http://www.washingtonpost.com/wp-dyn/content/article/2010/12/01/AR2010120106870.html
And to say thank you for giving them all of that money, Harley and Catapillar opened up new manufacturing plants in China.
Coz that was the right thing to do right?
Time for them to be taxed extra hard, it ain't like they helped "US" out any, thats for sure.
Bullshit on these corporate tax brakes, give them a break for what?
Spitting in our face?
The financial crisis stretched even farther across the economy than many had realized, as new disclosures show the Federal Reserve rushed trillions of dollars in emergency aid not just to Wall Street but also to motorcycle makers, telecom firms and foreign-owned banks in 2008 and 2009
The Fed's efforts to prop up the financial sector reached across a broad spectrum of the economy, benefiting stalwarts of American industry including General Electric and Caterpillar and household-name companies such as Verizon, Harley-Davidson and Toyota. The central bank's aid programs also supported U.S. subsidiaries of banks based in East Asia, Europe and Canada while rescuing money-market mutual funds held by millions of Americans.
The biggest users of the Fed lending programs were some of the world's largest banks, including Citigroup, Bank of America, Goldman Sachs, Swiss-based UBS and Britain's Barclays, according to more than 21,000 loan records released Wednesday under new financial regulatory legislation.
Showing posts with label General Electric. Show all posts
Showing posts with label General Electric. Show all posts
Thursday, December 2, 2010
Tuesday, July 27, 2010
GE fined 23 million by SEC
http://finance.yahoo.com/news/GE-pays-23M-to-settle-Iraq-apf-2815785122.html?x=0&sec=topStories&pos=6&asset=&ccode=
Another fine, which amounts to a drop in the bucket of money that GE has made off of it's corporate contracts from the United States Government during it's on going invasion of Iraq. But what the heck GE will surely recoup any loss it might have incurred from it's Iraq indiscretions, over in Afghanistan.
How convenient
GE to pay $23 million to settle SEC charges over oil-for-food kickbacks in Iraq
General Electric Co. will pay $23.4 million to settle federal charges that some of its subsidiaries paid illegal kickbacks to the Iraqi government in order to win contracts under a U.N. program.
The Securities and Exchange Commission said in a civil complaint filed Tuesday in federal court that GE subsidiaries gave cash, computers, medical supplies and other goods worth $3.6 million to the Iraqi health and oil ministries from 2000 to 2003.
The SEC alleged the kickbacks were in return for contracts to supply medical and water purification equipment under the United Nations' oil-for-food program, which provided humanitarian aid to prewar Iraq.
Cheryl Scarboro, head of the SEC's Foreign Corrupt Practices Act unit, said GE "failed to maintain adequate internal controls to detect and prevent these illicit payments."
GE agreed to pay a $1 million penalty and give up about $22.5 million in profit and interest earned from the transactions. The company does not admit or deny wrongdoing under the settlement. GE also said that the Department of Justice has closed its own investigation into the matter.
Another fine, which amounts to a drop in the bucket of money that GE has made off of it's corporate contracts from the United States Government during it's on going invasion of Iraq. But what the heck GE will surely recoup any loss it might have incurred from it's Iraq indiscretions, over in Afghanistan.
How convenient
GE to pay $23 million to settle SEC charges over oil-for-food kickbacks in Iraq
General Electric Co. will pay $23.4 million to settle federal charges that some of its subsidiaries paid illegal kickbacks to the Iraqi government in order to win contracts under a U.N. program.
The Securities and Exchange Commission said in a civil complaint filed Tuesday in federal court that GE subsidiaries gave cash, computers, medical supplies and other goods worth $3.6 million to the Iraqi health and oil ministries from 2000 to 2003.
The SEC alleged the kickbacks were in return for contracts to supply medical and water purification equipment under the United Nations' oil-for-food program, which provided humanitarian aid to prewar Iraq.
Cheryl Scarboro, head of the SEC's Foreign Corrupt Practices Act unit, said GE "failed to maintain adequate internal controls to detect and prevent these illicit payments."
GE agreed to pay a $1 million penalty and give up about $22.5 million in profit and interest earned from the transactions. The company does not admit or deny wrongdoing under the settlement. GE also said that the Department of Justice has closed its own investigation into the matter.
