publish press releases as we receive them. If you
have one you think we should publish, send it to
and we will consider it for publication. Because
The Radical Academy publishes press releases on its
website does not imply acceptance or approval of
the content. Nor is the Academy responsible for any
misrepresentation of the facts included. It is your
job to be a critical reader.
Posted Here on August 5, 2009
For Release: August 5, 2009
Contact: David Almasi at (202) 543-4110 or
National Center for Public Policy
President Obama Must Dismiss GE CEO Jeff
Immelt from the Economic Recovery Advisory
Washington D.C.: Today, the Free Enterprise
Project calls on President Obama to dismiss General
Electric CEO Jeff Immelt from the president's
Economic Recovery Advisory Board because of the
findings revealed in a settlement between the
Securities and Exchange Commission (SEC) and
The SEC said, "GE bent the accounting rules
beyond the breaking point" and "GE misapplied the
accounting rules to cast its financial results in a
The SEC complaint cited four separate accounting
violations one of which "allowed GE to avoid
missing analysts' final consensus EPS
Importantly, all the accounting irregularities
occurred while Jeff Immelt served as CEO.
"It's outrageous for President Obama to keep
Immelt as an advisor when the SEC charged that GE
engaged in a series of efforts to manipulate
earnings to mislead investors. The pattern of
corruption raised by the SEC is deeply concerning
and during a time of economic crisis, the last
thing America needs is a Bernie Madoff type CEO
giving advice to the president," said Tom Borelli
PhD, Director of the Free Enterprise Project.
GE agreed to pay $ 50 million to settle the
fraudulent accounting charges without admitting or
denying any wrongdoing.
"The deliberate manipulation of financial data
to mislead shareholders about earnings, if true, is
fraud and Immelt must be held accountable. Not only
should Obama dismiss Immelt from his advisory
capacity but GE's board of directors should
immediately seek his resignation from the company,"
"Given the nature of the SEC charges, Obama
should question the motivation and truthfulness of
everything Immelt says including the company's
support of cap-and-trade legislation. Immelt's
support of cap-and-trade has nothing to do with a
concern for the planet but everything to do with
setting government mandates to purchase renewable
energy products such as GE wind turbines."
"If Immelt misled shareholders about earnings he
could easily mislead the president on everything
from climate change to health care."
The Free Enterprise Project is a program of the
National Center for Public Policy Research, which
is a free-market communications and research
foundation established in 1982 and located on
Capitol Hill. It receives support from over 80,000
individual contributors. Under 2 percent of its
revenue is received from corporations. For more
information, visit the Free Enterprise Project
webpage at http://www.freeenterpriser.com/
or read about its activities on the National
Center's blog at http://tw9.us/BY.
Center for Public Policy Research
501 Capitol Court, N.E.
Washington, D.C. 20002
Fax (202) 543-5975
Your Life With a Philosophy Book...
Your Life With a Philosophy