Fortune 500 Magazine listed its annual top rankings for American businesses. General Electric came in at #6. If you take a look at the top 10, you will see that 4 of those companies have something in common.
General Electric said Wednesday that the federal government had agreed to insure as much as $139 billion in debt for its lending subsidiary, GE Capital. This is the second time in a month that G.E. has turned to a federal program aimed at helping companies during the global credit crisis.
GE Capital is not a bank, but granting it access to a new program from the Federal Deposit Insurance Corporation may reassure investors and help the lender compete with banks that already have government-protected debt, a G.E. spokesman, Russell Wilkerson, told Bloomberg News
And when the Stimulus Program was announced, they were right there slobbering all over themselves:
GE was the primary recipient of 14 stimulus grants, a spokeswoman for Recovery.gov confirmed to CNSNews.com. These 14 grants provided GE with $24.9 million in tax dollars. On four additional stimulus grants, the primary recipient of the federal money hired GE as a contractor. Recovery.gov is the administration’s website that tracks stimulus expenditures.
And it was just recently revealed that with their army of tax accountants and lawyers, they didn’t pay a dime in taxes:
General Electric paid no tax at all in America last year and even managed to get a $3.2billion ‘rebate’ from the government.
The utilities giant allocated just 7.4 per cent of its $5.1billion U.S. profits in tax - around a third of what others companies its size are paying.
But through a complex series of measures GE, which is America's largest company, will not even have to hand that over.
It makes you want to go out and buy a General Electric product doesn’t it.
Read more: http://www.dailymail.co.uk/news/article-1370001/General-Electric-avoids-paying-tax-entirely-dodges-incentives.html#ixzz1LuId6VBC
Source: http://money.cnn.com/magazines/fortune/fortune500/2011/full_list/index.html
http://dealbook.nytimes.com/2008/11/12/fdic-to-back-139-billion-in-ge-capital-debt/
http://www.cnsnews.com/news/article/obama-administration-gave-general-electr
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