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General Electric CEO Jeffrey Immelt spoke at West Point today:

I think we are at the end of a difficult generation of business leadership, and maybe leadership in general. Tough-mindedness, a good trait, was replaced by meanness and greed — both terrible traits. Rewards became perverted. The richest people made the most mistakes with the least accountability. In too many situations, leaders divided us instead of bringing us together.  As a result, the bottom 25% of the American population is poorer than they were 25 years ago. That is just wrong.

John Gapper comments:

Mr Immelt’s remarks are the latest — perhaps the strongest — among business and financial leaders calling for self-restraint and a change in attitude. Such appeals have fallen on deaf ears.

….Many people — probably most — believe that bankers’ bonuses are profoundly unfair, especially since they were not curtailed in the wake of the financial crisis. Meanwhile, bankers regard themselves as victims of  populism kindled by politicians and the media.

The significance of Mr Immelt’s speech, I think, is that the leader of one of the biggest companies in the US is willing to say publicly what many non-business people feel. Leaders in non-financial industries have worried since last year about being tainted by the behaviour of bankers. Now, it seems, they are running out of patience.

Well, we can hope.  But I hope Immelt keeps in mind that it’s not just bankers.  They may be the worst offenders, but they’re not the only ones.

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is the first thing despots go after. An unwavering commitment to it is probably what draws you to Mother Jones' journalism. And as we're seeing in the US and the world around, authoritarians seek to poison the discourse and the way we relate to each other because they can't stand people coming together around a shared sense of the truth—it's a huge threat to them.

Which is also a pretty great way to describe Mother Jones' mission: People coming together around the truth to hold power accountable.

And right now, we need to raise about $400,000 from our online readers over the next two months to hit our annual goal and make good on that mission. Read more about the information war we find ourselves in and how people-powered, independent reporting can and must rise to the challenge—and please support our team's truth-telling journalism with a donation if you can right now.

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