Interesting to hear GE CEO Jeff Immelt will chair a new White House jobs panel tasked with finding ways to grow private-sector jobs. He runs a big company, but Immelt has shown more skill at cutting jobs, frankly, than creating.
GE finished 2009 with 18,000 fewer US workers than it had at the end of 2008, and US headcount is down 31,000 since Immelt’s first full year in 2002. During his tenure, GE workers based in the US as a percentage of total employees has fallen to 44% from 52%.
Maybe the company’s 2010 10-K due in February will show GE actually added jobs last year. But then again, maybe that’s just our imagination at work.
Here’s a dead-on take (as usual) from market strategist Joan McCullough at East Shore Partners, on this Immelt appointment:
Why do we give a flyin’ fig about this announcement from the White House? Because it hits home once again that nothing has changed. That the crony capitalism is as alive and well at the hands of a community organizer as it was with the rest before him. That the best interests of the US taxpayer are the last consideration of our rainmakers.
Photo courtesy of GE