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In one of the president’s latest campaign commercials — an ominous spot that looks a bit like the trailer to a B-grade horror movie — Mitt Romney gets some flak for his offshore bank accounts. Apparently, keeping money in places like the Bahamas and the Cayman Islands is a sign that one might not be the most upstanding citizen. This raises a question: Why do some of the president’s wealthiest donors use the same strategies this commercial decries? At least five of the president’s “bundlers” — in lay terms, people who form groups with their acquaintances and pool funds in...

Among President Obama's disingenuous promises made over his four years, he said he would focus on creating "jobs that pay well and can't be outsourced." Yet he spent billions of U.S. taxpayer's money overseas to create outsourced jobs. Typical of Obama's passion for outsourcing was the appointment of his jobs czar, Jeffrey Immelt, the CEO of General Electric. Even as he was basking in the prestige of his new title, Immelt was closing his last U.S. plant making light bulbs in Virginia and opening a plant in China to manufacture more expensive light bulbs, which Americans will be forced to...

Mitt Romney’s presidential campaign spent the weekend mired in a tortured dispute over a seemingly absurd question: When is the CEO and sole shareholder of a company he founded not responsible for the actions of the company? The Romney camp’s answer is that it’s unfair to criticize him for offshoring, outsourcing, and layoffs at Bain-controlled companies between 1999 and 2002 because in practice he was on a leave of absence running the Salt Lake Olympics. Senior adviser Ed Gillespie, speaking on CNN’s State of the Union on Sunday, explained that when Romney was elected governor of Massachusetts in November 2002,...

Kerry Led Outsourcing Trade Mission to China. Ties to Boston Company Boasting Over 70 Outsourcing Projects John Kerry, who has made opposition to corporate outsourcing of U.S. jobs to places like China a major part of his presidential campaign, appears to have had major involvement with a Boston, Massachusetts company specializing in outsourcing of U.S. manufacturing and jobs. During the late 1990's, Kerry led at least one of the company's outsourcing trade missions to China, appearing for photos at a banquet in Beijing with representatives of Boston Capital & Technology and unidentified Chinese trade representatives. The exact date of the...

The Obama administration allowed millions of dollars in federal stimulus funds to go to foreign companies, despite recent statements by President Barack Obama that he opposes “shipping jobs overseas." “I want to stop giving tax breaks to companies that ship jobs and factories overseas,” Obama said in a speech in Cedar Rapids, Iowa on Tuesday. “As long as I’m president, I will keep fighting to make sure jobs are located here in the United States of America,” said Obama. However, Obama’s 2009 economic stimulus spending law--the $787 billion American Recovery and Reivnestment Act--gave millions of federal dollars to foreign companies...

Even if Mittens has taken awhile to get the gloves off, Romney surrogate John Sununu is surely wasting no time in taking the fight to the enemy: after telling Obammunist tool Juan Williams 'Don't let your blind allegiance to Obama make you look so foolish' the former WH Chief of Staff and N. Hampshire Governor basically laughed Andrea Mitchell right off the set... As she stuck to pre-programmed DNC talking points slandering Romney as a 'pioneer' in outsourcing, Sununu put some sunlight on Dear Leader's actual outsourcing -funded with our tax dollars, not private capital- as well as the appalling...

The Obama campaign has been running a series of campaign ads which call Romney an "outsourcer." These ads have been helping Obama's poll numbers versus Romney in the Midwest battleground states. However, according to Glenn Kessler in the Washington Post ("4 Pinocchios for Obama's newest anti-Romney ad"), the most recent ad is "misleading, unfair and untrue." For example, it claims that Romney routinely outsourced jobs while he was head of Bain capital, but the Obama campaign can cite only a single instance. Kessler writes: "The Obama campaign rests its case on three examples of Bain-controlled companies sending jobs overseas. But...

The Obama campaign's dishonest attack ads portraying Mitt Romney as a "corporate raider" and a "pioneer" of shipping American jobs overseas have been debunked by multiple independent fact checkers.  WaPo called the first such spot "misleading, unfair and untrue," and FactCheck.org found "no evidence" to support Obama's allegations.  Undeterred by facts and unconstrained by truth, Chicago has produced a second ad on the very same subject, repeating the very same discredited claims.  An NBC News affiliate in Florida examined the new spot and reached the same conclusion as the other truth-seeking entities: The ad is false Truth-Test: Obama's Bain Attacks...

Politics: The president accuses his likely opponent of outsourcing jobs as his re-election campaign hires telemarketers in Canada and the Philippines. And what about GM in China and those electric cars built in Finland? After his attacks on Mitt Romney's involvement in the job-creating private equity firm Bain Capital failed to resonate with an underemployed America, President Obama has retooled his message somewhat. Now, after the Washington Post published a story about Bain's alleged role in outsourcing factory jobs overseas, he's blasting Republican nominee Mitt Romney as an "outsourcer in chief" and "outsourcing pioneer." He did so even as, the...

