10.11.11

Mr. Corporate America Hates You (continued)

Posted in Culture of Lickspittle, Decline and Fall, Made in China at 8:20 am by George Smith

News from the wires today on Mr. Corporate American Hates You — GE’s Jeff Immelt — on his compensation (as well as the compensations of his cronies in the President’s jobs council) and a new report on how to fix mass unemployment.

First to the compensation of the plutocrats, which was published by AP:

Sure to be on the agenda [today] will be the country’s stagnant labor market, but it’s doubtful the council will discuss their own executive compensation, which runs well into the millions annually for many in the group …

4. Jeffrey R. Immelt, CEO: $15.1 million General Electric (GE), energy, technology, consumer products and financial services company

Base salary: $3,300,000 Cash bonus: $4,000,000 Perks/other: $389,809 Stock awards: — Option awards: $7,400,000

A spokesman pointed out that since 2009, GE has announced the creation of 8,000 new U.S, jobs, 7,000 of which are industrial jobs and that GE will hire about 15,000 people in the country in 2011.

5. W. James McNerney Jr., CEO: $13.8 million Boeing (BA), defense and aerospace contractor

Base salary: $1,930,000 Cash bonus: $4,439,000 Perks/other: $798,392 Stock awards: $3,300,330 Option awards: $3,300,297

In January, Boeing announced 1,100 layoffs but had a spokesman said the company will have a net gain in U. S. jobs this year in Washington state and South Carolina.

There’s more, of course. But one gets the gist. It has been repeated so many times it’s now simply a pro forma list of the same old corporate kings and dukes consulted for their wisdom on everything because to go elsewhere for advice would be to roil and disturb the plutocracy.

Immelt made himself available for select interviews to push his Jobs Council report which, he claimed, was comprehensive:

GE chief executive Jeffrey Immelt, who also chairs the non-partisan advisory panel, said the long list of proposals — which include streamlining drug approvals, reducing costs of initial public offerings and improving air traffic control — could have a big impact taken together.

“We never thought there was going to be a silver bullet to create jobs,” Immelt told Reuters in a telephone interview.

“What we want to offer the president is a very broad set of ideas that can help more the economy forward,” he said. “It’s comprehensive and it’s specific.”

The ideas, as excerpted by Reuters, are all old bathwater, the same stuff the US has practiced for decades, the entrenched thinking of people who want things to stay just the same.

But who now realize that with public anger at a high level they must make up some new lies for purposes of repackaging.

So we get demands for more investment in domestic fossil fuel exploitation, the same stuff you can see in commercials everyday on MSNBC, ads from Exxon and the national propane lobby for expanded aggressive exploitation of domestic “fracking” in shale aquifers and mining Canadian oil sands.

We get the old model of expanded hiring of foreign scientists and engineers because they’re governments have a much more attractive track record of paying for their education here.

And we get Immelt’s biggest practice, more rent-seeking, in reduced taxation on the biggest corporations, tax repatriation holiday, less regulation on pharmaceutical industry, etc:

It also recommends lower corporate taxes for new companies in their first three years, a reduced capital gains rate for investors buying equity in young firms and other measures to encourage people to launch start-up companies.

The report calls for tax reforms to make it more competitive for companies to locate in the United States, part of an effort to attract more foreign direct investment.

Perhaps unsurprisingly, the “report” is nowhere to be found yet today on the Council’s website at whitehouse.gov.

However, there is a small picture of Jeff Immelt.

The small number of comments on CBS News’ posting of its Immelt interview from Sunday evening largely do not extoll the king.

Samples, the more polite:

All his employees love him eh? He wants people to root for him? Not very likely with the globalist corporate/business culture he’s engendered.Not to mention that there’s an engrained elitism towards those who work on the factory/shop floors from many in mgmnt. How so many knowledgeable engineers were driven/forced out because the bs was incredible. Only to be replaced by inexperienced,arrogant brainwashed pricks who’ve been pumped up to reinvent the wheel


Immelt is the boss because he knows how to make you feel good while he’s screwing you. He’s making friends with GE’s investors, he has no moral obligations, it’s all about the bottom line…profits. If it means he’s selling his soul to the devil and throwing middle class america under the bus, so be it.


Insane. Wall Street is alive with a movement that makes the tea party look like a corporate funded joke (which it was), and Obama sends out this 1%er to cry about how Americans don’t “love” GE?

Tone Deaf!


I don”t trust that greedy bastard. He only cares about money, not creating American jobs. The president needs to get rid of this poker face bastard.


Of course, it would be unfair to omit the contributions of the few who defend the king and the markets:

Fucking great. A super-major company (mostly owned by Buffet) CEO is hired by the Prez, and people talk about shooting him. That’s what’s wrong with this country, white-hot hatred. I don’t give a shit whether you or I trusts him. If he can help dig us out of this mess, he’s my boy. Now for the dark side. His success is building plants overseas where he believes (correctly) the opportunities lie. Does anyone really believe he can do the same for the US? 


I do not blame Jeff afterall Unions demands and regulations are over the top. If Obama got out the unions pockets and stopped the regulations that kill jobs we would have more jobs. Push coal and oil and jobs would be back in a month. It is a joke to think GE could pay 50 dollars an hour here instead of right to work states or China and Brazel. But even Obama said we would be Brazels biggest customers for OIL? are you kidding me why not America being the producer not the customer …


Immelt: “I want you to root for me. Everybody in Germany roots for Siemens … I want you to say, ‘Win GE!’

“I think this notion that it’s the population of the US against the big companies is just wrong, it’s just wrong-minded … Our employees root for us, they want us to win. I don’t know why you don’t.”


“I am not a commie!” T-shirts, coming soon from the Pasadena Consulting Group.

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