General Electric (NYSE:GE) CEO Jeffrey Immelt continues to lose credibility; increasingly so since being installed as Chairman of President Obama's Council on Jobs and Competitiveness.
In an attempt to cover up Obama's failed economic policies, Immelt said at a jobs summit at the U.S. Chamber of Commerce, "The people who are part of the business sector, the people in this room, have got to stop complaining about government and get some action underway. There's no excuse today for lack of leadership. The truth is we all need to be part of the solution."
What a strawman assertion.
In reality, the hundreds of billions in so-called stimulus has been an abject failure, and Obama has his man out there attempting to cover up his clueless policies and attempt to place the blame on businesses for the lack of hiring. As if they're supposed to hire in order to make Obama look good, no matter how bad it hurts their businesses.
There's only one reason in the world businesses don't hire, and that's because there is no reason to.
Businesses will either offer overtime to existing employees when they get new business that is temporary in nature, or higher when the new business appears to be long term.
So for Immelt to call for businesses to lead in job creation is an ignorant statement, but one that most readers don't understand, as far as how businesses interact with economic conditions.
Businesses do research in order to get the best available data to make these types of decisions. When the data gives them the go ahead, or long-term business is secured, businesses will higher accordingly. If not, they remain in a holding pattern, as they have for a long time.
It has nothing to do with leadership at all, but the realities of the current economic circumstances, and the socialist attitude and disposition of Obama, which is of course, anti-business.
Obama is all over the map concerning his policies, and you don't know who is going to show up on a given day. That leads to uncertainty over the near- and long-term future, and businesses won't make decisions to hire until there is more clarity.
A survey be the U.S. Chamber of Commerce found that 30 percent of businesses weren't hiring because of economic uncertainty, and another 22 percent said weak sales was another reason.
Both of those ensure there will be no hiring anytime soon by businesses, and neither should they be if they are to survive.
Most businesses see the government policies of Obmaa as the major barrier to the economy improving, and see the need for changes in that regard if things are going to improve.
For Jeffrey Immelt to call for businesses to lead in hiring in the current economic environment is in reality a call for businesses to potentially sacrifice themselves to make Obama and the Democrats look good.
Immelt is lowering himself in the eyes of the business community, increasingly being looked upon as a shill for Obama, as he lectures businesses to stop complaining about him and his disastrous economic policies.
Business owners and managers agree, as Obamacare, too much regulation and uncertainty over Obama continue to be the major obstacles for about 40 percent of those who were surveyed.
The greatest hindrance to economic recovery and ending the deep recession is Obama and the Democrats. The solution is to vote them out of office.
Incredibly, U.S. Chamber of Commerce President and CEO Thomas Donohue, and Immelt called for Congress quickly agrees to raise the debt ceiling in order to remove that as an uncertainty.
To use the debt ceiling issue as the reason for uncertainty of businesses is bizarre at the least. Uncertainty has been rampant for several years, and the debt ceiling is irrelevant in that regard.
What Donohue and Immelt are doing is confirming they're in bed with Obama and the government, as the only reason to be concerned about that is because they are looking for more taxpayer handouts; something GE is among the leaders in the U.S. in.
There should be no raising of the debt ceiling, no new taxes, decreased regulation, cutting corporate taxes, along with spending. Those actions are what will boost the economy, not more government interference in the economy and crony capitalism.
For Immelt, it would be nice to see him become a businessman rather that someone bagging at the public trough and taking the attention away from failed policies of Obama and the Democrats.
Showing posts with label Jeffrey Immelt. Show all posts
Showing posts with label Jeffrey Immelt. Show all posts
Tuesday, July 12, 2011
Monday, April 25, 2011
Obama Clueless on Energy
The ridiculous conclusion of Barack Obama to ignore the huge amount of oil we still have in this country and off our coasts, and focus on the ignorant and anemic idea of developing the darling of the left and so-called environmentalists and their mainstream media allies: renewable energy, reveals he has no energy plan. As to focus on renewable energy is another way of saying he's forsaking the present, as renewable energy will probably never be able to meet the growing energy needs of the world, and definitely not in our lifetimes.
All the ignorant call for renewable energy does is attempt to make Obama look good to his political base, which has been abandoning him as he feebly attempts to move toward the center as the 2012 elections get close.
As for the high prices of oil and gas today, much of that has been brought upon us by Obama and his administration itself, as they refuse to rein in the Federal Reserve and force them to stop printing money, which is debasing the U.S. dollar and driving the price of commodities up, including oil and gas.
In an attempt to distract people from that reality, Obama announced the Justice Department is going to seek out cases where fraud or manipulation in the oil markets has driven up prices, even as his Attorney General Eric Holder says there are a number of legal reasons why gas and oil prices have gone up.
Obama said this in his weekly radio and Internet address, in reference to spending taxpayer dollars on renewable energy sources, "That's the key to helping families at the pump and reducing our dependence on foreign oil."
"Instead of subsidizing yesterday's energy sources, we need to invest in tomorrow's," he added.
There are several things wrong with this. First of all, our energy sources aren't yesterday,s, they're today's. Wasting taxpayer dollars on what will be at best a small supplemental addition to our energy supply will do nothing now, and little in the future, towards dealing with our energy needs.
Secondly, renewable energy, which while sounding good, isn't tomorrow's energy source. Experts across the board have concluded it will never meet the increasing energy needs of the world.
Finally, the key to lowering our depending on foreign oil is by digging our own, which is sitting wasting in the land and off our shores because of political correctness and the deceptive and false idea there is such a thing as global warming, which has been debunked everywhere as the climate has been cooling off for over a decade.
