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201 RETIREE'S COLUMN
201 Retiree’s Column
By KEVIN D. MAHAR
President Local 201 Retirees Council
THE LOCAL 201 RETIREES COLUMN
BY KEVIN D. MAHAR
PRESIDENT OF LOCAL 201 RETIREES COUNCIL
THE FOLLOWING IS FROM THE APRIL 2009 GE ANNUAL MEETING
As earlier reported in this column we had another great turn out at the 2009 GE annual meeting in Orlando Florida. We will be going to the 2010 GE annual meeting in Houston Texas on April 28 as advocates for retirees. This will be my 16th year attending and speaking out for retirees. If you think you would like to attend please call me at 781-367-7822. I just wanted you to know what I consider some very interesting statements made by both CEO Jeff Immelt and the CFO Keith S. Sherin, Sherin stated “ You all know we’re in a recession and house prices have declined 30% from peak to trough and unemployment is at 8.5% and continues to rise. As Jeff said, we’re in negative GDP globally for the world in the first quarter. This is the worst economic situation we’ve dealt with as a country in 80 years.” Then Jeff Immelt said “ it’s important we make it through this cycle and we had to make adjustments with what happened in 2008. But it’s equally important to position the Company for the long term to generate cash and earning that will continue to grow in the future. That will be the cash and the earning that build the stock price, build the dividend and position GE.” Jeff said “I’m an American. I’m 53 years old. If you studied the history of this country, there’s been a recession about every 10 years. The country has gone through nine, 10 or 11 recessions since 1900. That means the housing –price cycle, the credit-market cycle, unemployment goes up and down-there are certain things that go with the cycles of the economy that are going on today. But it’s more than that, there will be a reset. A reset takes places every generation; that’s what happened in the 1930 and we believe that’s what is happening right now. The financial services industry will never be the same. The role of government will increase. The amount of wealth created in the economy and gets transferred around the world will change, as will the things you have to do to build reputation and trust. So we have to get through this cycle, but we also have to position the Company to thrive in a reset world. I thought I’d share four or five things that are the future trends that we think will be important to the Company. As I said, on Monday we made an announcement in Miami that have a couple hundred million dollars to GE content, something called the smart grid. The smart grid drives more efficiency in the home and empowers consumers. It allows for job creation and more renewable energy. We’re making a big investment in the sodium battery, something our Research Center invented, that allows you to store energy.” My next column will continue with more of the remarks made by Jeff Immelt on the future direction of GE. In the 16 years of attending the GE annual meeting I always learn more about what is happening to one of the largest companies in the world. Consider joining us for the 2010 GE annual meeting in Houston Tx.
WHAT YOU CAN DO TO HELP
The GE Retires Justice Fund was started to advocate for better pensions and benefits. Help us fight for you. Dues are $12. Per year more if you can afford it less if you c challenge my friends to match me. Send any contribution to GE Retiree Justice fund, 2917 Hamburg St. Schenectady, NY 12303
