President’s Council on Crony Capitalism

Chinese President Hu arrived in the U.S. shortly after the unveiling of a Chinese Stealth Aircraft suspiciously like our own. He left with a joint venture agreement with GE for hi tech jet engines.

Yesterday, President Obama announced the appointment of G.E. CEO Jeff Immelt (who axed 18,000 jobs) to chair the President’s Council on Jobs and Competitiveness. According to IBD, “GE has received $60 million in federal funds to build a technology center and $55 million to build a hybrid locomotive battery plant.” This is in addition to “a $139 billion bailout in the form of FDIC backing of GE Capital debt”.

Emptywheel at Firedog Lake says, Immelt’s “actions make him the poster child for everything wrong with the U.S. economy right now”.

Here’s a link to Immelt’s op-ed in yesterday’s Washington Post.

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