Obama and GE pay to play politics, General Electric high profits low US taxes, 24.9 Million stimulus money cut 18000 US jobs, Rezko loans from GE Capital

Oct 11, 2010 – health care-obama. President Barack Obama and Vice President Joe Biden react to cheers as they arrive in the East Room of the White House …

“General Electric CEO Jeffrey R. Immelt is super-close to President Obama. The president named Immelt chairman of his Council on Jobs and Competitiveness.
Before that, Immelt was on Obama’s Economic Recovery Advisory Board.

He’s also a regular companion when Obama travels abroad to hawk American exports. (Why does business need government to do that?)

“Jeff Immelt is perhaps the CEO who is most cozy with President Obama,” says journalist Tim Carney. “General Electric is structuring their business around
where government is going . . . high-speed rail, solar, wind. GE is lining up to get what government is handing out.””

http://www.newsmax.com/Stossel/Obama-GeneralElectric-CorporateWelfare-Immelt/2011/03/23/id/390486

From Hot Air March 25, 2011.

“What a coincidence! I’m sure that GE’s ability to generate $14.2 billion in profits, $5.1 billion in the US, and end up getting back $3.2 billion from
taxpayers has nothing at all to do with its political connections and favorable tax breaks and loopholes it has pushed through Congress.”

http://hotair.com/archives/2011/03/25/obamas-favorite-ceo-gets-ge-out-from-paying-any-us-taxes/

What a coincidence! Tony Rezko likes GE too.

General Electric Capital Corporation

“Company Description

General Electric Capital (GE Capital) encompasses the financing operations of sprawling conglomerate General Electric. The group’s five segments provide
commercial loans and leases, consumer loans and credit cards, and real estate financing services around the world. GE Capital’s largest segments are
commercial lending and leasing and consumer lending, which together account for about 80% of revenues. Its GE Commercial Aviation Services specialist segment leases commercial aircraft, while its energy financial services segment provides project funding for customers in the energy and water sectors. GE Capital is active in more than 50 countries but does most of its business in the US and Europe.”

http://www.hoovers.com/company/General_Electric_Capital_Corporation/hchhri-1.html

From the Tony Rezko Indictment Press Release, October 11, 2006.

“The second indictment alleges that Rezko fraudulently obtained more than $10 million in loans for a pizza restaurant business from General Electric Capital Corp. (GECC) and also defrauded investors in that business.”

“The loan fraud indictment, which charges only Rezko, alleges that he fraudulently caused GECC to extend more than $10 million in loans to finance what Rezko portrayed as sales of two different groups of pizza restaurants in the Chicago and Milwaukee areas. In fact, the indictment alleges, the sales were sham transactions that occurred at inflated prices, and involved the presentation of false financial information to GECC. The indictment alleges that in addition to defrauding GECC, Rezko defrauded investors in his pizza business by concealing the fact that he was transferring the company’s assets to himself and a straw purchaser.”

““This indictment describes a frenzy of corrupt scheming, particularly in April and May 2004, in which political insiders sought to manipulate the activities of two state boards to fleece investment firms and individuals. The defendants and their associates put the word out loud and clear: you have to pay to play in Illinois,” Mr. Fitzgerald said.”

“The indictment alleges that Rezko and his co-schemers fraudulently obtained a $4.5 million loan from GECC in March 2001 to finance the purchase of the Milwaukee stores by a straw purchaser and his company at an inflated price, and through the submission of fraudulent documents, including false financial statements about the condition of the pizza stores.”

“The indictment alleges that Rezko and his co-schemers made similar fraudulent representations to obtain a $6 million loan from GECC in October 2001 in connection with Rezko’s sale of the Chicago area pizza restaurants from Rezko Enterprises to his own company, Chicago PJ LLC. After closing on the loan for the Chicago stores, the loan became delinquent, and Rezko caused additional false financial information to be submitted to GECC in asking for forebearance on the default.”

From the San Francisco Chronicle March 3, 2008.

“Obama, a Democrat, is not part of the case against Rezko, who is accused of shaking down companies seeking business with the state of Illinois. Obama has
conceded it was a mistake to bring Rezko into his personal real estate dealings, although he has insisted there was nothing unusual about the developer
deciding to buy a sought-after lot in an upscale neighborhood. But a review of court records, including new details of Rezko’s finances that have emerged
recently, show that the lot purchase occurred as he was being pursued by creditors seeking more than $10 million, deepening the mystery of why he would plunge into a real estate investment whose biggest beneficiary appears to have been Obama.

Dodging creditors

As Obama and Rezko were completing the property purchases in June 2005, Rezko was fighting to keep lenders and investors at bay over defaulted loans and
failing business ventures. But he sidestepped that financial dragnet by arranging for the land to be purchased in his wife’s name, making it the only
property she owned by herself, according to land records.

As a result, when Obama and his wife, Michelle, bought a portion of the land from Rezko seven months later to widen their yard, the money they paid was
beyond the reach of Rezko’s creditors, including one conducting a court-ordered hunt for his assets to recover a $3.5 million debt.

Two lawyers involved in the civil litigation against Rezko said they believed that the property was subject to possible seizure on the premise that Rezko had
been trying to hide behind his wife, Rita, who had little money of her own to complete the $625,000 purchase.

The lawyers, both of whom requested anonymity because they did not have their clients’ permission to speak about the cases, said there was little purpose in
pursuing it because the legal costs would have outweighed the value of the property, which was encumbered by a $500,000 mortgage.”

“Federal prosecutors recently filed papers saying Rezko had trouble paying creditors for years. At least 12 lawsuits had been filed against Rezko and his
businesses from November 2002 to January 2005, including one by GE Commercial Finance Corp., which had extended more than $5 million in loans for Rezko’s pizza franchises.

GE obtained a court judgment against Rezko in November 2004 for the $3.5 million it said was outstanding on its loans, but the company put collection efforts on hold during the first half of 2005 as it negotiated with Rezko, court records show. When the Obamas and Rezkos bought their adjacent parcels that June, Rezko’s wife, Rita, put down $125,000 in cash and financed the rest with a bank loan.”

http://www.sfgate.com/realestate/article/Obama-could-feel-heat-from-developer-s-trial-3292768.php

2012-09-16 00:24:53

Source: http://citizenwells.wordpress.com/2012/09/15/obama-and-ge-pay-to-play-politics-general-electric-high-profits-low-us-taxes-24-9-million-stimulus-money-cut-18000-us-jobs-rezko-loans-from-ge-capital/