Jeffery Immelt …Whata Guy!

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!
Oh yeah! Nr, President, you sure know how to pick’em, don’t you?
Unfortunately for me, TOTUS did not provide a source link. But, I assumed that this would be big news and it would be easy to find sources in the internet. I found almost nothing. I did find one article at  Electrician Talk.Com. It’s not surprising, I guess, that electricians would have something to say about Mr. Immelt’s decision. However, there was absolutely nothing additional in their story. This is very strange, don’t you think?
Since I can find absolutely nothing more to share with you about what, in my opinion should be one of the lead stories in the news, let me share wot you why Jeffery Immelt is on my crap list. Not that he gives a damn. But, what you may not know is Jeffery Immelt was on of the very first, if not the first, to go running to our government in 2008 looking for a bailout. To be more precise, he went running to Ben Bernanke at the Federal Reserve. Global Economic Trend Analysis ran this story on October 25, 2008: GE  Needs Fed Bailout To Finance Operations; Dividend At Risk. You are going to love this.

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?

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12 thoughts on “Jeffery Immelt …Whata Guy!

  1. ANd let’s not forget the reason why he may be moving a medical devices company overseas is because of the impending tax on these devices set to go in effect under Obamacare, what a vicious circle!

  2. Struggling to get my latest Wall st. post up and its all about GE and a certain Nazi party.
    Recall that Gerald Swope of GE came up with the NRA aka introducing America to socialism on the federal level. This looks like par for the course in the long view of history.

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