Obama and his WIfe have Investments in Companies that Ship Jobs Overseas. GE is one of them. Is Jeffrey Immelt (GE) influencing the Obamas?


From The Washington Examiner:

Obama has investments in companies that ship jobs overseas

By  Philip Klein

July 17, 2012 

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.

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 at the start of the year, up from about 65% in 2006.”

The point in this is not to say outsourcing is wrong. Corporations are supposed to maximize profits for shareholders. But Obama’s own portfolio shows that despite his heated rhetoric, he makes investment decisions without regard to whether companies are outsourcing.

You can look at a full list of the fund’s holdings as of Sept. 30, 2011, here.


**Written by Philip Klein**

*Emphasis added*



Obama’s Bud Jeffrey Immelt of GE moving Jobs to CHINA?


We can’t forget Obama’s “Bud” Jeffrey Immelt and GE:

GE Filed 57,000-Page Tax Return, Paid No Taxes on $14 Billion in Profits




don't tread on me


Wolves and wise









The URI to TrackBack this entry is: https://romanticpoet.wordpress.com/2012/07/19/obama-and-his-wife-have-investments-in-companies-that-ship-jobs-overseas-ge-is-one-of-them-is-jeffrey-immelt-ge-influencing-the-obamas/trackback/

RSS feed for comments on this post.

4 CommentsLeave a comment

  1. […] Obama and his WIfe have Investments in Companies that Ship Jobs Overseas.  GE is one of them. Is Je… […]

  2. Well, Obama is more of entreprenuer than political.



    A simple response to you would be Obama’s reach for POWER and MONEY.

    Socialism and Communism only works until you run out of OTHER PEOPLE’s money….

    Did Obama give Jeffrey Immelt the speech about paying his “fair Share” and “You didn’t build that?”

    Suggested reading: http://wp.me/pjjbN-aLU


    1. small governing group: a small group of people who together govern a nation or control an organization, often for their own purposes
    2. entity ruled by oligarchy: a nation governed or an organization controlled by an oligarchy
    3. government by small group: government or control by a small group of people

    The best to you,


  3. […] Obama and his WIfe have Investments in Companies that Ship Jobs Overseas.  GE is one of them. Is Je… […]

  4. […] Obama and his WIfe have Investments in Companies that Ship Jobs Overseas. GE is one of them. Is Jeff… […]

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

%d bloggers like this: