Obama hires failed GE CEO for jobs council

[30ashopper]

President Obama has asked me to chair his new President's Council on Jobs and Competitiveness. I have served for the past two years on the President's Economic Recovery Advisory Board, and I look forward to leading the next phase of this effort as we transition from recovery to long-term growth. The president and I are committed to a candid and full dialogue among business, labor and government to help ensure that the United States has the most competitive and innovative economy in the world.

Jeffrey R. Immelt - A blueprint for keeping America competitive

Pffft, this guy loves to outsource jobs, and as far as his performance goes at his day job..

GE Stock Charts - (NASDAQ) General Electric Co Stock Charts


need I say more. The country's doomed. Nice pick Obama!

 

[Here4Good]

Just out of curiosity, who do you think would have been a good pick?

 

[AndrewG]

Immelt has driven GE into the ground. They have all their eggs in Obama's agenda like green energy & Obamacare etc. The decisions being made today have very little to do with America's best interests. Appointing Jack Welch would have been a smart move.

 

[Here4Good]

I would disagree - Jack Welch did not create any jobs. His management practices were all about shareholder wealth, not innovation or "what is best for the country". He slashed, and I do mean slashed, jobs at GE to get that done.

He had some very smart divisional VPs who created new products and made the company a lot of money.

I think shareholder wealth is the only part of the economy which is going in the right direction. I'd rather see one of those smart VPs get the job.

Honestly, it's all window dressing anyway. It's about GE maintaining their preferred status with the government, which they have managed to do regardless of who is in the White House. I mean, what other consumer goods manufacturer had themselves reclassified as a bank to get TARP money?

 

[AndrewG]

Look at GE's performance under Welch and then look at Immelt. If you aren't aware of the vast differences do a simple search or look at the stock performance. Immelt should have been fired by his own company standards of firing the bottom 10% each year.

Welch didn't get lucky if that's what you think. He had vision. Immelt soon after taking the top post paid 1.8 billion for a company that was virtually worthless two years later. Welch had advised him not to. Nevermind Immelts wonderful decision to hunker down on mortgage debt in England before the crash.

FYI if job creation is your deciding factor do you have any idea what percentage of GE staff Immelt layed off in the last three years? Not including those shipped overseas.

 

[Here4Good]

Look at GE's performance under Welch and then look at Immelt. If you aren't aware of the vast differences do a simple search or look at the stock performance.

I am not disagreeing with you in the least - I said that Welch created shareholder wealth. He just didn't create jobs.

I also didn't say that the new guy was a good pick. I was just asking who would be a good pick.

 

[30ashopper]

Just out of curiosity, who do you think would have been a good pick?

Somebody like Eric Schmidt would have been better, IMHO. GE's been shipping jobs to india and china for over a decade. It's a little concerning to me he's now heading a 'competitiveness' council.

 

[Here4Good]

Somebody like Eric Schmidt would have been better, IMHO. GE's been shipping jobs to india and china for over a decade. It's a little concerning to me he's now heading a 'competitiveness' council.

That would have been interesting. And, of course, he's available.

It would have signaled that the US intended to compete in the new century, rather than the last.

 

[poppy]

If only GE had some cash reserves,:scratch:they could do wonders as things turn around.

 

[Mango]

Interesting choice since GE is really boosting up the job market with green jobs...........in Russia! :roll:

GE is investing in a major new manufacturing facility for producing the Fairfield, Conn.-based multinational?s state-of-the-art combined heat-and-power systems. The investment is the centerpiece of a major effort to promote ?local? manufacturing expertise and technology capacity. It will be built near the Russian city of Rybinsk.

I'm guessing this was the reason the missile defense program in Poland was canceled.