News Americas, NEW YORK, NY, Fri. April 1, 2011: Jeffrey Immelt is President Obama’s Best Business Friend.
That requires some explanation but not much in the World of Power. What Immelt has become is Obama’s closest buddy in the World of BIG Business. Mr. Immelt was handpicked with great fanfare and boundless delight even Presidential Glee recently to chair Obama’s Advisory Council on Competitiveness & Jobs.
Only one problem – although it does not seem to bother Obama yet – Jeffrey Immelt, CEO of General Electric, and his company are Tax Scammers. BIG TIME! In fact in 2010 GE has the distinction of having the WORST record of paying taxes of any major U.S. firm.
Quite a distinction. Now add he is Obama’s best business buddy. Quite a stew. Or is that what the American people are left to do? Is it our goose being cooked in that stew? Sure seems so.
To celebrate Immelt’s selection by the President, the company has launched a Website headlined “Ten Years of Leadership & Change,” showing its performance over that period in the best available light to add to the malarkey.
Choosing Immelt is about as good as Obama’s NCAA basketball championship picks. Way off the mark.
Well respected Quinnipac College poll puts Obama favorable rating at all time 42 percent low. The poll shows him losing to the “unnamed” Republican challenger. His association with Jeff Immelt is not likely to improve his rating. But let’s backup.
That is always a good technique for finding the Truth. Hidden in The White House bushes (no pun). During his first two years, big business found great success in pummeling Obama with a lie that he was anti-business. HELLO.
This is the same Obama who gladly threw hundreds of billions at criminal corporations who had just raped our financial system.
This is the Obama who fully supports The Fed giving unlimited FREE money to Corporate America that then turn around and lend to us at credit card debt at 10 percent, 15 percent or 20 percent annual interest. Btw, if you’d like some of that FREE money from The Fed, sorry you don’t qualify. GE does!!!!
Still business got away with slimming Obama as anti-business because Obama bought into the rouse, apologizing profusely for his supposed short comings. So toward the end of 2010 we got a NEW business friendly Obama who pledged to do even more for business at the expense of the rest of us.
This was highlighted by President Obama appointing one of the highest profile BIG business honchos, GE’s CEO Jeff Immelt to be the leader of the President’s Advisory Council on Competitiveness & Jobs.
Supposedly for our good to create a better economy and more jobs.
In reality it was the signal Big Business wanted that Obama had surrendered officially and publicly to their agenda. It’s a simple agenda – get every last dollar they can from a pliant government.
The fact that GE is notorious for moving more and more of its production around the world costing American jobs did not register with the American people or the media. Or Obama.
After all, it isn’t as though GE doesn’t have any U.S. employees or doesn’t hire in the U.S.? It’s just that it is an ever dwindling share of its labor force and it will inevitably continue to be so if not accelerate.
Then along comes The New York Times front page article of March 24, 2011, titled …. “GE’S STRATEGIES LET IT AVOID TAXES ALL TOGETHER.” All together now – we just got screwed big time by Obama’s new best business friend Jeffrey Immelt.
GE’s PROFITS last year were $14.2 BILLION! But there is more. This would be amusing if it was happening in some other universe. GE collected an additional $3.2 BILLION in tax benefits from the U.S. government. Meaning you and me. Or at least our readers who reside in the U.S.
Allow me to quote directly from The Times story. You might not
believe me otherwise ….. “That may be hard to fathom for the millions of American business owners and households now preparing their own returns, but low taxes are nothing new for G.E. The company has been cutting the percentage of its American profits paid to the Internal Revenue Service for years, resulting in a far lower rate than at most multinational companies.”
The article adds: “Its extraordinary success is based on an aggressive strategy that mixes fierce lobbying for tax breaks and innovative accounting that enables it to concentrate its profits offshore. G.E.’s giant tax department, led by a bow-tied former Treasury official named John Samuels, is often referred to as the world’s best tax law firm.
“Indeed, the company’s slogan, “Imagination at Work,” fits this department well. The team includes former officials not just from the Treasury, but also from the I.R.S. and virtually all the tax writing committees in Congress.” End of Quote. But there is more. How about this from Obama…
“He (Jeffrey Immelt) understands what it takes for America to compete in the global economy,” Mr. Obama said of Mr. Immelt, on his appointment in January, after touring a G.E. factory in upstate New York that makes turbines and generators for sale around the world.” End of Quote. You got that right Mr. President!
The article goes on to say GE in the last 5 years has paid NO Federal taxes while amassing $26 BILLION in American profits and while receiving $4.1 BILLION back from the IRS in tax credits.
Also none of this accounts for many BILLIONS$$ more of profits GE hides off shore around the world so that it NEVER even reports them in the U.S.
It would not be surprising if all told IF the information were ever made fully public that over the last decade or more that GE combining taxes, tax credits paid them, hidden off shore profits has avoided even $100 BILLION or more in unpaid U.S. taxes.
Who knows?? GE isn’t talking.
What we do know is GE’s Jeffrey Immelt is still Obama’s Guy. As of today. Not even a peep out of The White House. Let alone Obama FIRING Jeffrey Immelt and publicly condemning GE.
Then again after Barack and Michelle leave The White House sooner or later they may treasure this “friendship” with Jeffrey Immelt and GE. It’s always good to have friends in High Places! Especially as an X-President or X-First Lady.
Arthur Piccolo is a professional writer and commentator and often writes about Latin America for New Americas.