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CNBC's Parent Station General Electric Is Q2's Top Lobby Spender With $7.2 Million, A 60% Increase From Q1
The good old cash-for-favors system, known as lobbying, is in full swing again, with General Electric valiantly leading the pack of beltway brown-nosers, having spent $7.2 million in Q1 for various lobby purposes. This represents a 60% increase over the $4.5 million spent in Q1 and $1.8 million over Q2 of 2008. Ironically, General Electric, which with AIG, is at the forefront of hobbled companies who continue existing solely thanks to generous taxpayer bailouts in various forms, was by far the biggest lobbying contributor, with only Chevron spending over $6 million in Q2 of 2009. GE's $7.2 million represents a recycled taxpayer spend to promote private interests of $160,000 for every single day that Congress was in session.
General Electric has spent a mindblowing $187 million (or formerly mindblowing, now that people openly ridicule any number without 12 zeros behind it, courtesy of Ben Bernanke's well greased printers) on lobbying over the past decade, 44% more than runner up Northrop Grumman. Whether GE, which is increasingly moving away from its historical defense contractor status, and is currently confused whether it is a legacy/future toxic loan lender thanks to its GECC subsidiary (which incidentally GE has been lobbying hard not to have to split from as that would likely spell doom for both companies), or a key player in the next greenhouse gas offset pyramid schemes (where other quite prominent Wall Street players such as Goldman Sachs have paid well to promote their lobby interests, specifically in regards to HR 2454, the American Clean Energy and Security Act of 2009: a dubious undertaking when one knows that purchasing the CFTC outright would yield a materially higher IRR) should be given the right for such lavish taxpayer cash recirculation is a pertinent question, especially with the added bonus of having media propaganda influence courtesy of its ownership of the NBC, MSNBC and CNBC TV stations.
Beltway Confidential chimes in with the following observations:
GE is the leading member of the U.S. Climate Action Partnership, and, together with power company AES, owns a company called Greenhouse Gas Services, which invests in greenhouse gas offsets and plans to manage the trade in GHG credits -- a business with no value until Congress enacts something like Waxman-Markey.
GE's "EcoMagination" project is largely dependent on government for profitability.
President Obama called for more high-speed rail, and GE said, "we've got high-speed rail!" The company hired Linda Daschle, wife of Tom Daschle and former FAA administrator, June 11 to lobby for high-speed rail funding.
Of course, now GE is launching HealthyMagination and is the leader in SmartGrid technology, both of which dovetail nicely with Obama's plans.
Of course, there's the whole thing about GE owning NBC and MSNBC.
Zero Hedge agrees fully with these observations.
Among the various pro-cyclical, bull market economic and financial initiatives that GE lobbied for are the following:
- HR 3068, TARP for Main Street Act of 2009
- HJ res 3, Relating to the disapproval of obligation under the Emergency Economic Stabilization Act of 2008
- SJ res 2, Relating to the disapproval of obligation under the Emergency Economic Stabilization Act of 2008
- HR 384 TARP Reform and Accountability Act
- S 414, Credit Cardholder's Bill of Rights Act of 2009
- HR 627, Credit Cardholder's Bill of Rights Act of 2009
- HR 1606, New Automobile Voucher Act of 2009
- HR 1106, The Helping Families Save their Homes Act of 2009
- HR 786, To make permanent the temporary increase in deposit insurance coverage
- HR 1214, The Payday Loan Reform Act of 2009
- HR 1728, The Mortgage Reform and Anti-Predatory Lending Act of 2009
- S 664, The Financial System Stabilization and Reform Act of 2009
In this context, it is a miracle CNBC ever airs any data that is not covered in green shoot miasma and comes handily packaged with a box set of rose-colored glasses.
