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General Electric Company (GE)


Self Description

May 2002: "GE is a diversified services, technology and manufacturing company with a commitment to achieving customer success and worldwide leadership in each of its businesses. GE operates in more than 100 countries and employs 313,000 people worldwide. Jeffrey R. Immelt is Chairman and Chief Executive Officer as of September 7, 2001. The Company traces its beginnings to Thomas A. Edison, who established Edison Electric Light Company in 1878. In 1892, a merger of Edison General Electric Company and Thomson-Houston Electric Company created General Electric Company. GE is the only company listed in the Dow Jones Industrial Index today that was also included in the original index in 1896." http://www.ge.com/factsheet.html

Third-Party Descriptions

August 2009: 'The SEC had accused GE of bending “accounting rules beyond breaking point” in order to avoid disappointing results on four occasions in 2002 and 2003. The “rule bending” boosted GE’s earnings by more than $780m and its revenues by $370m. One alleged violation involved changing the way it accounted for hedges. Another involved treating yet-to-be-completed sales of locomotives as done deals.'

http://www.economist.com/businessfinance/displayStory.cfm?story_id=14183098

August 2009: "The scheme was among four sets of accounting misdeeds by GE in 2002 and 2003 that the SEC described in a lawsuit it made public as part of a settlement in which the conglomerate agreed to pay $50 million in fines. The suit alleged that two sets of transactions were intentionally designed to defraud investors. While GE has already corrected its financial reports in a series of restatements it made during the SEC's multiyear investigation, the details of the manipulations are new and add another black mark to GE's once-sterling reputation. The revelations would seem to confirm suspicions many investors had developed about how the company beat or met analysts' earnings estimates every single quarter for a decade from 1995 through 2004."

http://www.businessweek.com/bwdaily/dnflash/content/aug2009/db2009084_567813.htm

June 2008: "The policy at General Electric is also fairly specific. It requires that its board must determine that an executive has engaged in fraud or intentional misconduct before the company tries to recover performance-based pay. Then the board can take disciplinary measures, including possibly terminating the employee or demanding reimbursement of pay called into question as a result of a financial restatement."

http://www.nytimes.com/2008/06/08/business/08gret.html

November 2007: "Having a prime-time lineup that tilts ever more demonstrably to the left could be risky for General Electric, MSNBC’s parent company, which is subject to legislation and regulation far afield of the cable landscape. Officials at MSNBC emphasize that they never set out to create a liberal version of Fox News."

http://www.nytimes.com/2007/11/06/business/media/06msnb.html

October 2007: "A divided federal appeals court ruled yesterday that a human rights lawsuit filed against 50 major corporations that did business in South Africa under apartheid should be revived and reconsidered by the lower court that dismissed it.... The plaintiffs sued the corporations — among them Citigroup, General Electric, E. I. DuPont de Nemours, I.B.M., General Motors, Shell Oil and ExxonMobil — under the Alien Tort Claims Act..."

http://www.nytimes.com/2007/10/13/us/13apartheid.html

May 2007: Now one of the company's top lawyers has slapped Immelt, GE, and a slew of other senior executives with a $500 million lawsuit that claims she—and other executive-level women at GE—are systematically discriminated against. Not only does the company underpay women in comparable jobs held by men, she says, but it promotes them at a slower rate and has failed to make any progress under Immelt's watch.

http://www.businessweek.com/bwdaily/dnflash/content/may2007/db20070531_479086.htm

April 2007: If this can happen to GE, a company famed for its rigorous performance reviews, with an HR operation that is studied worldwide, it can happen anywhere. It has never been easier for U.S. workers to go to court and allege that they've been sacked unfairly.