These are people who consider the earth their mother, or the equivalent of that, and find it outrageous that fossil fuels are being used, even though they reside in the earth.
This is why the global warming or climate change myth was created, in order to extract money from taxpayers in order to pursue a bogeyman that doesn't exist so the oil industry, and others, are weakened to the point of not being able to profitably drill for oil.
We depend on foreign oil because of the criminal laws that don't allow companies to continue to drill for the extraordinary amounts on American soil, including the proven reserves in Alaska.
Now we already have the environmental movement ramping up their lies and assertions about shale oil and gas, making it look like it'll be far worse than other types of extraction methods.
Why? Because there is so much available they're peak oil theories and realization natural gas could power America for an extraordinary long period of time, has them up in arms over the possibility pet projects, subsidies and pursuit of dubious alternative energy sources could come to a screeching halt.
Now you know why GE (GE) CEO Jeffrey Immelt was named to Obama's business committee, as he's been chasing these projects, more for the tax advantages and subsidies, than any real chance the wind turbines and solar panels will take care of our energy needs. That should be investigated thoroughly in light of the stakes we face.
Lawmakers need to get some courage and battle back against this immense waste of taxpayer dollars and time and start to tap into the energy resources we need now, not some type of wishful thinking in the future just because something is called "renewable." It may be renewable, but it's hardly a serious answer to energy issues.
All the ignorant call for renewable energy does is attempt to make Obama look good to his political base, which has been abandoning him as he feebly attempts to move toward the center as the 2012 elections get close.
As for the high prices of oil and gas today, much of that has been brought upon us by Obama and his administration itself, as they refuse to rein in the Federal Reserve and force them to stop printing money, which is debasing the U.S. dollar and driving the price of commodities up, including oil and gas.
In an attempt to distract people from that reality, Obama announced the Justice Department is going to seek out cases where fraud or manipulation in the oil markets has driven up prices, even as his Attorney General Eric Holder says there are a number of legal reasons why gas and oil prices have gone up.
Obama said this in his weekly radio and Internet address, in reference to spending taxpayer dollars on renewable energy sources, "That's the key to helping families at the pump and reducing our dependence on foreign oil."
"Instead of subsidizing yesterday's energy sources, we need to invest in tomorrow's," he added.
There are several things wrong with this. First of all, our energy sources aren't yesterday,s, they're today's. Wasting taxpayer dollars on what will be at best a small supplemental addition to our energy supply will do nothing now, and little in the future, towards dealing with our energy needs.
Secondly, renewable energy, which while sounding good, isn't tomorrow's energy source. Experts across the board have concluded it will never meet the increasing energy needs of the world.
Finally, the key to lowering our depending on foreign oil is by digging our own, which is sitting wasting in the land and off our shores because of political correctness and the deceptive and false idea there is such a thing as global warming, which has been debunked everywhere as the climate has been cooling off for over a decade.
These are people who consider the earth their mother, or the equivalent of that, and find it outrageous that fossil fuels are being used, even though they reside in the earth.
This is why the global warming or climate change myth was created, in order to extract money from taxpayers in order to pursue a bogeyman that doesn't exist so the oil industry, and others, are weakened to the point of not being able to profitably drill for oil.
We depend on foreign oil because of the criminal laws that don't allow companies to continue to drill for the extraordinary amounts on American soil, including the proven reserves in Alaska.
Now we already have the environmental movement ramping up their lies and assertions about shale oil and gas, making it look like it'll be far worse than other types of extraction methods.
Why? Because there is so much available they're peak oil theories and realization natural gas could power America for an extraordinary long period of time, has them up in arms over the possibility pet projects, subsidies and pursuit of dubious alternative energy sources could come to a screeching halt.
Now you know why GE (GE) CEO Jeffrey Immelt was named to Obama's business committee, as he's been chasing these projects, more for the tax advantages and subsidies, than any real chance the wind turbines and solar panels will take care of our energy needs. That should be investigated thoroughly in light of the stakes we face.
Lawmakers need to get some courage and battle back against this immense waste of taxpayer dollars and time and start to tap into the energy resources we need now, not some type of wishful thinking in the future just because something is called "renewable." It may be renewable, but it's hardly a serious answer to energy issues.
Thursday, April 21, 2011
General Electric's (GE) Earnings Blow Past Estimates
General Electric Co. (NYSE:GE) reported earnings that soared past analysts' estimates, as the company generated an increase in earnings of 77 percent in the first quarter.
GE reported a first-quarter profit of $3.43 billion, or 31 cents a share, up from $1.95 billion, or 17 cents a share, last year in the same quarter. The company's operating earnings, which exclude discontinued operations and other items such as nonoperating pension costs, climbed to 33 cents a share from 20 cents. Revenue jumped 6.2 percent to $38.45 billion.
Analysts had projected earnings of 28 cents a share on $34.64 billion in revenue.
GE Capital, the company's largest segment by revenue, saw its top line rise 3.3 percent while profit more than tripled. GE's energy infrastructure and aviation units saw their revenue rise 9.2 percent and 4.9 percent.
GE raised its quarterly dividend a penney to 15 cents.
General Electric was trading at $19.97, falling $0.43, or 2.13 percent, as of 12:21 PM EDT.
GE reported a first-quarter profit of $3.43 billion, or 31 cents a share, up from $1.95 billion, or 17 cents a share, last year in the same quarter. The company's operating earnings, which exclude discontinued operations and other items such as nonoperating pension costs, climbed to 33 cents a share from 20 cents. Revenue jumped 6.2 percent to $38.45 billion.
