Sunday, October 09, 2011

CBS "60 Minutes" on October 9, 2011

Jeff Inmelt is the job czar: we're not spending enough time on jobs.

60 Minutes traveled to Cairo to see what has happened with the revolution.

Drew Rosenhaus, agent of many football players, suggests the NFL would dissolve without him.

**Lesley Stahl noted big Amerian firms have cut about 3 million jobs in the US. Jeff grew up in Cincinnati. One headline: Job Czar from Hell, in view of GE's track record. GE facility in Batesville, MS working on engines for the Dreamliner. GE is adding 15,000 jobs in the US. Lesley noted a lot of the jobs were $13 per hour jobs. Lesley noted the main area was overseas. GE is growing at 35% per year in Brazil. More than half of GE's 300,000 workers are overseas, and 60% of its sales are overseas. GE has 8000 employees in Brazil and rising. Immelt was quoted as saying hate the company Caterpillar and the color yellow. Immelt: I'm a complete globalist. Immelt worked with Prez on 400 million + job package. Immelt: the idea that the government has no role in jobs is not correct. GE under Immelt has sold off over half the company, including NBC. GE accused of sending technolgy to foreign countries, such as computer systems to China for aircraft. Immelt to Lesley: you're afraid of China and I'm not.
Lesley brought up how little taxes GE pays. Immelt: we should have tax rate in the mid 20s and no loopholes. Lesley: our companies are not spending in the US. Immelt supports a tax holiday for global companies. The previous holiday in 2004 failed.
Immelt: I work for investors. Everyone in Germany roots for Siemens. I want US citizens to root for GE. Immelt to Lesley: I don't know why you don't.

Facebook Revolution. 60 Minutes went back to Egypt 8 months AFTER the revolution. The revolution has been taken away from the people by the army. The army is in control. The Supreme Council of the Armed Forces promised free elections in six months. Defense Secretary talked with Council in the last week. The military gets 1.3 billion from the US per year.

"The Player" about agent Drew Rosenhaus. The most important player in all of pro football. Cocky and arrogant. My clients are like my family. When they hurt, I hurt. Drew has 170 clients. He's 44 and is not married. He signed his first client at age 22 while a student at Duke University Law School. Yung Su Do trained him n karate, conquering fears. Rosehhaus signed 17 players from this year's draft. Plaxico Burress was met by Rosenhaus when Burress was released from prison. Rosenhaus has players on every team but Atlanto. Miami columnist: only three things will survive a nuclear holocaust: cockroaches, twinkies, and Drew Rosenhaus.

**As to Rosenhaus, from

LeSean McCoy fired superagent Drew Rosenhaus earlier this week when he filed papers with the NFL Players Association, the Eagles running back confirmed Friday.

McCoy, however, rescinded the termination request a day later.

"Everything happens for a reason Drew Rosenhaus BEST AGENT OUT," McCoy tweeted Thursday.

McCoy said the tweet had something to do with staying with Rosenhaus, but was also because the agent will be profiled on "60 Minutes" this Sunday.

Rosenhaus was in Philadelphia on Wednesday and went out to dinner with his client at Chickie & Pete's in South Philadelphia. McCoy said that after the meal he filed the termination papers with the Players' union. However, after Rosenhaus stuck around another day in attempt to woo back McCoy, the third-year running back rescinded the termination notice.

**Of Stahl's allusion to the tax holiday in 2004, PhillyPharma notes:

Big Pharma led the way in keeping repatriated tax money in 2004, then cutting domestic jobs and research and development funds, while raising CEO pay, according to a report released by the Senate permanent committee on investigations.

In 2004, the America Jobs Creation Act (AJCA) allowed U.S. corporations to bring home money parked outside the United States at an effective tax rate of 5.25% instead of the top 35% corporate income tax rate. The proponents said it was done with the expectation that companies would use the money to hire more people, if they could bring the money home and pay less tax. Does this sound familiar? Sorry. Didn't happen. The money was often used to pay top executives more and buy back stock, which helps the stock prices and, often, indirectly helps leaders reach bonus targets.

The committee report, released by chairman Carl Levin (D.-Mich.), said 843 corporations repatriated $312 billion that qualified for the lower tax rate. Five companies – Pfizer, Merck, Hewlett-Packard, Johnson & Johnson, and IBM – accounted for $88 billion, representing more than 28% of total repatriations. The top 10 firms – adding Schering-Plough, DuPont, Bristol-Myers Squibb, Eli Lilly, and PepsiCo – accounted for 42% of total repatriated funds.

Of those big firms bringing back the most money, only IBM cut more jobs than Pfizer in the three years that followed. Merck, Johnson & Johnson, Eli Lilly and Bristol-Myers Squibb also cut jobs. The two pharma companies that added jobs? Schering-Plough and Wyeth added jobs - and subsequently were swallowed Merck and Pfizer, respectively. Since then, Merck and Pfizer cut more jobs.


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