GE pays $23M to settle Iraq kickback charges
http://finance.yahoo.com/news/GE-pays-23M-to-settle-Iraq-apf-2815785122.html?x=0&sec=topStories&pos=6&asset=&ccode=
Another fine, which amounts to a drop in the bucket of money that GE has made off of it's corporate contracts from the United States Government during it's on going invasion of Iraq. But what the heck GE will surely recoup any loss it might have incurred from it's Iraq indiscretions, over in Afghanistan.
How convenient
GE to pay $23 million to settle SEC charges over oil-for-food kickbacks in Iraq
General Electric Co. will pay $23.4 million to settle federal charges that some of its subsidiaries paid illegal kickbacks to the Iraqi government in order to win contracts under a U.N. program.
The Securities and Exchange Commission said in a civil complaint filed Tuesday in federal court that GE subsidiaries gave cash, computers, medical supplies and other goods worth $3.6 million to the Iraqi health and oil ministries from 2000 to 2003.
The SEC alleged the kickbacks were in return for contracts to supply medical and water purification equipment under the United Nations' oil-for-food program, which provided humanitarian aid to prewar Iraq.
Cheryl Scarboro, head of the SEC's Foreign Corrupt Practices Act unit, said GE "failed to maintain adequate internal controls to detect and prevent these illicit payments."
GE agreed to pay a $1 million penalty and give up about $22.5 million in profit and interest earned from the transactions. The company does not admit or deny wrongdoing under the settlement. GE also said that the Department of Justice has closed its own investigation into the matter.
Another fine, which amounts to a drop in the bucket of money that GE has made off of it's corporate contracts from the United States Government during it's on going invasion of Iraq. But what the heck GE will surely recoup any loss it might have incurred from it's Iraq indiscretions, over in Afghanistan.
How convenient
GE to pay $23 million to settle SEC charges over oil-for-food kickbacks in Iraq
General Electric Co. will pay $23.4 million to settle federal charges that some of its subsidiaries paid illegal kickbacks to the Iraqi government in order to win contracts under a U.N. program.
The Securities and Exchange Commission said in a civil complaint filed Tuesday in federal court that GE subsidiaries gave cash, computers, medical supplies and other goods worth $3.6 million to the Iraqi health and oil ministries from 2000 to 2003.
The SEC alleged the kickbacks were in return for contracts to supply medical and water purification equipment under the United Nations' oil-for-food program, which provided humanitarian aid to prewar Iraq.
Cheryl Scarboro, head of the SEC's Foreign Corrupt Practices Act unit, said GE "failed to maintain adequate internal controls to detect and prevent these illicit payments."
GE agreed to pay a $1 million penalty and give up about $22.5 million in profit and interest earned from the transactions. The company does not admit or deny wrongdoing under the settlement. GE also said that the Department of Justice has closed its own investigation into the matter.
Monday, October 12, 2009
10,000 apply for 90 factory jobs
http://www.courier-journal.com/article/20091008/NEWS01/910080326/1003/BUSINESS/10+000+apply+for+90+factory+jobs
In the latest sign of weakness in Louisville-area employment, about 10,000 people applied over three days for 90 jobs building washing machines at General Electric for about $27,000 per year and hefty benefits.
The jobs dangle medical, eye care, prescription and dental benefit packages, as well as pension, disability, tuition assistance and more, said GE spokeswoman Kim Freeman. And despite the recession, no union workers have been laid off from Appliance Park since the company negotiated lower wages with workers in 2005.
“There are no jobs out there paying these kinds of wages that also offer these kind of benefits,” said Jerry Carney, president of IUE-CWA Local 761 at Appliance Park.
Just four years ago, the same jobs paid $19 per hour. But that was before Local 761 approved wage cuts for new workers aimed at preventing the closure of Appliance Park.
“People still value these jobs,” Freeman said
In the latest sign of weakness in Louisville-area employment, about 10,000 people applied over three days for 90 jobs building washing machines at General Electric for about $27,000 per year and hefty benefits.
The jobs dangle medical, eye care, prescription and dental benefit packages, as well as pension, disability, tuition assistance and more, said GE spokeswoman Kim Freeman. And despite the recession, no union workers have been laid off from Appliance Park since the company negotiated lower wages with workers in 2005.
