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General Electric By: Kody K. CEO- Jeffrey R. Immelt General Electronics mission “We have a relentless drive to invent things that matter: innovations.

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Presentation on theme: "General Electric By: Kody K. CEO- Jeffrey R. Immelt General Electronics mission “We have a relentless drive to invent things that matter: innovations."— Presentation transcript:

1 General Electric By: Kody K

2 CEO- Jeffrey R. Immelt General Electronics mission “We have a relentless drive to invent things that matter: innovations that build, power, move and help cure the world. We make things that very few in the world can, but that everyone needs. This is a source of pride. To our employees and customers, it defines GE.” General Electronic

3 Issues in GE’s Past 1990’s- ●Problems of bribery and mispricing began to rise. ●After investigation by the Pentagon’s Defense Contract Management Agency, General Electric is charged with 22 criminal indictments of the company and some of its sub-contractors, employees. ●PDCMA also recovered $221.7 million from the company. 1984 to 2004- ●General Electric moves thousands of jobs overseas in hopes of reaching new markets and cutting labour costs of their employees. ●General Electric cuts jobs down to 6,000 employees at the Appliance Park, a massive drop from the 1973 number of 23,00 employees

4 2008- ● GE owns an abandoned building in Bridgeport, CT ● The property was cited in crimes and was a hideout for a 72-year old thief. 2009- ●General electric is charged with violating accounting rules as it changed its original hedge documents in order to avoid recording fluctuations in interest swaps thus bringing down reported earnings-per-share estimates. 2011- ● Despite earning $14.2 billion in worldwide profits (including $5 billion from U.S. alone) General Electric did not own taxes in 2010. ● GE criticized for spending $84.35 million on lobbying and not paying taxes from 2008- 2010. ● Got $4.7 billion in tax rebates and a profit of $10.4 billion. ● Laid off 4,168 workers and raised executive pay by 27% without raise in lower workers pay. More Recent Issues

5 The top 10 firms: 1.GENERAL ELECTRIC with $1 billion for 63 cases 2.TRW with $400 million for 17 cases 3.BOEING with $350 million for 36 casesBOEING 4.LOCKHEED MARTIN with $250 million for 63 casesLOCKHEED MARTIN 5.UNITED TECHNOLOGIES with $200 million for 18 cases 6.ARCHER DANIELS MIDLAND with $200 million for 8 casesARCHER DANIELS MIDLAND 7.UNISYS with $200 million for 12 cases 8.RAYTHEON with $150 million for 24 cases 9.LITTON with $125 million for 8 cases 10.CARGILL with $100 million for 8 casesCARGILL BIG CONTRACTS - REPEAT OFFENDERS In the past 12 years, 30 of the biggest contractors have accumulated more than 400 enforcement cases. These cases resulted in about $3.4 billion in penalties, settlements, and restitution.

6 ●In the year 2000, General Electric is listed as the fourth highest producer of air pollution in the United States. ●Put an average of 4.4 million pounds of toxic chemicals into the air per year. (2,000 tons) ●In 1983, the New York Attorney General Robert Abrams filed a suit to compel GE to pay for a clean up of 100,000 tons of chemicals that was dumped into Wakeford, New York from their plant. ●In 1999, the company agreed to pay a $250 million settlement. ●From 1947 to about 1977, GE discharged around 1.3 million pounds of PCB’s into the Hudson River. ●GE fought media and political battles to avoid the clean up. In 2002, GE was ordered the 64 km stretch of river. ●GE also designed the Nuclear power plants in Japan that were destroyed in the 2011 tsunami. The safety concerns about the plant came up as early as 1972 but nothing was done. Environmental History Pollution

7 ● Hiring of veterans- Their service made them a leader and a disciplined, strategic thinker with a level of loyalty that is unmatched. At GE, they recognize and value their strengths, and that makes them a great choice for your civilian career. ●University programs -GE offers a fantastic work environment and unmatched opportunities to build a successful future. GE provides financial support to help people for educational purposes ●Working Environment- Employee performance can only flourish in a sound work environment. That’s why we’re committed to supporting our employees through systems and policies that foster open communication, maintain privacy, and assure health and safety. Positive Changes

8 Diversity at GE With more than 7,000 employees across the country, GE Canada relies on diversity and inclusiveness to drive our productivity and innovation. Affinity Networks – groups with common backgrounds and interests – are making remarkable contributions to the company, customers and communities, helping to build an environment where employees can contribute and succeed. By GE having diversity in their company it is showing that they value everyone equal and provides jobs to many people around the world spreading wealth among countries. GE is a transnational run company-worldwide Positives in GE

9 For more than a century, volunteerism has been a vibrant part of GE's culture, as both an individual employee activity as well as an organizational effort. We coordinate our resources — including products, matching gifts, grants and people — to create responses tailored to local and individual challenges. Today, the ultimate measure of GE's business is found in the improvements to the lives touched by our work. A Helping Hand in Brooklyn “Developing Health” is a three-year, $50 million program providing grant funding and employee volunteer support to non-profit health centers across the United States. Despite General Electrics negative impact on the society there is still good that came. They have organized a billion dollar organization that has funded education for many people. Giving Back

10 The company General Electric is based on tax loopholes. They are able to avoid paying taxes and strict tax penalties.

11 This cartoon is also based on general electrics avoidance of tax paying. They are ‘drilling’ through the tax code by not paying taxes to the government.

12 General electric is known for laying off large amounts of workers at a time so head office and more important people of the company can get higher pay.

13 1.They don’t pay their taxes. 2.Dump over a million pounds of toxic into the air each year. 3.Lay off workers so they don't have to pay as much money to workers. 4.Raise executive worker pay but not the hardworking employees pay. 5.Own areas of land involved in major crime. Why We Should Boycott GE

14 General Electric is an evil company because they are known for avoiding paying taxes and laying lower level workers off and increasing pay for higher level executives and important head office workers. General Electric makes massive worldwide profits and don’t pay any taxes. This means there isn't as much tax money in the government system. General Electric is also well known for being very environmentally unfriendly. They play big parts in major disasters including the one power plant that they created in Fukushima that leaked around 2 000 tonnes of toxic material. GE was contacted about problems about the reactor but nothing was done about it. GE is also known for being involved in crimes. GE had an abandoned warehouse that was a large criminal hub. Why General Electric is an Evil


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