STOCK MARKET WATCH -- Monday, 9 July 2012

[Demeter]

15. Occupy Wall Street’s Misconconceptions According to Obama’s Job Czar JEFFERY IMmELT (OCTOBER)

Last edited Mon Jul 9, 2012, 05:30 PM - Edit history (1)

WHATEVER HAPPENED TO GOOD OLD GE JEFF? IS THE JOB CZAR POST VACANT?

http://my.firedoglake.com/freeman/2011/10/10/occupy-wall-streets-misconconceptions-according-to-obamas-job-czar/

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.