"...this move is just part of a broader plan by GE to invest $2 billion in China. This will become the first GE business to be headquartered there. A handful of the unit's top executives will be transferred to China but otherwise, the company says, none of the 150 staffers in the Milwaukee-area facility will lose jobs or be transferred. However, GE plans to hire more than 65 engineers and a support staff at a new facility in China.
It's the kind of news that makes you want to reach for something sharp and jab it in your eye. General Electric's Chief Executive, Jeffrey Immelt, is one of President Obama's advisers on… ready? U.S. job creation!
25 August 2011
General Electric moves its xray business to China
As noted at the Cafferty File:
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Ouch- 65 engineers not hired here in the U.S.ReplyDelete
My daughter is working on her PhD in engineering and says that she knows recent graduates who cannot find jobs. They are in disbelief. Those with a few years of experience or a master's degree can find employment, but those that can't are returning to the classroom.
It's a global economy, folks. If you can't compete on a global scale you fall behind.ReplyDelete
Learn Chinese and move. That's what the head of Cisco Systems told his grandchildren.
Maybe businesses feel that in order for the U.S. to compete with China, we have to become as Socialist and Communist as them?ReplyDelete
Time to boycott all GE products until they recant this terrible decision. It was their US tax breaks and refunds that allowed their business to thrive. This is how we're repaid?ReplyDelete
"This is how we're repaid?"ReplyDelete
Multinational corporations may be recognized as citizens here in the USA, but they don't consider themselves such in any civic sense.
Can corporate persons be tried for treason or sedition? Just curious, because while this example is not the case It's going to come up.ReplyDelete
GE is not USA's friend. If so, they would pay their taxes. Instead they sit on it, holding it hostage:ReplyDelete
"GE has a very aggressive tax team, led by a former Treasury official, and has spent decades trying to cut its tax bill. Fortune's accounting expert thinks the company has about $94 billion in untaxed foreign profit."
When CEO's are asked why they do this, they answer, "my job is to do the investor's will". So who are the investors and why are they cool with this?