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GE Moves Healthcare Division's X-Ray Unit Headquarters To China
#1
Not sure if this belongs here or in politics but I find it very funny that our jobs Czar is sending a huge chunk of his private corporation to China.

Way to go job czar.


GE Moves Healthcare Division's X-Ray Unit Headquarters To China

General Electric's health-care unit is moving the headquarters of its x-ray business from Waukesha, Wisconsin to Beijing to gain from Chinese growth, according to Bloomberg.

The company said only a few of its top managers would move to China, and that it expects no job losses at its Wisconsin office, that has 120 employees. GE Healthcare will however hire 65 new engineers and other staff at the new Chengdu facility.

Read the rest: http://www.businessinsider.com/general-e...z1TKOhz2fF
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#2
Yeah, ain't he sweet? And he was the one urging other businesses to hire more workers here in the US.

Quote:Obama Picks Jeffrey Immelt, GE CEO, To Run New Jobs-Focused Panel As GE Sends Jobs Overseas, Pays Little In Taxes

Jeffrey R. Immelt, the chairman and chief executive of General Electric Co. tapped by President Barack Obama as his next top outside economic adviser, will be asked to guide the White House as it attempts to jump-start lackluster job creation and spur a muddled recovery.

But this is nothing new, and there are many who knew what was going to happen. Don't you just LOVE the honesty of Jackasses, who say one thing, and then do the opposite? Here's what I mean.

Quote:Immelt as Job’s Czar, be afraid, be very afraid!
Filed in Energy on January 28, 2011

I know I’m a little late to the party, but it couldn’t be avoided.

When I first heard that President Obama had tapped General Electric (GE) CEO Jeff Immelt to head the President’s Council on Jobs and Competitiveness, I had the simultaneous urge to laugh and vomit. I avoided the latter (thankfully) and did the former – a great big guffaw.

Don’t get me wrong, Immelt knows a great deal about creating jobs – just not in the U.S. China has been a huge beneficiary of GE’s job machine since Immelt took over. Having Immelt as your lead advisor on domestic job creation and competition is akin to offering Bernie Madoff the job of government investment advisor: you’re not going to like the results (though in Immelt’s case, there will likely be no illegality involved).

I’m not sure whether Immelt is himself a committed environmentalist, but the corporate “Ecomagination” program is his baby and its all about green technologies.

There is just one problem, most of the energy products in the Ecomagination portfolio don’t work as well as the products they are replacing, can’t compete in the marketplace and thus need government support – big government support. Under Immelt’s leadership GE has gone from a company that competed well in the marketplace to one that curry’s favor with dictators (in China for example) – sharing GE’s technological innovations with the Chinese in order to gain entry to the market for its products, which are now produced in China – sucks on the government teat at every turn, supports policies that are bad for consumers, bad for our energy security, bad for GE’s workers. For example, despite GE’s long history of making high quality incandescent light-bulbs, GE under Immelt’s leadership supported a Federal ban on incandescents. GE’s last incandescent bulb factory closed in 2010 and its new CFL bulbs are made in China.

In addition, under Immelt GE has invested heavily in wind and solar power technologies – both of which require huge government subsidies and neither of which can compete in the marketplace. Since the costs of these energy sources is still too high to compete against traditional electric power sources like coal, nuclear and natural gas, Immelt’s GE is also one of the biggest boosters of the Obama administration’s plan to limit greenhouse gas emissions. Any scheme to limit emissions necessarily raises the costs of energy in general, but of fossil fuel generated energy in particular – which would help wind and solar power reach price parity.

Under GE’s previous CEO, the famous (some would say infamous) Jack Welch, GE made money by serving consumer demand for well-made, cost-competitive products. Under Immelt, GE receives (notice I didn’t say earns) an increasing share of its revenue in the form of government subsidies, grants and tax credits. Rather than competing to satisfy consumer demand, Immelt’s GE tries to bugger the competition with costly regulations while encouraging consumers to want different products, and, absent that, forcing them to purchase the goods he believes in his green wisdom, they should desire.

