General Electric: Difference between revisions

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In 1959, General Electric was accused of promoting the largest illegal cartel in the United States since the adoption of the [[Sherman Antitrust Act of 1890]] in order to maintain artificially high prices. In total, 29 companies and 45 executives would be convicted. Subsequent parliamentary inquiries revealed that "[[white-collar crime]]" was by far the most costly form of crime for the United States' finances.<ref>The American Way of Crime: From Salem to Watergate</ref>
In 1959, General Electric was accused of promoting the largest illegal cartel in the United States since the adoption of the [[Sherman Antitrust Act of 1890]] in order to maintain artificially high prices. In total, 29 companies and 45 executives would be convicted. Subsequent parliamentary inquiries revealed that "[[white-collar crime]]" was by far the most costly form of crime for the United States' finances.<ref>The American Way of Crime: From Salem to Watergate</ref>


GE is a multinational conglomerate headquartered in Boston, Massachusetts.<ref name=10K2017>{{cite web|url=https://www.sec.gov/Archives/edgar/data/40545/000004054518000014/ge10-k2017.htm|title=US SEC: Form 10-K General Electric Company|publisher=[[U.S. Securities and Exchange Commission]]|access-date=June 11, 2018|archive-url=https://web.archive.org/web/20180224125706/https://www.sec.gov/Archives/edgar/data/40545/000004054518000014/ge10-k2017.htm|archive-date=February 24, 2018|url-status=live}}</ref> However its main offices are located at [[30 Rockefeller Plaza]] at [[Rockefeller Center]] in [[New York City]], known now as the Comcast Building.{{update inline|date=May 2019}}<ref>{{cite web|url = https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000040545&owner=include&count=40|title = Company Search, EDGAR System, Securities and Exchange Commission|access-date = December 21, 2015|at = header|archive-url = https://web.archive.org/web/20160101021438/http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000040545&owner=include&count=40|archive-date = January 1, 2016|url-status = live}}</ref> It was formerly known as the GE Building for the prominent GE logo on the roof; [[NBC]]'s headquarters and main studios are also located in the building. Through its RCA subsidiary, it has been associated with the center since its construction in the 1930s. GE moved its corporate headquarters from the GE Building on Lexington Avenue to [[Fairfield, Connecticut]] in 1974.<ref>{{cite web|url=http://www.capitalnewyork.com/article/albany/2015/06/8569598/ge-fumes-over-connecticut-tax-hike-new-york-calls|archive-url=https://web.archive.org/web/20150812060907/http://www.capitalnewyork.com/article/albany/2015/06/8569598/ge-fumes-over-connecticut-tax-hike-new-york-calls|url-status=dead|archive-date=August 12, 2015|title=As G.E. fumes over Connecticut tax hike, New York calls - Capital New York|date=August 12, 2015|access-date=December 27, 2018}}</ref> In 2016, GE announced a move to the [[South Boston Waterfront]] neighborhood of Boston, Massachusetts, partly as a result of an incentive package provide by state and city governments. The first group of workers arrived in the summer of 2016, and the full move will be completed by 2018.<ref>{{cite news|url=https://www.bostonglobe.com/business/2016/01/13/general-electric-will-announce-tomorrow-that-has-selected-boston-for-global-headquarters-according-official-familiar-with-process/ZYZSu7GorfVTRXM2ZIaabJ/story.html|title=Boston lands new GE headquarters|newspaper=Boston Globe|archive-url=https://web.archive.org/web/20171202115504/https://www.bostonglobe.com/business/2016/01/13/general-electric-will-announce-tomorrow-that-has-selected-boston-for-global-headquarters-according-official-familiar-with-process/ZYZSu7GorfVTRXM2ZIaabJ/story.html|archive-date=December 2, 2017|access-date=January 13, 2016}}</ref><ref>{{cite news |last1=Mann |first1=Ted |last2=Kamp |first2=Jon |url=https://www.wsj.com/articles/general-electric-plans-to-move-headquarters-to-boston-1452703676 |title=General Electric to Move Headquarters to Boston |work=The Wall Street Journal |date=January 13, 2016 |access-date=January 13, 2016 |archive-url=https://web.archive.org/web/20160113185153/http://www.wsj.com/articles/general-electric-plans-to-move-headquarters-to-boston-1452703676 |archive-date=January 13, 2016 |url-status=live }}</ref><ref>{{cite press release |author=<!