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 Immelt actually came out in support
of the Occupy Wall Street movement last week at a Thomson Reuters event
in New York:
“Unemployment is
9.1% and underemployment is much higher than that, particularly among
young people that don’t have a college degree,” he said. “It is natural
to assume people are angry, and so I think we have to be empathetic and
understand that people are not feeling great.” [Full]
If
I'm a GE
stockholder, I'm ecstatic.
But then, had I gotten in on Ferdinand
Porsche's new venture 
in 1937, I'd have been tickled as well. For awhile.
Blah-Blah-Blah. Here's the real Imelt [via Empty Wheel]
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While Immelt was calling for manufacturing to stay in the U.S., his
company was at the same time shipping manufacturing jobs overseas by
canceling an order with an American-based wind turbine maker, ATI
Casting Service in LaPorte, Ind., so that GE could instead buy the
parts from a factory in China.
Recently, ATI made $30 million worth of investments
to buy,
convert, and modernize a shuttered factory in economically ravaged
Michigan so the company could provide more parts to GE as the green
economy expands with federal stimulus funding. But a Chinese firm
underbid ATI, and the factory faced having to lay off 302 union workers
and shutter the plant.
In an aggressive bid to keep the factory open, ATI
offered to match
the price of the Chinese producers. GE once again said they would
prefer to buy from China. The ATI plant is now closed, the jobs gone. [Full]
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I really think that the smarter fleas will wake one morning and
proclaim "Holy Crap - I'm not Fleaparty, I'm Teaparty!"
justin.credible
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