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futurevisionaries 04/22/2011 03:27 PM Report
jeff,
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winter 07/01/2009 11:13 PM Report
Not a guy I would want to work for. Seemed to refuse to let Charlie get in questions, by beating Charlie to the next paragraph and increasing the volume. Do read that Washington Post article on GE being the largest recipient of taxpayer bailout. I guess GE doesn't have any assets it wants to give up? By that standard my neighbors house being foreclosed on for him is a "too big to fail" proposition too. What does it say about capitalism when the worlds largest business has to resort to a socialistic handout? And media demimondes like Limbaugh keep convincing you its government that holds sway where determining where bailout money will be steered. Tokyo Rose Limbaugh ...HA!
nachtengel 06/29/2009 03:31 AM Report
oops,it looks like @NoPardonforMichaelMilken posted that last post sometime in between my typing and hitting send later this evening.
nachtengel 06/29/2009 03:30 AM Report
It's starting to become abundantly clear why Mr. Immelt, even with his nervous ticks, seems to smile like a fox in a hen house...
It seems the tides could be turning against him..
How a Loophole Benefits GE in Bank Rescue
Industrial Giant Becomes Top Recipient in Debt-Guarantee Program
http://www.washingtonpost.com/wp-dyn/content/article/2009/06/28/AR2009062802955.html?hpid=topnews
NoPardonforMichaelMilken 06/29/2009 02:22 AM Report
Interesting, isn't it, that Charlie scheduled Immelt's appearance the Friday before this damning story appeared in The Neoconservative Post?
http://www.washingtonpost.com/wp-dyn/content/article/2009/06/28/AR2009062802955_pf.html
How a Loophole Benefits GE in Bank Rescue
Industrial Giant Becomes Top Recipient in Debt-Guarantee Program
By Jeff Gerth and Brady Dennis
ProPublica and Washington Post Staff Writer
Monday, June 29, 2009
General Electric, the world's largest industrial company, has quietly become the biggest beneficiary of one of the government's key rescue programs for banks.
At the same time, GE has avoided many of the restrictions facing other financial giants getting help from the government.
The company did not initially qualify for the program, under which the government sought to unfreeze credit markets by guaranteeing debt sold by banking firms. But regulators soon loosened the eligibility requirements, in part because of behind-the-scenes appeals from GE.
As a result, GE has joined major banks collectively saving billions of dollars by raising money for their operations at lower interest rates. Public records show that GE Capital, the company's massive financing arm, has issued nearly a quarter of the $340 billion in debt backed by the program, which is known as the Temporary Liquidity Guarantee Program, or TLGP. The government's actions have been "powerful and helpful" to the company, GE chief executive Jeffrey Immelt acknowledged in December.
GE's finance arm is not classified as a bank. Rather, it worked its way into the rescue program by owning two relatively small Utah banking institutions, illustrating how the loopholes in the U.S. regulatory system are manifest in the government's historic intervention in the financial crisis.
The Obama administration now wants to close such loopholes as it works to overhaul the financial system. The plan would reaffirm and strengthen the wall between banking and commerce, forcing companies like GE to essentially choose one or the other.
"We'd like to regulate companies according to what they do, rather than what they call themselves or how they charter themselves," said Andrew Williams, a Treasury spokesman.
GE's ability to live in the best of both worlds -- capitalizing on the federal safety net while avoiding more rigorous regulation -- existed well before last year's crisis, because of its unusual corporate structure.
Banking companies are regulated by the Federal Reserve and not allowed to engage in commerce, but federal law has allowed a small number of commercial companies to engage in banking under the lighter hand of the Office of Thrift Supervision. GE falls in the latter group because of its ownership of a Utah savings and loan.
Unlike other major lenders participating in the debt guarantee program, including Bank of America, Citigroup and J.P. Morgan Chase, GE has never been subject to the Fed's stress tests or its rules for limiting risk. Also unlike firms that have received bailout money in the Troubled Assets Relief Program, or TARP, GE is not subject to restrictions such as limits on executive compensation.
The debt guarantee program that GE joined is administered by the Federal Deposit Insurance Corp., which was reluctant to take on the new mission, according to current and former officials who were not authorized to speak publicly. The FDIC also initially resisted expanding the pool of eligible companies, fearing it would add more risk to the program, the officials said.
Despite those misgivings, there have been no defaults in the loan guarantee program. It has helped buoy confidence in the credit markets and enabled vital financial firms to raise cash even during the darkest days of the economic crisis. In addition, the program has raised more than $8 billion in fees.
###
Clearly, Immelt told Charlie that he would be appearing in advance of this story to spin his way out of any public relations' woes. And Charlie, always on the lookout to suck up to the wealthy and powerful, did his usual least to make sure that the CEO had a full hour of Puff Ball questions and backslapping chuckles.