And to make sure that every American is exposed 24/7 to a Kafkaesque blasting of propaganda from every imaginable corner, GE was a fervent supporter of the following broadcasting measures:
- S 34, Broadcaster Freedom Act of 2009
- S 62, Broadcaster Freedom Act of 2009
- HR 1084, Commercial Advertisement Loudness Mitigation Act
- S 328, DTV Delay Act
- HR 339, Digital Television coupon Improvement Act
- HR 3216, Local Television Freedom Act
- HR 3101, Ensure that individuals with disabilities have access to emerging IP-based communication and video programming technologies in the 21st century
And lest Goldman be alone at it, here is GE backing up the rear on Environmental/Superfund issues with:
- HE 2454, American Clean Energy and Security Act
- Climate Change HR 232, Greenhouse Gas Registry Act
So next time you are unlucky enough to listen to CNBC with the volume on, keep all these various conflicts of interest in mind, and also consider that it is your money going back to Washington to promote GE's numerous unilateral interests (and the salaries of Michelle Caruso Cabrera among others).
The full lobby filing is provided below in its full glory:
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I've mentioned this before, I will mention it again. GE is a weapons manufactor. They supply equipment to NATO. Remember the gatling gun from the movie Predator? That's made by GE. Nuclear weapons components? Manufactured by GE. What about their workers? They get poisoned by radiation and asbestos.
Fuck GE -- it's not just your dishwasher
So weapon manufacturers are bad? I should hate the company that made the M-16 I carried in basic training?
I think you are misunderstanding my point. My point is not: "Weapons are inherently bad" -- I probably own as many guns as anyone on this board.
My point is rather this: "Defense contractors have fused with corrupt banks , forming the nexus of the new totalitarians."
The problem instead, is systemic corruption. GE makes billions selling advanced weapons systems to the government , as does Lockheed, Raytheon, Northrop, Boeing, Dyncorp, CACI, Blackwater etc. These companies are repeatedly involved in fraud, money laundering, child smuggling, etc. Why no prosecutions? Why do people simply accept this conflict of interest where a major weapons contractor (GE) provides propaganda masquerading as news (CNBC) ?
10-4. I like that we have the weapons since somehow we've been deemed globocop. We'll need them.
CNBC is a declining asset and their daddy is a TARP baby. Tyler was right months ago. They should start the day with that disclosure
To understand globocop, read Shock Doctrine, by Naomi Klein it will clarify most of today's world.
"We'll need them."? The military-industrial complex needs perpetual war to justify their existence. War=Profits. Where there isn't an enemy, they'll create one. Emerson wrote, "Nations die by suicide." The war contractors will bleed us dry.
Not to mention taking on central banking positions by being huge lenders of money. But hey everyone is central banking today. From Apple with it's itunes currency to walmart with it's full service banking at the stupid 10 item or less line.
PM - Your are right back to wondering why ignorance, fanaticism and tyranny are part & parcel of the human condition. The institution of responsible self government and loyalty to the same has been abdicated by societies representatives over to those who place themselves at the crossroads of commerce. You know this.
"Fuck GE -- it's not just your dishwasher" - Great slogan, can I get that on a shirt?
I know u want me... thanks Marla and TD.
It's not just your dishwasher hahaha.
And you wonder why all the pro administration are made on CNBC
Since 2008, it's like $56,457,139 - http://www.campaignmoney.com/finance.asp?type=lc&cycle=08&criteria=gener...
TARP for Main Street. That's funny.
First, the lobby money is targeted to both Democrats and Republicans in Congress. Congress lets the lobbyists write the laws.
Second, this amount by GE sounds great but look at the health care issue: $1.4 million a day is spent trying to get any meaningful reform derailed.
Data here:
http://www.healthreformwatch.com/2009/08/05/top-20-lobby-expenditures-eq...
http://www.youtube.com/watch?v=pBhqrtMqrv8
Money doesn't solve any problem that money doesn't solve. But then again, neither does poverty.
While half the world population lives on 2.00 a day, they wouldn't have to do that if they didn't reproduce like rabbits and produced something else. Runaway screwing is dooming the planet and this guy wants to reward them for it.
What's up with that anyway? Even animals know when to stop.
Best ROI around.. Politicians can always be counted on to work cheaper than a heroin hungry ho
according to opensecrets.org lobbying isn't all of it.
http://www.opensecrets.org/orgs/summary.php?cycle=A&type=P&id=D000000125
GE campaign contributions in the last 20 years ...
