were not disclosed, but the sale included US$ 8 billion of on-line deposits and another US$ 8 billion of brokered certificates of deposit. The sale was part of GE's strategic plan to exit the U.S. banking sector and to free itself from tightening banking regulations. GE also aimed to shed its status as a "systematically important financial institution". In September 2015, GE Capital agreed to sell its transportation finance unit to Canada's Bank of Montreal . The unit sold had US$ 8.7 billion (CA$ 11.5 billion) of assets, 600 employees, and 15 offices in

5712-504: The turbine blade issue of the 9FB unit would impact the new HA units. GE was one of the eight major computer companies of the 1960s along with IBM , Burroughs , NCR , Control Data Corporation , Honeywell , RCA , and UNIVAC . GE had a line of general purpose and special purpose computers, including the GE 200 , GE 400 , and GE 600 series general-purpose computers, the GE/PAC 4000 series real-time process control computers, and

5796-461: The world's largest engine manufacturers, bypassing the British company Rolls-Royce plc . Some consumers boycotted GE light bulbs, refrigerators, and other products during the 1980s and 1990s. The purpose of the boycott was to protest against GE's role in nuclear weapons production. In 2002, GE acquired the wind power assets of Enron during its bankruptcy proceedings. Enron Wind was the only surviving U.S. manufacturer of large wind turbines at

5880-434: Was a British American business magnate. He was an innovator and investor based in Chicago who helped create an integrated electrical infrastructure in the United States . Insull created holding companies that purchased utilities and railroads . Insull was responsible for the building of the Chicago Civic Opera House in 1929. Due to the Great Depression , his vast Midwest holding company empire collapsed, and he

5964-543: Was a major provider of computer time-sharing services through General Electric Information Services (GEIS, now GXS), offering online computing services that included GEnie . In 2000, when United Technologies Corp. planned to buy Honeywell, GE made a counter-offer that was approved by Honeywell. On July 3, 2001, the European Union issued a statement that "prohibit the proposed acquisition by General Electric Co. of Honeywell Inc.". The reasons given were it "would create or strengthen dominant positions on several markets and that

6048-454: Was accused of profiting personally by selling worthless stock to unsuspecting investors who trusted him because of his position and reputation. Following a seven-week trial, he and 16 co-defendants were acquitted of all charges after two hours of jury deliberation. Insull was born on November 11, 1859, in London , the son of Insull Insull, a tradesman and lay preacher who was active in

6132-602: Was an experimental concept at the time and the beginning of the business process outsourcing (BPO) industry. GE sold 60% stake in Genpact to General Atlantic and Oak Hill Capital Partners in 2005 and hived off Genpact into an independent business. GE is still a major client to Genpact today for services in customer service, finance, information technology, and analytics. In 2001, GE acquired Spanish-language broadcaster Telemundo and incorporated it into NBC. In 2002, Francisco Partners and Norwest Venture Partners acquired

6216-608: Was an American multinational conglomerate founded in 1892, incorporated in the state of New York and headquartered in Boston . The company had several divisions, including aerospace , energy , healthcare , and finance . In 2020, GE ranked among the Fortune 500 as the 33rd largest firm in the United States by gross revenue . In 2023, the company was ranked 64th in the Forbes Global 2000 . In 2011, GE ranked among

6300-666: Was cleared by the EU in May 2017, and by the United States Department of Justice in June 2017. The merger agreement was approved by shareholders at the end of June 2017. On July 3, 2017, the transaction was completed, and Baker Hughes became a GE company and was renamed Baker Hughes, a GE Company (BHGE). In November 2018, GE reduced its stake in Baker Hughes to 50.4%. On October 18, 2019, GE reduced its stake to 36.8% and

6384-563: Was expected to be completed in 2015. In October 2014, GE announced it was considering the sale of its Polish banking business Bank BPH . Later in 2014, General Electric announced plans to open its global operations center in Cincinnati , Ohio. The Global Operations Center opened in October 2016 as home to GE's multifunctional shared services organization. It supports the company's finance/accounting, human resources, information technology, supply chain, legal and commercial operations, and

6468-590: Was extracted from mines his companies developed, transported by the Chicago & Illinois Midland Railway to Havana, Illinois to be transferred to barges, both of which his companies controlled, and taken up the Illinois Waterway to Commonwealth Edison power stations. In the late 1920s, he attempted to build a dam on the Cumberland River just above scenic Cumberland Falls, posing a threat to

6552-435: Was finalized on January 4, 2023. This was followed by the spin-off of GE's portfolio of energy businesses on April 2, 2024, into GE Vernova. Following these transactions, General Electric Company changed its trading name to GE Aerospace, pivoted to aviation, and ceased to exist as a conglomerate. During 1889, Thomas Edison (1847–1931) had business interests in many electricity-related companies, including Edison Lamp Company,

6636-608: Was fired from GE in 1958 by Ralph J. Cordiner for overstepping his bounds and successfully gaining the ERMA contract. Cordiner was strongly against GE entering the computer business because he did not see the potential in it. In 1962, GE started developing its GECOS (later renamed GCOS) operating system , originally for batch processing , but later extended to time-sharing and transaction processing . Versions of GCOS are still in use today. From 1964 to 1969, GE and Bell Laboratories (which soon dropped out) joined with MIT to develop

6720-607: Was incorporated in New York on April 24, 1889. The new company acquired Sprague Electric Railway & Motor Company in the same year. The consolidation did not involve all of the companies established by Edison; notably, the Edison Illuminating Company , which would later become Consolidated Edison , was not part of the merger. In 1880, Gerald Waldo Hart formed the American Electric Company of New Britain, Connecticut , which merged

6804-457: Was incorporated in New York, with the Schenectady plant used as headquarters for many years thereafter. Around the same time, General Electric's Canadian counterpart, Canadian General Electric , was formed. In 1893, General Electric bought the business of Rudolf Eickemeyer in Yonkers, New York , along with all of its patents and designs. Eickemeyer's firm had developed transformers for use in

6888-520: Was interviewed (rather unsuccessfully) by Frank Norris . At the time of their marriage, Insull was 41 and Gladys was 24. She had been on the stage from childhood. The Insulls lived outside Libertyville, Illinois , in a Mediterranean styled mansion with extensive grounds that later became the Cuneo Museum , in Vernon Hills . They also had an apartment at 1100 North Lake Shore Drive in

6972-408: Was losing money until Insull discovered a way to make it profitable during a Christmas visit to Brighton , England in 1894. To his surprise, he saw that the shops were closed, but every light in them was burning, something that never happened in the US. Finding the head of the town's electric company, he asked him how this could happen and was told the secret to it was not a flat rate bill, but use of

7056-433: Was said to be the first broadcast to the public in the United States on GE's W2XAD : the pictures were picked up on 1.5 square inches (9.7 square centimeters) screens in the homes of four GE executives. The sound was broadcast on GE's WGY (AM) . Experimental television station W2XAD evolved into the station WRGB , which, along with WGY and WGFM (now WRVE ), was owned and operated by General Electric until 1983. In 1965,

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