Maria Gallucci, David Sirota
International Business Times
The impact of GE's move to Massachusetts remains unclear. The company said it expects to move roughly 800 jobs to Massachusetts, but the company has notoriously kept billions of dollars of profits offshore, leading to it typically paying a state tax rate of less than 2 percent.
Rep. Scott Allen Statement on the closing of GE Waukesha.
Disappointment was my first reaction of the news about GE shutting down its engine manufacturing functions at the Waukesha Power and Water facility. In a press release, and substantiated by my conversation with GE corporate spokesperson, Patrick Theisen, this afternoon, GE wishes to blame the problem on the House of Representatives and that body's failure to act on the U.S. Export Import Bank.
Bernie Sanders wins backing of South Carolina AFL-CIO EBoard; Negotiations with General Electric continues with GE demanding concessions from workers; A judge rules that an Uber driver is an Uber employee, not a freelancer!
Representatives of 11 different unions have begun negotiations with General Electric Co. This will be the first round of negotiations since GE announced their return to being a manufacturing company and the selling off of GE's financial companies.
The loss of pensions at Boeing marks a major setback for unions, as employers typically follow the example of other employers at the bargaining table in terms of what constitutes a reasonable demand. Since the financial crash, unions have given up pensions for new hires at large, profitable, industry trendsetters such as General Electric, Verizon, Honeywell and now, Boeing.
Although technically a U.S. corporation, GE – with operations in 130 nations – apparently feels little loyalty to the United States. Jack Welch, a former GE CEO, once remarked: “Ideally, you’d have every plant you own on a barge to move with currencies and changes in the economy.” According to a Bloomberg analysis, to avoid paying U.S. taxes, GE keeps more of its profits overseas than any other U.S. company -- $108 billion by the end of 2012.