Just my personal opinion here, but man, that Jeffrey Immelt guy has always just rubbed me wrong. Here he shares with us his very high opinion of himself. But even worse he seemingly is proud when he writes:
“Finally, you must embrace new kinds of talent, a new culture, and new ways of doing things. We have hired tens of thousands of people—managers at all levels; software developers and engineers; data scientists; and folks in sales, marketing, HR, and other functions—many of them outside the United States. In 2001, 43% of our workforce was outside the United States; today 65% is.”
Because, as we’ve been told repeatedly, Americans won’t do the work so of course he’ll have to have a workforce predominantly non-US.
But ironically, he CAN find Americans to do the work of lobbying Congress to pay NO taxes in 2010 even though they had an incredibly successful year then.
“The company has been cutting the percentage of its American profits paid to the Internal Revenue Service for years, resulting in a far lower rate than at most multinational companies.
Its extraordinary success is based on an aggressive strategy that mixes fierce lobbying for tax breaks and innovative accounting that enables it to concentrate its profits offshore.”
Don’t read this NY Times article if you don’t want to get angry. It’s that bad. Tell me again who controls the political structure? Or how Bush and Obama differed? Ironic that Immelt was CEO of GE for the 16 years of those two presidencies.