Posted on 12/09/2009 2:35:08 PM PST by St. Louis Conservative
Jeffrey Immelt, General Electric’s chief executive, said on Wednesday his generation of business leaders had succumbed to “meanness and greed” that had harmed the US economy and increased the gap between the rich and the poor.
Mr Immelt’s attack on his fellow corporate chiefs – made in a speech at the West Point military academy – is one of the strongest criticisms by a top executive of the compensation and business practices that prevailed before the financial crisis.
“We are at the end of a difficult generation of business leadership ... tough-mindedness, a good trait, was replaced by meanness and greed, both terrible traits,” said Mr Immelt, who succeeded Jack Welch, one of the toughest leaders of his generation, at the helm of the US conglomerate. “Rewards became perverted. The richest people made the most mistakes with the least accountability.”
Several executives, especially in financial services, have apologised for their companies’ role in the crisis but Mr Immelt’s remarks went further, linking bad leadership to growing inequality.
“The bottom 25 per cent of the American population is poorer than they were 25 years ago. That is just wrong,” he said. “Ethically, leaders do share a common responsibility to narrow the gap between the weak and the strong.”
GE wants to win a large slice of the infrastructure projects funded by governments around the world in an effort to kick-start their economies.
Mr Immelt said business should welcome government as “a catalyst for leadership and change”.
(Excerpt) Read more at ft.com ...
Did his grandfather run IG Farben or Daimler-Benz in Nazi Germany? His comments sound vaguely familiar.
Quisling.
GE has made garbagey products for years. After many horrible appliance experiences, I stopped buying anything GE about 15 years ago. Whenever I see the GE logo on something, I put it back on the shelf.
So it stands to reason that GE would want to be the government’s best friend. Think Aeroflot...
Imelt and the Board of Directors of GE should be out on the street.
Carbon Offsets are another angle GE is set to be huge in if Obama gets away with his programs. Immelt's crew can't do well in the private sector so they are trying to get taxpayers to retrieve their fortunes.
Facism 101. Stand up America!
How many Billions will GE stand to scam the tax payers out of over the cap and tax bill?
Stimulus Funds for Green Energy Projects Going Offshore along with Other U.S. Manufacturing. GE and Jeffrey Immelt Profiting.
Jeffrey Immelt, the CEO of GE is making money off the $787 Billion Stimuls Package.
Jeffrey Immelt is on Obama’s Economic Recovery Advisory Board AND is also a member of the Federal Reserve of New York.
**Make sure you check relationship maps at end of this posting!**
http://romanticpoet.wordpress.com/?s=General+Electric&submit=Search
Shell and BP want it too ...they think it will cripple world master oil producer Exxon-Mobil due to Exxon’s huge US refinery exposures...Caterpillar, Apple, and Starbucks...too
this is such a nutty idea...it’s really preposterous
Dunno, but I bet he’s planning on getting a substantial raise if Obama’s cap and trade agenda goes through. He isn’t just kissing Obama’s rear in order to escape the lash of Obama’s whip. He’s kissing Obama’s rear because he’ll be the house slave, the one who will stand to benefit from what obama will do to the rest of the so-called private sector. In other words, he’s a greedy Quisling.
I wish conservatives would take over the GE board and kick this pinko’s butt.
BTTT.
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