The early days of the Obama administration have seen a slew of subsidy programs, many of them with a green tint, and many of them benefitting General Electric. Climate change regulation enriches GE’s greenhouse-gas-trading arm, windmill subsidies are GE subsidies, and Obama’s beloved clean coal is a big GE priority.
Author and activist Steve Milloy has coined a new term to describe GE’s Obama-era business model: “SubsidyMagination.” Milloy’s post on another susbidy is worth reading:
General Electric will receive $40 million in federal stimulus money and another $15 million in New York State grant money to build a $100 million locomotive-battery plant near Albany, NY, according to the Wall Street Journal. The plant will eventually employ 350 people and could generate as much as $500 million per year in revenue by 2015, according to GE….
Is GE getting this sweetheart stimulus deal because CEO Jeff Immelt sits on President Obama’s Economic Recovery Advisory Board? Exactly what advice does Immelt provide to Obama — ‘give me the money’? Isn’t this a conflict-of-interest?
