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.

 

 

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  1. 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. 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. #1 Nah, they’ll give the patents to the Chinese. Remember that Odumbo wants us all to play nice with each other.

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

    In related news…

    Read Daniel 7 and read it to the end.

  5. ++

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

    ==

  6. Everything he touched turns to crap.

  7. 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. “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.

  9. 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.

  10. Aren’t the greenhouse gas emission laws pretty strict in China?

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

  12. Immelt is another Obama cling-on. He is out for power and money no matter the cost.

  13. DOW down 200 today. Looking good for Armageddon.

  14. #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.

  15. ++

    shifty guy

    a tad OT..

    ==

  16. 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.

  17. ++

    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..

    ==

  18. 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!



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