‘Bankrupt’ GE To Spend $30 Billion As Obama Administration Continues To Fund, You Guessed It, ‘GE’

After GE’s ‘secret’ $16 billion taxpayer-funded bailout while US Government enforced the use of GE mercury-laced light bulbs on American citizens, President Obama called on GE’s chief Jeffrey Immelt to head his economic recovery advisory panel as Obama made ‘special arrangements’ for the upcoming $53 billion in taxpayer funds used to subsidize GE’s construction of a high-speed rail system.

Having spent $5 billion in the past five months on energy-related purchases, today we learn that GE is ‘somehow’ able to cough up another $2.8 billion for the purchase of the John Wood Group – a British oil and energy services firm.

Speaking of ‘oil’, remember Obama dumping BP stock weeks before the Gulf oil spill? Remember when Obama pals Warren Buffet and George Soros started buying Brazilian? HERE, HERE, HERE, HERE, HERE, HERE, HERE, HERE, HERE, and HERE.

Remember the ‘non-related news’ (according to MSM) of Obama putting a moratorium on Gulf oil drilling while underwriting foreign offshore drilling in Brazil? HERE

And get this, GE chief Jeffrey Immelt – yes, the same Jeffery Immelt mentioned earlier – will see that ‘bankrupt’ GE spends ‘up to $30 billion on takeovers in the coming years.’ Of course conveniently-blind mainstream media (including MSNBC which is owned by GE) is crowing about the anticipated ‘GE $ billion spending spree’ as if it was an accomplishment or some measure of GE’s ‘success’:

(Yahoo/Reuters) General Electric Co is to buy a unit of British energy services firm John Wood Group for about $2.8 billion, the latest move by the largest U.S. conglomerate to boost its presence in oil services.

GE’s acquisition John Wood’s well support division raised hopes of more deals in the oilfield services sector, where GE has recently been an active buyer of assets.

GE, which is buying the unit through its oil and gas business, in December agreed to buy Britain’s oil drilling pipemaker Wellstream Holdings Plc for $1.3 billion.

That followed a 2008 deal to buy pressure control equipment company Hydril for $1.1 billion and a 2007 deal to buy privately held oil and gas field equipment maker Vetco Gray.

The U.S. company has said it could spend up to $30 billion on takeovers in the coming years as CEO Jeff Immelt renews GE’s focus on heavy manufacturing after reaching a deal to sell its media unit and scaling back the GE Capital finance arm.

~snip~

GE said the John Wood unit acquisition would allow it to tap fast growing demand for enhanced oil recovery from mature oil fields.

“Five years ago, drilling and production in GE did not exist,” John Krenicki, CEO of GE Energy said in a telephone interview. “Over the last five years we’ve built it up to be an industry leader.”

He said that GE expects the deal to be ‘slightly accretive’ in 2011 assuming it closes by the end of the second quarter.

~snip~

Chief Executive Allister Langlands told reporters on Monday that John Wood would use some of the funds to pay for its purchase of oil production services company PSN, which it bought for $955 million in December, and added that the company will also look to make more acquisitions.

“We’d like to expand our engineering business in Brazil, we’d like to grow our brownfield support business in Canada so those will be two areas that we continue to look at,” he said, adding that no deal was imminent.

GE said on Sunday that Wood Group’s board intends to unanimously recommend the deal to its shareholders. It is expected to close later in 2011, GE said.

Just how far is GE in debt? According to The Examiner, well over $600 billion:

The numbers are staggering! Over $660 Billion in debt. That is almost the entire US federal bail out package that was passed during the financial crisis last year. All for one, albeit very large, company. That company is General Electric. GE has over 300,000 employees and operates in more than 100 countries. Can it really go bankrupt? The answer is yes!

GE seems to have a history of building debt obligations. GE’s long-term asset base grew $200 billion (or 30%) between 2003 and 2008 when prices were at their highest. Now GE is attempting to sell off many of those assets (when prices are low, but they are desperate for cash so they are forced to sell). In the near term GE has to repay or refinance $240 Billion before the end of 2012.

(Image courtesy of The People’s Cube)

MSNBC hosts Ted Rall to promote ‘armed socialist revolution‘ and The Anti-American Manifesto: HERE

BP in bed with Obama: HERE and HERE

Gulf oil spill reporters and investigators face prison: HERE

Obama bans Gulf drilling, invests in foreign oil: HERE

Obama says, ‘There is going to be a tug-of-war within the US between those who see globalisation as a threat and those who accept’ it: HERE

Warren Buffet, ‘Debt good. Attitude bad.’: HERE

George Soros – Barack Obama connection: HERE, HERE and HERE

George Soros, Barack Obama, Jim Wallis use ‘Christianity’ to sell ObamaCare: HERE and HERE

General Electric going bankrupt: HERE and HERE

Bankrupt GM and Chrysler blow taxpayer loot: HERE

‘Hope and Change’ numbers are in: HERE

The Minute Men are turning in their graves: HERE

h/t: Winston