Jeffery Immelt, as you know, is the CEO of General Electric (GE), one of Americas major corporations, and he is also President Obama’s Jobs Czar. So, you might think it would be news worthy and just a little embarrassing for the President when GE decides to close one of the biggest medical equipment companies in America and move the business lock, stock, and barrel to China. Crickets! Nothing but crickets.
A few of you, dear readers, who have followed CoF from in early days may recall a post I did about my awakening from my Rip van Winkle phase. To make a long story short, between the middle of the year 3000 to the middle of the year 2012, I was virtuall cutoff from news about the United States. Other than what was published Venezuelam newspapers and the little coverage I could get from CNN Español, I was pretty much in the dark. When I finally purchased a laptop computer and got connected to the internet, the first thing I wanted to do was learn everything I could about the financial crisis that had gripped the world. I spent eight to ten hours a day for several days reading every thing I could about the what and why of the housing bubble. In that process, I developed a real dislike for certain people in Goldman Sachs, Countrywide, AIG, and people like Hank Paulson, Timothy Geithner, and Ben Bernanke. Another person I took a dislike to was Jeffery Immelt. I’ve been waiting over two years for an excuse to do a post on Immelt. Yesterday I found that excuse at the great TOTUS blog. TOTUS is a blogger of few words. Most of his posts are short and are devastatingly brutal over the subject of his ire. Generally each post is accompanied with an appropriate cartoon. Because of the brevity of the post, I am going to share it in its entirety and hope that TOTUS doesn’t mind. Please visit his site to see the cartoon and treat yourself to a tour of his other posts. You will be glad you did. So, let’s see what TOTUS to tell us about Jeffery Immelt.
Guess Who’s Moving?GE is Moving from Wisconsin . Keep your eye on Waukesha, Wisconsin. Their biggest employer just moved out. General Electric is planning to move its 115-year-old X-ray division from Waukesha, Wisconsin to Beijing, China. In addition to moving the headquarters, the company will invest $2 billion in China, train more than 65 engineers and create six research centers. This is the same GE that made $5.1 billion in the United States last year, but paid no taxes – the same company that employs more people overseas than it does in the United States. So let me get this straight. President Obama appointed GE Chairman Jeff Immelt to head his commission on job creation (job czar). Immelt is supposed to help create jobs. I guess the President forgot to tell him in which country he was supposed to be creating those jobs. Thanks Jeff, you’re a “real” American. Give Barrack our Best! If this doesn’t show you the total lack of leadership of this President, I don’t know what does. Please pass this information to others and think about it before you buy another GE product. I certainly will!
GE is struggling to get short term financing at a price it wants to pay. So what does GE do? The answer is twofold:
1) Borrow from the Commercial Paper Funding Facility
2) Pretend this is a good thing.
Consider this ridiculous headline: GE to Sell CP to Fed to Help Unlock Credit Markets.
General Electric Co., the biggest U.S. issuer of commercial paper, plans to use the Federal Reserve’s new short-term funding facility, throwing its weight behind the central bank’s efforts to unlock the credit markets.
“This is a way for us to demonstrate our support for what the Fed is doing, which is providing all-around liquidity,” Wilkerson said.
GE’s Disingenuous Pronouncement
Let’s translate what GE said into English: “We desperately need short term cash and cannot get it elsewhere.”
You have to admire the audacity of the man. He is doing America a favor by letting the Federal Reserve bailout GE’s credit arm, GE Capital. So, GE gets their credit problems bailed out by the Fed. Did you get your credit problems taken care of by Mr. Bernanke? Yeah, right!
So, that is how Jeffery Immelt got on my crap list. Since then, he has proven that is where he belongs. Because had GE invest heavily is Curly-Q light bulbs in China, and like magic our government decides to ban incandescent light bulbs in America and GE shut down its last incandescent light bulb factory in America. And now, he is shutting down his factory in Wisconsin and moving it along with $2 billion to China. He really likes China. America? Not so much. Yeah. Immelt…what a guy!
Well, that’s what I’m thinking. What are your thoughts?