Obama has investments in companies that ship jobs overseas | WashingtonExaminer.com
Just figured I'd throw this out there for all those people that are so upset anyone that would/could be an elected official would make money via companies that outsource jobs.
Obama's fund holds shares of Apple, GE, IBM.. all companies making money via outsourcing. Hmm... GE, isn't Obama good friends with someone high up in that one as well? Hmm...
Let the excuses fly hypocrites.
Dude its a mutual fund, do you even know how those things work? They are managed by a fund manager who buys and sells based on the mutual funds goals, the individual buyer of the fund shares doesn't really have a say in what the manager buys and its wholly unrealistic to expect an individual to personally know every single stock in their mutual fund. Hell if the person had the time, say if they weren't the President, to personally manage the buying and selling of stocks you may have a slight point. However in today's globalized world finding a company that doesn't have international offices, which doesn't shift operations as business climates change, that doesn't take profits from one country to invest in growth in another is practically impossible and would take even more research which again the President doesn't personally have time for.
I'll give you an example, I've invested in USMIX a mutual fund offered through USAA. And according to Yahoo! the top ten holdings in this mutual fund are:
Las Vegas Sands Corp. Common St LVS
Annaly Capital Management Inc C NLY
LyondellBasell Industries NV Or LYB
General Motors Company Common S GM
Vertex Pharmaceuticals Incorpor VRTX
Liberty Global, Inc. LBTYA
Monster Beverage Corporation MNST
Liberty Interactive Corporation LINTA
Delta Air Lines Inc. (New) Comm DAL
USMIX Holdings | USAA MUTUAL FDS TR EXTENDED MAR Stock - Yahoo! Finance
Firstly I don't even know what half of them are, but thats why I have a mutual fund manager because even not being President I don't have the time or technical know how to invest in my own stocks. And of the ones that I do know, all of them have international operations. Am I somehow personally responsible even to a small tiny degree if the company outsources or shifts funds overseas? Of course not, don't be silly.
Secondly, you can see Las Vegas Sands up there which is owned by the man who was practically the sole funder of New Gingrich's Super PAC and his campaign during the primaries. Does that make me a supporter of Newt? Hell no. Also they have a major operation in Macau China, does that make me responsible for the money Sands used from their profits in the US to expand in China? Of course not, and I don't see a problem with investing overseas either because in today's global market its necessary at some point to do so to continue to grow.
Thirdly, those top 10 only account for roughly 7.5% of the funds holdings, theres still another 86.5% I'm unaware of, again its too much for to personally manage thats why I have an expert mutual fund manager to do my investing for me. I also have mutual funds which almost exclusively invest in overseas companies and opportunities, does that make me to blame in a small way for outsourcing and the reduced competitiveness of American companies? No I'm just an investor looking for opportunity, it doesn't make me anti-American or any other political bull****.
Lastly, are we really going to blast Obama for buying into a fund which owns Apple and GE? Those are major industry leading companies, they are common investments in many mutual funds because of their size, stability, and huge potential for growth and profits. And they are still American companies, even if they have operations overseas.
This article is pure garbage
