List of Grievances Against Jeff Immelt

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Posted by Travis on October 19, 2011 at 9:43 pm

Under ten years of Jeffrey Immelt‘s leadership, General Electric has transitioned from being a great American company to a rat’s nest of crony corruption – and a tool for international exploitation of cheap labor and resources – while simultaneously robbing America blind.  Since Immelt took the helm, GE has shed 34,000 American jobs, while hiring 25,000 overseas; now it does so at the taxpayers’ expense.

While retaining his position as CEO of GE, Immelt is now Obama’s “Jobs Czar,” serving on the President’s Economic Advisory Board.  Insomuch, Immelt is the largest kleptocrat in modern American history.  My generation will have to work the rest of their lives to pay down the debt he’s helping to create.  In my opinion, Immelt is actively and recklessly assisting in America’s ruin.  Allow me to explain.

For starters, General Electric netted $14.2 billion in profit, and paid $0 in taxes in 2010.  Individuals and corporations paying 35% in taxes on income may ask, “How’d they do that?”  General Electric is among the few federally-connected corporations who helped write the Stimulus Bill of 2009.  In doing so, they managed to qualify for as many of the loopholes and incentives they helped write into law.  Turns out, they didn’t pay taxes in 2009, either, having benefited from $80 billion of loans from the TARP Bailout Program.

Immelt has an obvious conflict of interest as both Corporate CEO and Administration official:   He is assisting in federal policy decisions which directly ingratiate himself and GE.  Conflicts of interest are nothing new for Immelt: GE owned majority share of NBC until January 2011, which was sold to Comcast, upon FCC and DOJ approval; a week later, Immelt was appointed czar.  NBC is the parent of MSNBC, which served as Obama’s media megaphone during the 2008 election; therefore, GE directly assisted putting Obama in the White House.  In turn, Obama rewarded GE through tax breaks and Immelt’s czarship.

As a globalist, Immelt’s signature achievement is the wholesale robbery of the next generation of Americans by sending jobs overseas, at our expense.  Sixty percent of GE’s business is now overseas, while America borrows 40 cents to the dollar in deficit spending.  A year ago, Immelt feared China’s rise; now he loves China, and China loves him, and for good reason.

A  few ways Immelt is destroying the American economy:

1.  GE profited from the passage of Obamacare, as GE manufactures the X-Ray machines that are part of Obamacare’s testing for bone density (Section 3111).  After its passage, GE shipped all their X-ray manufacturing jobs to China, closing their 115-year old division in Waukesha, Wisconsin, in July 2011.  And, surprise:  Not only is GE one of the privileged companies to receive an HHS waiver from Obamacare, they also received $36 million for the “Early Retirement Reinsurance Program” in Obamacare.

2.  GE is the sole purchaser of Chevrolet Volts in China.  General Motors is giving away the technology it used to develop the Volt to China’s SAIC motor company.  The Volt arguably bankrupted General Motors, while the Obama Administration pushed its development.  In exchange for GM manufacturing the Volt in China, Immelt’s GE is going to buy thousands of Volts to use at their “Corporate campus” in Shanghai, and assist on building charging stations to aid Chinese infrastructure, while the Chinese will subsidize the Volt’s development at $19,000 per vehicle, crushing any competition.  While GM is no longer “made in America,” GE is fast-tracking the destruction of the American automobile industry – and our economic supremacy.

3.  GE spent millions lobbying the federal government to pass the Energy Independence and Security Act of 2007, which effectively outlawed the incandescent lightbulb.  GE has since shipped all their light bulb manufacturing to China, closing the last factory of the 140-year old division in Winchester, VA, in September 2010.  GE is set to poison American homes with mercury from their inadequate Compact Fluorescent Lightbulbs, and again, profit from the destruction of American manufacturing.  And, yet another surprise:  New EPA regulations on greenhouse gases were mandated in January 2011; GE received an exemption to the regulation in February.

Immelt is a shining example of why Occupy Wall Street hates corporations, and why the Tea Party hates government.  As an Obama Administration official, Immelt today stated he “sympathizes” with the protesters who also want to destroy the capitalist system.

Philosophically speaking, I am not “anti-corporation.”  If you read my other writings, you would find I am very pro-capitalism.  I want corporations to succeed in a competitive free market.  But this is not capitalism; this is corporatism.  Public funds for non-contractual private firms is, indeed, corporate welfare.  Doling out cash to save particular firms in particular industries is not authorized anywhere in the U.S. Constitution.  Today, the policies of the Obama Administration directly help Immelt’s GE.  Cap-and-trade, had it passed, would have been the largest Christmas present GE ever received.

The way I see it, Immelt has infiltrated government, is robbing my children’s prosperity, and is destroying the American economy.  Paraphrasing Herman Cain paraphrasing Thomas Jefferson, we’ve got some “altering and abolishing” to do.  We need to demand Immelt step down from one of his two posts immediately.

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3 Comments

  • On October 19, 2011 at 10:16 pm Jackson Thornton said

    According to Braudel, a free market economy and capitalism is not the same thing, nor are they contingent on one another. Following his realistic definition of capitalism as a monopolistic, power-focused institution backed by the actions of the state, the current Administration, along with GE, could still be defined as capitalist. Braudel has some pretty interesting insights on the divergence of modern capitalism away from the market economy.

  • On October 19, 2011 at 11:17 pm Travis said

    Jack – I would submit the free market is the product of capitalism as defined by Adam Smith, a higher authority on capitalism than Braudel. I understand what he’s saying, and I would define that as corporatism. Capitalism can destroy itself through monopoly and empire; a free market is a better term for what I define as an ideal economic state.

  • On November 22, 2011 at 12:08 am Ben Curtis said

    I’m with Travis all the way. All I have to say to people like John Kerry is all the money in all the world in all of history isn’t what I gave up serving my country. If they want to do the right thing, forget about the money; it doesn’t make you happy nor can you take it w/ you when you pass away.

    I honestly think Obama wants to do the best thing for his country. However, if the people wanted to make a list of grievances against the government, we’d be here all day. I wonder if it ever occurred to all the people who “know” what’s “best” for “everyone” that the reason God is good is the fact that they’re allowed to question Him and can even choose to despise Him and His people.

    I realize that this doesn’t have much to do directly with the economy, but economics differs from accounting in that it takes into account all aspects of costs verses benefits — both quantitatively and qualitatively. So, if you ask me what it costs to be an American, I turn to my forefathers who sealed their fate — and ours — w/ these words:

    ‘And for the support of this Declaration, with a firm reliance on the Protection of Divine Providence, we mutually pledge to each other our Lives, our Fortunes and our sacred Honor.’

    – The Declaration of Independence

    It’s apparent by the way our leaders today have defecated on our Constitution that they too, and their followers, have no regard for what it means to be an American.

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