Analysts had projected earnings of 28 cents a share on $34.64 billion in revenue.
GE Capital, the company's largest segment by revenue, saw its top line rise 3.3 percent while profit more than tripled. GE's energy infrastructure and aviation units saw their revenue rise 9.2 percent and 4.9 percent.
GE raised its quarterly dividend a penney to 15 cents.
General Electric was trading at $19.97, falling $0.43, or 2.13 percent, as of 12:21 PM EDT.
Tuesday, April 19, 2011
GE (GE) Adds Conditions to Immelt's Options
After an outcry from some shareholders, General Electric (NYSE:GE) decided to put new conditions on the two million stock options granted to Chief Executive Officer Jeff Immelt last year.
In a filing with the Securities and Exchange Commission, GE said, "Some shareholders have expressed the view that additional performance conditions should be applied to Mr. Immelt's 2010 stock option award."
Included in the changes will be the successful increase in the industrial businesses of the company, and as measured by the performance of the Standard & Poor's 500-stock index, returns beating the index in regard to stock appreciation and dividends.
Under the changes, 50 percent of the options will vest only if GE pulls in cumulative industrial cash flow from operating activities of at least $55 billion between the start of 2011 and the end of 2014. The other half will vest only if GE's overall shareholder return is equal to or better than that of the S&P 500 during that same period of time.
General Electric was trading at $20.24, gaining $0.26, or 1.30 percent, as of 1:31 PM EDT.
In a filing with the Securities and Exchange Commission, GE said, "Some shareholders have expressed the view that additional performance conditions should be applied to Mr. Immelt's 2010 stock option award."
Included in the changes will be the successful increase in the industrial businesses of the company, and as measured by the performance of the Standard & Poor's 500-stock index, returns beating the index in regard to stock appreciation and dividends.
Under the changes, 50 percent of the options will vest only if GE pulls in cumulative industrial cash flow from operating activities of at least $55 billion between the start of 2011 and the end of 2014. The other half will vest only if GE's overall shareholder return is equal to or better than that of the S&P 500 during that same period of time.
General Electric was trading at $20.24, gaining $0.26, or 1.30 percent, as of 1:31 PM EDT.
Wednesday, April 13, 2011
Arrogant GE (GE) Refuses to Halt 2nd F-35 Jet Engine
GE spokesman Rick Kennedy said in a statement, "We will work closely with our congressional supporters to bring competing JSF engines to the fiscal 2012 budget process."
"With the development program nearly complete, we have no intention of abandoning this engine."
In an unproven and dubious statement, Kennedy added that House and Senate leaders were encouraging the company to continue the battle, saying lawmakers would look at the issue again in the fiscal 2012 budget.
As the Pentagon said, this is "a waste of taxpayer money that can be used to fund higher departmental priorities."
United Technologies Corp (NYSE:UTX) unit Pratt & Whitney responded to General Electric allegations it had cost overruns of $3.4 billion, saying $2.7 billion of that was from changes in requirements by the Pentagon; an assertion the Pentagon doesn't deny.
General Electric is also attempting to make it look like they are victims of the government in that the initiative was encouraged by lawmakers for General Electric to start work on the second engine. The problem is, of course, is the Pentagon has said for five years they don't want it. What part of no and taxpayer was doesn't no-tax-paying General Electric get?
General Electric has gone to way of government projects which offer tax breaks as their major focus, probably the reason they've performed for miserably under CEO Jeffrey Immelt.
Maybe General Electric needs to get some swagger back again by competing in markets not guaranteed by taxpayer dollars and subsidies, as it may find they have to actually work at generating revenue and earnings, not have it handed to them on a silver platter by its lawmaking buddies.
General Electric closed Tuesday at $20.01, falling $0.17, or 0.84 percent.
Monday, March 28, 2011
Is GE (GE) Abusing Tax System?
The irrelevant story of the alleged abuse of the tax system by General Electric by the fading New York Times misses the point altogether of the attempt to make a connection between the appointment of GE CEO Jeffrey Immelt to head up Obama's Council on Jobs and Competitiveness and the fact that they didn't have to pay any taxes.
Any company is doing itself and the people a great service by taking as much of a tax break as they legally can, as General Electric did.
It completely misses the issue that government must be shrunk down and limited in its scope, so any money not feeding the government monstrosity is healthy money.
The creation of the Council on Jobs and Competitiveness was just an attempt by Obama to make his administration look more friendly toward business, and in that regard is useless, and a big waste of time.
But as for Immelt's sitting at its head, the problem isn't the amount of taxes General Electric pays, but the fact that General Electric engages in a large number of bids for government contracts, which is an obvious conflict of interest, at the very least.
Others named to the Council could be also looked at in that way, depending on the person and the company they represent.
I'm not a fan of General Electric because they're in fact too close to the government. But as for abusing the tax system; no they haven't. That's why the tax code needs to be simplified, the government made much smaller, and taxes lowered as a result.
Any company is doing itself and the people a great service by taking as much of a tax break as they legally can, as General Electric did.
It completely misses the issue that government must be shrunk down and limited in its scope, so any money not feeding the government monstrosity is healthy money.
The creation of the Council on Jobs and Competitiveness was just an attempt by Obama to make his administration look more friendly toward business, and in that regard is useless, and a big waste of time.
But as for Immelt's sitting at its head, the problem isn't the amount of taxes General Electric pays, but the fact that General Electric engages in a large number of bids for government contracts, which is an obvious conflict of interest, at the very least.
