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In a 60 Minutes interview on Sunday, Obama’s chosen go-to guy on job creation, General Electric’s chairman and CEO Jeffrey Immelt, our Jobs Czar, had this to say about the misconceptions of those protesting Wall Street in over 800 cities across the nation by the tens of thousands,
I want you to root for me. Look, every one in Germany roots for Siemens, everyone in Japan roots for Toshiba, everyone in China roots for China South Rail, I want you to say, win GE.
I think this notion that it’s the population of the US against big companies is just wrong.
Well Jeff, let’s take an unvarnished look at the differences between those companies in Japan and Germany as regards the ratio of pay for a ceo to that of the average worker compared to ceo’s like yourself in American corporations, shall we?
In Japan the ratio of pay for a ceo compared to that of the average worker is…… 11 to 1,
In Germany that ratio expands to a dizzying…… 12 to 1,
and in the the old US of A Jeff ?….. it’s 475 to 1.
In addition Jeff, your company has one of the worst records of any American corporation for exporting American jobs overseas. Since you assumed control of GE, you have cut one-fifth of your company’s U.S. work force while increasing the number of your companies overseas employees dramatically. Your company, the largest corporation in America, paid no taxes in 2010 despite making $145.2 billion in profits and receiving nearly over $5 billion in federal subsidies in that same period.
The adage “with friends like you, who needs enemies” comes to mind.
You and your ilk, as well as those who appointed you to the position you now hold in government, belong in jail for destroying the economic well being of millions here and abroad, and for forcing the American population into the streets to address the problem because of the harm you have caused to the machinery of democracy in America.
72 Comments
I’ll bet jeff’s pay is over $1000 to $1 when you include the overseas slave wages.
Here’s a list of examples of the pay ratio for CEO’s compared to the average worker by country
Japan……… 11 to 1
Germany……..12 to 1
France………15 to 1
Italy……….20 to 1
Canada………20 to 1
South AFrica…21 to 1
Britain……..22 to 1
Mexico………47 to 1
Venezuela……50 to 1
United States..475 to 1
Perhaps Jeff needs to further contemplate on our reasons for taking to the streets by the tens of thousands? What better place to find some time to gain a little perspective than in jail .
Slaves everywhere as far as the eye can see apparently for Jeff and his cronies.
The question is should we consider a product bought in America which is produced by an American corporations such as GE, American or foreign or should we put a tariff on it before allowing it to be sold in the country ?
Just what we need. A corporate CEO telling people to “buck up” at a time of record unemployment and wealth inequality more extreme than it was during the Middle Ages.
Thanks, Jeff.
Was that the middle ages before or after the advent of habeas corpus Jane , just wondering ?
Off to slay dragons now.
What does it say about Barack Obama’s judgment and commitment to creating jobs in this country that he chose Immelt, a certified card-carrying member of the jerk-wa-zee, to be his jobs czar?
That he has a sense of humor ?
At least Andrew Mellon was more concise when he advised Herbert Hoover to “liquidate labor, liquidate stocks, liquidate farmers, liquidate everything.” Nor did Mellon cloak his dog-eat-dog economic views in Old Glory.
Obama is interested in protecting only one job: his own.
Me- last night as i watched this oblivious m.f talk -volume up blood pressure up- volume down blood pressure down.
Clueless to the maximum.
At least the peasants had half the year off for religious festivals. We have a handful. That’s one of the things I like about OWS. They work and play.
What does it say about Obama’s Job Czar that he was ever so happy to have 60 Minutes film him in BRAZIL bragging about the jobs he’s sent to BRAZIL?!! Then he declares his fundamental priority — stockholders over country. I applaud his integrity in making his priorities crystal clear.
I noticed he opened the piece with a nod to his right-wing family. I mean is he just making a fool of Obama or what? Has Obama lost the capacity to even tell?
I am firmly convinced Barack Hussein Obama, constitutional law professor, was bred in a test tube by the Bilderberg group.
There is simply no other explanation that fits the facts .
It says that he does not know how to read people and figure out who can help him out. He doesn’t know who his friends are. He thinks if he “compromises” and gives in to what Republicans want, they will like him and invite him in to their private parties. I don’t know how that Jeff guy can stand up on TV and be seen all across America, knowing that his company not only did not pay taxes but got a refund, and not only did not create any American jobs, but all their jobs are in China, has a lot of nerver saying what he said. He needs to be tarred and feathered, and ridden out of town on a rail, like they used to do in the old days to the con men.
