Good Grief…Head of Obama’s Economic Advisory Panel Moves Business to China

Good grief… Even the head of Obama’s Economic Panel is bailing on him.

Obama named his longtime friend and supporter GE chief Jeffrey Immelt to head his economic recovery advisory panel in January. (LA Times)

The head of Barack Obama’s Economic Advisory Panel is moving his business to China.
Bloomberg reported:

General Electric Co. (GE)’s health-care unit, the world’s biggest maker of medical-imaging machines, is moving the headquarters of its 115-year-old X-ray business to Beijing to tap growth in China.

“A handful” of top managers will move to the Chinese capital and there won’t be any job cuts, Anne LeGrand, vice president and general manager of X-ray for GE Healthcare, said in an interview. The headquarters will move from Waukesha, Wisconsin, amid a broader parent-company plan to invest about $2 billion across China, including opening six “customer innovation” and development centers.

The move follows the introduction earlier this year of GE Healthcare’s “Spring Wind” initiative to develop and distribute medical products and services in China, GE said in a statement today. More than 20 percent of the X-ray unit’s new products will be developed in China, LeGrand said.

Well, we know the move was not based on taxes… GE didn’t pay any taxes last year. The company reported worldwide profits of $14.2 billion, and said $5.1 billion of the total came from its operations in the United States.

But that didn’t stop the company from moving business to China.

#1 July 27, 2011 at 2:45 pm
shibumi commented:

Read about this elsewhere. China will steel their patents, and they will make no money off the move. In fact, they will lose money.
#2 July 27, 2011 at 2:57 pm
Rock commented:

Shhhhsh, that’s not the sound of Democracy, but another load of union jobs going down Mr. Crappers invention, way too funny. And right after GE posted record profits, and payed no taxes.
#3 July 27, 2011 at 2:57 pm
justbelieveit commented:

#1 Nah, they’ll give the patents to the Chinese. Remember that Odumbo wants us all to play nice with each other.
#4 July 27, 2011 at 2:57 pm
Auntie Em commented:

The death of GE. Everything BO touches withers, doesn’t it?

In related news…

Read Daniel 7 and read it to the end.
#5 July 27, 2011 at 2:59 pm
bg commented:

++

that’s a surprise, was hoping to hear that news about dear leader..

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#6 July 27, 2011 at 3:04 pm
ahem commented:

Everything he touched turns to crap.
#7 July 27, 2011 at 3:04 pm
succotash commented:

All while Immelt is lecturing American businessmen that they need to hire more people. What a hypocritical POS. I am so sick of all of these Obama critters.
#8 July 27, 2011 at 3:08 pm
bg commented:

++

not a homeboy

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#9 July 27, 2011 at 3:12 pm
JonahVark commented:

“GE moving the headquarters of its 115-year-old X-ray business to Beijing to tap growth in China”.

TAP GROWTH IN CHINA means no union wages, no benefits, no 28% income tax, no social security taxes, no workman’s comp and no unemployment tax – all the things that are crippling American small businesses.
#10 July 27, 2011 at 3:16 pm
Rock commented:

Maybe the only way to get rid of this AH is let the country go broke, he’ll have to take money from that magic stash to buy votes, with our credit down the tube not even China will loan him and the Democraps money to continue with his give a way’s. Starve the beast to death.
#11 July 27, 2011 at 3:17 pm
kansas commented:

Aren’t the greenhouse gas emission laws pretty strict in China?
#12 July 27, 2011 at 3:17 pm
jlp commented:

I feel like I am in the twilight zone. Nothing Obama does makes any sense.
#13 July 27, 2011 at 3:18 pm
Sparky commented:

Immelt is another Obama cling-on. He is out for power and money no matter the cost.
#14 July 27, 2011 at 3:18 pm
kansas commented:

DOW down 200 today. Looking good for Armageddon.
#15 July 27, 2011 at 3:19 pm
kansas commented:

#12 July 27, 2011 at 3:17 pm
jlp commented:

I feel like I am in the twilight zone. Nothing Obama does makes any sense.

It does if you think of Obama as a saboteur.
#16 July 27, 2011 at 3:21 pm
bg commented:

++

shifty guy

a tad OT..

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#17 July 27, 2011 at 3:23 pm
L.E. Liesner commented:

The only thing surprising here is that this anti-American administration didn’t let this happen earlier. I’ll bet that this corrupt government will send them a couple of billion to set up operation. Where are these great union leaders that continually tell their members that they are working for them? The “useful idiots” have struck again.
#18 July 27, 2011 at 3:23 pm
bg commented:

++

bottom line imho:

whatever Obama is doing, THOUSANDS of people who have it in their
power, some all on their own, others collectively, can stop him if they
wanted to..

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#19 July 27, 2011 at 3:28 pm
bg commented:

++

Oba-Mao Oba-Mao Oba-Mao-Mao-Mao

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#20 July 27, 2011 at 3:31 pm
Presnit Obluff commented:

Immelt probably received one of those obama waivers, like the Unions got for Zerocare, and the lobbyist got to work in his administration after he said he wouldn’t hire lobbyist.

Chavez Norte doesn’t have to follow his own rules. It’s the way dictators operate!
#21 July 27, 2011 at 3:33 pm
bg commented:

++

“Source of Strength For the Community of Nations”

please scroll through comments for much more info, thank you..

