Northwest Indiana Discussion

Obama has investments in companies that ship jobs overseas

President Obama has accused Mitt Romney of raking in profits from investing in companies that ship American jobs overseas, but according to his most recent financial disclosure, he and First Lady Michelle Obama have hundreds of thousands of dollars in a mutual fund that has large holdings in corporations that outsource jobs.

“(Romney) invested in companies that have been called ‘pioneers’ of outsourcing,” Obama said at a Saturday campaign event in Glen Allen, Va. “I don’t want a pioneer in outsourcing. I want some insourcing.”

But Obama’s own portfolio shows a willingness to invest in American corporations that have shifted employment overseas.

In his most recent financial disclosure from 2011, Obama and his wife reported having between $200,000 and $450,000 in the Vanguard 500 Index Fund, which invests in the largest U.S. corporations. According to a filing with the Securities and Exchange Commission, as of Sept. 30, 2011, the fund’s biggest holding was 8,272,039 shares of Apple Inc., then valued at $3.2 billion.

The New York Times reported in January:

Not long ago, Apple boasted that its products were made in America. Today, few are. Almost all of the 70 million iPhones, 30 million iPads and 59 million other products Apple sold last year were manufactured overseas….

“Apple’s an example of why it’s so hard to create middle-class jobs in the U.S. now,” said Jared Bernstein, who until last year was an economic adviser to the White House.

“If it’s the pinnacle of capitalism, we should be worried.”

The mutual fund that the Obamas have invested in also held 94,582,281 million shares of General Electric, valued at $1.4 billion, as of the SEC filing. The multinational conglomorate has a long history of outsourcing – according to a new book cited by the New York Times, in 1989, “G.E. became the first U.S. company to outsource software work to India.” Obama also has close ties to GE’s CEO, Jeffrey Immelt, who was appointed as chairman of his outside panel of economic advisers last year.

Seriously?... in a mutual fund?

tell us the difference edge...

seriously...

Willard was chairman of the board, C.E.O., president and only stockholder of a company that bankrupted companies, shipped jobs overseas and fired workers. Willard was the one who was responsible for doing that.

Comparing that with having stock in a mutual fund along with millions of other people is laughable and ludicrous.

Oh my... more bad news for Mittens


-={ARCLIGHT}=- ...-={ARCLIGHT}=- ...any comment?

Instead of wasting time approving meaningless "resolutions", the town council of Freeport, Illinois (and town councils all over the country that occupy themselves with this sort of small-time showboating) should be focusing on running a tight, efficient municipal ship. Over the years city officials have doubtless granted ridiculous wage-and-benefits packages to toadies and hangers-on which have finally caught up with them. Municipal workers and elected officeholders are just going to have to swallow this bitter pill: they are there to serve the public and not the other way around. This company almost certainly saw itself being shaken down "for the children" and so that "cops, firefighters, and teachers wouldn't face layoffs".

The people that run venture capital firms, private equity funds, etc. are a lot smarter, and far more energetic, smarter, driven, and resourceful than any politician. A quick glance around Hammond/Gary/East Chicago/Whiting and the south suburbs of Chicago will make that apparent.

Maybe these workers will be able to find employment in the thriving hobby shops, crate-building facilities, and commercial lawn work and snow removal sector that is doing so well in keeping Da' Region's economy running on eight cylinders.

I wouldn't doubt it.