So I should be cheering louder Mr.
EmanuelImmelt? Obama’s (overseas) Jobs Czar is an arrogant moron.In Kenya no doubt. That would sure please teh Orly.
wow!!!!this guy is full of himself….I really feel he thinks we American’s are stupid and should buy into his greedy corporate BS!!As an American we should only purchase items made in America… we have so been sold out by corporate greed, and it makes me sick to think how little he has invested into his own Country….HE IS A CON ARTIST…AND A PUPPET FOR OBAMA’S LIES…….I’m not buying it.
“I think this notion that it’s the population of the US against big companies is just wrong”.
And I think you have shit for brains.
“With friends like you, who needs enemies?”
Anyone mind if we ask that question of the guy sitting next to Immelt in the Video?
Thanks. I didn’t think so. :o)
Another MOTU has been dissed by the little people:
Amid Protests, Blankfein Cancels College Talk
Truth to tell, I’m not too mad at Immelt; he’s just another greedhead “Babbit”.
It’s the corporate sockpuppet of a preznint that has utterly yielded the bully pulpit to the assholes who are ruining this country, who is allowing this shit to go on.
I am sick to Fucking Death of these clueless CEOs whining that they have an obligation to the stockholders/shareholders. Your primary obligation is to your employees who made the company what it is and gives you the lifestyle you enjoy. Your next obligation is to the country that provides you with resources and protection to do business. Last on the list are the parasite stockholders/shareholders who have done and do nothing other than plunk down money for a stock certificate. They add no tangible value or assets to the company.
They are not engineers, chemists, analysts, scientists, machine operators, sales staff, support staff, accountants, or janitors. They do no labor or work yet they are always at the head of the line with their hands out expecting to be coddled and taken care of first.
Isn’t this friggin’ typical. What a bunch of clueless morons. Obama included for appointing this tool. A job czar that ships thousands of jobs OUT of this country. REALLY Obama?
duh.
An OBAMANIBLE Pick, with MisCONconceptions, Indeed! He and the Baracketeer put GE shill Raygun To SHAME!
i’ve seen this graphic about ratios of CEO pay to worker pay in various countries. I thought i saw numbers showing how it’s gotten worse in US in the last 40 or 50 years. can’t put my hands on it. Anybody?
May dawg bless this diary and diary author.
Thass what I’m tawkin about . . . *bows*
N in case Immelt don’t understand the message, lemme clarify it for ya, ya putz:
Fuck you, you fucking fuck.
Harumph.
Occupy Everything.
“Last on the list are the parasite stockholders/shareholders who have done and do nothing other than plunk down money for a stock certificate. They add no tangible value or assets to the company.
They are not engineers, chemists, analysts, scientists, machine operators, sales staff, support staff, accountants, or janitors. They do no labor or work yet they are always at the head of the line with their hands out expecting to be coddled and taken care of first.”
SO true, this is how the upper 1% make their profit and they are rarely the ones who do the investing . They usually find people who are actually smart and have them do it for them. This is ordinarily the extent of their contribution to society.
Bullshit.
It all says that Obama works for the 1%, and lied about it to get erected.
He’s gone in ’12 . . . end of story.
Stop making excuses for him . . . it’s disingenuous.
N we ALL occupy on.
“Fuck you, you fucking fuck.”
Ah, that was how my post ended before I thought I should attempt to use more words as a conclusion and rewrote it .
Of course , sometimes less is more isn’t it .
N that gives shit a bad name, too.
Fuck Immelt, he’s a fucking fuck, like all the 1% n their minions.
Occupy it all.
I’m STILL chair waltzing over n over to QMS n Dino’s sad love song. I blame you. ;-)
Worst ear worm I’ve had in ages . . . think it’s in BMinor, was pickin to it all day on my dobro.
Wish Kelly would wade in on the incredible piano work by Mark Naftlin on that . . . LeSigh what a song for a rainy day today. Or any decade . . .
I think that is probably too kind and lenient Ali.