Others named to the Council could be also looked at in that way, depending on the person and the company they represent.
I'm not a fan of General Electric because they're in fact too close to the government. But as for abusing the tax system; no they haven't. That's why the tax code needs to be simplified, the government made much smaller, and taxes lowered as a result.
Tuesday, March 15, 2011
GE (GE) CEO Compensation Soars to $15.2 million
Compensation for General Electric CEO Jeffrey Immelt soared in 2010, jumping to $15.2 million; way beyond double what he was paid out in 2009.
Immelt's $3.3 million salary was the same as 2009, according to a company filing on Monday with the SEC. But he received a $4 million bonus in February for his work in 2010, after getting no bonus for two years in a row. And the company awarded him stock options valued at $7.4 million.
His 2009 compensation package came to approximately $5.6 million.
The options for 2 million shares, granted in March 2010, were given "to increase the equity-based portion of Immelt's compensation and to underscore the board's confidence in his leadership," according to the company. Immelt gets half of the options after a period of three years and the other half after five years, assuming he stays with the company.
General Electric and Immelt have been put on the defensive over their work on the nuclear facilities the designed in Japan, after the massive earthquake put them in jeopardy.
General Electric closed Monday at $19.92, down $0.44, or 2.16 percent.
Immelt's $3.3 million salary was the same as 2009, according to a company filing on Monday with the SEC. But he received a $4 million bonus in February for his work in 2010, after getting no bonus for two years in a row. And the company awarded him stock options valued at $7.4 million.
His 2009 compensation package came to approximately $5.6 million.
The options for 2 million shares, granted in March 2010, were given "to increase the equity-based portion of Immelt's compensation and to underscore the board's confidence in his leadership," according to the company. Immelt gets half of the options after a period of three years and the other half after five years, assuming he stays with the company.
General Electric and Immelt have been put on the defensive over their work on the nuclear facilities the designed in Japan, after the massive earthquake put them in jeopardy.
General Electric closed Monday at $19.92, down $0.44, or 2.16 percent.
General Electric (GE), Disney (DIS) Pull Dow Down
With heavy exposure to the earthquake in Japan, General Electric (NYSE:GE) and Disney (NYSE:DIS) weighed heavy on the Dow, as it dropped to its lowest level in six weeks.
The Dow Jones Industrial Average closed down 51.24 points, or 0.43%, to 11993.16, cutting trading losses earlier in Monday's session in half. Earlier in the day, the Dow plunged to its lowest intraday level in six weeks.
Performing the worst in the Dow Was General Electric, which dropped 2.2 percent, with Disney falling 1.6 percent.
General Electric's weakness is on their exposure to nuclear facilities in Japan. CEO Jeffrey Immelt said the company is ready to provide technical assistance to the Japanese government its nuclear energy joint-venture partner Hitachi Ltd.
Disney took a hit because of the closure of Tokyo Disneyland and Disney Sea theme parks. They are expected to be shuttered for at least 10 days after the earthquake.
General Electric closed Monday at $19.92, falling $0.44, or 2.16 percent. Walt Disney Co. closed at $42.24, down $0.69, or 1.61 percent.
The Dow Jones Industrial Average closed down 51.24 points, or 0.43%, to 11993.16, cutting trading losses earlier in Monday's session in half. Earlier in the day, the Dow plunged to its lowest intraday level in six weeks.
Performing the worst in the Dow Was General Electric, which dropped 2.2 percent, with Disney falling 1.6 percent.
General Electric's weakness is on their exposure to nuclear facilities in Japan. CEO Jeffrey Immelt said the company is ready to provide technical assistance to the Japanese government its nuclear energy joint-venture partner Hitachi Ltd.
Disney took a hit because of the closure of Tokyo Disneyland and Disney Sea theme parks. They are expected to be shuttered for at least 10 days after the earthquake.
General Electric closed Monday at $19.92, falling $0.44, or 2.16 percent. Walt Disney Co. closed at $42.24, down $0.69, or 1.61 percent.
Monday, March 14, 2011
GE (GE) Goes On Offensive for Nuclear Industry
General Electric (NYSE:GE) CEO Jeffrey Immelt went on the offensive concerning the nuclear industry today, noting the approximate 50-year history of the industry and its record.
All the usual people tormented with fear are attempting to use the earthquake in Japan as a reason to cut back on the nuclear sector, even though the nuclear story there hasn't been clear by any means.
"Clearly we are offering any kind of technical assistance to our customer TEPCO and the government of Japan as they go through the recovery efforts with the nuclear power plants," Chief Executive Jeff Immelt said to reporters. "Our first priority is to support the government and people of Japan.''
"It's early days. Let people do exploration of what happened (in Japan) and let it take its course," said Immelt. "We are still only 72 hours from this earthquake and tsunami. A lot is still being understood."
General Electric was trading at $19.71, down $0.65, or 3.19 percent, as of 12:24 PM EDT.
All the usual people tormented with fear are attempting to use the earthquake in Japan as a reason to cut back on the nuclear sector, even though the nuclear story there hasn't been clear by any means.
"Clearly we are offering any kind of technical assistance to our customer TEPCO and the government of Japan as they go through the recovery efforts with the nuclear power plants," Chief Executive Jeff Immelt said to reporters. "Our first priority is to support the government and people of Japan.''
"It's early days. Let people do exploration of what happened (in Japan) and let it take its course," said Immelt. "We are still only 72 hours from this earthquake and tsunami. A lot is still being understood."
General Electric was trading at $19.71, down $0.65, or 3.19 percent, as of 12:24 PM EDT.
