Best friends Obama and Immelt applaud as GE screws taxpayers once again.
The Daily Bail September 14, 2011
Source - Gateway Pundit
GE was awarded 44 contracts totaling over $46,000,000 and 44 grants totaling more than$79,000,000 from the Obama-Pelosi $757 billion dollar stimulus package. Millions of dollars in stimulus funds were used by GE in green energy projects.
Today GE announced that it was going to gut its offshore wind-power plans.
General Electric, the U.S.-based industrial giant and leading manufacturer of wind-power turbines, is scaling back efforts to expand its presence in the offshore wind power market.Immelt also said the stimulus would work way back in April 2009.
The rationale: there is no meaningful offshore wind market to speak of – at least not yet. Given slower-than-expected industry growth, the offshore market may not mature as rapidly as many wind boosters once believed. In 2009, GE moved into the offshore market by acquiring Norway’s ScanWind, a developer of direct-drive turbines, based in the city of Trondheim.
GE is considering laying off about 40 employees in Norway as it scales-back its offshore operations there, according to reports in Recharge. The company has also suspended plans to construct a manufacturing facility in the United Kingdom indefinitely.
Obama Picks Jeffrey Immelt, GE CEO, To Run New Jobs-Focused Panel As GE Sends Jobs Overseas, Pays Little In Taxes 01/21/11
General Electric Gets a $140B Bailout - What's the Point of AAA? November 14, 2008
Hat tip to The Daily Bail