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GE chief attacks executive ‘greed’ (Immelt ass-kissing Obama; says business should 'welcome' govt)
Financial Times ^ | December 12, 2009 | Francesco Guerrera

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 ...


TOPICS: Business/Economy; Miscellaneous; News/Current Events; Philosophy
KEYWORDS: generalelectric; jeffimmelt; obama; wallstreet

1 posted on 12/09/2009 2:35:12 PM PST by St. Louis Conservative
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To: St. Louis Conservative

What was his take home pay last year?


2 posted on 12/09/2009 2:36:33 PM PST by ully2 (ully)
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To: St. Louis Conservative

Am I the only Freeper disgusted with G.E.? It’s been a big lobbyist for cap-and-trade and “renewable” energy mandates, to benefit its wind turbine business.


3 posted on 12/09/2009 2:37:31 PM PST by reaganaut1
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To: St. Louis Conservative

Quisling


4 posted on 12/09/2009 2:39:09 PM PST by C19fan
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To: St. Louis Conservative

We already know this——Big Corporates favor corporate welfare paid for by the taxpayers.

Actually we get a TRIPLE whammy from them: we fight wars to protect their interests; we pay their taxes and we buy their products.


5 posted on 12/09/2009 2:40:07 PM PST by eleni121 (bow)
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To: C19fan
Jeff Immelt is so on the take it is despicable
6 posted on 12/09/2009 2:40:20 PM PST by dumpthelibs (dumpthelibs)
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To: ully2

He should give back ALL of his wealth accumulated (even that from investments) and only take 250K per year...


7 posted on 12/09/2009 2:42:50 PM PST by fooman (Get real with Kim Jung Mentally Ill about proliferation)
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To: reaganaut1

Am I the only Freeper disgusted with G.E.?


I would hope not. Renaldus Maximus is disgusted by corporates and the parasites they have become.

Leeches.


8 posted on 12/09/2009 2:42:55 PM PST by eleni121 (bow)
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To: St. Louis Conservative

9 posted on 12/09/2009 2:42:57 PM PST by reagan_fanatic (Socialism is hip until somebody loses a paycheck)
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To: St. Louis Conservative

GE is a huge lobbiest. The GOP needs to call obama on it. This administration is getting away with so much crap. It has to stop.


10 posted on 12/09/2009 2:44:39 PM PST by jersey117
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To: reaganaut1
Am I the only Freeper disgusted with G.E.?

You mean this GE? The GE that until recently owned NBC and MSNBC?


11 posted on 12/09/2009 2:44:47 PM PST by paulycy (Demand Constitutionality.)
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To: ully2

I’m a substantial GE shareholder and, while not at all happy with some of the decisions and the “creative” accounting at GE Capital and Jeff’s unabashed sucking up to the Marxist-n-thief, he did the right thing here.
***********

General Electric’s Jeff Immelt has waived his right to collect bonus and performance-based pay that would have netted the chief executive more than $12m in cash, people familiar with the company’s plans said.

The decision, approved by GE’s board this month, comes as Mr Immelt confronts a deepening recession that has crimped earnings and prompted its retreat from financial services, which had served as a profit engine for two decades.

He began to consider declining his annual bonus and long-term performance award last year after drawing criticism for missing profit guidance and failing to reverse a slump in GE’s stock price, the people said. While he has not always evaded scrutiny for GE’s results during his eight years at the helm, he is rarely singled out for excessive pay.

In 2002, as opposition to lavish corporate America’s stock-option awards began to mount, Mr Immelt opted for an equity-compensation plan that would pay him stock only if GE achieved predetermined goals.

He also owned about 1.6m shares at year end, more than 300 per cent above his required investment. He received his last salary rise in 2005.

“My compensation is never going to be an embarrassment to GE,” Mr Immelt said this month. “It’s going to be responsible; it’s going to be appropriate; it’s going to be transparent; and it’s going to reflect the financial performance of the company.”

Based on how GE fared in the last three years, Mr Immelt was entitled to a long-term performance cash award of almost $12m. He also stood to get an annual bonus, worth $5.8m in 2007.

The GE board agreed to keep Mr Immelt’s annual salary at $3.3m, the people said. All told the cash portion of his compensation will decline 64 per cent from a year ago. GE’s shares fell 56 per cent in 2008 and it reported net earnings of $17.4bn, a 22 per cent drop on 2007.

Mr Immelt will continue to earn performance-share units, which may be converted into GE stock in five years if the group achieves certain goals on its cash and stock return, the people said.


12 posted on 12/09/2009 2:48:08 PM PST by Dick Bachert (THE 2010 ELECTIONS ARE THE MOST IMPORTANT IN OUR LIFETIMES! BE THERE!!!)
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To: St. Louis Conservative

GE Capital, their finacial arm took $20 Billion in TARP — but this jerk-off didn’t mention his own salary.
He took one of the greatest companies in history and totally F#@!*ed it all up.
He even pushed for those fluerescent light to become law and closed the GE light bulb factory in the US and now they are made in China.
I am never buying another GE item, not even a light bulb.