Public television sure ain't what it used to be.
NoPardonforMichaelMilken 06/29/2009 02:19 AM Report
Immelt may be self-absorbed, feeble, and dim-witted, but he's not so far proven to be the greedy, company-be-damned CEO of his former GE rival, Bob Nardelli.
And Immelt is in no way the tyrant, criminal, and thug that continues to epitomize the pathetic life of Jack Welch.
kyungkim 06/28/2009 12:17 PM Report
We can all agree that the American public education system especially at the secondary level (junior high and high school) is woefully inadequate falling behind in Math and Science to even developing nations. Recent article on the Economist further confirmed that American high schoolers by far have the most free time to their counterparts in Europe and Asia. Mr Immelt and the CEOs from other blue chip industries (microsoft, google, ibm, intel, verizon, exxon etc) who cares about the future of America, can do something about it. Why don't they pool their resources together and build model industry funded high schools geared towards excellence in Math and Science to produce the future engineers in their respective industries. Have these schools be at par with the rest of the worlds (not our current public system) so we can create a more skill pool of labor at home and depend less from skilled immigrants or outright taking our industries abroad. Perhaps having at least one such school in every metropolis in 50 states can go a long way in catching up to the rest of the world
robert 06/27/2009 03:28 PM Report
Great man
entreprenuer 06/27/2009 09:07 AM Report
Yes, American Business needs to think about being American. But, Congress must stop disincentivizing and burdening those who actually produce. THAT is a large reason why US manufacturing has declined. THAT is a large reason why the US moved to being a services oriented country. American business had no choice and we are now seeing the results of such burdens.
With runaway mandates on health care, unemployment, workers comp , taxes, regulation etc., insurance (read: trail lawyers and insurance lobby), Congress has driven up the cost of manufacturing so high that it has run American Business out of Business. Instead of more regulation and mandates, there must be incentives and investment.
China is just hoping Congress passes legislation aimed at taking down existing US manufacturers including "Card Check" and other poorly and hastily crafted (but well intended) legislation. We all need to get smarter...and that includes the American Public which needs to stop rewarding Congress for short term decisions which lead to long term destruction of the US.
esantoro 06/27/2009 05:49 AM Report
As CEO's go, at least Immelt participated in a dialogue about how business needs to think about the American community. I think he touched on many important points, including that many people saw this crisis coming but didn't care because they were making their stash and could not care less about the larger economic picture.
I still think we are dancing around the larger picture that American leadership, the oxymoron that it is, for the past thirty or forty years has not liked the way American ethnic demographics have been changing, thus have been creating a bubble economy of their own. It is hoped that that bubble has finally burst.
I think there is an American psychology that we are very reluctant to unmask, for doing so would take us into a dark aspect of what we are as a country, and always have been. Because we are reluctant to pursue such deeper understanding, we erect political, social, and economic rationalities that allow us to keep the _Pequod_ on its present course of destruction -- "Who ain't a slave?"
http://www.charlierose.com/view/interview/10384
KarenHurtz 06/27/2009 12:35 AM Report
What a pig. This guy represents the worst of greedy America. He tells the American factory worker to compete with Vietnam people making $75 a month. Meanwhile he sits on his ass using government loan guarantees to prop up what should be a collapsed company wollering in bankruptcy. It makes me sick.
RiskAverseAlert 06/26/2009 10:34 PM Report
GE Capital is worth $20 billion the man says. Then, why is the company's stock taking a headlong plunge and facing down a big goose egg? That's right, Z-E-R-O.
Jack Welch wrecked this company and now Mr. Immelt willingly holds the bag, backing the bankrupt globalization scheme that was great while it lasted, but is now coming unglued in a big way.
This is American leadership. The founders must be rolling in their graves...
TBarnette 06/26/2009 04:57 PM Report
New ideas is great. Specific new products would make me, as an investor in GE who has lost +60% or so...take reassurance in holding this stock at a loss...
tartufe 06/26/2009 02:54 PM Report
Damn he must be a CEO. Glib as a turkey gobbler.
He touted financial services. One might wonder. Financial services are aimed at acquiring money with OPM. Leverage in short. Short-cut mentality in other words. With that mentality do you want to fly in a plane powered by engines made with such a corporate mindset?
What per cent of GE’s financial services were made up of subprime loans? CDOs? CDSs? etc? How much of the egregious greed and the chaos did they contribute in other words?
Bettin he would outsource ALL GE mfg in a NY minute - despite his alleged corporate patriotism. 57%? offshore already? D'I hear that right?
