Another Brilliant Move… Obama’s Latest Economic Advisor Has Seen Stock Drop 60% Since Taking Over GE
Last week President Barack Obama’s appointed General Electric CEO Jeff Immelt to lead the White House’s new “President’s Council on Jobs and Competitiveness.”
The National Center for Public Policy Research released this statement following the announcement:
According to Obama, the President’s Council on Jobs and Competitiveness will “focus its work on finding new ways to encourage the private sector to hire and invest in American competitiveness.” Immelt, in a January 21 Washington Post commentary boasting of his appointment, wrote: “My hope is that the council will be a sounding board for ideas and a catalyst for action on jobs and competitiveness. It will include large businesses, small businesses, labor, economists and government.”
“Obama and Immelt are mutually dependent on each other. Obama needs corporate money for his re-election campaign and Immelt needs the president’s muscle to continue the Administration’s war on cheap energy to make GE’s renewable energy products economically competitive,” said Tom Borelli, Ph.D., director of the National Center’s Free Enterprise Project. “Making energy prices skyrocket is not an economic recovery plan. It’s a recipe for economic disaster.”
As CEO of General Electric, Immelt directly participated in promoting Obama’s “cap-and-trade” energy regulations proposal. While this could increase GE’s short-term business in wind and solar technologies, the consequences of the policy is certain — by Obama’s own admission — to “skyrocket” energy costs. GE has additionally sold technology to Iran and it is planning on sharing jet engine technology with China. GE also lobbied for and received tens of millions in stimulus money and received financial support from the Federal Reserve. During Immelt’s ten-year reign as CEO, GE had to cut its dividend and its stock price has fallen to about half its previous value.
Immelt doesn’t exactly have a stellar record as CEO of GE. Since taking over, GE’s stock has dropped nearly 60%.
But, he is a staunch far left Obama supporter. That’s what really matters.
More… The Daily Beast has more on Immelt and Obama.