In 2002, for the fifth year in a row, GE tops Fortune magazine’s list of the most admired companies in America. 

It was rare to see its just-departed CEO, Jack Welch, referred to as anything short of “legendary.”  His successor, Jeffrey Imelt, was also highly regarded in Corporate America--as was almost any executive at GE, which was widely viewed as breeding some of the best managers around.

GE iwas wimming in cash.  Its revenues typically topped a billion dollars per month.  It was one of only nine US companies to enjoy the ultra-premium triple-A credit rating.

Yet increasingly, GE found itself being asked to explain why it was not like Enron.