This one is a genetic experiment, something of the scare crow and the tin man combined I suspect.
Yeah, loyalty.
Ya buy a politician, they stay bought.
*spits*
Howdy Tan . . . hope all is well, allus great to c yer fonts!
Well if you get really desperate in the future … you can get it for pennies on the dollar at Wallmart.
ABOVE the next highest BANANA REPUBLIC$!
Big Business and the right have been at war with the population of the US since Nixon.
Attack of American Free Enterprise System
In this 1971 memo to Eugene Sydnor at the U.S. Chamber of Commerce, lawyer Lewis Franklin Powell Jr. calls for business to play a more activist role in American politics. The memo was written two months before President Nixon nominated him to the Supreme Court. The memo is credited with inspiring the founding of many conservative think tanks, including the Heritage Foundation, the Cato Institute and the Manhattan Institute.
Oh and btw…GE forced drastic cuts in benefits for salaried workers in 2011. As a contractor at a large GE facility I was aware of all the GE corporate BS. My GE coworkers were stunned by cutbacks in the health care benefits starting in 2011. Billions in profits, millions of jobs shipped overseas and no taxes paid while they slash their employees health benefits. Nice selection for yer jobs czar there, Obama.
There’s a New York State Of Mind ingrained in me that often comes out when I comment here at FDL about political and social injustice.
“Gimme an F!”
“What’s that spell, what’s that spell, what’s that spell!!!!”
Course that was Berkeley’s own . . . a coast and continent away from the NY State Of Mind . . .
Thanks for your diary, I DO feel better now . . . ;-)
Like I said, FYYFF!
As opposed to FTY!
Heh, I love Derek Jeter n ARod, but I hate the Yanqui money almost as much as I hate the Wall St Yanqui Money.
*G*
Thanks for more background on GE . . . . weren’t the Borax 20 Mule Team commercials from Reagan’s hosting of Death Valley Days all GE based?
It all grew like a viral parasite that consumes its host . . . I hated Nixon, then Reagan, and well, I was drunk for the rest of them since . . . now I hate Clinton as much as them or the Bushies or Obama . . .
Nasty viral shit all of them . . .
I have to throw in a little disagreement here. immelt is not clueless, nor is he a moron. He is a businessman who represents everything that 0 wants to be. 0 made some inane statement about immelt when 0 chose him to be the ‘jobs czar’ for job creation; something about immelt knowing how to create jobs and how the job situation would turn for the better now with him in that position. You can read an msm explanation here. 0 was now going to dedicate himself to creating jobs and the country to inventing stuff.
Hey I’m a New Yaawkah myself.
nixon was bad in many ways, but he was far to the left of 0. Both nixon and lbj would have been considered great presidents if they had the good sense not to fight in VN. The war and destruction in VN overrode the good stuff that they did, and it caused them to do other bad things, especially in the case of nixon.
We who represent the lollipop guild welcome you to munchkin land .
http://www.youtube.com/watch?v=k_CAs3q7G48
And we’re still waiting to see that turn for the better…
GE made and sold the leaking nuke plants to TEPCO in Japan and around the USA. They make huge war profits and have for many decades. They are not loyal to USA just to the money they squeeze out.
Pay no taxes and collect corporate welfare as well. Take good look at what this company does the environmental damage.
A wonderful illustration of how far right the country has moved since the mid 70′s, Kagan replaced Stevens, a republican appointee from 1975, widely seen as the most liberal justice serving on the scotus.
Kagan was also a great pick because she has had to recuse herself endlessly because of being Obama’s solicitor general before taking the bench.
A real win fall for opponents of basic constitutional rights,and supporters of the unitary executive and all things Bush.
LOL
Geez, nothing like watching that video to just make your blood boil…
Obama and his crooked stooges needs to see this simple video to understand what Occupy Wall Street is all about:
Alan Grayson Shreds P.J. O’Rourke on #OccupyWallStreet
Econ. 101: Alan Grayson Schools P.J. O’Rourke on OWS
http://videocafe.crooksandliars.com/scarce/econ-101-alan-grayson-schools-pj-orourke
CEOs big on cost per share. Empathy, not so much.
If they notice workers at all, they see them as expenses, little cost centers.
Remember that employees own stock too, usually through their 401(k)s. But they want to keep the jobs around.
