Tuesday, October 11, 2011

GE: We Bring Good Things To Jeff Immelt

Jeff Immelt, the Chairman and CEO of GE, is President Obama's designated "Jobs Czar." I find this a rather offensive choice, as GE has done little if anything positive for American workers, and everything for GE's investors and top executives.

Immelt shared this little bit of wisdom recently:
I want you to root for me. Look, every one in Germany roots for Siemens, everyone in Japan roots for Toshiba, everyone in China roots for China South Rail, I want you to say, win GE. I think this notion that it’s the population of the US against big companies is just wrong.
 Gee, I wonder where anyone could have gotten the idea that GE is an enemy of the population of the US? It wouldn't be from the fact that over half of GE's workforce is now outside of the United States, or it has cut over one-fifth of its US workforce since Immelt took over as chief executive, or that it made over 145 billion dollars in profits last year and paid no taxes?

Here, courtesy of Paul Krugman, is a chart comparing corporate profits to employee compensation since 2001:

In Japan, currently the ratio of pay for a corporate CEO to that of an average worker is 11 to 1. In Germany, 12 to 1. And in the US, that ratio is 475 to 1.

Yeah, what's good for GE and other big corporations is good for America. If you happen to be a corporate executive. Otherwise, you're pretty much screwed.

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