This is what globalized crony capitalism looks like, GE’s (former) CEO Jeff Immelt

He was one of the crony “kings” until yesterday. Once the toast of the Obama White House, (he headed the “Jobs Council”) the shareholders of General Electric gave him the ole’ heave ho earlier than expected.

Of course Immelt leaves the scene an extremely wealthy man and much of this wealth comes courtesy of US taxpayers.

Read More

One of the kings of cronyism gets axed

Jeff Immelt is gone from the head of GE. 

Immelt rode the “green rush” for what it was worth and “successfully” engineered a bailout of his company before that. Even still,  GE’s stock has underperformed for years. (Though it has done better since jettisoning Genworth.)

Times (and markets) change and so do CEOs.

Read More

Government Electric “Bribed” Up to Boston

So long Fairfield County…Howdy South Boston.

GE has decided to pull up stakes in Connecticut for the even friendlier climes of Massachusetts. All it took was $145 million from Boston taxpayers.

Don’t worry, I’m sure it’ll be recouped. No way the move is just a headline grabber for the mayor and that in the long run it will cost Bostonians. That sort of thing never happens with this sort of corporate welfare.

Read More

Taxpayers bailed out GE Financial in 2008, Now GE is selling off GE Financial, No “Thank You” to taxpayers

GE got caught with its pants down. It over leveraged itself like much of Wall Street before the 2008 Crash and then begged Hank Paulson in Bush’s Treasury to save the company from its bad bets. Which Paulson did – or rather WE did. Now, fully indemnified and then some, GE is getting rid of its financial division. Exiting the scene free and clear. No problem. No pain. Everything’s fine. No Thank You to the taxpayers.

Read More

GE CEO: I Will Not Release Hillary Clinton State Department Emails

Just call Jeff Immelt CEO of GE “The Breeze.” He seems to go wherever the crony winds blow. Buddies with Obama. Buddies with Hillary. Killing light bulbs. Getting renewable energy subsidies. Getting bailed out in 2008 when GE Financial got caught with its pants down.

Read More

Crony Duo: Bill Clinton and GE CEO Jeff Immelt team up to defend crony capitalism and Ex-Im

Ex-Im isn’t just “Boeing’s Bank.”

If there are 2 guys who know about and have benefited from crony capitalism Bill Clinton and GE CEO Jeffery Immelt are those guys. They are political business people. They are fully on board with the corporate state. They believe that government and business should partner. They see no problem with crony capitalism. The stronger the partnership between government and business the better because that means more risk is underwritten by the US taxpayer while the crony class gets to reap the profits.

Read More

Obama’s “Power Africa” means a billion dollar payday for General Electric

“The interaction between government and business will change forever. In a reset economy, the government will be a regulator; and also an industry policy champion, a financier and a key partner.” – Jeffrey Immelt, CEO of General Electric

From the first days of this site we have chronicled GE’s mastery of the crony capitalist system. The company is extremely good at leveraging its size and political connections. Arguably there’s no company that works the system better.

Read More

GE CEO Privately Says Obama Is Going In the Wrong Direction

Jeffery Immelt, CEO of General Electric and in the running for King of Crony Capitalism (with Warren Buffet), now says that Obama is doing a poor job. He is afraid that big business is being vilified by the administration

I guess now that the green energy subsidies are drying up so is his support for the president.

Read More