I understood that in Japan it was no more than 40 to 1, by law. I’d settle for 50 to 1.
ew had some things to say about that appointment, none of them favorable to either the appointee or the appointer.
Thanks for this link.
Germany–> unionized workforce and social safety net that includes national healthcare
Japan–> ditto, plus a culturally reinforced respect between workers and management
USA–> corporations actively oppose unionization, off-shore jobs with impunity, and actively support the erosion of the social safety net
We shouldn’t cheer on those that are actively harming workers as a whole simply because some portion of corporate success may accidentally slop onto us peons.
When I see headlines trumpeting the hiring at some multinational, I’m usually struck by two things– how few jobs they create here for the level of production that they extract from overseas, and how the combination of tax breaks and outright cash subsidies means that taxpayers could often afford to pay each new worker $50k a year for a decade and still come out ahead.
It seems like showing how wrong and out of touch Obama and his team are about Americans and their hardships is a sick sport to these guys. Like pulling legs off a bug.
Everyone in Germany does not “root” for Siemens; they have very strong labor unions to keep corporate greed in check.
Wily welfare capitalist: Werner von Siemens and the pension plan
Jakub Kastl • Lyndon Moore
“The German firm of Siemens and Halske introduced many enterprising features of what later came to be known as welfare capitalism in the mid-nineteenth century. Profit sharing, annual bonuses, a pension fund, a reduction in work hours, and an annual party were all means to ensure a productive, trouble-free workforce. We investigate the reasons why Siemens and Halske introduced this internal welfare system. We focus on the by-far most expensive part of the welfare system: the pension fund introduced in 1872, more than a decade before the nationwide social security system was implemented in Germany. We find that the adoption of the internal welfare system increased labor productivity, and in addition discouraged workers from striking. We estimate that the company’s gains due to strike prevention
and higher productivity were at least as high as the cost of the pension fund.
This suggests that (1) the introduction of a pension fund is not inconsistent with simple profit maximizing behavior on the firm’s side and (2) increased labor unionization induced firms to introduce subjective components of workers’ remuneration
packages.”
Nothing like being forced to watch a commercial for Big PHarma while waiting to hear why a Republican job czar, put into power by the supposedly Dem president, justifies sick disparities in pay by class while the middle class disappears.
Immelt and Obama exemplify “Full Spectrum Dominance” employed by Our Imperial Fascist Rulers.
http://www.larouchepac.com/node/19793
We’re going to wish to be the Forgotten Man when Obama escalates:
http://www.youtube.com/watch?v=70MECTuF7sg
The Obama Campaign’s New Theme Song:
http://www.youtube.com/watch?v=EMJNQDcHoCg
Edison screwed Tesla big time. Given Edison’s desire to not pay Tesla, it must have cost to much, we see the spirit of Edison, to screw people, in the corporate world of GE as both American and Chinese workers are exploited the way Edison exploited and fucked Tesla! Nothing new here folks……..just the players and names have changed?
Good grief, is there no end to Fascist Zero’s betrayal of the American people?! He appoints a robber baron like this to be his go-to jobs creation guy?! Who then proceeds to lecture us about how people in other countries love their major industries. This is the CEO world view, people love their oppressors, um you bet.
So we should love ours! Sure, we love having our jobs disappear, our government taken over by fascist yucks like this guy. And there is Zero sitting there worshipping his idol…it just makes me want to puke. The fact that CEO’s have a 475 to 1 salary ratio is the problem with American industry. They have to have slave labor to afford labor after they’ve siphoned off all their company’s profits into their pockets. This bullshit is killing us.
That he is a cynical, nihilistic, opportunistic piece of shit.
Wow that’s the first time I have heard Obama make a light hearted joke about technology that has killed scores of innocent men, women, and children abroad .
It’s probably by such devices he gets sleep at night. Nonetheless hearing him be casual about it to entertain the crowd is very disturbing.
Given enough time most of us say stupid things but this goes beyond the pale because it is rooted in facts such as death , maimed innocents and orphaned children.
I heard his drone kill rate is 10x that of Bush II.
He killed an American citizen, al Awlaki without judge or jury. Some say that Cheney nor Obama would have ever wanted to hear what that guy could have spilled in a court of law. I don’t know. But it is damn disturbing.
