About Me

Friday, February 25, 2011

Crony Capitalism

Obama’s Top Adviser on Job Creation Has Presided Over a Company That Shed Jobs | CNSnews.com: "President Barack Obama named Jeffrey Immelt, chief executive officer of General Electric since 2001, as chairman of the jobs council last month. GE faced hefty fines from the Securities and Exchange Commission in 2009 and 2010.
According to GE’s own Web site, in 2005, GE employed 160,000 U.S. workers. By 2009 that fell to 138,000. Meanwhile non-U.S. jobs gradually increased from below 160,000 in 2005 to about 170,000 in 2008. But in 2009, the figures dropped below 160,000 jobs again."

Crony capitalism.

No comments:

Post a Comment