Jack Welch, ex-CEO of GE, and guru of business, has accused the bureaucrats in the Bureau of Labor Statistics of cooking the most recent unemployment rate.
Prof. Andrew Gelman at the Monkey Cage reports on an investigation of the integrity of statistics in GE when Mr. Welch was its head. Seems GE paid a $50 million fine to SEC for accounting fraud. The graph of earnings under Welch and under his successor is damning in and of itself.
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