On the Big-Time-Rent-Seekers front, we find Jeff Immelt sucking up tax dollars...
General Electric will receive $40 million in federal stimulus money and another $15 million in New York State grant money to build a $100 million locomotive-battery plant near Albany, NY, according to the Wall Street Journal. The plant will eventually employ 350 people and could generate as much as $500 million per year in revenue by 2015, according to GE.
As Milloy (properly) asks--why the Hell does GE need $55 million in grants? Their reported profit last year was $18 BILLION on revenues of $180 BILLION.
By the way, the technology may or may not work...
(Parenthetically, we note that GE's revenue/profits ratio is approximately identical to that of Big Oil. I'm waiting for the screeching about "windfall profits...")
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