By Bill O'Reilly
Listen to this. President Obama is making a big deal out of Mitt Romney's Bain Capital tenure, you know that. The Obama campaign accusing Romney of being a big outsource guy. Encouraging the companies Bain invested in to send jobs abroad. Romney denies that but the attacks just keep on coming.
(BEGIN VIDEO CLIP)
RAHM EMANUEL (D), MAYOR OF CHICAGO: Stop whining, if you want to claim Bain Capital is your calling card to the White House. Then defend what happened to Bain Capital and what happened to those jobs that went overseas, those jobs that were actually cut and eliminated the companies that went into bankruptcy.
(END VIDEO CLIP)
O'REILLY: According to analysis by FactCheck.org, Bain Capital under Romney did invest in companies that did outsource. But that's not unusual. So did the Obama administration and Rahm Emanuel was right there. And that's the rub. How can President Obama attack Romney for outsourcing when he did the exact same thing? The Obama administration has continued to make billions of taxpayer dollars available to the General Electric Corporation, mostly through loans but there were some grants for green energy projects.
G.E. employs about 300,000 people. Fewer than half, 131,000 are working in the USA. Let me repeat. Less than half of G.E.'s workforce are employed in America. G.E. has 277 plants in 43 countries and keeps overseas profits overseas. Thereby avoiding U.S. income tax. In fact, General Electric paid zero federal income tax in 2010 according to the "New York Times."
Nevertheless, President Obama is a huge fan of G.E. and its CEO Jeffrey Immelt.
(BEGIN VIDEO CLIP)
PRESIDENT OBAMA: I am so proud and pleased that Jeff has agreed to chair this panel. My council on jobs and competitiveness because we think G.E. has something to teach businesses all across America.
(END VIDEO CLIP)
O'REILLY: Well, "Talking Points" would like to know exactly what G.E. could teach corporations across America? How to create jobs overseas? How to avoid U.S. corporate income taxes? How to borrow billions from the taxpayers? What lessons are we talking about, Mr. President?
So how can the Obama team be outraged over Mitt Romney's outsource exposure when it champions General Electric, an outsourcing kingdom? A simple question because I am a simple man. Here is the end game. Outsourcing a fact of life in capitalism. I don't like it but it's legal and companies profit from it the Obama administration has embraced corporations that practice outsourcing big time and so did Mitt Romney.
So I would call it a tie with the Obama campaign having some deep explaining to do.
And that's "The Memo."
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