Letter Exposes Jackson's Shakedown of GE
Marc Morano, CNSNews.com Tuesday, March 26, 2002 Already under a barrage of criticism for allegedly
"shaking down" American corporations, Jesse Jackson this month fired off a
letter chastising General Electric for not including more minority firms in its
recent multibillion-dollar bond sale. Jackson also provided a list of firms he
referred to as "members" of his organization. CNSNews.com obtained a copy of the
letter, which was authenticated by a spokeswoman for Jackson's Rainbow/PUSH
coalition.
The unsigned letter, addressed to GE Chairman and
CEO Jeffrey R. Immelt, was dated March 14, one day after GE's $11 billion dollar
bond offering, the second largest ever by a U.S. company.
"What concerns me is the dearth of minority banks
involved in any aspect of the deal," Jackson wrote.
In the letter, Jackson also makes evident his
frustration in not being able to influence GE.
"We have written either you or [former GE Chairman
and CEO] Jack Welch several times to address the need for GE to consider
minority-owned financial services firms in all aspects of your treasury
operations – from pension fund management to investment banking advisory
services. We received neither the courtesy of a telephone call nor a written
response," Jackson wrote.
Jackson notes that GE's lack of a response was
expected. "This action is not surprising given our history with you ... "
Jackson wrote.
His opinion about GE's commitment to minorities is
also clear in the letter.
"It is disappointing to think that GE, one of
America's most innovative and respected companies, doesn't feel that any
minority owned firms have the capability to be part of what will probably be one
of the largest bond offerings in 2002," the letter states.
Try My Cronies
Jackson's solution for GE is to hire companies with
"relationships" to Jackson's Wall Street Project.
"We have established relationships with several
minority owned investment banks that have qualifications and expertise to
deliver excellent results and value-added products," Jackson wrote. "These firms
are members of our Wall Street Project Trade Bureau. I have enclosed for your
review, a list of these firms."
Wall Street Project's aim is to promote minority
participation in corporate America. The list of recommended names that Jackson
enclosed was not available to CNSNews.com at press time.
Jackson ended the letter on an optimistic tone.
"It is my hope that you will take a leadership role
within the overall business community and apply those same principles in your
dealings with minority-owned financial institutions. In this respect, I look
forward to speaking with you soon to schedule a meeting in which we can discuss
ways to work together towards this goal," Jackson's letter states.
It concluded, "Best regards, Reverend Jesse L.
Jackson, Sr., President & Founder, Wall Street Project."
Jackson spokeswoman, Keiana Peyton-Barrett,
confirmed for CNSNews.com the authenticity of the letter. "Yes, this letter was
drafted from Rev. Jackson's office," she said.
Timmerman: 'Really Stunning'
Kenneth Timmerman, author of "Shakedown: Exposing
the Real Jesse Jackson," a newly released book that takes a critical look at
Jackson's financial empire and his political activities, called the letter to
General Electric "really stunning" and evidence of yet another "shakedown"
attempt by Jackson.
Timmerman said the letter "is clear proof of
Jackson's brokerage deals on behalf of a small number of his personal friends
who are large contributors to his organizations."
"Shakedown" is No. 3 on the New York Times'
best-seller list.
Timmerman said the letter to GE reveals Jackson's
attempts "to intimidate a major corporation with specious claims."
Ken Boehm, chairman of National Legal and Policy
Center, praised GE for not responding to Jackson's repeated attempts to
influence the $11 billion bond sale.
"GE is doing the right thing by ignoring him. They
realize that Jackson's methods of operation are increasingly being viewed by
most people as unethical." Boehm's legal watchdog group filed a formal complaint
regarding Jackson's finances with the IRS last year.
A GE representative had no immediate comment on the
letter or its claims that the company ignored minority firms in the bond sale.
This email was cleaned by emailStripper, available
for free from http://www.papercut.biz/emailStripper.htm
|
- Re: [CTRL] Letter Exposes Jackson's Shakedown of GE Archibald Bard