A Brief Tally Of Immelt's Catastrophic Job Creation Skillz

Tyler Durden's picture

Congratulations to Jeff Immelt - the uberhead of the soon to be former head propaganda financial station has been appointed to chair the White House's job panel. That said, we wonder just whose leg he had to hump to get that particular job: after all any small business job CEO in America is infinitely more qualified than Immelt to create jobs (unless the jobs in question are 1,000 prop trading positions at Goldman Sachs - since we are rubbing it in in Volcker's face why not go all the way). Dow Jones (link) has created a brief compilation of Immelt's simply tragic job creation track record:

[Immelt] runs a big company, but Immelt has shown more skill at cutting jobs, frankly, than creating. GE finished 2009 with 18,000 fewer US workers than it had at the end of 2008, and US headcount is down 31,000 since Immelt's first full year in 2002. During his tenure, GE workers based in the US as a percentage of total employees has fallen to 44% from 52%.

Uh, Crickets???

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DoChenRollingBearing's picture

I forget who said it here at ZH...

But, do not buy stocks until GE goes bankrupt!

hungrydweller's picture

Immelt has had GE sucking off the gubmint teet his entire career.  Now he has become the teet.  I guess that means he can go suck himself now.

idea_hamster's picture

Maybe he'll fire 8% of Americans from being American -- you know, just put them on ships (BDI says this is cheap!) and sail them to international waters.

Done -- unemployment is 2%.  Where's his bonus?

Agent P's picture

Outsource the unemployed to China...he's definitely the right man for the job.

attst487's picture

If we want to speed up the jobless recovery we must get rid of all the jobs.

Hedgetard55's picture

Actually I think Immelt has taken Reggie Love's spot on our Down Low Prez's list of servers. Boyz form Chi-town say Barry liked servie from white guys, especially older white dudes but would not return the favor.

whatz that smell's picture

immelt goose pie is best when served sloppy; let's eat!!!!!!!!!!!!!!!

blindfaith's picture

And, they should!  I hate to jump in here, but I have their junk in my house.  STAY AWAY it is JUNK!!!!!

Top of the line Profile and it is JUNK.  Three years old, and the first 18 months the ice maker shot ice cubes across the room to the point that it almost killed the sleeping cat and finally had to be disconnected, the convoluted water dispenser becomes green with trapped mold that you can't easily clean, the water catch tray is below the doorcutout lip for the dispenser, so the overflow water runs in to the inside of the door and rots it, the doors full of rust breakout blisters. The racks are painted not rubber or enamel coated, so they rust.  The convection stove, three burners burned out in two years and they are a fortune each, the fan stopped working, and the paint is flaking because it is PAINT not enamal trim and lettering.  The arched hood motor gets grease in it and has burning wire smell because the filters are to coarse to trap the grease, and there is no capture jar like Jenn Air has.  The "stainless Steel" is the lowest possible grade that can be used...JUNK, JUNK, JUNK!

And to think these jokers are building airplane engines and nuclear reactors.  GOD help us.

I used to have blindfaith....no more.  It is buyer beware, voter beware, citizen beware.

schoolsout's picture

our water dispenser just quit working...

Profile model...

homersimpson's picture

Their light bulbs are holding up fairly well, I must admit..

Hephasteus's picture

Maybe it was a bad idea getting involved in airplane engines and allowing TSA to rape people before getting on the plane. Kind of bummers ya on air travel. I just got a stupid thing from continental for a air miles card. I should writ them a letter explaing how I don't like perverted ass TSA agents molesting me and won't be traveling on any of their planes ever.

Agent P's picture

Think of all the repair men we can employ. </sarc>

We've had a GE fridge and stove for three years now and have been very pleased with both.  The fridge is nothing special, but the stove (Profile electric oven with gas cook-top) is a tank.

Mr Lennon Hendrix's picture

What is happening is the corporate takeover of soveirgn nations.  Whatever your view of government is, please put it aside.  Soon it will be corporate sponsored.  This is why GE's stock is skying.  When government bonds collapse, corporate bonds will invert.  Corporations are set to inherit the economic landscape, whatever that will be.  We must stop them, and remake our governments, whatever they would be.

DoChenRollingBearing's picture

FASCISM is when the interests of corporations and the state merge.

Indeed, beware.

lamont cranston's picture

But Turbo Timmy uh The Bernank uh yes! Jeffie Immelt makes the trains run on time!!!

