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June 23, 2014


Joe Conneely

There was a phrase I first heard in my public accounting days (have since learnt is probably Latin in origin). That phrase is "fish rot from the head" and what you have outlined is a great example of this in action.

Only time will tell if Immelt and his GE board actually get what they want from the deal. The EU is like an oil tanker, slow to turn but when it does make sure you are not standing in its way. The deeper malaise which France suffers as she enters the 21st century is the impact of the Grandes Ecoles where by getting all your top flight guys in any area (civil service, engineering etc.) going to the same premier schools and universities to get a good job on graduation, you build up an elite that ends up looking after its own members and interests and being too inward looking.

This is not to state that the US system of "Buy a senator or a Representative" is without its faults (the money spent by Wall Street lobbying Capitol Hill and the lack of any criminal prosecutions since 2007 speak volumes) but France's challenge I would suggest and as your posting outlines, is how to get new blood and ideas flowing into a system that is a result of intellectual inbreeding?

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