$17,349,803 campaign contributions
$8,745,836 to Demcrats
$8,564,749 to Republicans (no matter who wins, GE wins)
$458,730 to Barack Obama
$143,812 to Hillary Clinton
$93,622 to John McCain
$62,700 to Chris Dodd
I would normally have no problem in criticizing GE.
Unfortunately, there's a remote chance I may well work for them.
You forgot GE Energy as in cap n trade...GE Energy is the new PC...
Research how much money GE received from Federal and state government budgets.
For example, national medical records database? GE.
GE gets a huge ROI from its vig.
Any ideas of investments if Climate Bill passes????
How much has been spent in lobbying for H.R.2454 American Clean Energy and Security Act of 2009 .
lemons , lemonade ?
I think a lot of corruption can be done away with by establishing more frequent elections. Something like a new congress every year. That way there could be more accountability and focus on actual legistlation since there will be no time left for campaigning: the voting record will be the campaign. Sure such a system can still be gamed but hopefully such a change would bring about stronger boundaries on the extent of leverage various interests can have. More democracy, more accountability, whats not to like? Democracy can be a pretty hard thing to bring about, but for this...no invasions necessary. Just amend that document that legitimizes our government...you know the one I'm talking about.
Some other changes can include shaking things up further in the legistlative branch and making the people one of the chambers. And doing away with the rules nonsense. As a far back pimp once said the floor rules and thats it. No more committees. Maybe then the rules will be simple and evident. There won't be thousand age long bills that are marked up to such an extent that no one is accountable for what they write and vote for because no one actually reads the full bill. In the current process words have begun to lose their meaning in our legistlature as they are so loosely thrown around in our laws and bills.
If the people were a chamber of congress only bills and laws that are fully understood would be passed. It shouldnt be about quantity but rather quality (maybe a little bit like trading in that regard?). Just have to apply the trusty checks and balances and the people as a whole should be a lot more balanced than the congress so the scope of those doesn't have to be particularly big, just focused on the right areas. With the internet as the forum I feel like this is fully practical and logical step.
I've got faith in balance and this to me seems like the best way to bring it about...but never forget to have a contingency plan.
I respectfully disagree,
More frequent elections would only lead to less getting done and further corruption. Your elected officials would put even more time into preparing for the next election cycle.
I just can't see limiting time in office as pushing anyone away from special interest and believe it would force them to merge even more so.
Time is the enemy of all elected officials.
Beyond the issue of time, have you any idea how often "what the people want" changes on a constant basis? You could accomplish what they want in one term and lose the next because people are a fickle bunch. How could you pursue long term goals when people want instant gratification?
"If the people were a chamber of congress only bills and laws that are fully understood would be passed." I care for my fellow man but people in a collective have a very hard time grasping complex legislative actions let alone the consequences of each action. It was the purpose of the representative system to pick your local best and brightest to make decisions on your behalf.
The people demonstrate time and time again that if they could have the maximum control over government action they ultimately end up harming themselves. Look no further than California's referendum system.
Now while I claim "the people" aren't always the best when it comes to legislative decision making I can't claim representatives are better. Becoming your local best and brightest inherently means they connect less with their fellow man because they are the best and brightest. Not only that but its easier for them to justify self interest (their own self interest) at the expense of voters whom I doubt they were every really connected to.
I firmly believe most elected officials pursue their office of choice simply for elevating their own status and wealth. This means they are barely connected to any source of collective good and pursue the rise of their own star. Not only do they wish raise their status but they wish to keep power. Power is their office which means most actions taken can be tied to how best to keep the office. Sometimes keeping the office means looking out for voters but more often it means looking out for those funding your elections.
Wow, that was so much longer than I intended.
More frequent elections would make the voting record be the campaign for re-election. There would be no time for making promises and instead the only thing of matter might actually become the legistlative actions of the representatives and not their promises.
In terms of democracy, thats a much further out idea that I feel like we should strive towards. The most important thing to consider is the proper checks and balances in such a system. Obligatory referendums are a good start and have actually worked quite well in several countries, such as Switzerland or Sweeden. But I feel like you've missed a vital point. The goal here is to simplify the law. It should not be a complex web of endless bills and laws that in the end create bureaucracy and inefficiency. Instead the law should be a solid and simple foundation. The people when passing laws would agree on only the more fundamental law.
