Obama Picks Another Idiot!
You really have to wonder if Barrack Hussein Obama suffers some sort of mental disorder. Why in hell would he have turned to one of the worlds sleaziest CEO’S for economic advice. I guess its the outstanding job “Jeffrey” has done at G.E. Let’s see he’s shed over 22.000 G.E. jobs here in the U.S., while expanding jobs oversees. In recent years “Jeffrey” has received major fines from the SEC for his fraudulent business practice at G.E. and was nailed with making illegal kickbacks to IRAQ during the U.N. oil-for-food program. You think his appointment as Obama’s top economic advisor had anything to due with political payback for supporting Obama’s disasterous health care takeover. G.E. has also been granted some major EPA waivers by the Obama administration since he signed on to OBAMACARE. Obama picked tax cheat Timothy Geitner as Treasury Secretary so “Jeffrey” is just one of many morons picked by Obama to ruin the economy. After 2 years of massive debt building spending unemployment has seen little improvement, GDP is stagnant and inflation is rising. All this should be no big surprise, Barrack Hussein Obama has been involved in sleezy political Chicago corruption for years and has been on the taxpayer’s dime his entire life. He’s has never created one job, he’s had no executive leadership experience, Obama has got to be the most inexperienced, unqualified person ever elected to the office. Let’s face it he had less then two years in the Senate before he started his run for president. While in the Senate he was known for missing votes, many times on purpose so he could avoid the being on record making it easier to appear as a moderate. I guess the real question is, will it be years or decades until our economy is healthy again after Obama finishes his assault on capitalism.
The SEC fined GE $50 million in August 2009, alleging the company used improper accounting on four separate occasions in 2002 and 2003 to “increase its reported earnings or revenue and avoid reporting negative financial results.”
“Beginning in January 2003, an improper application of the accounting standards to GE’s commercial paper funding program to avoid unfavorable disclosures and an estimated approximately $200 million pre-tax charge to earnings,” an Aug. 4, 2009 SEC news release highlighting the four offenses said.
“A 2003 failure to correct a misapplication of financial accounting standards to certain GE interest-rate swaps. In 2002 and 2003, reported end-of-year sales of locomotives that had not yet occurred in order to accelerate more than $370 million in revenue. In 2002, an improper change to GE’s accounting for sales of commercial aircraft engines’ spare parts that increased GE’s 2002 net earnings by $585 million,” it added.
In July 2010, the SEC slapped GE with a $23.4 million penalty for its involvement in the oil-for-food scandal. GE agreed to pay the fine, but again did not admit to any wrongdoing.
The SEC, in a July 27, 2010 news release, said four GE subsidiaries “made illegal kickback payments in the form of cash, computer equipment, medical supplies and services to the Iraq Health Ministry or the Iraqi Oil Ministry in order to obtain valuable contracts under the [United Nations] Oil-for-Food program” from 2000 to 2003.
The U.N. Oil-for-Food program instituted in 1996 was designed to allow Iraq to sell oil in exchange for humanitarian aid and medical supplies to go to Iraqis despite the sanctions that were imposed on the country then under Saddam Hussein’s dictatorship. But, the SEC found that Iraqi ministries demanded kickbacks on contracts. Several other U.S. and foreign corporations were also implicated in the scandal.
The SEC took 15 Foreign Corrupt Practices Act enforcement actions against companies involved in the oil-for-food scandal, collecting $204 million in penalties, the agency said.
GE owned two of the subsidiaries involved in the scandal before the U.S.-Iraq war began in 2003, and acquired two other companies after Saddam’s regime was toppled.