For all of the carping liberals did for eight years about corporate cronyism in George W. Bush's White House, they seem to turn a blind eye to the same behavior in President Obama's. With plans in place for a major overhaul in the health-care industry, General Electric is positioning itself to become a major beneficiary of these health care reforms.
Recently at the Business and Social Responsibility Conference, General Electric Chief Executive Officer Jeff Immelt referred to America's current economic crisis as part of a "reset" rather than part of an economic cycle, saying, "People who understand that will prosper in the future, and people who don't understand that will get left behind." In the same address, Mr. Immelt, who is also a member of Mr. Obama's economic recovery advisory board, added, "The intersection of government and business will be changed, maybe for a generation."
In other words, companies should be prepared to beg for a seat at the government's table if they plan on remaining lucrative. Imagine that on the eve of the Iraq war, the CEO of Halliburton had declared that since Sept. 11, 2001, the relationship between the government and corporate interests have become one in the same. Of course, Mr. Immelt's rhetoric about corporate responsibility was undercut last year when GE's once vaunted financial services business, GE Capital, was forced to ask the government for what amounted to a $140 billion government bailout.
Answer by grlygrlz2 at 11:32 AM on May. 14, 2009
Answer by grlygrlz2 at 11:33 AM on May. 14, 2009
Answer by grlygrlz2 at 11:34 AM on May. 14, 2009
Answer by grlygrlz2 at 11:35 AM on May. 14, 2009
Won't it be interesting to see if the left-wing watchdogs howl, or if they will conclude this is an acceptable level of collusion between the White House and a multinational conglomerate?
Answer by grlygrlz2 at 11:36 AM on May. 14, 2009
Answer by akinbottom2 at 11:36 AM on May. 14, 2009
It goes way beyond corporate cronyism with Dick Cheney....Its war profiteering. He own 400,000 shares and gets a monthly 13,000 from them and BOOM, they got a NO -BID contract for BILLIONS to work in Iraq...after finding 1.8 BILLION unaccounted for they STILL remained to rake in the BILLIONS....
Answer by grlygrlz2 at 11:41 AM on May. 14, 2009
We, taxpayers are essentially paying for Matt Lauer, Rachel Maddow, Olbermann, and Mathews salary. No wonder they have tingly feelings up their leg for Obama. You don't think that GE should at least have to sell off NBC to raise capital before taking bailout money?
Answer by grlygrlz2 at 11:44 AM on May. 14, 2009