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Jeff Immelt CEO of GE (Bailout Recipient)opposes Exec Caps & Advises investing Overseas

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terisan Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Feb-10-09 08:46 PM
Original message
Jeff Immelt CEO of GE (Bailout Recipient)opposes Exec Caps & Advises investing Overseas
Jeff Immelt as CEO of GE earned $14 million in 2008 (GE owns MSNBC and NBC

He is opposed to CEO pay caps and points out that he takes AMTAK to Washington (where he "advises" administration)
He says taxpayer will get good return from our insuring GE's debt
Not bullish on long term effects of our spending--our best jobs are export jobs.

......and he says GE's global business will grow faster than its US business-India, Middle East, South America.

Is guaranteeing GEs debt good for GE investors worldwide and not so good for American workers ?

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Jeff Immelt on Pay, his AAA Rating and Taking the Train
Posted by: Diane Brady on February 05

General Electric CEO Jeff Immelt predicted this morning that the shift in the financial services sector and governments role in business will be with us for the rest of our careers. While Immelt said that state aid, tax incentives and infrastructure spending are good ways to create jobs right now, he expressed concern about the long-term impact of massive public spending. Great countries dont have a trillion-dollar trade deficit, he argued at a breakfast hosted by The Wall Street Journal. The notion that the U.S. could go from a manufacturing-oriented economy to a service-oriented economy wasnt sustainable The best jobs we have in this country are export jobs.

The GE chief gave President Barack Obama a B+/A- for his performance so far on the job, but argued against new provisions to cap pay at $500,000 in firms accepting bailout funds. Whats in the best interest of citizens right now is having Jamie Dimon running JPMorgan, said Immelt, and hes worth more than $500,000. Immelt added that if government is going to be a shareholder, it should be selfish in seeking a high return on its investment. Some of these angry declarations are not in their selfish best interest. In GEs case, he said, taxpayers would earn $400 million to $500 million this year from the government move to insure its debt.

Immelt acknowledged that business leaders have to respond to public anger, both in the U.S. and abroad. If youve worked your whole life, nose to the grindstone, you look up and say what the hell is going on? The role of people like me is to be accountable. When going to Washington, he now takes the train, though he joked that they had to show him how to get a ticket and he did travel first-class on Amtrak.

Given massive stimulus worldwide, Immelt said that the downturn could very well be arrested this year. .............. Solving healthcare in the next two decades will be hard, he said. Energy is doable.

And where would he put his money right now? Infrastructure and emerging markets. I still believe in the power of demographics, he said. Our global business should grow substantially faster than our business in the U.S. Americans may be depressed, he notes, but in areas like India, the Middle East and South America, business is still going on. Theres some business out there. You just have to go find it.
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KoKo Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Feb-10-09 08:57 PM
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1. I'm wondering why Immelt hasn't found that Global Business given GE Stock is in Crapper...
I've felt for awhile that the man is delusional...what else could explain this? :shrug:
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