--Staff writer(s); no by-line.--> |title=GE Moves Headquarters to Boston |url=http://www.genewsroom.com/press-releases/ge-moves-headquarters-boston-282587 |publisher=General Electric |date=January 13, 2016 |access-date=September 22, 2016 |archive-url=https://web.archive.org/web/20160923022821/http://www.genewsroom.com/press-releases/ge-moves-headquarters-boston-282587 |archive-date=September 23, 2016 |url-status=dead }}</ref>{{Update inline|date=February 2019}} Due to poor financial performance and corporate downsizing, GE sold the land it planned to build its new headquarters building on, instead choosing to occupy neighboring leased buildings.<ref>{{Cite web|url=https://www.wbur.org/bostonomix/2019/05/09/general-electric-seaport-property-sale|title=GE Sells Fort Point HQ For $252 Million|website=wbur.org|date=May 9, 2019 |access-date=August 11, 2019|archive-url=https://web.archive.org/web/20190902074327/https://www.wbur.org/bostonomix/2019/05/09/general-electric-seaport-property-sale|archive-date=September 2, 2019|url-status=live}}</ref>
GE is a multinational conglomerate headquartered in Boston, Massachusetts.<ref name=10K2017>{{cite web|url=https://www.sec.gov/Archives/edgar/data/40545/000004054518000014/ge10-k2017.htm|title=US SEC: Form 10-K General Electric Company|publisher=[[U.S. Securities and Exchange Commission]]|access-date=June 11, 2018|archive-url=https://web.archive.org/web/20180224125706/https://www.sec.gov/Archives/edgar/data/40545/000004054518000014/ge10-k2017.htm|archive-date=February 24, 2018|url-status=live}}</ref> However its main offices are located at [[30 Rockefeller Plaza]] at [[Rockefeller Center]] in New York City, known now as the Comcast Building.{{update inline|date=May 2019}}<ref>{{cite web|url = https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000040545&owner=include&count=40|title = Company Search, EDGAR System, Securities and Exchange Commission|access-date = December 21, 2015|at = header|archive-url = https://web.archive.org/web/20160101021438/http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000040545&owner=include&count=40|archive-date = January 1, 2016|url-status = live}}</ref> It was formerly known as the GE Building for the prominent GE logo on the roof; [[NBC]]'s headquarters and main studios are also located in the building. Through its RCA subsidiary, it has been associated with the center since its construction in the 1930s. GE moved its corporate headquarters from the GE Building on Lexington Avenue to [[Fairfield, Connecticut]] in 1974.<ref>{{cite web|url=http://www.capitalnewyork.com/article/albany/2015/06/8569598/ge-fumes-over-connecticut-tax-hike-new-york-calls|archive-url=https://web.archive.org/web/20150812060907/http://www.capitalnewyork.com/article/albany/2015/06/8569598/ge-fumes-over-connecticut-tax-hike-new-york-calls|url-status=dead|archive-date=August 12, 2015|title=As G.E. fumes over Connecticut tax hike, New York calls - Capital New York|date=August 12, 2015|access-date=December 27, 2018}}</ref> In 2016, GE announced a move to the [[South Boston Waterfront]] neighborhood of Boston, Massachusetts, partly as a result of an incentive package provide by state and city governments. The first group of workers arrived in the summer of 2016, and the full move will be completed by 2018.