Wednesday, March 9, 2011
GE (GE) CEO Says Middle East Unrest Needs to be Contained
General Electric Co. (NYSE:GE) Chief Executive Officer Jeffrey Immelt said global economic growth won't be affected by the crises in the Middle East if it can be contained.
Of course the opposite would also be true, as the impact could be devastating if events in that region of the world become even more contagious.
Immelt did say the U.S. economy and businesses would be helped by changes to regulatory and tax policy, although he didn't elaborate on details.
Being Obama's head of jobs and competitiveness council, a controversial position in light of GE's heavy reliance on government contracts.
Immelt sounded more like a politician than a businessman when saying there should also be more efforts to reform healthcare and education. Of course the first reform should be to repeal Obamacare.
General Electric closed at $20.63, gaining $0.25, or 1.21 percent.
Of course the opposite would also be true, as the impact could be devastating if events in that region of the world become even more contagious.
Immelt did say the U.S. economy and businesses would be helped by changes to regulatory and tax policy, although he didn't elaborate on details.
Being Obama's head of jobs and competitiveness council, a controversial position in light of GE's heavy reliance on government contracts.
Immelt sounded more like a politician than a businessman when saying there should also be more efforts to reform healthcare and education. Of course the first reform should be to repeal Obamacare.
General Electric closed at $20.63, gaining $0.25, or 1.21 percent.
Thursday, March 3, 2011
Jack Welch Tells GE (GE) to Start Looking to win Again
Former General Electric (NYSE:GE) CEO Jack Welch is back in the headlines again, rightly exposing the dubious strategy of current CEO Jeffrey Immelt and his fixation on so-called "green" businesses.
In an article in the Tulsa World, Welch said, “If it doesn’t turn green into green, it doesn’t turn out to be a helluva good business. The whole idea is to grow jobs,” adding, “The main social responsibility for a company is to win.”
Many businesses still don't get it. In an attempt to fall over themselves to look good to the media, they continue to make all sorts of stupid decisions, especially on many things that are far from being green, even though the public perceives them to be. One obvious example is the poisonous flourescent light bulbs being forced on the public. Another is the wind turbines touted as alternative energy, even though just one field of them will kill far more fowl and bats than was killed in the entire BP (NYSE:BP) fiasco.
I guess chopped up birds are more green than a few oily birds, which make good photo ops for photographers.
Welch added in the article, “We played business like it was a sport. You make a game of it; you field the best team and weed out the weakest. The weeds you’ve got to pull out if you’re going to build a beautiful garden.”
The truth about business is if it were to stick to its purpose, much of the problems associated with social and economic problems would be solved.
As far as Jeffrey Immelt and the current direction of General Electric, they could be headed for disaster, as the risk associated with programs dependent on the government is much larger than most shareholders and investors know, and they are extremely vulnerable to cutbacks or dropping of programs altogether.
The obvious conflict of interest of Immelt accepting the appointment by Obama to head up his business committee is outrageous. It could also backfire, as any government money or benefits awarded to GE could raise numerous red flags and media nightmares when competitors call foul, which they have every right to.
Businesses need to get out of this "green" nonsense and focus on making money. When they do that right, the capital will be available through non-profit giving to take care of the environmental and other concerns.
General Electric closed Wednesday at $20.32, gaining $0.07, or 0.35 percent.
In an article in the Tulsa World, Welch said, “If it doesn’t turn green into green, it doesn’t turn out to be a helluva good business. The whole idea is to grow jobs,” adding, “The main social responsibility for a company is to win.”
Many businesses still don't get it. In an attempt to fall over themselves to look good to the media, they continue to make all sorts of stupid decisions, especially on many things that are far from being green, even though the public perceives them to be. One obvious example is the poisonous flourescent light bulbs being forced on the public. Another is the wind turbines touted as alternative energy, even though just one field of them will kill far more fowl and bats than was killed in the entire BP (NYSE:BP) fiasco.
I guess chopped up birds are more green than a few oily birds, which make good photo ops for photographers.
Welch added in the article, “We played business like it was a sport. You make a game of it; you field the best team and weed out the weakest. The weeds you’ve got to pull out if you’re going to build a beautiful garden.”
The truth about business is if it were to stick to its purpose, much of the problems associated with social and economic problems would be solved.
As far as Jeffrey Immelt and the current direction of General Electric, they could be headed for disaster, as the risk associated with programs dependent on the government is much larger than most shareholders and investors know, and they are extremely vulnerable to cutbacks or dropping of programs altogether.
The obvious conflict of interest of Immelt accepting the appointment by Obama to head up his business committee is outrageous. It could also backfire, as any government money or benefits awarded to GE could raise numerous red flags and media nightmares when competitors call foul, which they have every right to.
Businesses need to get out of this "green" nonsense and focus on making money. When they do that right, the capital will be available through non-profit giving to take care of the environmental and other concerns.
General Electric closed Wednesday at $20.32, gaining $0.07, or 0.35 percent.
Friday, February 25, 2011
GE's Immelt Becoming Obama's Mouthpiece? Sees No Inflation
The outcome of General Electric (NYSE:GE) Chief Executive Jeffrey Immelt being named to head up an Obama-created business and labor panel was predictable, and the bizarre assertion he doesn't see core inflation at this time undermines Immelt even more. It's like he took it right from the notes of Obama's handlers.
Of course you can always use the term core inflation to bypass the very real inflation generated from high energy and food prices, which aren't included in the CPI.
So while they're soaring, the government, and now Obama mouthpiece Immelt, can parrot the same assertion.
