Hypocrisy, Look Who Has Investments in Companies like Apple, GE & IBM that Outsource Jobs Overseas … Barack Obama of Course
HYPOCRISY ALERT …
For all his bad mouthing, for all his condemnation of Mitt Romney, Bain Capital and the misrepresentations and lies of outsourcing of jobs overseas, guess who has investments in some of the biggest US companies that outsource jobs overseas? Why that would the the “Carnival Barker” in Chief Barack Obama of course. Obama has accused Mitt Romney of profiting from companies that shipped jobs overseas, yet our dear leader has done the exact same thing. More than 30% of his income comes from overseas.
As reported at the Washington Examiner, Barack Obama has profited greatly from companies that have shipped jobs overseas. What’s your response to this Barack, cat got your tongue? There is actually nothing wrong with investing in the Vanguard 500 Index Fund that contains outsourcing companies, the problem is you do not get to be two-faced and accuse another of something that you are doing yourself.
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 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.
In addition to Apple and GE, the Obamas’ fund listed 10,655,961 shares of International Business Machines, valued at $1.9 billion. As the Wall Street Journal reported in 2009, “The technology giant has been steadily building its work force in India and other locations while reducing the number of workers based in the U.S. Foreign workers accounted for 71% of Big Blue’s nearly 400,000 employees.