This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Sarah Palin Slams GE, Solar Firm

NEW YORK ( TheStreet) -- Sarah Palin has joined the manic bashing of General Electric (GE), calling the conglomerate "the poster child of corporate welfare and crony capitalism."

One day after Elizabeth Warren said that GE "pays nothing in taxes" as part of her announcement that she would run for the U.S. Senate to represent her home state of Massachusetts, Palin -- the former half-term governor of Alaska, cable stalwart and perennial fence-sitting would-be presidential candidate -- said that the company "pays virtually no corporate income taxes."

Palin said nothing about reforming the tax code to address the tax credits claimed by General Electric.

Palin quickly steered her piece to Solyndra, the Fremont, California solar panel manufacturer that went out of business in August after receiving a $535 million in federal loan guarantees from the Department of Energy. Solyndra's offices were raided by the FBI last week, as agents executed search warrants as part of the Department of Energy's investigation of the company.

GE responded by saying that people accusing the firm of "crony capitalism" don't "want the facts to get in the way of their political rhetoric." The company also said that it had "announced the creation of 8,000 new US jobs, 7,000 of which are manufacturing jobs," since 2009, and that it was "the nation's second-largest exporter because we have invested billions of dollars in technology."

Responding further to charges of being "in bed" with the government, GE said that last year, only 4% of its revenue came from the U.S. government, and "of that, 75 percent was the result of jet engines that we provide to the U.S. military."

Regarding the charges of not paying any taxes, the company said it "actually paid significant taxes in 2010 for previous years and $1 billion in state, local and other taxes," and that its "tax rate was low in 2010 because we lost $32 billion in our financial services business during the global financial crisis."

-- Written by Philip van Doorn in Jupiter, Fla.

To contact the writer, click here: Philip van Doorn.

To follow the writer on Twitter, go to http://twitter.com/PhilipvanDoorn.

Philip W. van Doorn is a member of TheStreet's banking and finance team, commenting on industry and regulatory trends. He previously served as the senior analyst for TheStreet.com Ratings, responsible for assigning financial strength ratings to banks and savings and loan institutions. Mr. van Doorn previously served as a loan operations officer at Riverside National Bank in Fort Pierce, Fla., and as a credit analyst at the Federal Home Loan Bank of New York, where he monitored banks in New York, New Jersey and Puerto Rico. Mr. van Doorn has additional experience in the mutual fund and computer software industries. He holds a bachelor of science in business administration from Long Island University.

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,031.14 +43.63 0.26%
S&P 500 1,984.13 -1.41 -0.07%
NASDAQ 4,518.9020 -48.6960 -1.07%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs