The Mudcat Café TM
Thread #115883   Message #2570552
Posted By: Sawzaw
18-Feb-09 - 09:26 PM
Thread Name: BS: Popular Views: the Obama Administration
Subject: RE: Popular Views: the Obama Administration
Eric Holder says you are a coward.

Mr Obama has fielded a team of losers tax dodgers lobbyists and incompetent fools.

Latest addition Jeff Immelt, Wall street executive, former CEO of GE whom has run that company into the ground>

Reuters:

GE's Board of Directors Should Dismiss CEO Jeff Immelt, Says the Free
Enterprise Action Fund (Ticker: FEAOX); Immelt's Failed Leadership Hurts
Shareholders

WASHINGTON, Oct. 20 /PRNewswire/ -- The board of directors of the General
Electric Company should immediately dismiss Chairman and CEO Jeff Immelt says
Action Fund Management, the investment adviser to the Free Enterprise Action
Fund (Ticker: FEAOX), a publicly-traded mutual fund.

AFM urges GE's board to take immediate action because after years of failed
leadership on the part of Immelt, the company is in disarray and its stock is
in freefall.
AFM adds the following reasons to justify Immelt's dismissal:
    -- GE had to scramble earlier this month to raise about $12.2 billion in
a
       stock offering and seek an additional $3 billion from Berkshire
Hathaway
       to assist GE Capital - its ailing finance unit.
    -- GE stock is selling at about a 10-year low.
    -- GE is facing two shareholder class action lawsuits alleging company
       executives made false and misleading statements in providing earnings
       guidance to shareholders in 2008.
    -- GE continued to do business with Iran in 2008.
   
"Since 2006 we have been warning shareholders that Immelt was not up to the
task of managing GE. Unfortunately, in only a few years, Immelt has caused
irreparable harm to the company. The board of directors must act now and
dismiss Immelt before he causes additional damage," said Steve Milloy of AFM.

"It's time for GE's board of directors to discard its clubby atmosphere and
represent shareholders interests. For far too long the board watched while
Immelt stubbornly held on to the outdated conglomerate business model and he
overleveraged GE to meet earnings expectations. Immelt needs to go and now,"
said Tom Borelli of AFM.

The FEAOX owns approximately 8,000 shares of GE stock.
January 10, 2008

A member of NBC press corps writes that NBC, which is owned by GE, has stopped its newscasters from reporting about the fact that GE is still selling goods to Iran. A Canadian subsidiary of GE has supplied hydroelectric generators to Iran, while an Italian subsidiary has supplied pipeline and gas turbines to Iran. Even with the fact that Iran is listed by the State Department as one of seven state sponsoring terrorists. These nations included Iraq, Syria, Sudan, Libya, North Korea, and Cuba. Iraq is no longer on this list.

GE utilizes offshore subsidiaries, as well as Canadian and Mexican subsidiaries to go around the law.