Greetings, everyone, This doesn't ring true to me. Is there any verification that this is genuine?
Cheers, Lawry On Apr 13, 2011, at 8:30 AM, michael gurstein wrote: > ? > > M > -----Original Message----- > From: [email protected] > [mailto:[email protected]] On Behalf Of GE Communications > Sent: Wednesday, April 13, 2011 7:10 AM > To: gurstein-gmail.com > Subject: GE Responds to Public Outcry P Will Donate Entire $3.2 Billion Tax > Refund to Help Offset Cuts and Save American Jobs > > > > GE Responds to Public Outcry - Will Donate Entire $3.2 Billion Tax Refund to > Help Offset Cuts and Save American Jobs > > Fairfield, CT, 13th April, 2011 - GE CEO Jeffrey Immelt has informed the > Obama administration that the company will be gifting its entire 2010 tax > refund, worth $3.2 Billion, to the US Treasury on April 18, Tax Day, and will > furthermore adopt a host of new policies that secure its position as a leader > in corporate social responsibility. > > "We want the public to know that we've heard them, and that we know many > Americans are going through tough times," said GE CEO Jeffrey Immelt. "GE > will therefore give our 2010 tax refund back to the public and allow the > public to decide how to spend it." > > Immelt acknowledged no wrongdoing. "All seven of our foreign tax havens are > entirely legal," Immelt noted. "But Americans have made it clear that they > deplore laws that enable tax avoidance. While we owe it to our shareholders > to use every legal loophole to maximize returns - we also owe something to > the American people. We didn't write the laws that let us legally avoid > paying taxes. Congress did. But we benefit from those laws, and now we'd like > to share those benefits. We are proud to be giving something back to America, > and we are proud to set an example for all industry to follow." > > Over the coming weeks, GE will conduct a nationwide survey to determine how > the company's $3.2 billion returned refund is to be allocated. The survey > will be conducted both online and offline, and will permit the public to > weigh in on which of the recently-enacted budget cuts they would like to see > reversed. > > In tandem with the gift, the company is also announcing a host of new > policies to restore public faith in the GE brand, including a commitment to > keep American jobs in America, and to create one U.S. job for each new job > created abroad. The ambitious plan will overhaul accounting systems to allow > public transparency and phase out the use of tax havens in five years. "Given > my recent appointment as President Obama's Chairman of the Council on Jobs > and Competitiveness, it is no longer appropriate for GE to engage in > practices that, whether by fact or perception, are at odds with the greater > good of the nation," Immelt said. > > Immelt outlined several concrete steps he would take to push for modernized > tax policies that reflect the realities of the global economy. "I will > personally ask President Obama to work with Congress to require > country-by-country reporting by multi-national corporations of the sales > made, profits earned and taxes paid in every jurisdiction where an entity > operates. Instead of moving money via 'transfer pricing,' corporations ought > to pay taxes in the jurisdictions where profits are actually made. If > Congress is able to establish standard industry-wide solutions, GE will close > our tax haven operations abroad, including our subsidiaries in Bermuda, > Singapore and Luxembourg." > > Further details on GE's new policy will be released in the coming weeks. > > > PRESS CONTACT > > Samuel Winnacker > GE Corporate, Assistant Director > Communications & Public Affairs > +1 615 375 6658 > [email protected] > > About GE > GE (NYSE: GE) is an advanced technology, services and finance company taking > on the world's toughest challenges. Dedicated to innovation in energy, > health, transportation and infrastructure, GE operates in more than 100 > countries and employs about 300,000 people worldwide. For more information, > visit the company's Web site at www.ge.com. > _______________________________________________ > Futurework mailing list > [email protected] > https://lists.uwaterloo.ca/mailman/listinfo/futurework
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