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GE responds to charges of crony capitalism
Posted By aaron On September 17, 2011 @ 10:34 am In Economic Crisis | Comments Disabled
Timothy P. Carney
September 17, 2011
General Electric, with a larger lobbying budget than any other company in America, has long lobbied for and profited from Big Government. Since Obama tapped GE CEO Jeffrey Immelt as Job Czar, this critique has spread throughout the Right.
When it came out that GE’s U.S. corporate income tax bill for 2010 was $0, anti-GE sentiment grew on the Left and Right. Finally, at the latest Republcian debate Newt Gingrich attacked GE for profiting from Obama-style green-energy loopholes.
So today, GE responds: “There has been a lot of talk lately about GE and what some call crony capitalism. Unfortunately, those same people don’t want the facts to get in the way of their political rhetoric.”
I would like GE to explain why this isn’t corporatism or crony capitalism.
CONTINUE READING FOR A DETAILED LIST OF COZY ARRANGEMENTS ENJOYED BY G.E. INCLUDING: WIND TURBINES, EFFICIENCY LIGHT-BULB REGULATIONS, OWNERSHIP IN A GREENHOUSE GAS SERVICES COMPANY, EMBRYONICE AND MORE.
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