Arnold Ahlert describes in a recent piece how GE CEO Jeffery Immelt, Obama’s head of the newly-created President’s Council on Jobs and Competitiveness, is a crony capitalist. Here are some of the key excerpts:
Mr. Immelt has made no secret of his intention to advance the fortunes of General Electric using government contracts as his vehicle of choice.
Beginning in 2007, General Electric was also directly involved in the successful campaign to eliminate incandescent lights bulbs.. On September 8, 2010, GE shut down its last incandescent bulb factory in the United States, laying off 200 American workers in the process. Where will they be manufacturing their new fluorescent bulbs? In China.
Immelt is so confident about his company’s “special” relationship with the Obama administration that, according to Fox News, he has “consistently argued to shareholders that there is big money to be made in advancing the Democratic agenda.” Not the American agenda. The statist, crony capitalist, corporation-nationalizing, Obama administration agenda. The one which most recently demonstrated that agenda by granting waivers from the health care bill to over 200 “favored” constituencies, including unions in favor of the bill.
How good are Immelt’s credentials regarding job creation? During his tenure, GE has seen a decline in the number of its employees, and its stock underperform the Dow and the S&P by 60%. More importantly, GE was given a $139 billion government bailout for its lending subsidiary, GE Capital, during the financial crisis.
Did Obama choose Jeffery Immelt for his cronyism or does the President really believe that Immelt will help create jobs. Is President Obama corrupt or just naïve and inept? Discuss!