Why would you say that? I don't know where all that money GE saved by not paying taxes went....but it didn't go to the shareholders. GE stock was $18.29/share on December 31, 2010. On December 31, 2011 it was $17.91.....down 38 cents/share for the year. Shareholders were paid 61 cents/share in dividends for the year 2011, up 15 cents from the 46 cents/share they were paid in 2010.
So, GE shareholders had a net loss of 23 cents/share for the year 2011....while the Dow Industrials gained 5.5% (plus dividends).
As Led Zeppelin might say: "The Song Remains The Same".