Obama Adviser GE Shipping Jobs and Profits Overseas

http://nation.foxnews.com/general-electric/2011/05/23/obama-advisor-ge-shipping-jobs-and-profits-overseas ^

[kcvl]

Seven publicly traded U.S. corporations represented on President Barack Obama's advisory council for jobs and competitiveness -- including General Electric Co. (GE) and Intel Corp. (INTC) -- have devoted a growing pool of their non-U.S. earnings to investments in other countries.

As a group, multinational companies with current or former chief executive officers on Obama's jobs council have, over the past four years, almost doubled the cumulative amounts they've reinvested overseas, according to data compiled by Bloomberg.

By doing so, companies may be able to take advantage of faster-growing markets or lower production costs, and they can defer U.S. income taxes on profits from overseas sales. Underscoring the difference between corporate interests and the national interest, they're also investing money elsewhere that could be helping the U.S. economy, said former U.S. Labor Secretary Robert Reich.

"That's a signal that they are betting less on America," Reich said. "We've got to understand there's a fundamental difference between the competitiveness of these companies and the competitiveness of America and American workers."

[FrankR]

[scorchedearther]

http://www.youtube.com/watch_popup?v=3JDT5vBQQr8&vq=medium

[afraidfortherepublic]

And they’ve kept me waiting since January for payment for something they ordered from us. That seems to be the formula they use for making the big bucks: don’t pay taxes and don’t pay your suppliers.

[Dick Bachert]

"That's a signal that they are betting less on America," Reich said. "We've got to understand there's a fundamental difference between the competitiveness of these companies and the competitiveness of America and American workers."

I'm not defending these multinationals, but Reich would sooner press his face to a hot waffle iron for 5 minutes than mention that THE INSANE CORPORATE TAX RATE HERE IS ONE OF THE HIGHEST IN THE WORLD. These guys are simply engaged in an activity most intelligent individuals would employ if they could -- perfectly legal tax avoidance.

[Nachum]

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[BikerJoe]

And they’ve kept me waiting since January for payment for something they ordered from us. That seems to be the formula they use for making the big bucks: don’t pay taxes and don’t pay your suppliers.

Yup, GE is notorious for being "Net 180" or more. A local multinational damn near drove me under with the same kind of stuff. One shot at pay per month, and every month something was screwed up. "We're very sorry, we'll correct it for next month...", and on, and on...

The little startups...they'd pay me on receipt of the invoice, even though I had "Net 30" on it!