Some might argue that at least GE is working hard, doing what is necessary, to deliver value to its owners, the stockholders. If that were true, then some of Immelt’s pursuits might be understandable, if not forgivable. However, under Immelt, GE’s stock prices have plummeted. In 2000, the year before Jack Welch left, GE stock was trading above $160.00 per share. A three for one stock split in May of that year left the stock at more than $50.00 per share. Currently, GM stock is trading just at, or slightly below $20.00 a share. Hardly a ringing endorsement of Immelt’s Ecomagination fettish – and certainly of no comfort to its stockholders. When Jack Welch left GE, the company had gone from a market value of $14 billion to one of more than $410 billion at the end of 2004, making it the most valuable and largest company in the world. GE’s current market value stands at just $215 billion. Even during the recent recession, most companies did not lose half of their value and few if any (except those that have gone bankrupt or that have been bailed out) are valued at less now than they were 1980.

In fairness, under Immelt GE has far outpaced most of its corporate brethren in one area of accomplishment: avoiding the tax man. When President Obama railed in his speech against corporations, especially big oil companies, who he claimed did not pay their fair share, he should have looked closer to home for an example. While oil companies pay billions in taxes, royalties and fees to the federal government each year, GE’s effective corporate tax rate was 3.6 percent – you read that right, one of the biggest companies on earth pays just 3.6 percent in taxes. Before Obama goes after big oil for shirking its responsibilities, he should look more closely at his inner economic circle– to his new jobs Czar Jeff Immelt and the company he helms.

I fear for this country if avoiding taxes, sucking up subsidies and moving jobs overseas is our new jobs and competition program.
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"Falsehood flies, and truth comes limping after it" - Jonathan Swift, 1710
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#3
You will find everything that could be said against Obama directly, indirectly or remotely. Don't you?

Given the size of GE and the number of poeple going to be hired in China, this argument is laughable.
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#4
That may well be, Fredle... , but Imelt is chair of the "keeping jobs in the US" commission appointed by BHO. The irony is obvious.
Jefferson: I place economy among the first and important virtues, and public debt as the greatest of dangers. To preserve our independence, we must not let our rulers load us with perpetual debt. We must make our choice between economy and liberty, or profusion and servitude. If we can prevent the government from wasting the labors of the people under the pretense of caring for them, they will be happy.
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#5
His job performance reminds me of the idiot that ran Boeing into the ground several years back. They're still struggling to get their act together before EADS puts them out of business.
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#6
(07-27-2011, 01:34 PM)Joan Wrote: Not sure if this belongs here or in politics but I find it very funny that our jobs Czar is sending a huge chunk of his private corporation to China.

Way to go job czar.


GE Moves Healthcare Division's X-Ray Unit Headquarters To China

General Electric's health-care unit is moving the headquarters of its x-ray business from Waukesha, Wisconsin to Beijing to gain from Chinese growth, according to Bloomberg.

The company said only a few of its top managers would move to China, and that it expects no job losses at its Wisconsin office, that has 120 employees. GE Healthcare will however hire 65 new engineers and other staff at the new Chengdu facility.

Read the rest: http://www.businessinsider.com/general-e...z1TKOhz2fF

obama and the democrats are idiots, and have a long history of scaring successful businesses away. http://ai-jane.org/bb/showthread.php?tid...haliburton. and who doesn't remember the gm bankruptcy, when obama did nothing to try and save an american icon.
"You know, Paul, Reagan proved that deficits don't matter." Dick Cheney
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#7
jt Wrote:The irony is obvious.
Yes, the irony is that he successfuly preserved all the jobs in the US instead of moving the entire unit to China as any other CEO would do for a bonus increase.
BI Wrote:The company said only a few of its top managers would move to China, and that it expects no job losses at its Wisconsin office, that has 120 employees.

