Immelt is a registered Republican who contributed to both Hillary Clinton and John McCain during the 2008 campaign. And last year, he harshly criticized Obama at a dinner in Italy, where he basically said: Obama doesn’t like business, and business doesn’t like Obama.
In an op-ed for the Washington Post, Immelt set out his agenda for continued economic recovery. He would focus on manufacturing and exports, free trade, and innovation. So where’s the corporate tax cut? Well, Immelt offered one short line about “a sound and competitive tax system . . .
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Many business people wanted senior executives in the White House, and now they have two -- with GE’s Immelt joining William Daley, the former banker and new chief of staff.
NOT SO FAST Obama's tapping Chicago Bill Daley for WH COS was part of Ohaha's "No-Chicago-Sleazeballs-Left Behind initiative" (to paraphrase Malkin). The first Obama admin----Jarrett, Axelrod, Gibbs, Rahm Emanuel---was top-heavy with people having a personal history with Obama, direct access, and a strong, political bent.
Bill "Let's Count the Ballots Again in this Locked Room" Daley is the new Ohaha COS ......... Daley headed the Chicago Branch of The Daley Family Vote Mfg Division. The Daley family motto is "When We Fix Elections, They Stay Fixed."
NOTE During the 2008 Democratic presidential primaries, Daley was a prominent supporter of Barack Obama. On November 5, 2008, Daley was named to the advisory board of the Obama-Biden Transition Project.
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MORE DALEY TIDBITS: Bill Daley (brother of Chi/Mayor Richard Daley), is former Commerce Secy under Clinton and long-time executive at Wall Street’s JP Morgan Chase.
REFERENCE Lehman's Bankruptcy Estate Sues J.P. Morgan
WSJ | 5/26/2010 | BY MIKE SPECTOR And SUSANNE CRAIG
FR Posted May 26, 2010 by markomalley
Lehman's Bankruptcy Estate Sues JP Morgan Chase & Co., alleging that JP Morgan illegally siphoned billions of dollars from Lehman in the days before the investment bank filed the largest bankruptcy in US history.
The lawsuit, filed Wednesday in US Bankruptcy Court, New York, alleges that JP Morgan Chief Executive James Dimon and other top executives used inside knowledge to take advantage of Lehman as its financial state worsened.
JP Morgan coerced Lehman to turn over $8.6 billion in collateral in Sept 2008, triggering a liquidity squeeze that contributed to Lehman's collapse, the suit said. The estate is hoping to recoup billions in collateral the bank demanded, and other damages. (Excerpt) Read more at online.wsj.com ...
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Daley became associated with Amalgamated Bank of Chicago, where he was first vice chairman (1989–1990) and then president and chief operating officer (1990-1993). Daley returned to the practice of law, as a partner with the firm Mayer Brown (then Mayer, Brown & Platt) from 1993 to 1997, where he served on the board of Fannie Mae.
In December 2001, he was appointed President of SBC Communications Inc. to help reform the company's image.
In May 2004, Daley was made Midwest Chairman of J.P. Morgan Chase and Bank One Corp. to oversee post-merger operations from Chicago. (See JB Morgan billion dollar looting reference above--circa 2008.)
Daley currently serves on the Boards of Directors of Boeing, Merck & Co., Boston Properties, Inc., and Loyola University Chicago. He is also a trustee of Northwestern University and sits on the Council on Foreign Relations.
In 1993, he served as special counsel to the President on issues relating to the passage of the North American Free Trade Agreement (NAFTA). In 1997, Daley became Secretary of Commerce in the second administration of President Bill Clinton, and he remained at that post until July 2000, when he resigned to campaign for the Vice President.
After he resigned as Commerce Secretary he became chairman of Vice President Al Gore's presidential campaign. He was portrayed in the HBO film Recount, about the Florida election recount of the 2000 presidential election, by actor Mitch Pileggi.
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NOTO BENE Daley currently serves on the Boards of Directors of Boeing. Boeing's Corporate HQ moved to Chi-town in Sept of 2001. Boeing was "offered multi-million dollar tax breaks" b/c other cities were wooing Boeing.
So guess what Chicago Mayor facilitated the Boeing FREEBIES - which shifted a huge tax burden to Homeowners for decades to come?
