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...true? It is. Unless you have $1 million or more to put in the pot. That's most often the minimum investment required for one of these deals. As a result, investors fall into three broad groups: wealthy individuals, institutions such as pension funds, and large corporations like GE and Citicorp...
There is no starker example of the phenomenon of corporate welfare and vanishing jobs than General Electric Co. In 1986 GE, fresh from acquiring RCA, employed 288,000 workers in this country. By 1997 the number had fallen to 165,000. During the period that GE cut those 123,000 jobs in the U.S.--43% of its workforce--the company collected several billion dollars in corporate welfare...
This is not coincidence. GE is arguably America's best-run large enterprise, and under its charismatic chairman, Jack Welch, it has moved aggressively to position itself as a truly global corporation while pursuing every available strategy to boost profitability and shareholder value. While few investors would argue with GE's corporate strategy or its success, it is fair to question the government's continued use of taxes from the rest of us to make GE's hefty profits even greater...
...Part of GE's corporate welfare came from its FSC, which has allowed the company to skip payment of more than half a billion dollars in taxes since 1986. The rest comes from a variety of business tax credits, deductions and other incentives. During those same years, GE received contracts potentially worth half a billion dollars from the Department of Energy to conduct research in such areas as turbine systems for utilities--a core business of GE for decades. The Eximbank arranged more than $3 billion in financing or loan guarantees on some 40 GE projects in 20 countries. OPIC...
With ABB and GE, the threat of losing jobs often became too much for a community to bear. The workers, their families and local politicians wanted to keep the jobs at all costs...