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View Full Version : GE's Immelt to head Obama economic advisory board




Marenco
01-21-2011, 02:06 AM
Change you can believe in!

http://news.yahoo.com/s/ap/20110121/ap_on_re_us/us_obama_economy;_ylt=AhFn5NGoQcqwRw.grDImHRxk24cA ;_ylu=X3oDMTJqOXU0OGpmBGFzc2V0A2FwLzIwMTEwMTIxL3Vz X29iYW1hX2Vjb25vbXkEY3BvcwMxBHBvcwMxBHNlYwN5bl90b3 Bfc3RvcmllcwRzbGsDZ2VzaW1tZWx0dG9o

alsis8xmy
01-21-2011, 08:45 AM
I guess destroying GE was not enough for Immelt. The fact that GE stock has totally tanked, GE Capital needed a government bailout (and a Warren Buffet bailout) to save it from insolvency and now GE is basically a federal welfare case living off of government contracts and handouts was good enough to get him to head Obama's EAB! Maybe the GE board will be relieved that he can now depart GE gracefully instead of them firing him. The shareholders should have booted him a long time ago! I'm glad I sold all my GE stock at $40. As far as I'm concerned, GE is the poster child of Corporatism in America. Good luck with that Obama, let me know how you make out!

alsis8xmy
01-21-2011, 08:51 AM
BTW, Obama is coming to Schenectady, NY to visit GE's hollowed out Power systems factory. Once the mighty headquarters of Edison's GE company, now a disgraceful shell of its once former glory. Schenectady is a typically hollowed out rust belt town in the north east, longing for its past manufacturing glory days, part of a state that is bankrupt with a greater than $10B deficit. The whole state is a welfare bailout case!

HOLLYWOOD
01-21-2011, 10:49 AM
Of course, coinciding with Chinese President Hu Jintao visits for PR/photo ops/etc... welcome to 110% Fascism-Corporatism America. Checkout the lingo of "Support and Create 4,700 jobs":. You know most of those $4 Billions worth of jobs will be in China. Jeffrey Immelt's GE and Chief Economic/Corporate Fascist liaison.

http://www.ft.com/cms/s/0/f14afc34-2347-11e0-b6a3-00144feab49a.html#axzz1BgfPTuhj

FINANCIAL TIMES: GE to sign slew of China deals in jobs boost

By Ed Crooks in New York
Published: January 18 2011 21:38 | Last updated: January 18 2011 21:38

General Electric (http://markets.ft.com/tearsheets/performance.asp?s=us:GE), the largest US industrial group, is signing a series of deals with China this week in energy (http://www.ft.com/cms/s/0/b9143100-1f78-11e0-87ca-00144feab49a.html), rail and aviation as it drives to improve its disappointing performance in the Chinese market.
GE (http://www.ft.com/cms/s/3/65db7a2a-1fc3-11e0-b458-00144feab49a.html)says the announcements reflect the promise by Jeff Immelt, chief executive, that its collaborations with Chinese companies would create global sales and safeguard US jobs.

EDITOR’S CHOICE

US to match Chinese terms for train order (http://www.ft.com/cms/s/0/641815b4-1de7-11e0-badd-00144feab49a.html) - Jan-12

GE deal accelerates push into energy (http://www.ft.com/cms/s/0/b9143100-1f78-11e0-87ca-00144feab49a.html) - Jan-14

GE plans further share buy-backs (http://www.ft.com/cms/s/0/73d4b584-07df-11e0-8138-00144feabdc0.html) - Dec-15

General Electric bullish on finance arm (http://www.ft.com/cms/s/0/4fc0e028-0267-11e0-ac33-00144feabdc0.html) - Dec-08

The latest deals, announced as Hu Jintao, China’s president, visits the US this week (http://www.ft.com/cms/s/0/fc4818f2-2341-11e0-b6a3-00144feab49a.html), could be worth $4bn-plus in sales and are expected to “support and create” about 4,700 US jobs.
The Financial Times reported last year that Mr Immelt had been one of the western chief executives to raise concerns about doing business in China (http://www.ft.com/cms/s/0/ed654fac-8518-11df-adfa-00144feabdc0.html), warning at a dinner in Rome last summer: “I really worry about China . . . I am not sure that in the end they want any of us to win or any of us to be successful.”
He also stressed the importance of the Chinese market to GE, and announced in November that the US group was investing $2bn in the country by 2012, including $500m on six innovation centres.
GE on Monday revealed two collaborations in energy, for combined heat and power gas turbines and coal gasification plants, with expected revenues of $650m over the next five years or so. The coal gasification deal is a joint venture with Shenhua Energy (http://www.genewscenter.com/Press-Releases/GE-and-Shenhua-Announce-Formation-of-Cleaner-Coal-Technology-Joint-Venture-in-China-2ddd.aspx), the world’s largest coal company.
GE is on Wednesday expected to sign two rail deals: an order for freight locomotive kits worth $1.4bn, of which $350m will be exports from the US, and confirmation of a venture with CSR of China to develop high-speed rail systems for the US market.
On Friday, GE plans a formal signing to confirm the joint venture with Avic of China to supply avionics for the new Chinese C919 airliner, a contract worth up to $2bn.
Two of the deals – the coal gasification and avionics ventures – involve new 50:50 collaborations that will bring GE’s more sophisticated technology to the Chinese market: a move that raises concerns about the defence of intellectual property.
GE listed extensive safeguards for its IP in both cases. Keith White, who runs its gasification business, argued that a collaboration with a state group such as Shenhua gave better guarantees that IP would be protected.
In high-speed rail (http://www.ft.com/cms/s/0/641815b4-1de7-11e0-badd-00144feab49a.html), the joint venture will be more concerned with trying to bring Chinese expertise to the US market.
Although GE’s Chinese sales have been growing at about 20 per cent a year, it has fallen short of its goal of increasing annual revenues from $4.7bn in 2008 to $10bn by 2010.


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