OPEN LETTERS FROM A BANKING EXPERT TO CEOS OF GM AND GE

General Motors, General Electric: Guilty of Economic Treason http://www.newswithviews.com/Barnewall/marilyn182.htm
News With Views.com – Marilyn M. Barnewall – 7/15/2012

AN OPEN LETTER TO DAN AKERSON, CEO, GENERAL MOTORS

In a 2011 speech in Shanghai, China, (listen to the speech here) just three years after General Motors and Chrysler received $80 billion from U.S. taxpayers to prevent both companies from failing, you, Mr. Akerson, said the following:

“Almost 7 out of every 10 cars we make are made outside the United States.” So, after accepting the “largesse” of the American people to save your poorly-run, unionized, lousy company, you moved 70 percent of cars built to China… taking jobs away from American citizens who will long be paying for the stupidity of General Motors management decisions over many years. Any American who doesn’t understand that unreasonable labor demands are COSTING rather than providing jobs is too dumb to vote!

“We have eleven joint ventures in China with SAIC and FAW – vehicle manufacturing, sales, distribution, engineering, design, financing, (etc.). We operate 11 final assembly plants in China and 4 power train plants in 8 cities across the country… We have more than 2,700 dealerships and sales outlets nationwide.” SAIC is Shanghai Automotive Industry Corp – run by the communist government of China. FAW is another Chinese government-owned manufacturer.

You have not only sold out the American people and economically crippled the nation because of your evident belief that your company is entitled to the benefits of American capitalism to save your sorry butts, but apparently also don’t believe Americans are entitled to the jobs the bail-out funds made possible.

AN OPEN LETTER TO G.E. CHIEF EXECUTIVE OFFICER JEFFREY IMMELT

GE Capital makes loans for commercial real estate, aircraft leasing and issues credit cards for stores like Wal-Mart. If categorized as a “banking company,” it would be the seventh largest bank in America. Because GE Capital is not a bank, it did not qualify for TARP funds under the Temporary Liquidity Guarantee Program (TLGP) funds.

GE Capital owned an FDIC-insured savings and loan and an industrial loan company in Utah. . . made up only three percent of GE’s total asset base… but gained qualification to the TARP funds from the Obama administration under a loophole (more crony capitalism… )

Special privileges had to be manipulated through the system, but it was done quickly and, with Immelt in charge of NBC News, a GE company, publicity was contained.

What can we deduce?

How about this: GE is an American company when it is going bankrupt because of your poor management, but a global company when it wishes to ignore its responsibilities to the American people.

General Electric . . . has become one of the most skilled tax avoiders in America. In 2010, GE set aside a mere 7.4 percent of its $5.1 billion U.S. profits to pay taxes. Actually, it paid practically nothing.

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