GE is one of the great American crony companies. Jeff Immelt, once head of Obama’s “jobs council” and current CEO of General Electric, has played the crony game extremely well. First in securing emergency financing courtesy of the American taxpayers because it screwed up royally. And then he was able to exploit various Obama era boondoggles which funneled money GE’s way on an ongoing basis. (Think wind turbines etc.)
Now Mr. Immelt is stamping his feet because it looks like GE may permanently lose the the sweetheart deals it has at the taxpayer underwritten Export Bank. This is crony capitalism full on.
General Electric was bailed out by taxpayers and has been stuffing its coffers out of Americans’ pockets ever since, but the corporate giant is shipping 500 jobs overseas after not getting its way on a major policy debate.
As reported by energy policy expert and free-market advocate Tom Borelli in Conservative Review and in the Wall Street Journal, GE threatened to relocate 500 American-based jobs overseas if Congress did not reauthorize the Export-Import Bank. Congress let the bank expire at the end of June, and General Electric CEO Jeffrey Immelt appears to be following through on his vow.
“It looks like Immelt is following through on his retaliation by claiming to move jobs overseas,” said Borelli.