Jeffrey Immelt, proclaims it unfair and unwise to cap executive pay, because good employees will defect to European or Asian competitors.
By Daniel at 7 February, 2009, 3:19 am
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This statement came from a Company that recently received 132 BILLION in USA Taxpayer provided / GE Capital debt guarantees through the FDIC, just coincidentally just before Mr. Obama was elected, but at the same time Bank of America, JP Morgan, AIG, Wells Fargo and others received TARP money. Guaranteeing debt is virtually the same as lending cash. Mr Immelt illustrates the arrogance of power and needs to be humbled by the USA taxpayer.
“We the People of America” keep GE Capital’s ship afloat to the tune of 132 Billion and all we get is arrogance and self righteousness! Surely, one company should not have been given such special treatment. Mr. Immelt is very smug about his manuevering government agencies before the Republicans left office.
Rather tha being gracious for the generosity of the USA Taxpayer, Mr. Immelt arrogantly claims he deserves his annual salary of $19,600,000 plus perks, while the in fact the company would now be in serious troble with the FDIC guarantees that were provided in during August, Sept or October of 2008.
Please President Obama put Mr. Immelt and GE in their place by applying the same rules as others must comply with under the TARP when in fact GE under the TALP (Temporary Assistance Liquidity Program) renders the same benefits trough TALP as TARP participants. Few CEO’s in history have destroyed as much shareholder value as Immelt. He is a pompous clown. If he really cared about GE, he would resign. GE has a paternalistic old boys club for a board that tolerates his lack of performance because they are the truly clueless. The lack of Ethical Conduct by the CEO of GE is proof positive of the corruption and greed in Corporate America.
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