General Electric’s CEO Emmelt Must Go – SEC says “GE misapplied the accounting rules to cast its financial results in a better light” – Obama Fired I.G. Walpin For Doing His Job – Obama Prefers the Shady to Those Who Call For Transparency – Michelle Malkin #1 – The BOPAC Report

The BOPAC Report:

Is-Obama-Fleecing-America

Immelt must go! Follow the money and those who use slight of hand to cover the path of the money. I’ll let this quote from the article speak for itself.

“It’s outrageous for President Obama to keep Immelt as an advisor when the SEC charged that GE engaged in a series of efforts to manipulate earnings to mislead investors. The pattern of corruption raised by the SEC is deeply concerning and during a time of economic crisis, the last thing America needs is a Bernie Madoff type CEO giving advice to the president,” said Tom Borelli PhD, Director of the Free Enterprise Project.

From The National Center for Public Policy Research:

For Release: August 5, 2009
Contact: David Almasi at (202) 543-4110 or dalmasi@nationalcenter.org

President Obama Must Dismiss GE CEO Jeff Immelt from the Economic Recovery Advisory Board

Washington, DC – Today, the Free Enterprise Project calls on President Obama to dismiss General Electric CEO Jeff Immelt from the president’s Economic Recovery Advisory Board because of the findings revealed in a settlement between the Securities and Exchange Commission (SEC) and GE.

The SEC said, “GE bent the accounting rules beyond the breaking point” and “GE misapplied the accounting rules to cast its financial results in a better light.”

The SEC complaint cited four separate accounting violations one of which “allowed GE to avoid missing analysts’ final consensus EPS expectations.”

Importantly, all the accounting irregularities occurred while Jeff Immelt served as CEO.

“It’s outrageous for President Obama to keep Immelt as an advisor when the SEC charged that GE engaged in a series of efforts to manipulate earnings to mislead investors. The pattern of corruption raised by the SEC is deeply concerning and during a time of economic crisis, the last thing America needs is a Bernie Madoff type CEO giving advice to the president,” said Tom Borelli PhD, Director of the Free Enterprise Project.

GE agreed to pay $ 50 million to settle the fraudulent accounting charges without admitting or denying any wrongdoing.

“The deliberate manipulation of financial data to mislead shareholders about earnings, if true, is fraud and Immelt must be held accountable. Not only should Obama dismiss Immelt from his advisory capacity but GE’s board of directors should immediately seek his resignation from the company,” added Borelli.

“Given the nature of the SEC charges, Obama should question the motivation and truthfulness of everything Immelt says including the company’s support of cap-and-trade legislation. Immelt’s support of cap-and-trade has nothing to do with a concern for the planet but everything to do with setting government mandates to purchase renewable energy products such as GE wind turbines.”

“If Immelt misled shareholders about earnings he could easily mislead the president on everything from climate change to health care.”

The Free Enterprise Project is a program of the National Center for Public Policy Research, which is a free-market communications and research foundation established in 1982 and located on Capitol Hill. It receives support from over 80,000 individual contributors. Under 2 percent of its revenue is received from corporations.  For more information, visit the Free Enterprise Project webpage at http://www.freeenterpriser.com/ or read about its activities on the National Center’s blog at http://www.nationalcenter.org/labels/FreeEnterpriseProject.html.

Lest we should forget about, Inspector General Walpin, it’s always about money and power to choose who gets the money.

We are family and we get to choose who's we! Chibama Politics

We are family and we get to choose who's we! Chibama Politics

Can We Add Abuse of Power to the IG Scandal?

Well, what do we have here? A little abuse of power in the IG Scandal, perhaps?

Sacramento Mayor Kevin Johnson has asked U.S. Rep. Doris Matsui to help keep the flow of federal funds coming into the city.

Johnson is not allowed to receive federal funds because of allegations his St. Hope-Hood Corps Foundation misused federal money.

Matsui, D-District 5, who appeared on the KCRA 3 Morning News on Saturday morning, said she believes Sacramento will get money, but she can’t guarantee it.

“Under any scenario, we are going to get the money. We are going to get the money,” she said. “I understand that process has to unfold. The mayor is dealing with that. We are dealing with the situation at the federal level. The city is taking the right steps. They have to disclose this, and we are moving forward.”

Matsui added that she has been in contact with White House officials and other members of the federal government.

Here’s why this matters. The prohibition against Johnson was lifted over (at the time) Inspector General Walpin’s express objection. Thanks to negotiations between the board that runs the AmeriCorps program and the US Attorney in Sacramento which specifically excluded Walpin, Johnson’s punishment was changed so that Sacramento could get a big truckload of your tax money.

Remember that Walpin had found that Johnson had misused several hundred thousand dollars of our money already, so it’s not like Walpin was being unreasonable. However, someone apparently thought he was. Less than a month after he dug in his heels, he got a call from the White House that he had 24 hours to resign or he’d be fired….Continue Reading

Related Articles:

IG-Gate Update: Did Dem Congresswoman Intervene With Obama in Walpin Case?

By Robert Stacy McCain on 7.23.09 @ 10:34AM

As the Examiner‘s Byron York has reported, the sense of urgency that led to the June 10 quit-or-be-fired ultimatum to AmeriCorp IG Gerald Walpin was related to concerns that Walpin’s whistleblowing about Sacramento Mayor Kevin Johnson — whose St. HOPE Academy misused hundreds of thousands of taxpayer dollars — would jeopardize Sacramento’s ability to get its share of $787 billion in stimulus spending.

California blogger Eric Hogue calls attention to a KRCA radio interview in March with Rep. Doris Mastui, the Democrat who represents Sacramento in Congress: …Continue Reading

AND

Congresswoman Matsui Admits to Calling White House About IG Walpin!

Posted by Eric Hogue On July – 21 – 2009

I have always believed that Inspector General Gerald Walpin was terminated by President Barack Obama due to millions of dollars – not as a personal favor to a Democrat African-American Mayor in Sacramento.

Today I was offered a video from March 28, 2009 that has me even more convinced that President Obama illegally fired IG Walpin after the White House was contacted by Congresswoman Doris Matsui (D-Sacramento).

(NATIONAL VIEWERS: There is more to the story than just the stimulus money, Matsui has a historic land deal with a local developer, who is waiting for the money to arrive in Sacramento. Read the earlier post at HOGUE NEWS.) …Continue Reading

AND

IG-Gate: Why the Matsui Question Matters

By Robert Stacy McCain on 7.24.09 @ 12:20PM

Following up on yesterday’s item about Rep. Doris Matsui’s possible role in the firing of AmeriCorps IG Gerald Walpin, Jimmie Bise Jr. of Sundries Shack explains: ….Continue Reading

Other Matters -

Congratulations to Michelle Malkin for the success of her new book. Michelle is certainly not like others we see on the television.

America Needs a Fair and Objective Media - She Needs Michelle Malkin!

America Needs a Fair and Objective Media - She Needs Michelle Malkin!

Lead Story

Culture of Corruption hits #1: Thank you!

By Michelle Malkin  •  August 5, 2009 10:36 PM

On July 27, we launched Culture of Corruption on the Sean Hannity radio and tv shows.

Tonight, Sean announced that the book will debut at #1 on the New York Times best-seller list for the week of August 16. (Vid at Hot Air.)

It happened without a single review in a mainstream newspaper — unless you count this sneering Washington Post blog post that regurgitated Bill Maher’s attack on the book and on conservative authors….Continue Reading

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