Foreign work has proven lucrative to GE. In 2007, it derived half of its global sales from work abroad. In 2009, that share increased to 54 percent, while US sales have shrunk. And rather than invest in the US, GE has decided to look abroad. In 2008 and 2009, GE decided to reinvest prior-year earnings outside the US "indefinitely."
In his announcement on January 21, 2012 appointing Immelt as chairman, Obama said, "Jeff is somebody who brings a wealth of experience to the table. He is one of the nation's most respected and admired business leaders, and that's a reputation he earned over 10 years at the helm of this company."
But in light of GE's and Immelt's recent jobs and financial ethics performances, another opinion has been offered. Tom Borelli, director of the Free Enterprise Project at the National Center for Public Policy Research, believes Immelt was a horrible choice to be a presidential adviser on job growth. "You couldn't find a worse CEO to put on a jobs and economics panel, in terms of jobs and ethics - two SEC fines in the last two years. He is the poster child for a failed CEO, and the GE board is the poster child of a failed board for keeping him around." He also said, "What kind of perception does that create if the president of the United States would appoint someone with two SEC fines that happened during his term in office? Doesn't he [Obama] do background checks?"
In the Oh, dear department, companies like GE say good jobs will come from lower taxes and less regulation. Corporate executives say lower corporate taxes will lead to job creation as businesses would focus their cash on expansion. And GE is sitting on $79 billion in cash, tops worldwide among non-financial publicly-traded companies, while the Obama administration has been critical of corporate cash-hoarding.
So what does all of this mean? Obama the hypocrite strikes again. He talks the talk, but doesn't walk the walk, as evidenced by the Immelt appointment. This article is just a little something for all you Kool-Aid drinkers to think about.
But that's just my opinion.
Article comments
— go to most recent comments1 - Dr Hussein Dreadful
[sigh] Here we go again.
If Obama wrote an executive order forcing GE to hire American workers, I'm sure Warren would decry that as unwarranted government interference with private commerce.
There is a stated reason why Immelt was appointed, and it seems pretty sound to me. An unstated reason is that Immelt knows exactly why GE has chosen increasingly to invest outside the US, and is in a great position to let the president know what those reasons are and what needs to be done to reverse the trend.
Think of it as analogous to hiring a reformed burglar as a home security consultant. :-)
2 - Jet Gardner
You're slipping Warren, Hussein didn't make it into the article until the 2nd sentence.
I hearby pledge that this will be the last comment on any of this fool's articles, nor will I even bother to read them.
The more you pay attention to these fools, the more they feel validated.
"The moving finger writes... and having writ moves on..."
I leave you with that thought Warren...
...and a moving finger.
3 - Kyle Hunter
We'll call it the "Jet's Hussein Moving Finger Boycott!" I love that line by the way about the moving finger-lol
4 - Clavos
Congratulations, Warren!
5 - Igor
The moving finger writes,
and having writ moves on.
Nor all your piety or wit
Shall call it back to cancel half a line,
Nor all your tears wash out a word of it.
Omar Khayam
6 - Dr Hussein Dreadful
Sadly for Warren, Clav, I have a policy of boycotting all boycotts.
7 - Warren Beatty
Re: comment # 1, Dr. Dreadful, if you really believe what you wrote then you are a Kool-Ade drinker. FWIW, you win the prize for the most twisted and tortured "logic."
Re: comment # 2, Jet, really??????????
Re: comment # 3, Kyle, thank you. I think you have aptly named Jet's failed attempt at humor.
Re: comment # 4, Clavos, thank you.
Re: comment # 5, Igor, I thank you for the Omar Khayam quote, as many readers would have no idea from where the "moving finger" to which Jet refers comes.
8 - Glenn Contrarian
Warren -
You apparently really didn't understand what Doc meant, which was no matter what Obama does or doesn't do, you'll say it was wrong. If tomorrow he somehow cured cancer, invented cheap and plentiful fusion, and brought world peace, you'd still find a way to claim that it was all part of some huge grab for political power.
You may or may not be racially prejudiced - I can't prove one way or another on that particular issue - but you are certainly prejudiced against Obama. Most people here have found good and bad things about every president, but when someone has only bad to say, it's because that person doesn't have enough heart to look past his own political prejudice.
9 - Warren Beatty
Re: comment # 8, Glenn, Oh, I fully understood what Dr. Dreadful was trying to say.
You say, "If tomorrow he [Obama] somehow cured cancer, invented cheap and plentiful fusion, and brought world peace, you'd still find a way to claim that it was all part of some huge grab for political power." IF Obama indeed did those things, I would be among the first to praise him..However, if he did it as a demonstrable power grab, I would condemn him. Doing wonderful things and a political power grab are two different things.
You say, "Most people here have found good and bad things about every president, but when someone has only bad to say, it's because that person doesn't have enough heart to look past his own political prejudice." You are correct - I am politially prejudiced. I have seen nothing, based on what Obama has done so far, for which to praise him. Does it take "heart" to ignore his running up the debt, running deficits, continuing to cling to his green energy ideas, and penalizing success and hard work? Concerning Obama's good things, can you point to ONE thing that will, in the long run, benefit this country? And your opinion doesn't count.
