Skip to comments.Obama has investments in companies that ship jobs overseas
Posted on 07/17/2012 11:35:25 AM PDT by Free ThinkerNY
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 dont want a pioneer in outsourcing. I want some insourcing.
But Obamas 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 funds 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 .
Apples an example of why its 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 its 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.
(Excerpt) Read more at washingtonexaminer.com ...
He is a lying communist dirtbag...An affirmation action President who has had everything in his life given to him. He’s such a fraud.