General Electric

Profile

Summary

General Electric is a major military and nuclear contractor. Founded in 1892, it has been charged with radioactive and toxic waste dumping hundreds of times. One major source is the 91 nuclear power plants in 11 countries that use General Electric nuclear reactors such as those used in Fukushima, Japan. Company plants also discharged millions of pounds of toxic polychlorinated biphenyls (PCBs) that it used in the manufacture of electrical transformers into the Housatonic River in Massachusetts and Hudson River in New York, despite the fact that the company was aware of the health problems caused. In 1999, the company paid $250 million for the pollution of the Housatonic and it has spent $1.7 billion cleaning up the Hudson.

Products

Aircraft engines, Electrical distribution, Electric motors, Energy Finance, Health care, Lighting, Software, Wind turbines

Violations

Top 5 Offense Groups (Groups Defined)Penalty TotalNumber of Records
financial offenses$1,752,793,3786
competition-related offenses$106,547,91718
employment-related offenses$73,300,59122
government-contracting-related offenses$53,330,1805
consumer-protection-related offenses$42,981,0007

(May 28, 2021)

Number of Records
146
Total Penalties
$2,065,153,361 (May 28, 2021)
Information in this section is drawn from the Violation Tracker database produced by the Corporate Research Project of Good Jobs First in Washington DC. It is the most comprehensive source of data on business violations of laws and regulations in the United States. For specific examples of misconduct, please click on the links.

Stories

Article Archive

A toxic PCB cleanup that’s arbitrary and capricious

Published by
Berkshire Edge
|
By
Mickey Friedman
|

What would you say if I told you that the latest cleanup decisions for the Housatonic River were arbitrary, capricious, an abuse of discretion and, last but not least, contrary to law?

Read more
Videos & Podcasts
The Fall of General Electric
Protesters claim Boston is getting cheated as GE pledges $25 million
GE Appliance workers rally for rights

 

Activism

Recent & Ongoing Campaigns
Tale of 2 rivers: Advocates frustrated by lack of cleanup in lower Hudson

Marie J. French | Politico | June 4, 2020

Nearly five years after the removal of contaminated sediments in the Hudson River, environmental advocates remain concerned that levels of toxic chemicals detected in fish are not dropping quickly enough.

GE workers protest at company’s headquarters, aviation factory after coronavirus layoffs

Noah Higgins-Dunn | CNBC | March 30, 2020

The union representing General Electric employees is demanding the company use its full manufacturing resources to increase its ventilator output to help fill shortages caused by the coronavirus pandemic. 

Dozens protest GE event downtown

Tim Logan and Jon Chesto | Boston Globe | April 4, 2016

Despite heavy snow, several dozen protesters marched Monday afternoon outside the downtown tower where GE executives were set to meet with Boston’s business and civic leaders.

Major Investigations
General Electric Agrees to Pay $200 Million Penalty for Disclosure Violations

U.S. Securities Exchange Commission | December 9, 2020

The Securities and Exchange Commission today announced that General Electric Co. (GE) has agreed to pay a $200 million penalty to settle charges for disclosure failures in its power and insurance businesses. In 2017 and 2018, GE’s stock price fell almost 75% as challenges in its power and insurance businesses were disclosed to the public.

Sailors Ask Ninth Circuit to Revive Fukushima Class Action

Bianca Bruno | Courthouse News | March 10, 2020

A three-judge panel in the Ninth Circuit considered Tuesday whether a U.S. federal court has jurisdiction over negligence and wrongful-death claims brought by hundreds of U.S. sailors exposed to radiation while rendering humanitarian aid in Fukushima, Japan, following a 2011 tsunami and nuclear meltdown at the Fukushima Daiichi nuclear power plant.

New York sues EPA over GE's Hudson River PCB cleanup

Jonathan Stempel | Reuters | August 21, 2019

New York sued the U.S. Environmental Protection Agency on Wednesday, accusing the agency of prematurely allowing General Electric Co to stop clearing the Hudson River of PCB contamination before the cleanup was finished.

The bombshell report accusing GE of 'Enronesque' fraud is just the latest in the company's long history of accounting controversies

Ben Winck | Business Insider | August 16, 2019

The recent report alleging accounting fraud by General Electric marks the latest in a long history of accounting controversies within the industrial behemoth. The company dropped as much as 14% Thursday after accounting expert and Madoff whistleblower Harry Markopolos published a report alleging fraud.

GE to pay $1.5 billion U.S. fine over crisis-era subprime mortgages

Jonathan Stempel | Reuters | April 12, 2019

General Electric Co will pay a $1.5 billion civil fine to resolve a long-running U.S. probe into defective subprime mortgages from its former WMC Mortgage unit prior to the 2008 global financial crisis.

GE's legal troubles are mounting

Matt Egan | CNN | February 26, 2018

The company's well-established financial troubles could be made worse by legal headaches that may cost the conglomerate billions of dollars, new filings show.

GE & Two Subcontractors Pay $11.5 Million to Resolve Allegations of Selling Defective Aircraft Parts to Defense Department

United States Department of Justice | July 21, 2006

General Electric Co. (GE) and two of its subcontractors have paid the United States $11.5 million to settle a lawsuit that alleges that GE sold defective blades for engines in U.S. military airplanes and helicopters, the Justice Department announced today.

Employment Practices
Defense Workers, Deemed “Essential,” Protest Conditions as Overseas Weapons Sales Continue

Akela Lacy | The Intercept | May 18, 2020

With most of the United States on lockdown in late April, the State Department approved billions of dollars in possible weapons sales. Workers at the manufacturing plants that would supply those sales, deemed “essential workers” toward the end of March thanks to the defense industry’s ...

Facing Layoffs, General Electric Workers Demand Company Put Them to Work Producing Ventilators Instead

Julia Conley | Common Dreams | March 30, 2020

As strikes by delivery and grocery store employees on Monday signaled that the coronavirus pandemic is revitalizing the labor movement, workers at General Electric drew national attention to their company's desire to save money rather than keep its workforce employed and mitigate a public health crisis.

50,000 GE retirees fear cuts as struggling company negotiates next contract

Alexander Coolidge | Cincinnati Enquirer | June 21, 2019

More than 100 General Electric retirees rallied outside the Global Operations Center at The Banks in Downtown Cincinnati Friday morning, protesting potential cuts to health care benefits amid key contract negotiations.

Financials

Corporate Headquarters
5 Necco St, Boston, MA 02210
Most Recent Gross Revenue
$95.214 billion (2019) | source
Most Recent Net Revenue
$ -5.439 billion (2019) | source
Stock Exchange Tickers
NYSE: GE
Subsidy Tracker
Subsidy Tracker
Subsidy Tracker is a project of Good Jobs First in Washington DC. It is the most comprehensive source of data on state and federal subsidies in the United States. For more details, click on the links.
Click here for details on subsidies received by General Electric
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