Much that is wrong with GE now is traced back to former CEO Jeff Immelt. But he made a smart bet on real estate, without meaning to.
Nearly everything has gone wrong for General Electric the past few years—particularly the decisions that can be traced back to longtime boss Jeff Immelt. But it turns out that he was, without meaning to be, a pretty savvy real-estate investor.
Back in 2016, GE announced that it was pulling up stakes in Fairfield, Conn., selling its headquarters complex for $31.5 million. The local tax bill was just too high.
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