“I used to call General Electric — with its heavy lobbying, its intimate ties to the White House, all its bets on green energy, on embryonic stem cells, on Obamacare, on industrial policy — the ‘for-profit arm of the Obama administration,’ ” writes Tim Carney of the Washington Examiner.
In an op-ed earlier this week, Carney analyzed how GE spent more dollars lobbying than any other U.S. company since 2000 and was the worst performing component of the Dow Jones Industrial Average over the same timeframe:
The company’s stock is tanking. Its profit margins range from sclerotic to negative. Its recent big bets on Europe and green energy are proving to be duds. GE has already sold off its appliance business and is trying to find a buyer for its light bulb business.
That’s not enough, according to some major investors, one of whom has called for a full breakup of GE.
It’s a sad state for a company that has represented industrial strength for more than a century. It’s also a telling epigraph for Obamanomics.
Interestingly, GE’s charitable giving over the last several years supports extreme left-wing activism on every issue.
Carney notes GE held a major stake in Obama’s green-energy policies and expected to profit from heavily subsidized projects like the Desert Sunlight solar farm. However, the company’s financial problems were imminent because “GE spent a decade chasing the shiniest new winner picked by government, instead of looking for lasting value as dictated by the market.”