Immelt In on Economic Board

[ProudDad]

Schenectady, NY - President Obama will name Jeffrey R. Immelt, the chief executive officer and chairman of General Electric, on Friday to run his outside panel of economic advisers, replacing Paul A. Volcker, the former Federal Reserve chairman, who is stepping down, the White House said.

Mr. Immelt will chair a new Council on Jobs and Competitiveness that Mr. Obama intends to create by executive order.

http://www.truth-out.org/volcker-out-immelt-in-economic-board67047

...

G.E. the fucking out-sourcer and war profiteer!!!

The fucking fox guarding the hen house...

"Change"????

[ShockediSay]

1. Immelt laid off 18,000 workers [usually the older 'more experienced/

expensive workers], sent I don't know how many jobs overseas, overextended the Credit Corporation with I don't know how many over leveraged sub prime loans, took I don't know how many billions in tarp loans, tanked the stock from more than 45 AND cut the dividend to next to nothing after promising he wouldn't.

all according to my recollection

Signed
a former GE employee and stockholder
PS
If you want a Big Business Billionaire Boss who only cares about what he and his company can pocket, you got one IMHO

[golfguru]

2. But Immelt helped Obama campaign a lot in 2008

[FrenchieCat]

4. Records show that Immelt didn't donate to Obama.......

but did donate to Hillary and then McCain. http://www.newsmeat.com/ceo_political_donations/Jeffrey_Immelt.php

Do you have a link to back your statement?

Here's what the Right thinks of this appointment:

Obama picks far-left Immelt....
http://www.examiner.com/dauphin-county-republican-in-philadelphia/obama-picks-far-left-immelt

[brentspeak]

7. "Here's what the Right thinks of this appointment"

Translation: The political conflict between the GOP and corporate Democrats like Obama is as real as professional wrestling.

[golfguru]

11. Campaign donation is not the ONLY form of support

Except for maybe Google, no company has been closer and more in synch with the Obama administration than General Electric.

First, there’s the policy overlap: Obama wants cap-and-trade, GE wants cap-and-trade. Obama subsidizes embryonic stem-cell research, GE launches an embryonic stem-cell business. Obama calls for rail subsidies, GE hires Linda Daschle as a rail lobbyist. Obama gives a speeech, GE employee Chris Matthews feels a thrill up his leg.

[golfguru]

14. Actually Immelt has reduced 34,000 jobs in US and added 25,000 overseas

GE takes the most aggressive action to shift its production/earnings outside the country to avoid paying federal taxes. Another way to put this is that GE has done very well in minimizing its US payroll. At the end of 2009, GE employed 36,000 more people abroad than it did in the U.S. In 2000, it was the opposite. Since Immelt took over in 2001, GE has shed 34,000 jobs in the U.S. But it's added 25,000 jobs overseas.

[boppers]

3. Wind Power FTW!

[Honeycombe8]

5. So GE is a bad company? Doesn't it own MSNBC...or is it CNN?

I've never heard that GE is a bad company. It outsources, and outsourcing is bad...but don't all big companies outsource?

[KoKo]

9. If you are than uninformed...wouldn't it maybe be better to not post?

Seriously...

[KoKo]

10. After Getting Bailed Out By American Taxpayers, General Electric Pays ZERO U.S. Taxes

http://georgewashington2.blogspot.com/2010/04/after-getting-bailed-out-by-american.html
Saturday, April 17, 2010
After Getting Bailed Out By American Taxpayers, General Electric Pays ZERO U.S. Taxes, Pretending that All of Its Profits are Overseas
http://georgewashington2.blogspot.com/2010/04/after-getting-bailed-out-by-american.html

General Electric got bailed out by American taxpayers.

Specifically, it was given $139 billion in FDIC guarantees and support by the Federal Reserve for it's commercial paper (see this).

So you'd think that GE would return the favor by paying American taxes, right?

Wrong. GE paid no U.S. taxes for 2009.

As CNN points out:

GE had plenty of earnings last year -- just not in the United States. For tax purposes, the company's U.S. operations lost $408 million, while its international businesses netted a $10.8 billion profit.

Indeed, as Forbes notes:

Last year the conglomerate generated $10.3 billion in pretax income, but ended up owing nothing to Uncle Sam. In fact, it recorded a tax benefit of $1.1 billion.

http://georgewashington2.blogspot.com/2010/04/after-getting-bailed-out-by-american.html

[Fuddnik]

16. Everything I've bought over the last 20 years with the GE Brand.

Has been a cheap piece of shit.

Their consumer products division, mostly asian made, was worthless garbage.

Their Jet Engines and MRI's seem to be pretty good, but I don't buy those things.

[Brickbat]

6. Yay, more jobs to China!

And a job created here for every job that's outsourced, right? Can someone please show me how that's done? Apparently that's Immelt's "strategy" or "philosophy," but I can't find anything on how that works. Is it the same job? Same benefits and wage package? Does the union have to reorganize? Does the worker have to move? I've got some mad Google-fu but I'm coming up empty...

[Mimosa]

8. Maybe for once Immelt will do something to help America?

It could happen. Read this article.

http://www.businessweek.com/the_thread/economicsunbound/archives/2009/06/immelt_speech_u.html

[Safetykitten]

12. So, how does one make jobs from a meeting?

[Armstead]

13. Cleaning up the room afterwards?

[Safetykitten]

15. There you go...but a 1099 person of course.