13 posted on 12/09/2009 2:48:59 PM PST by PMAS
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To: St. Louis Conservative
I discovered that GE had a penchant for socialism even way back, having run across some things on GE and Charles Steinmetz and other things in the course of some research on interurbans many years ago. Since then, I have never looked at GE the same way. Immelt is, however, a particularly swollen zit for their corporate face.

Mr. niteowl77

14 posted on 12/09/2009 2:49:14 PM PST by niteowl77 (You wanted him, and now you have got him. I say, "Good day to you," America.)
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.


15 posted on 12/09/2009 2:50:24 PM PST by Neets (Go Yankees!!!)
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To: St. Louis Conservative

..and I just bought a washer & dryer a few months back, the sale guy was pushing GE — I told him to shove it and bought Whirlpool (a US company)


16 posted on 12/09/2009 2:51:00 PM PST by PMAS
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To: reaganaut1
they were pro Hitler and Mussolini durning ww2.
17 posted on 12/09/2009 2:51:45 PM PST by guitarplayer1953 (Romak 7.62X54MM, AK47 7.62X39MM, LARGO 9X23MM, HAPINESS IS A WARM GUN BANG BANG YEA YEA)
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To: St. Louis Conservative

Well of course Jeffrey. You’d better tell us all what you earn so we can determine if you “deserve” it.


18 posted on 12/09/2009 2:51:52 PM PST by Nachum (The complete Obama list at www.nachumlist.com)
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To: St. Louis Conservative

Well, in light of Immelt’s obvious fiscal epiphany, I will step to the fore and help him out. He can send me a few hundred thousand dollars and assuage a small part of his guilty feelings.
I’ll do my part to spread it around, doing good works and helping those in some need.

In fact, he can use my PayPal account...so he doesn’t even have to write the check.


19 posted on 12/09/2009 2:53:21 PM PST by PubliusMM (RKBA; a matter of fact, not opinion. 01-20-2013: Change we can look forward to.)
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To: St. Louis Conservative
Immelt is on the board of the NY Federal Reserve. see http://www.newyorkfed.org/aboutthefed/orgchart/board/immelt.html

Don't expect him to be anything other than oily.

20 posted on 12/09/2009 3:04:38 PM PST by ikka
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To: St. Louis Conservative

Did his grandfather run IG Farben or Daimler-Benz in Nazi Germany? His comments sound vaguely familiar.

Quisling.


21 posted on 12/09/2009 3:08:17 PM PST by Gapplega
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To: reaganaut1

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...


22 posted on 12/09/2009 3:16:54 PM PST by livius
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To: St. Louis Conservative

Imelt and the Board of Directors of GE should be out on the street.


23 posted on 12/09/2009 3:20:10 PM PST by Anti-Bubba182
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To: St. Louis Conservative
Jeffery Immelt has destroyed one of America's great companies, GE. I hope the board can remove this jerk before it's too late. When (or if) they can remove Immelt the board needs to do some real soul searching about how such a hideous decision was made. If they survive they will need a new chairman. Hint, try to find someone who understands technology and not a clown like Jeffery Immelt.
24 posted on 12/09/2009 3:24:33 PM PST by truthguy (Good intentions are not enough!)
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To: reaganaut1
GE Launches Carbon Offsetting Credit Card

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.

25 posted on 12/09/2009 3:25:25 PM PST by Anti-Bubba182
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To: St. Louis Conservative

Facism 101. Stand up America!


26 posted on 12/09/2009 3:26:49 PM PST by dforest (Who is the real Jim Thompson? I am.)
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To: St. Louis Conservative

How many Billions will GE stand to scam the tax payers out of over the cap and tax bill?


27 posted on 12/09/2009 3:31:26 PM PST by kempo ( is whole)
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To: kempo

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


28 posted on 12/09/2009 3:50:29 PM PST by anglian
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To: ully2
He makes 12.5 million. http://www.forbes.com/static/pvp2005/LIR67G5.html Another rich guy acccusing others of greed. Next he's going to lecture us little people from his private jet about using the wrong lightbulbs (if he hasn't already).
29 posted on 12/09/2009 10:34:29 PM PST by BinaryBoy (Obama lies.)
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To: reaganaut1

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


30 posted on 12/09/2009 10:45:09 PM PST by wardaddy (Angel Flight by Radney Foster on GAC, if you don't tear up then you must be mighty cold)
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To: ully2

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.


31 posted on 12/09/2009 11:38:08 PM PST by dr_who
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To: St. Louis Conservative

I wish conservatives would take over the GE board and kick this pinko’s butt.


32 posted on 12/10/2009 10:04:50 AM PST by SaraJohnson
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To: mewzilla

BTTT.


33 posted on 01/22/2011 6:43:05 AM PST by mewzilla (Hey, Schumer, your Lockerbie report left quite a bit out.)
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