Jeff Immelt

On last night's 'O'Reilly Factor,' Fox Business Network reporter Charlie Gasparino claimed that during his time at CNBC, General Electric Chairman and CEO Jeff Immelt suggested to senior CNBC staff that they were being too hard on President Obama.

Gasparino did not say that it became official CNBC policy to tone down criticism of the president. But he claimed that "the question of whether they were being fair to the president was brought up" and that he had "never heard that before." Keep in mind that at the time GE stood to make a whole lot of money from some of Obama's key policies. NBC and its affiliates have conspicuously shilled for such policies before.

Even absent an official NBC or CNBC policy on criticizing the president, the incident demonstrates a profound lack of journalistic neutrality. There has always been a looming conflict of interest at GE's television arm. The possibility that higher-ups suggested reporters go easy on the president raises all sorts of questions about the abilities of NBC, CNBC, and MSNBC to fairly and accurately report the news (video and transcript of Gasparino's statement below the fold).

The left is up in arms over the Supreme Court's recent decision in "Citizens United v. the Federal Elections Commission". But few voices have been louder than those emanating from the echo chamber at MSNBC. It seems that the cable network's talking heads feel that their parent company, General Electric, deserves a special exemption to what should be a blanket ban on unrestricted corporate speech.

First a bit of background for those unfamiliar with the Supreme Court decision. The court struck down in a 5-4 ruling a ban on corporate (or union) spending on political speech specifically endorsing or attacking a candidate for office within 30 days of a primary or 60 days of a general election. It ruled that the ban violated the First Amendment.

Few liberals seemed to notice that in attacking corporate speech they were also effectively undermining their own employers, media corporations who employs them for the express purpose of engaging in political speech. Surely Keith Olbermann and Rachel Maddow would defend MSNBC's right to speak (and spend) freely without interference from the federal government--especially in the run-up to an election when free speech is most important and must be protected.

General Electric (NYSE:GE) is the parent company of the major media conglomerate NBC Universal, which owns media outlets NBC, MSNBC and CNBC. At times that has led to the lines between corporate advocacy and journalism being blurred.

That was certainly the case when GE's CEO Jeff Immelt appeared on CNBC's "Squawk Box" May 20 to discuss the White House meeting of President Barack Obama's 16-member Economic Recovery Advisory Board headed by former Federal Reserve chief Paul Volcker.

Immelt used his platform at CNBC to make the case for a cap-and-trade program to curb emissions - something Obama has called for and one Congressional committee is debating this week.