Immelt said, "There's not a lot of core inflation even today and I would say in general the economy is getting better every day as a backdrop."
Sure it is Jeff. General Electric is probably entangled in more government contracts than any other company, or at least is way up there on the list. Immelt will consequently say whatever needs to be said in order to keep that going.
General Electric closed Thursday at $20.58, gaining $0.35, or 1.73 percent.
Of course you can always use the term core inflation to bypass the very real inflation generated from high energy and food prices, which aren't included in the CPI.
So while they're soaring, the government, and now Obama mouthpiece Immelt, can parrot the same assertion.
Immelt said, "There's not a lot of core inflation even today and I would say in general the economy is getting better every day as a backdrop."
Sure it is Jeff. General Electric is probably entangled in more government contracts than any other company, or at least is way up there on the list. Immelt will consequently say whatever needs to be said in order to keep that going.
General Electric closed Thursday at $20.58, gaining $0.35, or 1.73 percent.
Thursday, February 24, 2011
GE (GE) Still Trying to Resurrect F-35 Engine Funding
General Electric Co. (NYSE:GE) said it will seek to restore funding for its alternate Joint Strike Fighter engine, which was labeled a waste of money when the U.S. House of Representatives voted to kill the program.
Having a competitor to the primary engine made by United Technologies Corp.’s Pratt & Whitney unit would save $20 billion over time, Chief Executive Officer Jeffrey Immelt said today in a memo to employees, repeating an estimate from the Government Accountability Office.
The vote to eliminate $450 million in engine funds for the fiscal year through Sept. 30 occurred in “the midst of an important fiscal debate,” Immelt wrote. “The JSF funding decision received significant scrutiny and was miscast as an ‘earmark’ on wasteful spending.”
President Barack Obama’s administration has sought to cancel the engine for the F-35, the stealth fighter made by Lockheed Martin Corp. Last week’s vote was the first by the House in more than four years against the engine, which is being developed by GE and Rolls-Royce Group Plc.
Full Story
Having a competitor to the primary engine made by United Technologies Corp.’s Pratt & Whitney unit would save $20 billion over time, Chief Executive Officer Jeffrey Immelt said today in a memo to employees, repeating an estimate from the Government Accountability Office.
The vote to eliminate $450 million in engine funds for the fiscal year through Sept. 30 occurred in “the midst of an important fiscal debate,” Immelt wrote. “The JSF funding decision received significant scrutiny and was miscast as an ‘earmark’ on wasteful spending.”
President Barack Obama’s administration has sought to cancel the engine for the F-35, the stealth fighter made by Lockheed Martin Corp. Last week’s vote was the first by the House in more than four years against the engine, which is being developed by GE and Rolls-Royce Group Plc.
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Thursday, February 17, 2011
General Electric (GE) Building $550 Million Brazilian Research Center
With an eye toward expanding its presence in Brazil, General Electric (NYSE:GE) announced it will be building a $550 million research center in Brazil, focusing on IT, energy and health sectors.
The center will be built in the state of Rio de Janeiro, according to Brazilian Science and Technology Minister Aloizio Mercadante, who attended a meeting with Brazilian President Dilma Rousseff and GE chairman and CEO, Jeffrey Immelt.
It will take approximately 2 years for the center to become operational, according to president of a GE Brazilian subsidiary, Joao Geraldo Ferreira.
An estimated 1,000 new jobs will be created from the project, with about 200 of them for researchers.
The center will be built in the state of Rio de Janeiro, according to Brazilian Science and Technology Minister Aloizio Mercadante, who attended a meeting with Brazilian President Dilma Rousseff and GE chairman and CEO, Jeffrey Immelt.
It will take approximately 2 years for the center to become operational, according to president of a GE Brazilian subsidiary, Joao Geraldo Ferreira.
An estimated 1,000 new jobs will be created from the project, with about 200 of them for researchers.
House Says No to Funding GE (GE) F136 Fighter Engine
The controversial GE/Rolls-Royce F136 fighter engine was dealt a setback as the U.S. House of Representatives voted 233-to-198 to reject funding the project.
It's not apparent if GE CEO Jeffrey Immelt believes because he heads up a business committee via appointment by President Obama (another controversial issue) that he can attempt to ram the engine through the political process, while nobody wants it.
According to Defense Secretary Robert Gates, “The president, the military services and I continue to oppose this extra engine.”
Testifying before the House Armed Services Committee, Gates said he'll use “all available legal options” to stop the production of the engine if funding was approved.
Pratt & Whitney has already developed the lead engine for the F-35 Joint Strike Fighter. GE evidently can't take no for an answer because the plane is expected to be the top U.S. fighter plane for decades.
GE has attempted to manipulate the process by building a $51 million research center at the University of Dayton and continuing to work on the unwanted engine with close to 300 employees in Vandalia.
GE seem to think by spending its money on the project that obligates American taxpayers to allow its engine project to go forward. No thanks Government Electric.
It's not apparent if GE CEO Jeffrey Immelt believes because he heads up a business committee via appointment by President Obama (another controversial issue) that he can attempt to ram the engine through the political process, while nobody wants it.
According to Defense Secretary Robert Gates, “The president, the military services and I continue to oppose this extra engine.”
Testifying before the House Armed Services Committee, Gates said he'll use “all available legal options” to stop the production of the engine if funding was approved.
Pratt & Whitney has already developed the lead engine for the F-35 Joint Strike Fighter. GE evidently can't take no for an answer because the plane is expected to be the top U.S. fighter plane for decades.
GE has attempted to manipulate the process by building a $51 million research center at the University of Dayton and continuing to work on the unwanted engine with close to 300 employees in Vandalia.
