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Conflict of Interests: GE and Obama, stimulus, appointments, manipulation

January 25, 2011

Conflict of Interests: GE and Obama

Last week, President Obam a appointed General Electric CEO Jeffrey Immelt to head his newly-created Council on Jobs and Competitiveness. The move comes as no surprise, as Immelt as cultivated a cozy relationship with the Obama administration by donating hundreds of thousands of dollars to Obama’s presidential campaign while lobbying for green energy subsidies for GE.

This is what we call rent seeking: the manipulation of the market through political connections to create special privileges for GE. It’s bad for our competitive free market and bad for the American people.

Watch our video here, where we expose the $25 million in stimulus money given to GE, the $20 billion in stimulus funded contracts and the $139 billion in bailouts GE has received. In conjunction with the Free Enterprise Project, FreedomWorks urges you to sign on to our petition asking Immelt to resign his post as CEO of GE. Follow the link to sign our petition!
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Also see our post below: NYS GOP response to Obama’s visit to GE in Schenectady

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