“There are no jobs out there paying these kinds of wages that also offer these kind of benefits,” said Jerry Carney, president of IUE-CWA Local 761 at Appliance Park.
Just four years ago, the same jobs paid $19 per hour. But that was before Local 761 approved wage cuts for new workers aimed at preventing the closure of Appliance Park.
“People still value these jobs,” Freeman said
Monday, June 29, 2009
How a Loophole Benefits GE in Bank Rescue
http://www.washingtonpost.com/wp-dyn...802955_pf.html
the world's largest industrial company, has quietly become the biggest beneficiary of one of the government's key rescue programs for banks.
At the same time, GE has avoided many of the restrictions facing other financial giants getting help from the government.
The company did not initially qualify for the program, under which the government sought to unfreeze credit markets by guaranteeing debt sold by banking firms. But regulators soon loosened the eligibility requirements, in part because of behind-the-scenes appeals from GE.
As a result, GE has joined major banks collectively saving billions of dollars by raising money for their operations at lower interest rates. Public records show that GE Capital, the company's massive financing arm, has issued nearly a quarter of the $340 billion in debt backed by the program, which is known as the Temporary Liquidity Guarantee Program, or TLGP. The government's actions have been "powerful and helpful" to the company, GE chief executive Jeffrey Immelt acknowledged in December.
GE's finance arm is not classified as a bank. Rather, it worked its way into the rescue program by owning two relatively small Utah banking institutions, illustrating how the loopholes in the U.S. regulatory system are manifest in the government's historic intervention in the financial crisis.
The Obama administration now wants to close such loopholes as it works to overhaul the financial system. The plan would reaffirm and strengthen the wall between banking and commerce, forcing companies like GE to essentially choose one or the other.
"We'd like to regulate companies according to what they do, rather than what they call themselves or how they charter themselves," said Andrew Williams, a Treasury spokesman.
GE's ability to live in the best of both worlds -- capitalizing on the federal safety net while avoiding more rigorous regulation -- existed well before last year's crisis, because of its unusual corporate structure.
Banking companies are regulated by the Federal Reserve and not allowed to engage in commerce, but federal law has allowed a small number of commercial companies to engage in banking under the lighter hand of the Office of Thrift Supervision. GE falls in the latter group because of its ownership of a Utah savings and loan.
Unlike other major lenders participating
the world's largest industrial company, has quietly become the biggest beneficiary of one of the government's key rescue programs for banks.
At the same time, GE has avoided many of the restrictions facing other financial giants getting help from the government.
The company did not initially qualify for the program, under which the government sought to unfreeze credit markets by guaranteeing debt sold by banking firms. But regulators soon loosened the eligibility requirements, in part because of behind-the-scenes appeals from GE.
As a result, GE has joined major banks collectively saving billions of dollars by raising money for their operations at lower interest rates. Public records show that GE Capital, the company's massive financing arm, has issued nearly a quarter of the $340 billion in debt backed by the program, which is known as the Temporary Liquidity Guarantee Program, or TLGP. The government's actions have been "powerful and helpful" to the company, GE chief executive Jeffrey Immelt acknowledged in December.
GE's finance arm is not classified as a bank. Rather, it worked its way into the rescue program by owning two relatively small Utah banking institutions, illustrating how the loopholes in the U.S. regulatory system are manifest in the government's historic intervention in the financial crisis.
The Obama administration now wants to close such loopholes as it works to overhaul the financial system. The plan would reaffirm and strengthen the wall between banking and commerce, forcing companies like GE to essentially choose one or the other.
"We'd like to regulate companies according to what they do, rather than what they call themselves or how they charter themselves," said Andrew Williams, a Treasury spokesman.
GE's ability to live in the best of both worlds -- capitalizing on the federal safety net while avoiding more rigorous regulation -- existed well before last year's crisis, because of its unusual corporate structure.
Banking companies are regulated by the Federal Reserve and not allowed to engage in commerce, but federal law has allowed a small number of commercial companies to engage in banking under the lighter hand of the Office of Thrift Supervision. GE falls in the latter group because of its ownership of a Utah savings and loan.
Unlike other major lenders participating
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