GE seem to think by spending its money on the project that obligates American taxpayers to allow its engine project to go forward. No thanks Government Electric.
Monday, January 24, 2011
General Electric (NYSE:GE) Has More Upside Says Goldman (NYSE:GS)
Even though the announcement that General Electric (NYSE:GE) CEO Jeffrey Immelt will be leading a government business committee for the Obama administration, something that leads him and GE susceptible to conflicts of interest, Goldman Sachs (NYSE:GS) believes the company still has some upside to it, even after their recent boost in share price.
Specifically noted by Goldman as GE catalysts are continuing industrial equipment orders. Overall, Goldman sees another 17 percent upside for the company.
Goldman increased their 2011 EPS from $1.30 to $1.35 and 2012 from $1.60 to $1.70. They also introduced EPS for 2013 of $2.00.
There is also a high probability they will have a GESC dividend to the parent sometime in 2011. The market has 2012 as the target for that to happen.
GE was trading at $20.03, up $0.29, or 1.47 percent, as of 1:45 PM EST. They boosted their price target on GE from $22 to $23.
Specifically noted by Goldman as GE catalysts are continuing industrial equipment orders. Overall, Goldman sees another 17 percent upside for the company.
Goldman increased their 2011 EPS from $1.30 to $1.35 and 2012 from $1.60 to $1.70. They also introduced EPS for 2013 of $2.00.
There is also a high probability they will have a GESC dividend to the parent sometime in 2011. The market has 2012 as the target for that to happen.
GE was trading at $20.03, up $0.29, or 1.47 percent, as of 1:45 PM EST. They boosted their price target on GE from $22 to $23.
Jeffrey Immelt, General Electric (NYSE:GE) in Bed with Obama
The announcement that General Electric's (NYSE:GE) CEO Jeffrey Immelt will head up Obama's new Council on Jobs and Competitiveness is an unmitigated disaster, and it will come back to haunt the company for sure.
This is so outrageous, Immelt should be pressured to step down immediately and lick his wounds. Most will forget about if he's willing to admit his mistake, which is so much a conflict of interest that it's hard to believe pressure won't mount up extraordinarily on him.
The panel itself is just a show panel anyway, created to make the anti-business Obama suddenly appear friendly to the private sector, which is being devastated daily by Obama's radical socialist agenda.
Laughably, this is what was said, “Jeff Immelt’s experience at G.E. and his understanding of the vital role the private sector plays in creating jobs and making America competitive makes him up to the challenge of leading this new council.”
Immelt has been sucking on the public sector trough to build up General Electric, which is embracing the so-called green agenda, and his placement on the council will allow him to simply reinforce the disastrous policies of the Obama administration which is doing so much harm to the country.
Immelt and General Electric have back up Obama so much it's on the verge of being irresponsible. Every bit of it is to gain favor for government contracts and perks for the green strategy of GE.
One example is Immelt's backing of the outrageous plan for global warming fees. That's when thousands of scientists say the science behind global warming is suspect and unproven, and we're probably entering into a cold period for decades, rather than a warming. There's also the fact that the world has been cooling for the last decade as well.
The global warming fee fiasco is in direct relationship to benefiting Immelt and General Electric in their “Ecomagination” line of windmills, solar panels, and other boondoggles.
All of that is fine if there's really a demand for it and is done in the context of the free market. But General Electric has almost become an extension of the Obama administration in pursuit of unconventional energy sources, and is extracting tax breaks and other perks in order to push their business agenda out.
Probably the most outrageous was Immelt's backing of the controversial and unwanted nationalization of health care, which would enormously benefit General Electric via their medical equipment segment.
The fact that Comcast was given the go-ahead to acquire General Electric's NBC by Obama is a testament to the favoritism Immelt and General Electric is enjoying with Obama.
Evidently Obama's description of being pro-business is to be pro his political agenda. Jeffrey Immelt is all of that and more, and should be pressured to step down immediately before this silly and anemic so-called business council gets some legs under it, if it ever does.
If I was a competitor, I would be screaming until he was removed from his post.
This is so outrageous, Immelt should be pressured to step down immediately and lick his wounds. Most will forget about if he's willing to admit his mistake, which is so much a conflict of interest that it's hard to believe pressure won't mount up extraordinarily on him.
The panel itself is just a show panel anyway, created to make the anti-business Obama suddenly appear friendly to the private sector, which is being devastated daily by Obama's radical socialist agenda.
Laughably, this is what was said, “Jeff Immelt’s experience at G.E. and his understanding of the vital role the private sector plays in creating jobs and making America competitive makes him up to the challenge of leading this new council.”
Immelt has been sucking on the public sector trough to build up General Electric, which is embracing the so-called green agenda, and his placement on the council will allow him to simply reinforce the disastrous policies of the Obama administration which is doing so much harm to the country.
Immelt and General Electric have back up Obama so much it's on the verge of being irresponsible. Every bit of it is to gain favor for government contracts and perks for the green strategy of GE.
One example is Immelt's backing of the outrageous plan for global warming fees. That's when thousands of scientists say the science behind global warming is suspect and unproven, and we're probably entering into a cold period for decades, rather than a warming. There's also the fact that the world has been cooling for the last decade as well.
The global warming fee fiasco is in direct relationship to benefiting Immelt and General Electric in their “Ecomagination” line of windmills, solar panels, and other boondoggles.
All of that is fine if there's really a demand for it and is done in the context of the free market. But General Electric has almost become an extension of the Obama administration in pursuit of unconventional energy sources, and is extracting tax breaks and other perks in order to push their business agenda out.
