"I really worry about China," CEO Jeffrey Immelt told a business audience in Rome and he went on, "I am not sure that in the end they want any of us to win, or any of us to be successful." Immelt said that China had become hostile to the interests of large multinational companies, to some extent because they have become competitive to firms based on the mainland. He said multinational firms will have to consider moving enterprises out of China to other more friendly nations. He warned that the world’s largest manufacturing company was contemplating better prospects elsewhere in resource-rich countries in the Middle East, Africa, Latin America plus Indonesia and that those nations did not want to be “colonized” by China.
Did Jeff seriously think China was ever his friend? Honor among thieves maybe? GE is a predator without conscious and the notion that he and his kind ever had the interest of anybody but themselves in mind is of course laughable. These other countries that Immelt is threatening to move to don’t want to be “colonized” by GE either so he isn’t going to be welcomed with open arms even if he could make good on his threat to move. In fact the rest of the world is happy to do business with China since China has manufactured goods to sell them, all the US sells is debt.
He went on to attack Obama as well saying that excessive US regulation, in the wake of the global financial crisis, would dampen a "tepid" economic recovery. The CEO of world’s largest manufacturing corporation seemed oblivious to how the US has gotten in the condition that it is in. "We are a pathetic exporter (he would know, he closed the factories) ... we have to become an industrial powerhouse again but you don't do this when government and entrepreneurs are not in synch."
He must be aware that Jack Welch (his predecessor at GE) shipped as many jobs to India and China as he could making himself a billionaire in the process and converting the US into a third world country. You can bet that when China kicks his butt out that he’ll want US taxpayer money to bail him out.
When his little rant got into the Financial Times his office issued the usual quoted out of context and misquoted denials. When this wouldn’t fly they took the really unusual stance of saying that their CEO does not speak for the company and disavowed everything he said about China, not about Obama though. GE isn’t afraid of Obama. www.prairie2.com