I don't know him very much but I already like him for two reasons:
1/ He was appointed by Obama
2/ He does what he is supposed to do

Thanks Joan for this pro-Obama info.
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#8
Don't thank me if you're going to twist my intent. I think it's a shitty thing to move a whole division to China when your job is to create more jobs HERE. I don't give a rat's ass if it's supposed to be "only a few of it's top managers". No matter how you slice it, it's taking jobs OUT of the country whether it be 2 or 2000. Keep it here and hire more instead. Aren't they going to have to hire hundreds of Chinese workers to work under those "top managers"? Shouldn't that be filled with Americans who need work?
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#9
Why are Americans entitled to have these jobs given out to them?
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#10
They're not. It's just that if I were given the job of keeping jobs in America, and finding new ways of keeping jobs and businesses here, I wouldn't show myself doing the opposite.
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#11
(08-02-2011, 01:33 PM)Joan Wrote: They're not. It's just that if I were given the job of keeping jobs in America, and finding new ways of keeping jobs and businesses here, I wouldn't show myself doing the opposite.

That is the point I take from all this as well. It's sort of ironic that the very person in charge of showing everyone how to create jobs here, is actually doing the same thing in China, and Not here.

This is just the sort of things that passes for Jackass common sense.

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"Falsehood flies, and truth comes limping after it" - Jonathan Swift, 1710
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#12
While Obama may have appointed him to this spot, Immelt still works for GE. What is amazing to me is that so many that favor capitalism, and private industry being able to invest and grow in it's own way, throw aside these concepts once a chance to criticize Obama shows up.

In his capacity as CEO of GE Immelt needs to act in the best interest of his shareholders. Period. Do any of you really think he should not do that? OR what, should he resign from GE and just to the gubmint thing?
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#13
Joan, did you read the article or not?

There is no job loss in the US. By comparison, another guy would have moved the entire unit. He didn't contrary to what you said.

75 jobs (or so) will be created in China for the production for the Chinese market. Creating jobs in the US is one thing, it doesn't mean it should be made against economical common sens.

If there is a factory to develop in China, for sales in China, you build it in China so that you can be competitive and profitable and, with the profits expand the business in the US.

You don't buy it in the US just for the sake of creating short term job for your mandate, and then close the plant up because it's too expansive for the Chinese to buy.

JL, creating jobs in the US doesn't forbid to create other jobs elsewhere. And creating jobs in China doesn't means that he doesn't create jobs in the US.
Link us that he doesn't create jobs in the US...
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#14
(08-03-2011, 01:29 PM)Fredledingue Wrote: JL, creating jobs in the US doesn't forbid to create other jobs elsewhere. And creating jobs in China doesn't means that he doesn't create jobs in the US.
Link us that he doesn't create jobs in the US...

Sigh,.............sorry Fred, but I am not picking on you alone. The point is that here is someone, who is supposed to be leading the way in US job promotion. And yet he is promoting jobs elsewhere.

And our other Brilliant member, who is an obvious genius within himself, fails to recognize that there is a "conflict of Interest". But he continues to turn over every rock in sight, looking for the hidden Obama hater/basher.

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"Falsehood flies, and truth comes limping after it" - Jonathan Swift, 1710
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#15
Nobody is hidden, everybody is out in plain view, warts and all. Just some are less honest that others.
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#16
(08-02-2011, 06:15 PM)Biker Dude Wrote: While Obama may have appointed him to this spot, Immelt still works for GE. What is amazing to me is that so many that favor capitalism, and private industry being able to invest and grow in it's own way, throw aside these concepts once a chance to criticize Obama shows up.

In his capacity as CEO of GE Immelt needs to act in the best interest of his shareholders. Period. Do any of you really think he should not do that? OR what, should he resign from GE and just to the gubmint thing?

Obviously the stockholders of GE stock have been less than thrilled ever since Immelt took over, judging by the share price history.

Krauthammer made the same point as you do a while back, and it it pertinent. However Immelt incompetently grasps at straws in his efforts to improve GE and is a sorry role model for "keeping jobs in the US".