Probably the most outrageous was Immelt's backing of the controversial and unwanted nationalization of health care, which would enormously benefit General Electric via their medical equipment segment.
The fact that Comcast was given the go-ahead to acquire General Electric's NBC by Obama is a testament to the favoritism Immelt and General Electric is enjoying with Obama.
Evidently Obama's description of being pro-business is to be pro his political agenda. Jeffrey Immelt is all of that and more, and should be pressured to step down immediately before this silly and anemic so-called business council gets some legs under it, if it ever does.
If I was a competitor, I would be screaming until he was removed from his post.
Friday, January 21, 2011
General Electric (NYSE:GE) Outperforms on Finance, Equipment Orders
General Electric (NYSE:GE) beat analysts' expectations in the fourth quarter, led by a strong performance in finance and growing equipment orders.
Earnings in the fourth quarter surge 31 percent to $3.9 billion, or 36 cents a share, a gain of 33 percent over last year in the same quarter.
For the year, revenue grew to $41.4 billion, a gain of 1 percent. That also beat expectations of a 4 percent drop in revenue to $39.9 billion analysts were looking for.
Chairman and CEO Jeff Immelt said, "GE ended 2010 with three consecutive quarters of strong earnings growth."
No specific guidance was given by Immelt, although he said on a conference call with investors that he sees earnings rising going forward, and the fourth quarter "was a good precursor for what we'll see in 2011."
General Electric was trading at $19.44, gaining $1.01, or 5.45 percent, as of 11:46 AM EST.
Earnings in the fourth quarter surge 31 percent to $3.9 billion, or 36 cents a share, a gain of 33 percent over last year in the same quarter.
For the year, revenue grew to $41.4 billion, a gain of 1 percent. That also beat expectations of a 4 percent drop in revenue to $39.9 billion analysts were looking for.
Chairman and CEO Jeff Immelt said, "GE ended 2010 with three consecutive quarters of strong earnings growth."
No specific guidance was given by Immelt, although he said on a conference call with investors that he sees earnings rising going forward, and the fourth quarter "was a good precursor for what we'll see in 2011."
General Electric was trading at $19.44, gaining $1.01, or 5.45 percent, as of 11:46 AM EST.
Thursday, January 13, 2011
GE (NYSE:GE) CEO Jeffrey Immelt Wants Energy to be More Expensive
Pretty soon we may have to start calling General Electric (NYSE:GE), Government Electric, as they're increasingly dependent on government programs and influence to be successful, as evidenced by CEO Jeffrey Immelt's call for for making fossil fuels used by the majority of Americans to be made more expensive in order that products GE is working on will increase in demand.
This is only because General Electric has foolishly entered the so-called "green energy" sector, and consumers simply have no desire to pay the outrageous prices it calls for.
Immelt knows he and General Electric will get screwed if the high prices of the energy he espouses continue on, as they've committed huge resources to it.
Immelt incredibly said, "There has to be a price on carbon."
That's all Americans need is for an elite and wealthy man and company like General Electric to influence lawmakers to make energy we all use more expensive so he and GE can make a huge profit.
Maybe it's time to call Jack Welch back to GE so they can focus on making money and giving consumers what they want.
Americans have spoken, they want inexpensive energy, energy they can afford, and using the government to force us to have it is outrageous; not only because of the ongoing recession, but because a free market should dictate what type of energy we're going to use, not a CEO of a giant corporation with dollar signs in his eyes.
This is only because General Electric has foolishly entered the so-called "green energy" sector, and consumers simply have no desire to pay the outrageous prices it calls for.
Immelt knows he and General Electric will get screwed if the high prices of the energy he espouses continue on, as they've committed huge resources to it.
Immelt incredibly said, "There has to be a price on carbon."
That's all Americans need is for an elite and wealthy man and company like General Electric to influence lawmakers to make energy we all use more expensive so he and GE can make a huge profit.
Maybe it's time to call Jack Welch back to GE so they can focus on making money and giving consumers what they want.
Americans have spoken, they want inexpensive energy, energy they can afford, and using the government to force us to have it is outrageous; not only because of the ongoing recession, but because a free market should dictate what type of energy we're going to use, not a CEO of a giant corporation with dollar signs in his eyes.
Monday, December 27, 2010
General Electric (NYSE:GE) Forges Joint Ventures with Russian Companies
Focusing on high-tech medical diagnostic equipment and gas-powered electricity generation turbines, General Electric (NYSE:GE) has entered into partnership with a couple of Russian businesses to manufacture and sale the products and services in Russia.
General Electric and CEO CEO Jeffrey Immelt have stated in the past that emerging markets like Russia are the place it wants to invest in for growth, as the American market matures in most sectors and segments.
The two companies General Electric will work with are Russian Technologies and INTER RAO UES JSC, both state-owned firms.
Russian Technologies will work with GE on high-tech medical diagnostic equipment, while both companies will work with GE on the turbines.
GE was trading at $18.14, up $0.10, or 0.53 percent, as of 1:26 PM EST.
General Electric and CEO CEO Jeffrey Immelt have stated in the past that emerging markets like Russia are the place it wants to invest in for growth, as the American market matures in most sectors and segments.
The two companies General Electric will work with are Russian Technologies and INTER RAO UES JSC, both state-owned firms.
Russian Technologies will work with GE on high-tech medical diagnostic equipment, while both companies will work with GE on the turbines.
GE was trading at $18.14, up $0.10, or 0.53 percent, as of 1:26 PM EST.
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