GE's Green Initiative Thwarted by "Hidden Hand"

Thu, 2006-02-02 10:36Ross Gelbspan
Ross Gelbspan's picture

GE's Green Initiative Thwarted by "Hidden Hand"

Following a widely heralded move by General Electric to substantially cut its carbon output, a tiny, dissident shareholder group has filed a resultion asking the company to stop its plan to fight global warming. In January, Jeffrey Immelt, CEO of the global giant, announced the firm was launching an 'ecomagination' program to sell $20 billion worth of green technologies over the next four years.

GE's action followed, by several months, a striking call by the investment house of Goldman Sachs for the federal government to begin to regulate CO2 emissions.

Almost immediately, however, the initiatives of GE and Goldman Sachs ran into vocal opposition by a dissdent shareholder group, the Free Enterprise Action Fund.

The fund is spearheaded by non-other than the famed “junk science” skeptic Steve Milloy. It's mission: “[S]eeking to provide investors with financial returns while defending and advocating for the American system of free enterprise.”

If Milloy is correct, then one of the world's largest corporations and one of its most prominent finance houses are leading a potentially fatal assault against American capitalism.

Thank goodness for Milloy's vigilance. No telling what could happen when GE and Goldman Sachs allow themselves to be recruited by the growing menace of corporate eco-terrorists!