Reply #22: GE's Main Man Gets the President's Ear [View All]

[Better Believe It]

GE's Main Man Gets the President's Ear
by Kent Hoover
January 21, 2011

President Barack Obama’s embrace of corporate America continued today with the announcement that General Electric Co. CEO Jeff Immelt will chair the President’s Council on Jobs and Competitiveness.

GE doesn’t have a problem with big government. It not only is a major federal contractor, its GE Capital subsidiary benefited from government backing of its debt during the financial crisis. Immelt also supported Obama in his unsuccessful push for legislation to cap carbon emissions.

The council itself “is a promising step toward a renewed focus on creating jobs, boosting economic growth and enhancing America’s global competitiveness,” said Tom Donohue, president and CEO of the U.S. Chamber of Commerce. Immelt is a good choice to lead it because of his business experience and “understanding of global markets,” Donohue said.

“As a business leader, Immelt understands first-hand what it means to grow a business and create jobs,” said John Engler, president of the Business Roundtable, an association of big-business CEOs, including Immelt.



President Barack Obama applauds as GE chief Jeff Immelt speaks at a GE plant in Schenectady, New York.

Read the full article at:

http://www.portfolio.com/views/blogs/capital/2011/01/21/obama-taps-immelt-as-outside-economic-adviser#