Earnings Season Turns Violent

Its been a rough earnings season thusfar despite today's headlines about INTC and JPM barely beating Wall Street's dramatically lowered earnings estimates. There were really ugly quarters at a few banks and a horrendous report from an ugly rubber shoe company just to name a few. But the earnings that got the most attention was the huge miss by the conglomerate GE last week.

That situation was taken to a whole new level today when GE's former CEO, Jack Welch, made some rather reckless remarks about the current ruler of the GE empire, Jeffrey Immelt. Something tells me you won't be seeing these quotes on CNBC. Here are a few of the highlights of Jack's comments I took from this article:

"This was a bad miss. This is a credibility crash. He's got to earn it back. He will earn it back. But to take GE apart, what's wrong with the company, it's falling apart, blow up the model, sell NBC, sell real off estate, let's go out of business because we had 24 hours of a mess?"

"Here's the screw up: You made a promise that you'd deliver this and you missed three weeks later"

"Jeff has a credibility issue. He's getting his ass kicked."

"I'd be shocked beyond belief and I'd get a gun out and shoot him if he doesn't make what he promised now"