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General Electric. Andrew Cox ECON 340 Presentation. G.E. General Info. Edison General Electric Company was Founded in 1889 by Thomas Edison Headquarters is in Fairfield, Connecticut Public Company that now operates in more than 100 countries Consolidated Revenue (2013)- 146 Billion

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general electric

General Electric

Andrew Cox

ECON 340 Presentation

g e general info
G.E. General Info
  • Edison General Electric Company was Founded in 1889 by Thomas Edison
  • Headquarters is in Fairfield, Connecticut
  • Public Company that now operates in more than 100 countries
  • Consolidated Revenue (2013)- 146 Billion
  • Segment Profit (2013)- 24.5 Billion
  • Employees (2013)- 305,000
  • Subsidiaries- GE Aviation, GE Capital, GE Energy Management, GE Global Research, GE Healthcare, GE Home & Business Solutions, GE Oil & Gas, GE Power & Water, & GE Transportation
g e pollution issue
G.E. Pollution Issue
  • Political Economy Research Institute listed the corporation as the fourth-largest corporate producer of air pollution in the United States, with more than 4.4 million pounds per year of toxic chemicals let go into the air.
  • Housatonic River in Massachusetts- General Electric facility released polychlorinated biphenyls (PCBs) in the the river between 1932 to 1977
slide4

Housatonic River

  • In 1997, General Electric, the City of Pittsfield, the United States Government, the State of Connecticut and the Commonwealth of Massachusetts entered into negotiations with the goal of attaining a comprehensive settlement of all outstanding environmental issues, including remedial action and natural resource damages
  • On September 29, 1998, General Electric agreed to 200 million dollar settlement resulting from the pollution to the river
  • The claims result from a long history of GE’s use and disposal of polychlorinated biphenyls (PCBs) and other hazardous substances at the plant, which GE no extended uses for manufacturing.
g e avoiding taxes
G.E. Avoiding Taxes
  • The company reported that its profits worldwide were 14. 2 billion, 5.1 billion which was from United States operations
  • G.E. was not taxed any amount of money but somehow received a 3.2 tax benefit
  • The company has been cutting the amount of profit paid to the I.R.S. It has resulted in lowering G.E.’s rate compared to other huge companies
slide6

G.E.

G.E. has manged to escape paying taxes through two unique strategies:

-Intense lobbying for tax breaks

-New accounting techniques that allows for them to focus most profits out of the U.S

Also helping them with this tax issue is former Treasury official John Samuels, leader of G.E.’s tax department. This department includes many important figures from the Treasury, I.R.S. and people from tax writing commitees in congress

slide7

G.E.

  • I believe that there should be tax reform in the country. G.E. avoided all of their taxes and the average American pays taxes every year.
slide8

G.E. Recalls Product

  • G.E. Helathcare recalled 223 of U.S. made baby warmers in China, which are incubators for babies
  • The problem with the baby warmers was that it was restricting oxygen to the child
  • China has fired back at G.E. stating that the government would increase oversight and fines in the medical device sector to address safety concerns
g e looking for expansion
G.E. Looking forExpansion
  • Sixty percent of General Electric’s growth in the next decade will come from developing countries, with revenue from China alone expected to top $5 billion this year
  • GE also is targeting the Middle East for growth in the areas of oil and gas, aircraft engines, water technology and health care
slide10

G.E. Video

http://www.youtube.com/watch?v=Z0yvyu4joOs

works cited
Works Cited
  • http://www.nytimes.com/2011/03/25/business/economy/25tax.html?pagewanted=all&_r=0
  • http://www.darrp.noaa.gov/northeast/housatonic/
  • https://www.ge.com
  • http://www.reuters.com/article/2014/04/01/us-general-electric-china-recall-idUSBREA300HJ20140401