Other posts on this topic:Letter Exposes Jackson's Shakedown of GE 03/26/2002
Letter Reveals Jesse Jackson's 'Shakedown' Bid of GE, Critic Says 03/25/2002
Posted on 04/01/2002 6:06:05 AM PST by Stand Watch Listen
Already under a barrage of criticism for allegedly "shaking down" U.S. corporations, the Rev. Jesse Jackson recently fired off a letter to corporate giant General Electric (GE), chastising the company for not including more minority firms in its recent multibillion-dollar bond sale. Jackson also provided a list of firms he referred to as "members" of his organization.
CNSNews.com obtained a copy of the letter, which was authenticated by a spokeswoman for Jackson's Rainbow/PUSH coalition.
The unsigned letter, addressed to GE Chairman and Chief Executive Officer (CEO) Jeffrey R. Immelt, was dated March 14, one day after GE's $11 billion bond offering, the second-largest ever by a U.S. company.
"What concerns me is the dearth of minority banks involved in any aspect of the deal," Jackson wrote. In the letter, Jackson also makes evident his frustration at not being able to influence GE.
"We have written either you or [former GE chairman and CEO] Jack Welch several times to address the need for GE to consider minority-owned financial-services firms in all aspects of your treasury operations ? from pension-fund management to investment-banking advisory services. We received neither the courtesy of a telephone call nor a written response," Jackson wrote.
Jackson notes that GE's lack of a response was expected: "This action is not surprising given our history with you."
His opinion about GE's commitment to minorities also is clear in the letter: "It is disappointing to think that GE, one of America's most innovative and respected companies, doesn't feel that any minority-owned firms have the capability to be part of what will probably be one of the largest bond offerings in 2002."
Jackson's solution for GE is to hire companies with "relationships" to his Wall Street Project. "We have established relationships with several minority-owned investment banks that have qualifications and expertise to deliver excellent results and value-added products," Jackson wrote. "These firms are members of our Wall Street Project Trade Bureau. I have enclosed for your review a list of these firms."
The Wall Street Project's aim is to promote minority participation in corporate America. The list of recommended names that Jackson enclosed was not available to this reporter at press time.
Jackson ended the letter on an optimistic tone. "It is my hope that you will take a leadership role within the overall business community and apply those same principles in your dealings with minority-owned financial institutions. In this respect, I look forward to speaking with you soon to schedule a meeting in which we can discuss ways to work together toward this goal," Jackson's letter states.
It concluded, "Best regards, Reverend Jesse L. Jackson Sr., President & Founder, Wall Street Project."
Jackson spokeswoman Keiana Peyton-Barrett confirmed for CNSNews.com the authenticity of the letter. "Yes, this letter was drafted from Rev. Jackson's office," she said.
Kenneth R. Timmerman, author of Shakedown! Exposing the Real Jesse Jackson, a newly released book that takes a critical look at Jackson's financial empire and his political activities (see "How Jesse Jackson Puts Family First," April 1-8), called the letter to GE "really stunning" and evidence of yet another "shakedown" attempt by Jackson.
Timmerman said the letter "is clear proof of Jackson's brokerage deals on behalf of a small number of his personal friends who are large contributors to his organizations." Shakedown currently is No. 3 on the New York Times best-seller list.
Timmerman said the letter to GE reveals Jackson's attempts "to intimidate a major corporation with specious claims."
Ken Boehm, chairman of the National Legal and Policy Center, praised GE for not responding to Jackson's repeated attempts to influence the $11 billion bond sale. "GE is doing the right thing by ignoring him," he said "They realize that Jackson's methods of operation are increasingly being viewed by most people as unethical." Boehm's legal watchdog group filed a formal complaint with the IRS last year regarding Jackson's finances.
A GE representative had no immediate comment about the letter or its claims that the company ignored minority firms in the bond sale.
Marc Morano is a senior staff writer at CNSNews.com, from which this article is reprinted.
Jackson must be in big need of "donations."
His vacation fund being depleted? Does he need a new limmo to "help the poor" again? Is he behind in his extra marital child support payments?
Does the reporter mean that the copy they have is unsigned, or the one sent to GE was unsigned?
And if so, what could be the reason for that if jj's office acknowledges it's existance?
Here’s General Electric Home page …http://www.ge.com/
Here’s GE’s feedback page ... http://www.ge.com/feedback.htm
Do not cave to these extortionists, or you invite an organized, credible shareholder's revolt.
Don't even think about it, and don't get us started.
Other posts on this topic:Jack would have ripped him a new one.
When people stop giving Jackson money, and they fight him, he will soon disappear.
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