Caterpillar CEO Backtracks On Promise To Obama


Whoops. Looks like the Caterpillar CEO Jim Owens went off script. After promising the President that his firm would hire more people if the stimulus were passed, earning him a visit to his HQ, Owens conceded that the stimulus would take some time to work, and that in the meantime more layoffs were likely.

ABC has the quote on whether they’d begin hiring soon: “I think realistically no. The truth is we’re going to have more layoffs before we start hiring again… It is going to take some time before that stimulus bill” means re-hiring, he said.

So does this mean Caterpillar isn’t Obama’s favourite company anymore? Did Jim Owens just jeopardize the company’s full slice of the porkulus?