http://www.businessweek.com/magazine/content/07_17/b4031001.htm

Relationships

RoleNameTypeLast Updated
Owner of (partial or full, past or present) GE Capital Organization Oct 29, 2010
Owner of (partial or full, past or present) GE Money Organization Jan 22, 2008
Opponent (past or present) Inner City Press (ICP) Organization Feb 24, 2008
Owner of (partial or full, past or present) Marconi Electronic Systems (MES) Organization Apr 17, 2007
Owner of (partial or full, past or present) NBCUniversal Organization Oct 11, 2005
Organization Executive (past or present) Dr. Michael S. Adler Person Mar 19, 2004
Employee/Freelancer/Contractor (past or present) Claudio Ballard Person Jun 15, 2011
Founded/Co-Founded by Thomas Alva Edison Person Mar 23, 2008
Organization Executive (past or present) Fritz Heimann Esq. Person May 7, 2008
Employee/Freelancer/Contractor (past or present) John Hofmeister Person Nov 16, 2005
Organization Head/Leader (past or present) Jeffrey Immelt Person
Director/Trustee/Overseer (past or present) Kenneth G. Langone Person Jan 21, 2004
Organization Executive (past or present) Peter Löscher Person Jan 24, 2008
Director/Trustee/Overseer (past or present) Senator Sam Nunn Person
Organization Head/Leader (past or present) Philip Reed Person
Employee/Freelancer/Contractor (past or present) Organization Executive (past or present) Organization Head/Leader (past or present) John "Jack" F. Welch Jr. Person Jan 22, 2006
Organization Executive (past or present) Gary Wendt Person Oct 14, 2006

Articles and Resources

47 Articles and Resources. Go to:  [Next 20]   [End]

Date Fairness.com Resource Read it at:
Sep 08, 2011 Fighting Backlog in Patents, Senate Approves Overhaul

QUOTE: The Senate approved a sweeping reform of the nation’s patent laws on Thursday, sending to President Obama a bill that changes the system for determining priority for inventions at the patent office and provides more financing for an agency beset by application backlogs and outdated computer systems. After rejecting proposed amendments to a bill approved by the House last June, the Senate voted 89 to 9 to pass the bill, completing an effort of at least six years to overhaul the patent office’s operations and the procedures by which patents can be challenged.

New York Times
Apr 02, 2011 Unpaid Interns, Complicit Colleges

QUOTE: Instead of steering students toward the best opportunities and encouraging them to value their work, many institutions of higher learning are complicit in helping companies skirt a nebulous area of labor law... Unpaid interns also lack protection from laws prohibiting racial discrimination and sexual harassment.

New York Times
Mar 29, 2011 Why We’re Fasting

QUOTE: The budget proposes cuts in the WIC program... in international food and health aid... and in programs that aid farmers in underdeveloped countries. Food stamps are also being attacked, in the twisted “Welfare Reform 2011” bill... These supposedly deficit-reducing cuts — they’d barely make a dent — will quite literally cause more people to starve to death, go to bed hungry or live more miserably than are doing so now. And: The bill would increase defense spending.

New York Times
Mar 11, 2011 Give Up Familiar Light Bulb? Not Without Fight, Some Say

QUOTE: To Representative Joe Barton, the Texas Republican who has sponsored a bill to reverse the new guidelines, that nevertheless means Congress is dictating what types of light Americans can use in their homes.

New York Times
Nov 21, 2009 Best Soup Ever? Suits Over Ads Now Seek Proof

QUOTE: Companies that were once content to fight in grocery-store aisles and on television commercials are now choosing a different route — filing lawsuits and other formal grievances challenging their competitors’ claims.

New York Times
Sep 16, 2009 Citing Risks, U.S. Seeks New Rules for Niche Banks (Back to Business)

QUOTE: While they [niche banks that give loans to business] have brought billions of dollars in deposits, thousands of jobs and millions in charitable donations to Salt Lake City, the banks have also drawn fire from Washington.

New York Times
Aug 20, 2009 The unkindest cuts: Economics focus

QUOTE: Monopoly explanations now compete with theories that see the same behaviour [Discounting] as helpful to consumers. That has made it harder to sort malign from benign business practices.

