GE’s Immelt to lead the President Obama’s Council on Jobs and Competitiveness. Jeffrey Immelt is the CEO that nearly bankrupted General Electric. Just like Tim Geithner, and Ben Benarke, these men who didn't see the financial crisis get rewarded into more powerful positions in government. I just don't get it. Jeffrey Immelt along with Jack Welch (former CEO of GE before Immelt), turned a boring industrial conglomerate into a financial services company (see GE Capital). Actually, GE behaved more like a hedge fund.
During the financial crisis, GE nearly collapsed for it's ill witted positions in mortgages and other risky derivative instruments. This guy cried to the SEC, another organization that missed the crisis, to place GE on the "no-short" list. When he took over the GE the stock price was around $50 and now it's under $20. If it wasn't for TARP and The Federal Reserve giving GE a banking designation, GE will be worth zero. This guy is a failure, imagine if you destroyed your business' wealth? Where would you be right now? Why would anyone trust or choose this guy to be responsible for making US more competitive and create more jobs? Why Obama, why Obama?
Source: http://www.marketwatch.com/story/ges-immelt-joins-team-obama-2011-01-21?dist=afterbell
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