I love how GE became a bank but didn't have to follow the salary caps like everyone else, plus didn't have to have that nasty 'stress test'.

trav7777's picture

is it POSSIBLE for Obama to be even MORE transparent in his awarding of gov't positions for his favored contributors?

Calvin Jones and the 13th Apostle's picture

Immelt actually gives a lot more to the GOP.  Gotta be bipartisan, don't ya know!

Fazzie's picture

 He promised more transparency and his true colors are showing thru with every move he makes.

 

  Hope and change bitchez!!

 

  52

AldoHux_IV's picture

It's great, blatanly show how twisted this administration really is, slap a 'move towards pro-business' label on it and let the lamestream media masturbate all over this one as a move in the right direction.

Mach1513's picture

Despite my utter disdain for Bill, I supported Hillary in primaries. Obamacrats warned me that if I voted for Hillary I'd get the likes of "Rahm-bo", Larry Summers, Gene Serling and Bill Daley in the WH, more tax cuts for "the rich", a sucky healthcare plan, and a never-ending war in BOTH Iraq and Afghanistan. I voted for Hillary - and she lost.

But joke's on me - Obama won and I got it ALL anyway.

weinerdog43's picture

This is nothing new.  The American public has been getting hosed since Jimmy Carter's administration.  Reagan just accelerated the process.

GoinFawr's picture

Shoulda voted for Ralph Nader when you had the chance.

SilverIsKing's picture

He's going to head the WH's job panel.  Would that be hand job, blow job, or rim job?

wackyquacker's picture

good things cum in threes(omes)...

Devout Republican's picture

He's a good Christian doing the best he can.

tickhound's picture

Oh for Christ's sake, here we go... foxnews finds zerohedge

asdasmos's picture

"Is God willing to prevent evil, but not able?
Then he is not omnipotent.
Is he able, but not willing?
Then he is malevolent.
Is he both able and willing?
Then whence cometh evil?
Is he neither able nor willing?
Then why call him God?"

- Epicurus

snowball777's picture

Perhaps you and God have every different conceptions of 'evil'; file under 'mysterious ways'.

GoinFawr's picture

Ah yes, the ol' "It's so deep it's meaningless" chestnut. A lotta Spaniard 'heretics' ended up on the racks for questioning that one, or simply eating meat (fish excepted, apparently) on Friday's...

homersimpson's picture

You're just a dumb liberal doing a stereotypical impression of a Christian comment.

Devout Republican's picture

How dare you call me that.  I'm no baby killer!

whatz that smell's picture

ouch! say it again and you won't be wrong.

weinerdog43's picture

Says the christianist fascist. 

Cdad's picture

Tyler,

LOLOLOLOLOLOLOLOLOL!  Hooootinany!!

OK...I'm out...heading for my closet...gonna pull down them coats on top of me 'cause the cosmic bunny hole thing is really wigging me out.

 

Calvin Jones and the 13th Apostle's picture

Don't forget that GE's stock has underperformed the market.  It had until the latest melt-up anyway.

williambanzai7's picture

The real question is how many jobs did he move to China. I think you know the answer.

 

blindfaith's picture

hey Bill, from where I am sitting I am looking up the nose of this piece of shit (and I promissed I would not use 4 letter works on ZH).  He is so low, that shit doesn't even capture the thought.

williambanzai7's picture

This whole theme requires a full post. ;-)

DisparityFlux's picture

I think the Chinese just named a hall in the Forbidden City to honor Immelt and GE, the "Hall of Backroom Deals (non-union)."

traderjoe's picture

Article about GE in local paper the other day - moving aerospace tech to China to help them build planes to compete with Boeing. GE VP essentially said they had to in order to be at the party - and they wanted to be at the party. 

As mentioned by others - Corporations are the sovereigns. With no nationality. No accountability to any shareholders. Essentially big giant tickets for executives to get large bonuses and options. Ownership is too diffuse to provide any checks and balances. 

Rodent Freikorps's picture

Perhaps Boeing should buy Pratt and Whitney. And tell GE to pound sand.

Don Birnam's picture

"The White House Council on Jobs and Competitiveness."

It has that ring to it -- like some usless appendage "committee" attached to the Soviet Presidium of old.

Hondo's picture

I agree this guy is a clown.  He ran his company into the ground and needed taxpayer bailouts to survive and the idiot Obama is going to ask him for advice.........fools everywhere.

Millivanilli's picture

Obama is a joke/crook/lackey.  Your choice.