01.20.12

GE, over the land

Posted in Culture of Lickspittle, Decline and Fall, Made in China at 9:34 am by George Smith

From the Financial Times:

General Electric, the largest US industrial group by market capitalisation, reported a 3 per cent rise in earnings per share from continuing operations in the fourth quarter, thanks to another strong performance at GE Capital, its finance division …


Jeff Immelt, the chief executive, warned of “continued volatility in 2012”, but said the company was preparing for it by investing in new products and technology, expanding in emerging economies and strengthening risk management.

He said GE Capital, which provided 46 per cent of last year’s post-tax earnings from continuing operations, was “safe and secure and rebounding sharply”, and the group overall was “positioned for a strong 2012”.


GE has been widely criticised for its low corporate tax rate, which has benefited from writing off losses at GE Capital, its finance division. The tax rate is rising as those losses are exhausted …

Earlier this week, the President praised his jobs council for their recommendations on how to improve employment in the US.

Chaired by GE’s Jeff Immelt, the council advised the President the country needed more tax breaks for corporations, less regulation and increased drilling for domestic oil and natural gas.

About the opposite of the populist stance the President has been taking since starting his re-election campaign. Perhaps coincidentally, later in the week the President gave an initial thumbs down on the Keystone Canadian oil sands pipeline project, one that was billed as an allegedly big jobs creator.

AFL-CIO President Richard Trumka, also a member of the jobs council, avoided the meeting at which it handed in its report this week.

Instead, he wrote a dissent, part of which is excerpted here:

Perhaps most profoundly, the [jobs council report] does not ask the critical question: why is our country suffering a manufacturing crisis, complete with massive job loss and a structural trade deficit, when countries with higher overall taxes, higher wages, and more robust health, safety and environmental regulations are enjoying trade surpluses?

The answer lies in the view that we share with so many of our fellow Americans: that our country has become dominated by the interests of the wealthiest 1% at the expense of the remaining 99%. It turns out that a country run in the interests of the wealthiest 1% systematically underinvests in public goods; systematically silences, disempowers, and underinvests in its workers; and in the end is less competitive and creates fewer jobs than a country that focuses on the interests of the 99%.


GE & Jeff, best corporate song and advert, ever. Not like the one where the fake cancer patient wants to thank the token employees who bolted the GE CAT scan machine together.

GE over the land, they made a real good plan
Pay no taxes to the man, no cash money for Uncle Sam.

Fire all that labor now, they’re all just real fat cows
Gonna implement a real good plan, no money to the man

GE’s real good plan, no cash money for Uncle Sam

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