10 - Dr Hussein Dreadful
Warren, rather than simply throw out an ad hominem, why don't you explain either (a) exactly how I was employing tortured logic (b) why Obama's thinking in appointing Immelt can't possibly have been what I surmised, or at least (c) what flavor Kool-Aid you think I've been drinking?
11 - Dr Hussein Dreadful
Got to give you credit, Warren: your #9 is very slick. In a single comment, you give yourself a preemptive "out" both to interpret anything Obama does, however altruistic, as a power grab, and to discount anything Glenn says as mere opinion.
There's a term for this tactic. I believe it's called poisoning the well.
12 - Kyle Hunter
Dr. Dreadful expects logic from this moron? It is to laugh!
13 - Kyle Hunter
Unfortunately I don't know Clavos well enough yet to say whether his comment-4 was sarcasm or not, and it's even more vague whether he is congratulating him on his article or the Doctor's proposed job as a consultant, or Jet's "moving finger" boycott?
I have figured out Warren in the short time I've been reading his "articles" to know he's definately delusional or do I have that wrong too?
14 - Kyle Hussein Hunter
This isn't like a Beetlejuice movie where if we write Saddam Hussein's name enough times we will resurrect him is it?
15 - Dr Hussein Dreadful
@ #13: It's the boycott, Kyle.
16 - Igor
I dislike Immelt, too, if for no other reason than being Jack Welch's protege, an opportunistic brute who made GE into one of the USAs worst corporate citizens, reducing their net tax liability to zero while producing record profits as well as immense bonuses to Welch and company. But, looking around I see a real dearth of good candidates for appointment to government posts. It was that way under Bush, too.
It seems that our modern business executives are a low bunch, who cannot take on the obligations of government in good faith when they are appointed, but rather see their government service as a chance to enrich their business associates and thus assure themselves highly remunerative jobs upon leaving service.
Obama has a real problem, as did Bush before him, with finding good people to do The Governments Business without betraying the public trust they are given in order to promote private interests.
17 - Clavos
It's Khayyám, (two Ys) gentlemen.
For the record, the quoted verse is from the Rubaiyat, a selection of quatrains (rubaiyat means quatrains) selected and loosely translated in the 19th century by Englishman Edward Fitzgerald, for which reason it is Khayyám's best known work in the West. Khayyám was Persian and lived from 1048 to 1131.
18 - Igor
No one surpasses Clavos in spelling Persian names.
Ah, but my Computations, People say,
Reduce the Year to better reckoning?â€"Nay,
’Twas only striking from the Calendar
Unborn To-morrow and dead Yesterday.
19 - Zingzing
Actually, it's Ghiyath al-Din Abu'l-Fath 'Umar ibn Ibrahim Al-Nishapuri al-Khayyami, but really it's something blogcritics can't print. Or won't print...
20 - Warren Beatty
Re: comment # 10, Dr. Dreadful, (a) you say, "Think of it as analogous to hiring a reformed burglar as a home security consultant. :-)" Tortured "logic."
(b) ??? (c) I believe it was grape "Flavor-Ade."
Re: comment # 11, Dr. Dreadful, I could not help but notice that your list of Obama accomplishments is rather short - in fact, it's non-existent. And your "poisioning the well" remark is not even a good try at refutation.
Re: comment # 12, Kyle, coming from you, that is a real complement.
Re: comment # 13, Kyle, you say, "... he's definately delusional ...." Documented truth hurts, doesn't it.
21 - Kyle Hussein Hunter
20-I'm not sure what a "complement" is, but I would not give you one if I had it.
Your last sentence would appear to be admitting you're delusional and seem to be proud of it being documented?
Of course it's been a long time since I've tried to diagram 5th grade level sentences.
A shame actually, the comments section of this string almost swerved back into being intelligent until comment-20
pity really
22 - Kyle Hussein Hunter
I have been informed that you ment "compliment" which clarifies but confuses consididering the definition of complement.
23 - Dr Hussein Dreadful
(b) ???
It wasn't a difficult question, Warren. Just explain to us why one reason for Obama's appointment of Immelt can't have been because Immelt might have some insights into why GE and other American companies are choosing to invest outside the US.
I could not help but notice that your list of Obama accomplishments is rather short - in fact, it's non-existent.
Oh, I'm sorry. I'd forgotten that I was the White House press secretary. I must email my boss and remind him to fire me.
And your "poisioning the well" remark is not even a good try at refutation.
How about my link, which demonstrates exactly what you were doing?
24 - Clavos
No one surpasses Clavos in spelling Persian names.
Least of all you, apparently.
25 - Warren Beatty
Re: comment # 21, Kyle Hussein, I MEANT "complement." Please go to: rwno.limewebs.com (no www), enter my world, then hover over "Other Services." In the extreme lower right you will see "Typical Liberals." Click on it and I think you will see why I used the word "complement."