Yup----it was Richard M. Daley, Bill's brother. And then Bill Daley gets picked to be on Boeing's Board of Directors. Watta coincidence.
” And then Bill Daley gets picked to be on Boeing’s Board of Directors. Watta coincidence. “
Yeah ;-)
GE, like many large multinational companies, does most of business (55% overall; with financial division, GE Capital, comprising one third of its total sales) overseas and is often subject to regulations and whims of politicians (see Paul Kanjorski boasting about "sticking his thumb into Jamie Dimon's eye" and being able to "make millions on Wall Street"). So while Jeffrey Immelt is a lousy business executive - no match to Jack Welch - he is a "better politician" than Jack was... not that it's gotten GE far from the bottom where Immelt drove it from the heights that Welch took it.
Many business people wanted senior executives in the White House, and now they have two -- with GE's Immelt joining William Daley, the former banker and new chief of staff
They are finishing the reconstruction of post-1994 Clinton's White House, keeping Chicago Way as the home base. They already had quite a few Clinton retreads, now they shuffle the deck with Richard Daley making space for Rahm in Chicago Mayor's office and his brother Bill moving back to D.C.
Poor Bill Daley. In order to "serve the public" he is making a "sacrifice" by selling his 189,190 shares in JPMorgan for approximately $8.3M and resigning from the Boeing and other boards.
Good analysis in President serving 'third term' of Clinton White House, claims Gingrich - TheHill, by Michael O'Brien, 2011 January 21
Gingrich, the former Republican Speaker who sparred with President Clinton between 1995 and 1999, noted the string of Clinton administration alumni who have re-entered the White House as Obama begins a pivot toward the center. It's sort of fascinating: You're sort of seeing the beginning of the third term of the Clintons, because the first two years of Obama was such a failure, in popular acceptance, Gingrich told the conservative magazine Human Events in a video interview. Gingrich noted the selection of William Daley, the former Commerce secretary under Clinton, as Obama's new chief of staff and Obama's choice of Jack Lew to serve as director of the Office of Management and Budget (OMB). Lew held that job in the Clinton administration. The very cost of ramming through left-wing spending and left-wing bills and creating left-wing bureaucracies has been a repudiation on such a scale that the president finds himself drawn more and more - at the Office of Management and Budget, now chief of staff - to people who are Clintonites, Gingrich said. The former Speaker's observation will likely ruffle some Democratic feathers as he considers his own bid for the Republican nomination to challenge Obama in 2012. Obama's experience mirrors Clinton's to an extent, too. Clinton lost control of the House and Senate to Republicans in his first midterm election, just as Obama lost control of the House to the GOP after two years on the job. Clinton spent much of the rest of his administration pivoting toward the center, and Obama seems to be doing the same. Gingrich seemed amused when noting that the Clinton administration redux that Democratic activists sought to avoid by supporting Obama over Hillary Clinton in the 2008 Democratic primary seemed to be happening anyway. It must be fascinating to be one of those left-wing activist groups that spent so much time and energy beating Hillary Clinton, because they didn't want to see this kind of an administration, to now watch a member of the famous Daley machine in Chicago emerge, he said. President Obama is acting out a kind of third term of the Clinton administration, former House Speaker Newt Gingrich (R-Ga.) said.
The major differences, of course, is that, armed with 1993-1994 Clinton's experience, Obama was steered to avoid Clinton's political mistakes in implementing the leftist agenda - he front-loaded by starting with health, energy and financial "reforms" and saved the easy but essential for the base "gays in the military" and START treaty after the election's "shellacking". Clinton's inauguration "honeymoon" disappeared fast after he was forced to accept DADT because of his disastrous first executive moves, and he never could make up for lost good will and lost time. Also, GOP doesn't have the Senate majority or even a strong working minority, with Maine Sisters, Lisa Murkowski, Scott Brown etc. So now, instead of building on their mandate, Republicans are still in the process of getting rid of the old and new laws and regulations from previous Congresses and recent administrations.
Obama's plan was to reverse and do the heavy lifting first, with the help of the economy and overwhelming majority and liberal leadership in the Senate and the House, due to dismal political incompetence of George W. Bush and RNC / Republican leadership.