Posted on 11/16/2009 6:51:47 AM PST by FromLori
Thanks to some great reporting at WSJ by Elizabeth Williamson and Paul Glader, now we know why General Electric CEO Jeffrey Immelt has been to the White House five times since President Obama has occupied the place. He wants GE to out do Goldman Sachs and Carlyle Group combined as the biggest pig at the trough of corporate handouts. David Rubenstein looks like an amateur compared to Immelt. From WSJ's report: The financial crisis hasn't been kind to General Electric Co. Its stock has lost almost half its value, the government has stepped in to prop up its enormous financial arm, and sales have slumped in core industrial businesses.
But Chief Executive Jeffrey Immelt now has his eye on a huge new pool of potential revenue: Uncle Sam's stimulus dollars. Mr. Immelt, a registered Republican, quips about the shift in thinking in the nation's corner offices: "We're all Democrats now."...
The government has taken on a giant role in the U.S. economy over the past year, penetrating further into the private sector than anytime since the 1930s. Some companies are treating the government's growing reach -- and ample purse -- as a giant opportunity, and are tailoring their strategies accordingly. For GE, once a symbol of boom-time capitalism, the changed landscape has left it trawling for government dollars on four continents.
"The government has moved in next door, and it ain't leaving," Mr. Immelt said at the International Economic Forum of the Americas in Montreal in June. "You could fight it if you want, but society wants change. And government is not going away."
GE has high hopes for the strategy. It says that over the next three years or so it could bring in as much as $192 billion from projects funded by governments around the globe, such as electric-grid modernization, renewable-energy generation and health-care technology upgrades...
Reporters who called the Obama administration for information on renewable-energy provisions in the legislation were directed to GE...
When the stimulus package was rolled out, Mr. Immelt instructed executives leading the company's major business units "to put together swat teams to get stimulus money, and [identify] who to fire if they don't get the money," says a person who heard him issue the instructions.
In February, a few days after President Obama signed the stimulus plan, GE lawyers, lobbyists and executives crowded into a conference room at GE's Washington office to figure out how to parlay billions of dollars in spending provisions into GE contracts... You have to wonder what Immelt promised Obama and Rham Emmanuel in return. Buying off those boys doesn't come cheap.
Thank God they’re selling Universal Orlando, now I can attend guilt free.
‘still have to suffer at Disney World though- damn.
Wasn’t that back when Jack Welch was the boss?
I think he meant to say “We are all fascists now.”
No GE products for me. Too bad, so sad! LOL!
I’m LMAO knowing that the Chinee are giving Barry the same working over he gave to I-melt.
No more GE products for me. EVER. And this is why CNBC can’t report anything on any program without some buffoon defending the Obama administrating wee-weeing all over the program. And this is why CNBC ratings have tanked. Hey Jeff, ESAD.
James Taggart was an idiot. I was thinking more of Orren Boyle.
-there. -fixed it. --------------------------------------
"The government has moved in next door, and it ain't leaving," Mr. Immelt said at the International Economic Forum of the Americas in Montreal in June. "You could fight it if you want, but society wants change. And government is not going away."
Pretty bold words for last June.
What's ol' Jeff sayin' these days, eh? LOL
"You could fight it if you want, but society wants change. And government is not going away.'"
Wanna bet, quisling?
See post # 5.
steph?
These GE BODs?
They'd better get hold of this louse.
Its "leadership" is directly responsible for the garbage at NBC & MSNBC; though, the bugger's main focus has to be GE's energy division.
Immelt wants that Green legislation, ergo, BIG $$s for GE. We all know this.
Here's the problem & where the rubber meets the road.
More & more people are linking NBC-U *with* GE Corporate; and, by association everything GE. Which, is a LOT.
Example: The bride & I are shopping to replace all our appliances. Range, refridge, dishwasher and freezer and the *one* standing order for Mrs.L?
NO General Electric anything.
GE and their entire product line is simply verboten.
Now we're making this decision for us, and us alone.
But, are there others?
That, is the $64 question, steph.
Methinks the only real indicator will be GE stock. Know anything about GE's stock, recent trending my friend? And include institutional investors (401Ks etc) in the equation since that incoming funding to GE comes every month without regard to the GE parent company's behavior, or, any of its subsidiaries or properties. So one has to read between the lines?
There's what the louse says and there's what GE's stock says. Which do we listen? ;^) LOL
“Immelt wants that Green legislation, ergo, BIG $$s for GE. We all know this.”
Absolutely. Immelt’s only hope of extricating himself from his incompetent management.
Is Immelt an 0bama supporter?
From paragraph 2: "But Chief Executive Jeffrey Immelt now has his eye on a huge new pool of potential revenue: Uncle Sam's stimulus dollars. Mr. Immelt, a registered Republican..."
From the same paragraph: "...quips about the shift in thinking in the nation's corner offices: 'We're all Democrats now."...
Who knows *what* it is? LOL
The list, ping
No thanks nec. anytime :)
Where did you get those numbers?
I'm looking at GE's 3Q2009 balance sheet and see total assets of $788bn and total liabilities of $670bn.
If I'm missing something, please let me know!
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