Economist
Aug 10, 2009 As Dubai's Glitter Fades, Foreigners See Dark Side: More Jailings, Prosecutions Follow Downturn

QUOTE: Dubai is still far more free and more predictable than most of its neighbors, but a chill has taken hold as property values tumble, jobs vanish and businessmen are detained.

Washington Post
Aug 06, 2009 Magic numbers: The SEC fines GE

QUOTE: The SEC had accused GE of bending “accounting rules beyond breaking point” in order to avoid disappointing results on four occasions in 2002 and 2003.

Economist
Aug 04, 2009 SEC Fines GE $50 Million for Accounting Misdeeds

QUOTE: Managers at GE's Transportation Systems pretended they had sold more than 100 locomotives that were actually running at idle on GE property in the December cold of 2002, the Securities & Exchange Commission charged on Aug. 4....The suit alleged that two sets of transactions were intentionally designed to defraud investors.

BusinessWeek
Jul 31, 2009 Doctors Reap Benefits By Doing Own Tests

QUOTE: A host of studies and reports by academics and the federal government shows that physicians who own scanners order many more scans than those who do not. As a result, Americans pay billions of dollars in extra taxes and insurance premiums.

Washington Post
Jul 31, 2009 Voices From Above Silence a Cable TV Feud

QUOTE: The reconciliation — not acknowledged by the parties until now — showcased how a personal and commercial battle between two men [Keith Olbermann and Bill O’Reilly] could create real consequences for their parent corporations.

New York Times
Jul 22, 2009 Slow, Costly and Often Dangerous Road to Wind Power

QUOTE: As demand for clean energy grows, towns around the country are finding their traffic patterns roiled as convoys carrying disassembled towers that will reach more than 250 feet in height, as well as motors, blades and other parts roll through.

New York Times
Jun 25, 2008 MasterCard Pays $1.8 Billion to American Express

QUOTE: The settlement comes about seven months after Visa paid more than $2.1 billion to American Express to put similar claims behind as it as raced ahead with plans for an initial public offering in March. MasterCard, which went public two years ago, had been under pressure to resolve the suit since uncertainty surrounding the litigation was one of the few clouds hanging over the rapidly rising stock.

New York Times
Jun 08, 2008 Pay It Back if You Didn’t Earn It (Fair Game)

QUOTE: Although pay for nonperformance — or even failure — seems an obvious no-no, shareholders have had to push hard in recent years to have companies institute such provisions. The data on the growing acceptance of clawback provisions emerged in a study by the Corporate Library, an independent research concern specializing in executive pay and corporate governance.

New York Times
May 13, 2008 Supreme Court Won’t Hear Apartheid Lawsuit

QUOTE: [Supreme Court] announced that, because of some 21st-century conflicts of interest, it was unable to consider a lawsuit based on an 18th-century law and involving the bygone 20th-century apartheid era in South Africa.

New York Times
Feb 12, 2008 Ethics Must Be Global, Not Local

QUOTE: To build a truly great, global business, business leaders need to adopt a global standard of ethical practices.

BusinessWeek
Feb 03, 2008 Are H-1B Workers Getting Bilked? Overseas companies are accused of underpaying foreigners on work visas—and hurting U.S. wages

QUOTE: A number of the most active users of the work-visa program, for what are known as H-1B visas, have been accused of underpaying or otherwise mistreating workers.

BusinessWeek
Jan 22, 2008 If Everyone’s Finger-Pointing, Who’s to Blame?

QUOTE: Two questions lie at the heart of many...[recent mortgage market] cases. The first is whether lenders and investment banks alerted borrowers and investors to the risks posed by subprime loans or securities backed by them. The second is how much they were legally obliged to disclose.

New York Times
Jan 09, 2008 F.T.C. Asks if Carbon-Offset Money Is Well Spent

QUOTE: As more companies use offset programs to create an environmental halo over their products, the [Federal Trade Commission] said it was growing increasingly concerned that some green marketing assertions were not substantiated.

New York Times

47 Articles and Resources. Go to:  [Next 20]   [End]