He's too much of the 'presumptive' wise-guys ilk: Jamiie Dimon, doubtless Bobby Rubin, Larry Summers, Paulson, Bernanke yadda, yadda. The preponderance could spend some justifiable time in the hoose-gow on general prinicples. Say greed-by-presumptive-entitlement, or humanity-owes-us cause doggone it we're all so damn cute, handsome and deserving. Use the GITMO approach. Lock em up first, we'll think of soemthing later. And just like the GITMO guys, I'm bettin something would qualify - if nuthin else, just being too clever by fractions.
Paulp_Nonfiction 06/26/2009 02:35 PM Report
Dear Mr. Rose:
Great show, sir, as usual. Your interview with Mr. Immelt was very interesting. Now that the financial services segment/sector of GE has shrunk, stock analysts will need another excuse whenever they comment on the company performance. Multinationals like GE are part of our everyday lives. We must make sure that they remain strong and vibrant.
The company has gone through turbulent times (Things cannot always go well...The road got bumpy along the way...) Nonetheless, Mr. Immelt has shone great composure keeping the company afloat: That is when we see a true leader. Kudos to Mr. Immelt!
I like your show Mr. Rose!
Paulp Non-Fiction
Cicero 06/26/2009 01:30 PM Report
This guy is ON the money.
The Economists that have been on this show are so dishonest. That is to say is a diverse economy(one with a healthy manufacturing segment) better than a simplified economy? The economists would simply say "let the market work". Which typically makes businesses rush toward virtual slave labor offered in the 3rd world. Which brings up the point Can Everyone Work in the Service Industries, or Doctors or Businessmen? because that will be all that we are left with. The economists claim that WTO and free trade creates jobs. Well since the WTO China combination has happened the US has lost We lost 1/3rd of manufacturing jobs AND since the beginning of
Bush's presidency only 4Million new jobs have been created.
In a compilable period, the 1990s under Clinton and the Republican congress 15 Million jobs were created.
sh200kr 06/26/2009 01:15 PM Report
time to buy GE stocks? hahahahahaha~
REMant 06/26/2009 01:15 PM Report
Untrue, there's no problem solving a credit crisis and a recession at the same time, if you aren't thinking like a Keynesian or monetarist. However, he's certainly right that we have been drifting for decades in areas like R&D. But then he's back to "stimulus" again. The so-called stimulus will keep private sector recovery from happening, altho not as much as what the Fed is doing. The problem with health care is that it is not for the most part a health care problem, but a welfare problem, and that is because we have so many poor ppl. Most of the rest is a matter of inefficiency and what is left is the catastrophic insurance we really need, which ought not cost very much. What we are trying to do is to create insurance to provide welfare. That's the same thing Bernanke is doing. That's what the "stimulus" is doing. The only way it can do that, assuming no change in productivity, is by redistribution. But the recession is redistributing just fine by itself. What we need are efforts to create productive endeavor.
And Charlie, there's not now, nor never was any "freefall." An economy is not a stock mkt. That is Keynes-think, Charlie. It makes no sense. What there was, and is, are economic activities, mostly services, that were, and are, being sustained by money we don't have, ie, debt. Stock prices, including GE's, are lower, because this is not a just business slump, it is a DEFLATION, and a necessary one. Money isn't the measure of value, it is what the money buys. And you can't just create credit out of thin air to build wind farms, anymore than to finance welfare. It either comes out of someone's pocket, or it is saved.
If, BTW, GE is all for this corporate citizenship, etc, why are they selling off all of their consumer lines? I have a GE refrigerator, stovetop, freezer, dishwasher, clothes washer, iron, 2 VCRs (altho made by Panasonic and Samsung for them), water heater, a pile of compact fluorescent light bulbs, and some things I've probably forgotten. More than that if you count the Black & Decker products they've already sold off. That stuff is/was among the best made. I recently got rid of a 42-yr-old "garage" refrigerator that was still working and probably would have run, albeit inefficiently, for another 40+ yrs. I have a Telechron clock made in the '20s that still keeps good time. Why get out of all that, if not because the margin is/was too small? That's what the carmakers did, and I ought need say no more.
However, there is a fundamental dilemma here. As Karl Marx is reputed to have said "Sell a man a fish, and he eats for a day, teach a man to fish, and you lose a great business opportunity." Business is not in the education business, or even the machinery business, but in the service business, and that is a serious impediment to improvement. And besides looking for a faster buck, what a lot of Americans want is not a job, but nothing smelly or noisy to lower property values, or in the Adirondacks, etc. They are willing to live off China and Africa. To sell their inheritance for a mess of potage. Sure, they are saying it's globalization, free trade, etc. But theirs' is a ship of fools. The only solution is to torpedo it.