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.

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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.

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Obama Disbands the “Jobs Council,” No More Unemployment Problem?

Drudge ran the headline ” Mission Accomplished Obama Ending Jobs Council.” This is an obvious reference to President Bush’s premature declaration of victory in Iraq. But really, it is “mission accomplished” for Obama.

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