Could somebody please get Barack Obama to shut up about “outsourcing” until some undergraduate aide has explained to him what the word means? As it stands, the president is showing himself an ignorant rube on the subject, and that is to nobody’s advantage. The Obama campaign, as you probably know, has been running ads denouncing Mitt Romney’s role at Bain Capital, in which Romney made various business deals that had the effect of making a whole lot of money for Bain’s customers while also allowing a lot of dirty foreigners to eat, and God knows the world would be better...

SNIP The Obama campaign apparently loves to ding former Massachusetts governor Mitt Romney with the charge of “outsourcing.” On several occasions, we have faulted the campaign for its claims, apparently to little avail. Now, all of the claims have been combined in one 30-second ad, with the added incendiary charge that the presumptive Republican presidential nominee was a “corporate raider.” Let’s look anew at this material. SNIPRegarding the other claims, concerning Canadian electronics maker SMTC Manufacturing and customer service firm Modus Media, the Obama campaign tries to take advantage of a gray area in which Romney had stepped down from...

Regardless of how much of your money Obama throws at them, Government Motors clearly has NO interest in working with his UAW pals over the long-run- and why should they?  GM executives were left to do pretty much as they please... You can be forgiven for thinking that the serially-incompetent Obama Administration might have placed some restraints upon the $80B TARP bailout- but they didn't.  The result? GM has been aggressively expanding not only sales networks but manufacturing and R-n-D work to the People's Republic of China, where Buick is their leading brand. Since the TARP bailout of GM, almost...

Your account information will now be accessible to call center workers in the Philippines. Bank of America, which last fall announced plans to lay off 30,000 workers, is about to go on a hiring spree—overseas.America's second-largest bank is relocating its business-support operations to the Philippines, according to a high-ranking Filipino government official recently quoted in the Filipino press. The move, which includes a portion of the bank's customer service unit, comes less than three years after Bank of America received a $45 billion federal bailout.Roman Romulo, deputy majority leader of the Philippine House of Representatives, bragged to the Manila Standard...

Reducing employees by more than three quarters in three years is a bold and difficult task. What will it leave behind? Who, under this plan, will still be a US IBM employee in 2015? Top management will remain, the sales organization will endure, as will employees working on US government contracts that require workers to be US citizens. Everyone else will be gone. Everyone.

Whatever one thinks of the practical implications of the Kalecki equation (and as we pointed out a month ago, GMO's James Montier sure doesn't think much particularly when one accounts for the ever critical issue of asset depreciation), it intuitively has one important implication: every incremental dollar of debt created at the public level during a time of stagnant growth (such as Q1 2012 as already shown earlier) should offset one dollar of deleveraging in the private sector. In turn, this should facilitate the growth of private America so it can eventually take back the reins of debt creation...

It's called outsourcing. American firms do it because foreign labor can be cheaper. But now, one company is being accused of bringing those lower-paid workers to the U.S. illegally and that may be costing Americans jobs. -- snip -- Palmer says Infosys, the global high-tech giant, engaged in a systematic practice of visa fraud, a charge the company denies. Palmer said the first thing to catch his attention was an employee that had been in the U.S. from India several times before. "He came up to me and he was literally in tears," Palmer said. "He told me he was...

Rajesh Rao is among a handful of Indian entrepreneurs who may prevent the country's software industry from getting "Bangalored". The 41-year-old self-confessed geek runs Dhruva, a firm that sells content and services to global online game companies from a bungalow in a crowded suburb of a city that has come to embody outsourcing and the transfer of jobs from the West. But plain vanilla outsourcing - help desks and back office operations - is finding cheaper locations abroad. India's software industry has discovered it needs to move up the value chain or enter niche areas like gaming to continue growing....

This Article Explains Why Apple Makes iPhones In China And Why The U.S. Is Screwed Henry Blodget | Jan. 22, 2012, 5:30 AM | 3,191 | The manufacturing processes of Apple and other electronics companies have come into sharp focus of late, with the revelation of more details about what life is like for the Chinese workers who make the world's gadgets. When one reads about these working conditions--12-16 hour shifts, pay of ~$1 per hour or less, dormitories with 15 beds in 12x12 rooms--the obvious assumption is that it's all about money: Greedy manufacturers want to make bigger profits,...

Reporting from Washington and Chicago— Without ever mentioning Mitt Romney by name, President Obama on Wednesday introduced a theme he’s certain to use often against the leading candidate for the Republican presidential nomination: that he helped send American jobs overseas during his corporate career. In a White House seminar on creating domestic jobs, Obama praised corporate executives who have expanded their workforces in the United States. The president also proposed tax code changes to encourage such decisions. “That’s exactly the kind of commitment to country that we need, especially right now,” Obama said. “We’re in a make-or-break moment for the...

Two young French songsters from Bordeaux have been chosen to write the official song of the 2012 Obama campaign for reelection. The song entitled What More is scarcely finished. Yet beginning in March, it will become the official hymn of the Barack Obama campaign. Obama chose two young French musicians, Tony Jazz and Mathieu Billon, to create a song that would rejuvenate his image  “It is a song directed at young people,” said Tony Jazz. The song itself is composed from American soul singer Al Green’s song What More Do You Want From Me integrated with clips of Obama’s speeches....