Jefferson: I place economy among the first and important virtues, and public debt as the greatest of dangers. To preserve our independence, we must not let our rulers load us with perpetual debt. We must make our choice between economy and liberty, or profusion and servitude. If we can prevent the government from wasting the labors of the people under the pretense of caring for them, they will be happy.
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#17
JL Wrote:The point is that here is someone, who is supposed to be leading the way in US job promotion. And yet he is promoting jobs elsewhere.
No he is not promoting jobs elsewhere.
Let me put it:
After long deliberation the decision was taken to create as few jobs as possible in China in order to keep jobs in the US.

If he wasn't the US job Tsar, GE would have probably sacked 200 US employee to replace them by Chinese ones.
Be heppy that he was there!
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#18
(08-07-2011, 09:52 AM)Fredledingue Wrote:
JL Wrote:The point is that here is someone, who is supposed to be leading the way in US job promotion. And yet he is promoting jobs elsewhere.
No he is not promoting jobs elsewhere.
Let me put it:
After long deliberation the decision was taken to create as few jobs as possible in China in order to keep jobs in the US.

If he wasn't the US job Tsar, GE would have probably sacked 200 US employee to replace them by Chinese ones.
Be heppy that he was there!

Fred, I think you are contradicting yourself here.

___________________________________________________________________________________________________
"Falsehood flies, and truth comes limping after it" - Jonathan Swift, 1710
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#19
(08-02-2011, 06:37 AM)Fredledingue Wrote: 2/ He does what he is supposed to do

Tell that to GE shareholders. The company has been augaring since Jack Welsh left. There is a standing joke about GE being the 'BORG' from StarTrek ... they bumble about the universe 'assimilating' companies ... wring out any value or revenue and then crap out the debris. In the mid-2000s GE Healthcare was on an absolute tear ... buying up $billion$ worth of companies. Biker Dude and I used to work for one of the debris here in Colorado ... When GE bought Instrumentarium I think it was one of the biggest acquisitions of the spree ... that's when I was sucked into the Borg cube and shat out the other side. They have a set protocol.

1. Blow smoke up everyone's arse about working for GE
2. Change all IT to their system immediately (i.e. change everyone's workstation and move IT support to India) even if you plan on firing all the employees next month ... doesn't matter ... everybody gets a new computer cuz that's how it MUST be done.
3. Begin offshoring operations and promise that future development work and support will remain under local control.
4. Outsource, offshore or abandon development and support.
5. Close remaining facilities, sell assets and retain only a handful of employees to coordinate wringing out the last bit's of any revenue out of anything that remains.

That's how assimilation works. The fact that Immelt has extended it to cannibalization of native divisions is not surprising. It's a business plan that has catapulted GE stock and investor equity into the dirt for a decade (he took over four days before 9/11 - if that isn't an omen for disaster, I don't know what is). I can only imagine how the guy still has a job ... he must have an absolute mountain of dirt on people is the only thing I can figure.

Fred, take a moment and look up ticker symbol GE and examine stock price as correlated with Immelt's tenure ... then come back and tell me how much you still like the guy.



"Democracy is the theory that the common people know what they want and deserve to get it good and hard."
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#20
(08-02-2011, 06:15 PM)Biker Dude Wrote: While Obama may have appointed him to this spot, Immelt still works for GE. What is amazing to me is that so many that favor capitalism, and private industry being able to invest and grow in it's own way, throw aside these concepts once a chance to criticize Obama shows up.

In his capacity as CEO of GE Immelt needs to act in the best interest of his shareholders. Period. Do any of you really think he should not do that? OR what, should he resign from GE and just to the gubmint thing?

It's about the irony, which is completely lost on you.

Certainly, he should do what's best for his company. Nobody said otherwise.

Per the resignation from GE comment... He is doing right for GE, and setting a poor example for the gubmint. If he had to step down, it would be from the gubmint spot. That said, his input may be very valuable. After all, he was a decision maker that chose to outsource. He could make suggestions to keep companies from outsourcing.
"If people weren't so hypocritical, they would donate more of their time and their money to directly help their causes. Instead they want the government to force me to give them my time and my money." - Catpiss, The Great
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