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Obama's "Job Creation" Panel of CEO are shipping jobs overseas.

Obama’s Job Creation Panel is another blatant act of corporatism. The corporations who funded his presidential campaign get to make the rules.


There are 27 members on Barack Obama’s job creation panel, and most of them are corporate executives.  The formal name of the panel is the President’s Council on Jobs and Competitiveness, which is kind of ironic considering the fact that many of the CEOs on the panel have been rapidly shipping jobs out of the United States.

*Ursula Burns, the CEO of Xerox, eliminated 4,500 U.S. jobs during the first six months of 2011.

*Kenneth I. Chenault, the CEO of American Express, got rid of 550 U.S. jobs earlier this year. But it wasn’t because American Express was not making enough money. According to the Los Angeles Times, “American Express announced it had made $1.1 billion in the fourth quarter of 2010, up 48% from the same period the previous year.”

*Antonio M. Perez, the CEO of Eastman Kodak, got rid of 9,200 U.S. employees between 2004 and 2011.

*Jim McNerney, the CEO of Boeing, announced in January that 1,100 U.S. jobs would be eliminated. Meanwhile, the Los Angeles Times reports that “Boeing reported that profits rose 20%, to $941 billion in the second quarter of 2011.”

*Jeffrey Immelt, the CEO of GE, has eliminated 22,000 U.S. jobs over the last four years.

And as I noted in a recent article on The Economic Collapse Blog, if you go back even farther the job losses at GE get even larger. The truth is that it is standard operating procedure at GE to look for ways to aggressively cut jobs in the United States and GE has been adding thousands upon thousands of new jobs overseas.