<ref>{{cite news|url=https://www.bostonglobe.com/business/2016/01/13/general-electric-will-announce-tomorrow-that-has-selected-boston-for-global-headquarters-according-official-familiar-with-process/ZYZSu7GorfVTRXM2ZIaabJ/story.html|title=Boston lands new GE headquarters|newspaper=Boston Globe|archive-url=https://web.archive.org/web/20171202115504/https://www.bostonglobe.com/business/2016/01/13/general-electric-will-announce-tomorrow-that-has-selected-boston-for-global-headquarters-according-official-familiar-with-process/ZYZSu7GorfVTRXM2ZIaabJ/story.html|archive-date=December 2, 2017|access-date=January 13, 2016}}</ref><ref>{{cite news |last1=Mann |first1=Ted |last2=Kamp |first2=Jon |url=https://www.wsj.com/articles/general-electric-plans-to-move-headquarters-to-boston-1452703676 |title=General Electric to Move Headquarters to Boston |work=The Wall Street Journal |date=January 13, 2016 |access-date=January 13, 2016 |archive-url=https://web.archive.org/web/20160113185153/http://www.wsj.com/articles/general-electric-plans-to-move-headquarters-to-boston-1452703676 |archive-date=January 13, 2016 |url-status=live }}</ref><ref>{{cite press release |author=<!--Staff writer(s); no by-line.--> |title=GE Moves Headquarters to Boston |url=http://www.genewsroom.com/press-releases/ge-moves-headquarters-boston-282587 |publisher=General Electric |date=January 13, 2016 |access-date=September 22, 2016 |archive-url=https://web.archive.org/web/20160923022821/http://www.genewsroom.com/press-releases/ge-moves-headquarters-boston-282587 |archive-date=September 23, 2016 |url-status=dead }}</ref>{{Update inline|date=February 2019}} Due to poor financial performance and corporate downsizing, GE sold the land it planned to build its new headquarters building on, instead choosing to occupy neighboring leased buildings.<ref>{{Cite web|url=https://www.wbur.org/bostonomix/2019/05/09/general-electric-seaport-property-sale|title=GE Sells Fort Point HQ For $252 Million|website=wbur.org|date=May 9, 2019 |access-date=August 11, 2019|archive-url=https://web.archive.org/web/20190902074327/https://www.wbur.org/bostonomix/2019/05/09/general-electric-seaport-property-sale|archive-date=September 2, 2019|url-status=live}}</ref>


GE's tax return is the largest return filed in the United States; the 2005 return was approximately 24,000 pages when printed out, and 237 megabytes when submitted electronically.<ref>{{cite press release |title=IRS e-file Moves Forward; Successfully Executes Electronic Filing of Nation's Largest Tax Return |publisher=United States Department of the Treasury—Internal Revenue Service |date=May 31, 2006 |url=https://www.irs.gov/pub/irs-news/ir-06-084.pdf |access-date=December 23, 2018 |archive-url=https://web.archive.org/web/20170504201427/https://www.irs.gov/pub/irs-news/ir-06-084.pdf |archive-date=May 4, 2017 |url-status=live }}</ref> As of 2011, the company spent more on U.S. [[lobbying]] than any other company.<ref name="Carney">{{Cite web |last=Carney |first=Tim |date=April 7, 2011 |title=Want to know how GE paid $0 income taxes? Think green. |url=https://www.washingtonexaminer.com/want-to-know-how-ge-paid-0-income-taxes-think-green |access-date=September 3, 2020 |website=[[Washington Examiner]] |archive-date=February 1, 2021 |archive-url=https://web.archive.org/web/20210201023700/https://www.washingtonexaminer.com/want-to-know-how-ge-paid-0-income-taxes-think-green |url-status=live }}</ref>
GE's tax return is the largest return filed in the United States; the 2005 return was approximately 24,000 pages when printed out, and 237 megabytes when submitted electronically.<ref>{{cite press release |title=IRS e-file Moves Forward; Successfully Executes Electronic Filing of Nation's Largest Tax Return |publisher=United States Department of the Treasury—Internal Revenue Service |date=May 31, 2006 |url=https://www.irs.gov/pub/irs-news/ir-06-084.pdf |access-date=December 23, 2018 |archive-url=https://web.archive.org/web/20170504201427/https://www.irs.gov/pub/irs-news/ir-06-084.pdf |archive-date=May 4, 2017 |url-status=live }}</ref> As of 2011, the company spent more on U.S. [[lobbying]] than any other company.<ref name="Carney">{{Cite web |last=Carney |first=Tim |date=April 7, 2011 |title=Want to know how GE paid $0 income taxes? Think green. |url=https://www.washingtonexaminer.com/want-to-know-how-ge-paid-0-income-taxes-think-green |access-date=September 3, 2020 |website=[[Washington Examiner]] |archive-date=February 1, 2021 |archive-url=https://web.archive.org/web/20210201023700/https://www.washingtonexaminer.com/want-to-know-how-ge-paid-0-income-taxes-think-green |url-status=live }}</ref>