The plex gives ge $5M is a joke. Adding to that all of the state and federal millions they got. Adding insult to injury....read the article below. And yet GE demands the new hires get a $10/hr less than previous workers. AND with no guarantees there won't be permanent shut downs after 2011. The union caved, Ge should be ashamed and the plex just threw our good tax dollars to bad!
Last updated: 3:34 pm August 5, 2009 Posted: 2:58 am August 5, 2009
Regulators accused General Electric of overstating profits by as much as $1.15 billion in a bid to keep alive its once-stellar record of never reporting a loss for more than a decade -- and always hitting analysts' predictions.
The alleged rigging occurred starting from 2001 during market meltdowns in the aftermath of the tech-bubble wreck and the Sept. 11 terror attacks, the Securities and Exchange Commission said.
GE agreed to settle the charges for $50 million without admitting or denying any wrongdoing.
The profit overstatements spanned the conglomerate's operations, from financial services such as hedging bets and credit swaps, to sales of locomotives and aircraft engine parts, the agency said.
"GE bent the accounting rules beyond the breaking point," said SEC Enforcement Director Robert Khuzami. "Overly aggressive accounting can distort a company's true financial condition and mislead investors."
That caused analysts to be misled, the SEC said, noting: "From 1995 through Dec. 31, 2004, GE had met or exceeded final earnings-per-share every quarter, in some cases after downward revision during the quarter."
The SEC said the overstatements affected earnings from 2001 to 2005 and three quarters of 2006. The probe began in 2005, causing GE to restate earnings twice and also fire a number of employees involved.
GE realized in early 2003 that it was facing a $200 million setback in its hedging bets in the fourth quarter of the prior year, the SEC said. Just days before disclosing the setback in its earnings report, GE also improperly changed its accounting strategy to conceal the setback and boost profits by $200 million, it added.
GE also wrongly booked $370 million in advance sales of locomotives for 2002 and 2003, and inflated sales of aircraft engine spare parts to boost profits in 2002 by $575 million, the SEC said.
When the INSANE are running the ASYLUM In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. -- Friedrich Nietzsche
“How fortunate for those in power that people never think.” Adolph Hitler
You bet ge got a sweetheart deal. Look...I'm all for luring businesses into the area through tax breaks and incentives. Tax breaks are one thing....but money from the plex is just plain nuts! $5M!! And it isn't a LOAN! Not from how the article read. So we just GAVE ge $5M?
GE was just accused and fined for overstating profits by as much as $1.15 billion. They were fined $50M!
When the INSANE are running the ASYLUM In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. -- Friedrich Nietzsche
“How fortunate for those in power that people never think.” Adolph Hitler
100+ billion from the federal govt in bailout dollars to insure their debt
do they really need our little 5 million dollar handout (payoff)
Sheesh don't say anything! SS Savage, Son of Sam and Farmer Paul Tonko thinks this a wise use of a year's Metrograft funds? No other projects cause GE got it all. Can you imagine if the GOP did this? LOL!
Re Aug. 6 article, “GE battery plant deal done”: Hats off to all the good folks who pulled off the incredible feat of getting GE to locate its new battery facility right here in Schenectady. This is exactly the kind of long-term project that will produce good-paying jobs and will place Schenectady at the heart of the green revolution. I am not certain who actually gets the most credit for making this happen, but certainly the manner in which the Democratic majority and its economic development czar, Ray Gillen, have gone about economic development for the past five years undoubtedly played a crucial role. GE deserves a big thank you from the community for having the wisdom to make such a long-term investment in Schenectady. And, last but certainly not least, the wonderful members of IUE 301, who sacrificed some personal financial benefits for the sake of the good of the community, for voting to amend their contract.
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Sheesh don't say anything! SS Savage, Son of Sam and Farmer Paul Tonko thinks this a wise use of a year's Metrograft funds? No other projects cause GE got it all. Can you imagine if the GOP did this? LOL!
