So GE, the parent company of NBC, was given nearly $25 million in stimulus grants last year, even though they raked in $156 billion in revenue and they still laid off 18,000 people. So the taxpayer bails out this company in some sense and they still laid off people and made a huge profit. Did they even need the money from US? This is ridiculous. From now on, let the companies fail. We've bailed out so much and the people who have suffered is the taxpayer.
CNS News: The Obama administration gave corporate giant General Electric—the parent company of NBC--$24.9 million in grants from the $787-billion economic “stimulus” law President Barack Obama signed in February 2009, according to records posted by the administration at Recovery.gov.
Despite getting $24.9 million from U.S. taxpayers, GE decreased its U.S.-based employees by 18,000 in 2009, according to the company’s 2009 annual report.
According to Standard & Poor's, GE took in $156 billion in revenue in 2009.
GE was the primary recipient of 14 stimulus grants, a spokeswoman for Recovery.gov confirmed to CNSNews.com. These 14 grants provided GE with $24.9 million in tax dollars. On four additional stimulus grants, the primary recipient of the federal money hired GE as a contractor. Recovery.gov is the administration’s website that tracks stimulus expenditures.
At the end of 2008, GE employed 152,000 U.S. workers, according to its 2009 annual report. But at the end of 2009, according to the report, it employed only 134,000 U.S. workers, a decline of 18,000 workers.
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 stimulus grants went to GE in July 2009 and the latest in April 2010.
CNSNews.com asked a GE spokesperson if the company contested Recovery.gov’s representation that GE had received 14 stimulus grants worth $24.9 million, and also whether the company now employed more or fewer workers as a result of receiving the grants.
In an e-mail response, GE spokeswoman Anne Eisele said, “I’m afraid I must politely decline to comment.”
What 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 the $24.9 million it received in 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.