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By Catholic Online

10/12/2010 (4 years ago)

Catholic Online (www.catholic.org)

Energy giant gets $24.9 million despite laying off as much 18,000 workers

United States President Barack Obama, along with Vice President Joe Biden awarded General Electric, or GE $24.9 million in grants from the $787-billion economic "stimulus" law that the president signed into law in February of 2009. The money was awarded to the energy giant in spite of it laying off as much as 18,000 of its U.S. workers last year.

When asked by CNSNews.com if the grants led to the hiring of more U.S. employees, GE spokeswoman Anne Eisele said 'I'm afraid I must politely decline to comment,' in an e-mail response.

When asked by CNSNews.com if the grants led to the hiring of more U.S. employees, GE spokeswoman Anne Eisele said "I'm afraid I must politely decline to comment," in an e-mail response.

Highlights

By Catholic Online

Catholic Online (www.catholic.org)

10/12/2010 (4 years ago)

Published in U.S.

Keywords: General Electric, layoffs, federal grants, contractors


LOS ANGELES, CA (Catholic Online) - According to Standard & Poor's, GE took in $156 billion in revenue last year.

GE was the primary recipient of 14 stimulus grants, a spokeswoman for Recovery.gov confirmed to CNSNews.com. Recovery.gov is the administration's Web site that tracks stimulus expenditures. These 14 grants provided GE with the $24.9 million in tax dollars.

On four additional stimulus grants, the primary recipient of the federal money hired GE as a contractor.

At the end of 2008, GE employed 152,000 U.S. workers -- but at the end of 2009, it employed only 134,000 U.S. workers -- a decline of 18,000 workers.

Of the grants, the Energy Department provided GE with 9 stimulus grants, the Department of Health and Human Services provided the company with 3, and the Justice Department and the Commerce Department each gave the company 1 stimulus grant.

All of these federal stimulus grants went to GE's Global Research Center. The earliest of the these grants went to GE in July 2009 and the latest in April 2010.

When asked by CNSNews.com if the grants led to the hiring of more U.S. employees, GE spokeswoman Anne Eisele said "I'm afraid I must politely decline to comment," in an e-mail response.

What then, did all the money to GE go for? Recovery.gov posts brief explanations of each grant. For example, the Department of Justice gave GE $999,955 in stimulus money. "The goal of this program," said Recovery.gov, "is to develop a comprehensive reasoning system for event and scenario recognition for an intelligent video system."

In addition to stimulus grants, GE was also awarded $5 million in federal contracts under the economic stimulus law. These contracts were payment for services provided by the company.

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