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Frank Bernheisel: The View From Here
Frank Bernheisel
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Frank Bernheisel
Posted 08.02.11
Just Outside Washington

FRANK BERNHEISEL

General Electric: A US Company?

Several sources, including the Washington Post, have written about GE moving the headquarters of its X-ray business to China. GE will make a $2 billion investment there in the X-ray business.

Not a lot of money to GE but that is not the issue.

Is GE an American company? Does it benefit from being incorporated in Schenectady, New York, and having its headquarters in Fairfield, Connecticut?

According to Fortune magazine, GE is the sixth largest U.S. corporation.

And according to ABC News, GE earned $14.2 billion in profits in 2010, but it paid no federal taxes because the bulk of those profits, some $9 billion, were offshore. In fact, GE got a $3.2 billion tax benefit.

GE's chairman and CEO, Jeff Immelt, was chosen in February to replace Paul Volker as co-chairman of the Council on Jobs and Competiveness. Before he became CEO, he was head of GE's health care unit.

This is the guy advising President Obama on how to create more jobs in America.

What's wrong with this picture?

http://finance.yahoo.com/news/GE-moving-Xray-leadership-apf-1172733391.html?x=0&.v=2

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