Shareholder Asks Crony Corporatist To Return Taxpayer Money

It doesn’t happen very often, but sometimes a Player  is embarrassed by a Payer. The Player in this case is corporatist Jeffery Immelt, CEO of GE, The Payer is a GE shareholder and free market activist, Dr, Tom Borelli. The setting was the GE annual shareholder’s meeting, which took place yesterday.

Asylum Watch thanks Doug Ross@Journal for the link to this story from the Washington Examiner. Here is a partial transcript from the Examiner article:

Highlights of the transcript, via Seeking Alpha.

The problem we have here though, Mr. Immelt, is that your actions as CEO undermines the reduction of our debt, as you know you lobbied – General Electric lobbied for Obama’s $787 billion stimulus, which added almost a trillion to our debt. And then making matters worse, our profitable company took a $100 million in grants from taxpayers. 1 grant was for $30 million and we ended up hiring five or six people. That just doesn’t make any sense and I think it represents a real reputational risk for the company to lobby for big government and favor for cutting the deficit and then on the back end, a profitable company that last year made $16 billion ended up taking grant money from taxpayers. I mean, that’s outrageous, but we have a solution.

We think it’s in the company’s best interest and your best interest to return the $100 million back to the taxpayers. We think that’s a noble initiative. You’re making plenty of money, you really don’t need the $100 million will make a great statement for General Electric’s leadership and to make sure you understand that (inaudible) business, today we launched a website GE, Give It Back, and we have an online petition that’s been directed to the Board of Directors encouraging them to return the taxpayer money back to we, the people….

I’d like your reaction to our request that you return our money back to the people.

What was Immelt’s response? He thanked Dr, Borelli for his comments and moved on.

It will be a cold day in hell when a player like Jeffery Immelt seriously considers returning the taper money. It is nice, however, to see someone stand up for the taxpayer. Thank you, Dr, Borelli.

Well, that’s what I’m thinking. What are your thoughts?

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8 thoughts on “Shareholder Asks Crony Corporatist To Return Taxpayer Money

  1. GE is the absolute poster child for crony capitalism. I refuse to buy anything from those bastards. Not only have they farmed thousands of American jobs out to slave labor, but they haven’t paid taxes in years- now they are refusing to do business with American gun manufacturers.

    These are the people that brought you the electric mini gun and jet engines for warcraft and tanks.

    The most apt phrase for GE should be “Stealing from US taxpayers, giving nothing in return, socializing losses, privatizing profits.” The quintessential oligarchs.

  2. Man, this wordpress thing is messed up for me…………..
    I’ll see why I’m on moderation then post anything beyong “this is a test”..thanks. z

  3. Well…I’m impressed with the shareholder’s guts at least. He put it in the record. Wonder if he has good security…someone will be gunning for him after that. The scandalous theft of the taxpayers by Immelt and his cronies in our government should land them all in jail…isn’t that where you put thieves? I guess in some other time when justice was a bit more prevalent.
    Alas…

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