After GE’s ‘secret’ $16 billion taxpayer-funded bailout while US Government enforced the use of GE mercury-laced light bulbs on American citizens, President Obama called on GE’s chief Jeffrey Immelt to head his economic recovery advisory panel as Obama made ‘special arrangements’ for the upcoming $53 billion in taxpayer funds used to subsidize GE’s construction of a high-speed rail system.
Having spent $5 billion in the past five months on energy-related purchases, today we learn that GE is ‘somehow’ able to cough up another $2.8 billion for the purchase of the John Wood Group – a British oil and energy services firm.
Speaking of ‘oil’, remember Obama dumping BP stock weeks before the Gulf oil spill? Remember when Obama pals Warren Buffet and George Soros started buying Brazilian? HERE, HERE, HERE, HERE, HERE, HERE, HERE, HERE, HERE, and HERE.
And get this, GE chief ‘Jeffrey Immelt’ – yes, the same Jeffery Immelt mentioned earlier – will see that ‘bankrupt’ GE spends ‘up to $30 billion on takeovers in the coming years.’ Of course conveniently-blind mainstream media (including MSNBC which is owned by GE) is crowing about the anticipated ‘GE $ billion spending spree’ as if it was an accomplishment or some measure of GE’s ‘success’:
(Yahoo/Reuters) General Electric Co is to buy a unit of British energy services firm John Wood Group for about $2.8 billion, the latest move by the largest U.S. conglomerate to boost its presence in oil services.
GE’s acquisition John Wood’s well support division raised hopes of more deals in the oilfield services sector, where GE has recently been an active buyer of assets.
GE, which is buying the unit through its oil and gas business, in December agreed to buy Britain’s oil drilling pipemaker Wellstream Holdings Plc for $1.3 billion.
That followed a 2008 deal to buy pressure control equipment company Hydril for $1.1 billion and a 2007 deal to buy privately held oil and gas field equipment maker Vetco Gray.
The U.S. company has said it could spend up to $30 billion on takeovers in the coming years as CEO Jeff Immelt renews GE’s focus on heavy manufacturing after reaching a deal to sell its media unit and scaling back the GE Capital finance arm.