(CNSNews.com) - The Obama administration gave corporate giant General Electric—the parent company of NBC--$24.9 million in grants from the $787-billion economic “stimulus” law President Barack Obama signed in February 2009, according to records posted by the administration at Recovery.gov.
Despite getting $24.9 million from
According to Standard & Poor's, GE took in $156 billion in revenue in 2009.
GE was the primary recipient of 14 stimulus grants, a spokeswoman for Recovery.gov confirmed to
At the end of 2008, GE employed 152,000
The Energy Department provided GE with 9 stimulus grants, the Department of Health and Human Services provided the company with 3, and the Justice Department and the Commerce Department each gave the company 1 stimulus grant.
All of these federal stimulus grants went to GE’s
The earliest of the stimulus grants went to GE in July 2009 and the latest in April 2010.
In an e-mail response, GE spokeswoman Anne Eisele said, “I’m afraid I must politely decline to comment.”
What did all the money to GE go for? Recovery.gov posts brief explanations of each grant. For example, the Department of Justice gave GE $999,955 in stimulus money. “The goal of this program,” said Recovery.gov, “is to develop a comprehensive reasoning system for event and scenario recognition for an intelligent video system.”
In addition to the $24.9 million it received in stimulus grants, GE was also awarded $5 million in federal contracts under the economic stimulus law. These contracts were payment for services provided by the company.