News Ticker powered by Fox News

Saturday, February 7, 2009

Obama Hearts GE's Immelt

February 6, 2009 2:25PM
Grading The Stimulus Advisory Board: Some Good Picks, Some Bad Picks and Some Clear Conflicts
By Brian Sullivan

Jeff Immelt:  CEO of GE, owner of NBC and its family of media networks. When Michael Bloomberg became Mayor of New York City he put his interest in the company into a blind trust, in part to avoid a conflict of interest with his company’s radio and television operations and his political role.   Immelt will do his network a disservice by being both the CEO of a media company and serving in an official government advisory role. It’s simply too close for comfort. Moreover, GE shares are at a 12 year low, wiped out in part by huge losses at GE Capital, a huge lender during the credit boom. Shareholders cannot be too happy that their CEO is going to be taking time from running their company to serve on this board. Immelt should have politely refused this post. There are many other industrial companies such as United Technologies and Honeywell that represent similar interests but do not have a media operation.


My Thoughts

Why should we be taking advice from a man that has ran his company, GE and NBC, into the ground? "GE shares are at a 12 year low", and NBC and MSNBC's rating are abysmal. He should be fired from CEO not made a economic advisor by Obama. The only thing that I can come up with is that he paid for it with campaign contributions and overly friendly media coverage.

No comments:

Post a Comment