From The Economic Collapse:
Jeffrey Immelt, the head of Barack Obama's highly touted "Jobs Council", is moving even more GE infrastructure to China. GE makes more medical-imaging machines than anyone else in the world, and now GE has announced that it "is moving the headquarters of its 115-year-old X-ray business to Beijing". Apparently, this is all part of a "plan to invest about $2 billion across China" over the next few years. But moving core pieces of its business overseas is nothing new for GE. Under Immelt, GE has shipped tens of thousands of good jobs out of the United States. Perhaps GE should change its slogan to "Imagination At Work (In China)". If the very people that have been entrusted with solving the unemployment crisis are shipping jobs out of the country, what hope is there that things are going to turn around any time soon?
Earlier this month, Immelt made the following statement to a jobs summit at the U.S. Chamber of Commerce....
"There's no excuse today for lack of leadership. The truth is we all need to be part of the solution."Apparently Immelt's idea of being part of the solution is to ship as many jobs overseas as he possibly can.
A recent article on the Huffington Post documented how GE has been sending tens of thousands of good jobs out of the country....Some recent posts:
As the administration struggles to prod businesses to create jobs at home, GE has been busy sending them abroad. Since Immelt took over in 2001, GE has shed 34,000 jobs in the U.S., according to its most recent annual filing with the Securities and Exchange Commission. But it's added 25,000 jobs overseas.GE is supposed to be creating the "jobs of tomorrow", but it seems that most of the "jobs of tomorrow" will not be located inside the United States....MORE
At the end of 2009, GE employed 36,000 more people abroad than it did in the U.S. In 2000, it was nearly the opposite.
General Electric's Immelt Calls for Tax Holiday on Overseas Funds, Hows About we Just let Them Leave the Money in China? (GE)And many, many more. Here's the Google search of our little site:
"GE's Immelt wishes he had soft-pedaled green talk" (GE)
General Electric and Why the Jobs Are NEVER Coming Back (GE)
General Electric: "Immelt hits out at China and Obama" (GE)
GE's Immelt reduced to whining after homicidal rant from Jack Welch (GE)
Here's how the stock has done vs the DJIA and S&P since Immelt took over:
Why does this guy still have a job?
How General Electric Became a Basket Case (GE)
Mean Street: The Lost Cause of General Electric and Jeff Immelt (GE)
"Grading Jeff Immelt" (GE)
General Electric; Jeff Immelt: FAIL (GE)