Jeff Immelt is all over the news today, hanging out with the Communist President Hu of China, and Barack Obama. Jeff Immelt is the head of General Electric, a company so big and diverse that when I was in college it was described as a good surrogate for the entire stock market (this was before Index funds).
So why did the Federal Government bail out GE Capital in 2008? GE Capital is NOT a bank, it isn’t a primary dealer in US Treasuries, it has no explicit or implicit guarantees from the government.
One explanation is very obvious – Jeff Immelt is one of the three “Business related” members who sits on the New York Federal Reserve Board.
List here
Now just how big of a conflict of interest is it for the head of a non-banking company with huge investments in loan portfolios to be sitting on the board of the most powerful Federal Reserve branch, which has huge power over things like setting interest rates – or buying up “troubled” assets like GE Capital’s non-performing loans. Ron Paul, are you awake?
GE just signed 5 deals to do buiness in China…. coal gasification, natural gas turbines, avionic systems for airplanes, high speed trains – and Mr Immelt was just appointed to head President Obama’s “Council on Jobs and Competitiveness”
In totally unrelated news, GE just reported a record increase of 51% in profits, and the sale of GE’s NBC to Comcast has been approved.
Now back to the important news – how about those NFL games? Anyone have an update on what Gabby ate for breakfast this morning?
So, these ganstas were chillin’ in the darkest deepest jungles of Chicongo, right? Restless. Restless.
Since the GWB administration the ‘feathering of one’s nest’ by politicians and the corporations that own them has become vulgar and breath taking. I ask myself, “do I spend my resources in an effort to change the course of a putrid ship of state or do I spend my resources so that myself and those I care about have a better chance to ‘run the rapids’ of difficult times ahead. I choose the latter.
HPaws I agree. The elite Republicrats (or are they Demoblicans?) are there for themselves, for money and power, so there remains only one to help my family “run the rapids” as you stated, and that is ME! Oh I will continue trying to change the course our politicians have placed us in, but my primary concern is the immediate care of my family and the preparations to survive what’s ahead.
Sadly enough I don’t think electing newbies will change the course. Sometimes I feel I am back in 1776 or 1860. I expect the worst and hope it never happens.