07.19.11

Corporate America hates you: The human-looking thing that’s Jeff Immelt, Cisco

Posted in Culture of Lickspittle, Decline and Fall, Made in China at 1:51 pm by George Smith

From the wires:

GE’s Greenville plant, where all 22 gas power-plant turbines will be exported this year, is hiring 125 people in 2011. — SF Chronicle

Yesterday, arch rent-seeker Jeffrey Immelt, General Electric CEO and Obama’s job czar, headlined the “Campaign for Free Enterprise” job summit. In typical fashion, Immelt had little concern for free enterprise or job creation. Since the beginning of the Obama administration, GE has realized that lobbying for big government, subsidies, and tax credits is far more profitable than competing and profiting from merit.

GE has chosen to specialize in rent-seeking behavior and has directly receiving millions of dollars from Obama’s stimulus and much more cash indirectly. GE notoriously paid zero taxes in 2010. — OpenMarket

The charge from labor-friendly liberals and free-market conservatives has been the same: the appointment [of Jeff Immelt as jobs adviser] represents pure crony capitalism. The leaders of the largest U.S. multinationals are hardly the best suited to give advice on domestic job creation, the line goes, when they spent the last decade eliminating 2.9 million jobs at home and adding 2.4 million overseas. And in particular, the chief of GE, No. 6 on the Fortune 500, shouldn’t be charged with heading that effort, considering the company’s sprawling lobbying agenda in Washington. — Fortune

The chairman of President Barack Obama’s jobs and competitiveness council said Wednesday there is no magic potion to jobs creation. — Newsday

Then the Obama administration sends Jeffrey Immelt, CEO of General Electric, which paid no federal income taxes last year, to lecture U.S. business firms to “stop complaining about government.” –letter to the Allentown Morning Call newspaper

On Cisco, whose CEO, John Chambers is now infamous for arguing for a tax holiday on 60 Minutes earlier in the year:

Cisco Systems plans to cut 15 percent of its staff and sell a set-top box factory as part of a plan to cut annual expenses by $1 billion as the network equipment maker tries to revive its fortunes.

The company said on Monday that it will cut 11,500 jobs, compared with the several thousand that analysts had predicted. The cuts come after Cisco’s chief executive John Chambers said in April that the company had “lost its way.”

Cisco will notify U.S. and Canada-based employees who are losing their jobs in the first week of August. The layoffs in other countries will take place later in compliance with local laws and regulations, Cisco said.

Cisco outsources about 90 percent of its manufacturing to contract manufacturers … [to the same factories in Asia that produce all of Apple’s iKit.].

Portraits of sociopathic minds in action. Two guys, one who is part of a “jobs council” but whose most notable achievements are off-shoring and tax evasion, the other one who maintains on the premier news program in the US that tax relief will create jobs while making plans to reduce his labor force by fifteen percent.

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