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#22 July 27, 2011 at 3:34 pm
Presnit Obluff commented:

Expect Tom Friedman to pen an approving NYT column tomorrow. Expect Jay Carney to refer to the column IF asked by the MBM.
#23 July 27, 2011 at 3:35 pm
Presnit Obluff commented:

Oh, I forgot Jay Carney’s title of spokestool. Sorry for the omission!
#24 July 27, 2011 at 3:38 pm
Gimme a Break commented:

Immelt is scum. If the SOB had to survive in a truly free market without relying on corrupt crony capitalism of the Democratic Socialist Party, he’d be out of a job.
#25 July 27, 2011 at 3:39 pm
jlp commented:

wonder how many billions George Soros will profit if we default?
#26 July 27, 2011 at 3:44 pm
Presnit Obluff commented:

Chavez Norte doesn’t have to follow his own rules.

Miss the news for a couple of days, and pow, you can’t keep up with Emperor Zer∅’s quest for power.
#27 July 27, 2011 at 3:47 pm
garrettc commented:

You have to admire the weasel-speak. There won’t be any job cuts, but a handful of our top earners will be moving to China and, so sorry, won’t be dining in your restaruants, shippoingat your stores, hiring the lawn service. Oh Well. aMore importantly, there there won’t be an job hires for this expansion either. At least in the US.
#28 July 27, 2011 at 3:52 pm
kato commented:

Immelt is just another one of your asskissing CEOs looking for government handouts. In that regard, he isn’t much different from Lee Iacocca, who this idiot country once considered a savior and a potential president.

But in general, anyone who invests in stock, should demand that the corporations he owns move as much business out of the U.S. as possible. High taxes, ridiculous environmental policies, absurd energy policies, affirmative action, Sarbanes-Oxley, Dodd-Frank, tort lawyers, and a dope in the White House are just a few reasons.

I predicted this some years ago, when the left-wing, antibusiness Dr. David Kessler was head of the FDA, and it is finally beginning to happen: The pharmaceutical industry, once a shining example of American technological achievement, is closing research facilities here and opening them abroad. The next step will be focusing on the diseases of the developing world, while cutting back on research for American patients.
#29 July 27, 2011 at 3:59 pm
lemonaide commented:

Yeah… and AARP, big supporter of Obamacare, got a waiver. But the rest of us are supposed to eagerly support the “balanced approach.” Hypocrites all.
#30 July 27, 2011 at 4:03 pm
Kingsnake commented:

Immelt and obummer are laughing at the U.S. citizens because their on the chinnese pay roll. Those of you that are out of work take a good look at these two crap sacks. Their set for life!!!!
#31 July 27, 2011 at 4:27 pm
big L commented:

I saw the vid of Waggoner, then chair of GM talking about the great oppo in China.
I thought great! you can take all of GM and the UAW and your suppliers and get the heck out of the USA.
Same with GE. I will not buy a Profile or other GE appliance
Same Wit the Hoteller “Starwood” . They have moved to China and I thought
they can cram it too. I will never stay in another Starwood hotel
Let them all wear Egg Foo Yung on their face.
#33 July 27, 2011 at 5:22 pm
tennismom commented:

Taking #31 BigL a step further . . .

Given GE’s other anti-American actions, receiving stim $ & giving nothing back, moving production of solar panels to China . . . isn’t this latest development the last straw?

Shouldn’t American consumers as a whole boycott GE?

Given that GE’s product line is highly diverse and includes many items that would be invisible to ordinary people shopping, like medical equipment and technology used by power plants, a complete boycott would be difficult . . . but I think we might make a point by shunning their appliances.
#35 July 27, 2011 at 5:30 pm
squeaky commented:

candidate obama wanted to boycott the china olympics
http://blogs.abcnews.com/politicalradar/2008/04/obama-says-bush.html
president obama not so much – any change in the human rights violations?
http://www.cbsnews.com/stories/2008/04/02/politics/main3988577.shtml
[[Barack Obama has been watching the Olympics and marveling at how amazing China’s infrastructure is.]] he must have missed the fake facades they put in front of dilapidated building fronts.
http://evansparks.wordpress.com/2008/08/24/obama-chinas-airports-are-vastly-superior-to-us-now/
#36 July 27, 2011 at 5:30 pm
Em commented:

Manchurian Global expects results, and Manchurian Global gets results. The special Chairman Mao welcoming committee is standing by awaiting the arrival of a new crop of inductees/agents. Red is the new green.
#37 July 27, 2011 at 5:39 pm
squeaky commented:

[[Li said that arguments between South Sudan and Sudan on oil revenues were an internal affair to be decided by "the two brothers of Sudan". "Any intervention in this key sector from the outside would only complicate the situation and would not help resolve the issue," Li said.
"We will respect the decision by the two sides and adjust our plans of cooperation accordingly," he added, without elaborating.]] now that the south has its independence [and the lion share of oil] china will go with who’s on top and won’t question how they got there.
http://uk.reuters.com/article/2011/07/11/oil-sudan-china-idUKL3E7IB1A820110711
#38 July 27, 2011 at 7:07 pm
bg commented:

++

Just 6% believe that Congress is doing a good or an excellent
job. Forty-six percent (46%) now believe that most members of
Congress are corrupt.

A Generic Republican continues to lead President Obama in an early
look at Election 2012. Republicans continue to lead Democrats on
the Generic Congressional Ballot.

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#39 July 27, 2011 at 7:57 pm
dunce commented:

Overseas profits are not taxed until and if they are brought back to the USA and many are calling for removing those taxes to get the companies to bring back the many billions and invest them here. What is clear is that our govt. thinks tax revenue is more important than a genuine monetary stimulus the the private sector. After obama is gone if there is still a country left worth investing in a republican administration that will come into office with a maxed out national credit card may have to play this card. The other option is to sell giant parts our national resources to china.