President Obama has a Job Creation Council that initially had 26 members and another was added this past June. I hope that the U.S. Senate reviews the actions of his Job Creation Council in eliminating jobs in their companies.
For instance, Kenneth I. Chenault, CEO of American Express, in a massive restructuring of the company closed a facility in North Carolina that eliminated 550 jobs, and this after the company had announced that it had earned $1.1 billion in the 4th quarter of 2010. Ursula Burns, CEO of Xerox and a member of the Job Creation Council, cut 4,500 jobs in the first six months of 2011. Jim McNerney CEO of Boeing in cutting 1,100 jobs, including 900 in California, and others in Alabama and Kansas, all the while reporting that earnings rose 20 percent in the second quarter of 2011. The CEO of Eastman Kodak, Antonio M. Perez, a member of the Job Creation Council, has laid off 2,100 people from 2004 to 2011.
Even worse is the fact that General Electric — its CEO is a member of the Council — received over $200 million in stimulus funds. General Electric is one of five companies whose CEOs serve on this Job Creation Council and together these companies received over $600 million in stimulus funds. GE is reported to be moving at least one of its headquarters to China.
To be fair is to acknowledge that Intel plans to add 4,000 workers and Burlington Northern Santa Fe has already added 4,500 this year and both CEOs serve on the council.
It seems that the president’s advisers surely could have developed a recommended list of more successful CEOs to advise him on the necessity of creating jobs.
DUANE “BANJO” DAVIS