The only question is when will this be brought to “The Homeland.”
It seems obvious that you do not put policies into place in one administration and defend them to the teeth in the next if you do not plan on using them at a future date .
As has been pointed out before, Obama is more dangerous than Bush because the democrats and progressives that railed against these horrors under Bush have been quiet when they are embraced by Obama because talking about them in the open will hurt the “good guys” reelection chances.
Just another reason to add to the the overwhelming evidence that the two party system is broken, the ballot box dead and that direct civil disobedience and mass protest is our last card to play if we want to be included in the democratic process at all !
What drives me crazy is that the OWS movement justifies to 0 and his cohort a move further beyond the right wing. 0′s feelings and those of his base (the 1%) are hurt so they will ignore any idea that the problems exist. It is only class war when the 99% refuse to sit still.
*G*
Well, gee, what a fat head! We live to see you keep your shareholders happy, to watch you exploit opportunities through out the world (your investments abroad), and to get paid $13 an hour. Can I count the ways why we might be less enthusiastic than you are? Why your American employees might be less zippy about you than your Brazilian? So this is Obama’s idea of more employment: station himself at the foot of the table like a dog and beg for a morsel of a plant where a few workers can “make something” for $13 an hour. It’s really a thing of beauty there.
Time was I awaited “60 Minutes” creative exposures of malfeasance with anticipation. Their reporters used to do due diligence in adhering to the public’s right to know and calling wrongdoers to account. Sunshine being the best disinfectant.
Time is I have given up watching.
So, thanks very much, freeman and folk. You have stronger constitutions than I.
We need to start publicizing the true status of these “job creators.” Most Americans are still laboring under the idea that the large corporations are “ours.” They’re not; as pointed out, they have absolutely no allegiance to the US, except as they can pay to have laws written in their favor. The top management has no need to live in the US, work in the US, send their children to US public schools, or use the US crumbling transportation infrastructure.
I’m thinking that my sign for the next Occupy march will read:
JOB CREATOR JEFFREY IMMELT 1 MILLION JOBS “OUTSOURCED” HEALTH CARE AND RETIREMENT BENEFITS CUT SALARY: 10 MILLION
(I “estimated” the numbers)
Additional “American” corporations I’m sure will provide interesting info also: Caterpillar, Mobil, Bank of America …..
recommended and tweeted
excellent post and excellent points
Something like that.
GE has always been big on union-busting and anti-unions (eg: anti US worker). GE has always despoiled the environment and fought against environmental regulations.
People used to venerate Jack Welch because stockholders made good money back in the day. Not all stockholders are evil and shiftless assholes. Some are workers who get stock options as part of their pensions and are some are “average” citizens who invested in Wall St.
That said, with CEO pay going through the ceiling – as illustrated here – stockholders are often get short shrift through having to “fund” these worthless overpaid corporate CEOs and Board members – all of whom collude to scratch each others’ backs and ensure that they all get *insane* pay packages, golden parachutes when they FAIL at their jobs have to be fired (like the most recent CEO of Hewlett-Packard, Leo Apotaker, who got FIRED for failing on the job but walked away with million$$$, just like Carly Fiorina before him). Shareholders take it up the yin-yang when these “golden” boys and girls get overpaid and overcompensated to be fired.
The whole system is corrupt from start to finish, but US workers have been mystified and bamboozled with propoganda to overly identify with their oppressors and somehow make-believe that if the mega-wealthy actually pay a FAIR SHARE of taxes, the whole system will come crashing down.
Knock, knock, yoo hoo: the mega wealthy do NOT pay anything even close to a “fair share” of taxes, and guess what: the whole system has CRASHED DOWN because the wealthy are NOT paying a fair share of taxes. It’s bunkum to “believe” anything else.
Thanks for the post. Utterly unsurprised that a prima-dona WHORE like Immelt would bleat out crap like this. Of course, Immelt no doubt believes his own bullshit and thinks the peons should be toss palm fronds in front of him because of his magical splendidness. As far as I’m concerned, Immelt and his CROOK CEO buddies can all go stick it where the sun don’t shine.
More citizens NEED to be aware of the gross inequities between upper level CEO pay in the USA and that of other nations.
Recommended.