Throughout history I think you will find that a true democracy, especially a constitutional democracy, has never been given a fair chance. If ever there was a time for such a bold step then it is now. Certainly I would think that the collective has a better chance of understanding the implications of law than 535 individuals that often appear to be completely disconnected from the world.
Seriously, does anybody here even bother turning on cnbc anymore?
Average Joe&Jane needs to understand that Lobby Money is Taxpayer Money.
Maybe then the law will change.
I think that escapes most. Think about it. Whether a comapany [or country] lobbies for Financial Aid [TARP], Tax Breaks, Contracts, etc., the Bottom Line = its Taxpayer Money
GE, it's not just for breakfeast anymore.
GE and GS look to be cracking their uptrends here. V !
GE, Duke, IBM, et al. do not have smart grid technology.
They cannot provide end of line services; that is they have yet to devise a system that will service everyone on the grind down the customers at the end of the line where most of the saving are found. What these companies do have is great marketing and lobbying.
Do you home work and find the small cap company in the DC area that did the heaving lifting on the Cincinnati smart grid project. They are the leaders in the smart grid world.
This is not a straight circular system: GE gives money to politicians and politicians give government breaks to GE. That's far too simple.
It's a giant web with a handful of ponderous fat spiders sitting in corners. The web is comprised of the world's largest corporations and governments which the big fat spiders mutually own.
When one big fat spider gets an idea in his head, for example something like "There are too many people in the world" or "The Russian web strand is not sufficiently strong", that big fat spider with the other spiders shakes the web. The tiny web strand known as GE jiggles and Brian Williams perks up, and realizes today he must tell us how, as relatively decent, nonviolent Christians, we should support the murder of the relatively decent, nonviolent people known as Persians. The web strand known as GE starts up the weapons factories to full capacity using funding from the webstrand known as the Federal government, which in turns gets its funding from the webstrand known as the Federal Reserve, where the big fat spiders are the strongest.
Politicians who are sufficiently in tune with the big fat spiders get the payoff. Those who aren't, disappear into obscurity. Or if necessary, they're consumed by one of the big fat spiders via a sex scandal or a fiery plane crash (techniques known variously as Spitzers or Wellstones).
hehe..having spent $7.2 million in Q1 for various lobby purposes... It's early I read PURCHASES..I guess its the same though
If the FDIC wasn't insuring their debt, there is a good chance that GE wouldn't exist in present form.
I remember listening to someone blathering on about how although GE is like a bank, they were able to do better diligence than a bank on the creditworthiness of their borrowers so as a result they weren't going to have as many losses and did not need to maintain loss reserves comparable to a bank.
Neon sign flashed : famous last words.
The solution? Insure their risk by putting the sovereign credit behind it.
With the Federales providing the wrap, GE thinks they can beat the rap.
You're not getting this back. I consider it asshole tax.
no one seems to notice that nearly all "regulation" enacted upon the private sector is driven (and written) by the select few groups who gain to profit most in the longer term. frankly greasing the washington palms to help enact legislation that will promote more business and either allow the absorbtion or removal of compeititors is the new American way.
honestly, its the only long term planning US businesses appear to engage in anymore.
Doesn't GE have a turbine that runs on virgin blood?
Obama has been caught in ANOTHER CRIME:
First the media ignored the fact that he took a $150 million dollar BRIBE to NOT REFORM healthcare.
http://www.huffingtonpost.com/2009/08/13/internal-memo-confirms-bi_n_258...
NOW HE IS CAUGHT STEALING AND LYING:
http://gatewaypundit.blogspot.com/2009/08/breaking-white-house-confirms-...
OBAMA ROBS EVERYBODY BLIND WHILE THE MEDIA LOOKS THE OTHER WAY. DO NOT ALLOW THE MEDIA TO GET AWAY WITH THIS!!
WE DEMAND ANSWERS!
Used to work for THE GENERAL back in the late 80's/early 90s. Bunch of crooks. Worked in plastics business when Welch ruled. What a joke: off-book financing of projects, selling assets to make net income targets, cheating suppliers and contractors.....and Immelt...he was part of the upper crust then.