GE Paid $24.9 Million in “Stimulus” Funds, Then Cuts 18,000 US Jobs

13 Oct, 2010 by Dave Blount

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The great thing about capitalism is that allows you to rise from nothing and climb to the very top. But the drawback is that once you get there, you have to stay competitive, or someone who works harder will supplant you. That’s why entrenched establishment dinosaurs like GE prefer crony capitalism — a system by which corrupt Big Government is bribed to pick winners and losers. This guarantees that regulations will be applied to keep down troublesome upstarts. It can also be highly remunerative:

The Obama administration gave corporate giant General Electric — the parent company of NBC — $24.9 million in grants from the $787-billion economic “stimulus” law President Barack Obama signed in February 2009, according to records posted by the administration at Recovery.gov.

Despite getting $24.9 million from U.S. taxpayers, GE decreased its U.S.-based employees by 18,000 in 2009, according to the company’s 2009 annual report.

According to Standard & Poor’s, GE took in $156 billion in revenue in 2009.

They didn’t need the money, and they sure didn’t use it to put Americans to work. But NBC News and MSNBC bent over backward to hype the Moonbat Messiah into office, so the $24.9 million payment was due for services rendered.