By Mark Esposito, Guest Blogger
No word yet if the Moon is in the seventh house or if Jupiter has aligned with Mars but something curious is happening among the monied gentry that form the Republican base. Seems Presidential candidate Mitt Romney is being called out and dissed by the “family.” First, NJ governor Chris Christie, once thought of as a possible Romney running mate for VP, praises Obama for his FEMA support after Hurricane Sandy (and juxtaposed with Romney’s call to end FEMA), and now Chrysler exec. Ralph Gilles calls Romney a liar and full of something rhyming with Mitt.
What prompted Giles’ ire was a tweeted claim by the candidate that, “Obama is a terrible negotiator. He bails out Chrysler and now Chrysler wants to send all Jeep manufacturing to China–and will!” The responding electronic salvo from Gilles was blunt and scatological, “”You are full of sh*t!” Gilles later apologized for his language, but his sentiment was backed up by Chrysler Group LLC Chief Executive Sergio Marchionne who emailed employees that, “I feel obliged to unambiguously restate our position: Jeep production will not be moved from the United States to China.”
Romney had claimed at a speech in swing state Ohio that he read a news article flatly stating that all Jeep production was moving. Jeep has a huge assembly facility in Toledo, so the claim hit like an Arctic blast to a state with 7% unemployment (down from 10.5 % in 2010). Marchionne, who heads both Chrysler and Fiat, seemed to blame Romney’s possible dyslexia saying Jeep production in China would be for the Chinese market, and that the company would not take any production away from Chrysler’s U.S. plants. Rather, he said, Chrysler is adding jobs and investment at its Ohio plant.
No word yet on what Romney read. Maybe the polls in Ohio showing him trailing by 3-4 percentage points.
What makes the two circumstances interesting is the public nature of the family dispute. It’s rare that any Republican strays from Ronald Reagan’s cult like (and faintly un-American) “11th Commandment’ that, “Thou shalt not speak ill of any fellow Republican.”
Even more rare is upsetting the guy you think might be the next President — unless, that is, you don’t ….
Source: Huffington Post
~Mark Esposito, Guest Blogger
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Mitt Romney’s Bain Capital Dodged $102 Million In Taxes By Using Dutch Tax Loophole, Newspaper Writes
By Eline Gordts
Posted: 11/05/2012
http://www.huffingtonpost.com/2012/11/05/mitt-romney-taxes-netherlands_n_2077754.html
Excerpt:
Bain Capital evaded about €80 million (or $102 million) in taxes by using a financial loophole in the Netherlands, according to a HuffPost translation of an article in the Dutch newspaper De Volkskrant Monday.
De Volkskrant and the website Follow the Money claim that by routing its 2004 investments in the Irish pharmaceutical company Warner Chilcott through the Netherlands, Bain was able to dodge dividends and capital gains taxes. Financial adviser Jos Peters estimates that the loophole allowed Bain to save about $102 million.
Question to ponder: Is it more important that Americans have jobs to make more cars or is it more important that Chrysler sell an even greater number of cars by building and selling them overseas? The former would result in fewer cars being made in total by Chrysler with a resulting smaller profit. The latter would result in Chrysler having a larger profit but fewer American jobs. But what would happen if Chrysler put a greater emphasis on marketing the American-made Jeep where ever they can?
This is somewhat of a tangent but the last time Chrysler went looking for a government guaranteed loan the Chrysler CFO made a presentation to a group of which I was a part. He pointed the finger at Japan for bringing in smaller fuel efficient and better quality cars, he pointed at the higher gas prices, he pointed at everything except Chrysler’s market planners who saw only what had worked in the past. They didn’t see the changes in the market place (changes for which they were paid to find). They didn’t see the rising gas prices as significant. Nor did they see that their cars didn’t have the reliability that consumers wanted. If the Japanese could see them all the way across the Pacific, why couldn’t Chrysler?
IBM had a similar blind spot where local area networks and home computers were concerned. IBM saw only “big”, “small” didn’t count. They are out of both markets b/c they came to the party too late. The bureaucracy was too big to move in a fast moving market. All the decision-makers were from the “biggest” of the computers.
The true innovators don’t come from inside where they have been fully brainwashed in the company philosophy.
Guess it’s more of a tangent than I intended, but there it is.
“How can one misquote that which was not quoted?”
Indirectly by paraphrase.
Mike Spindell,
Do you see any quotation marks in my comment?
How can one misquote that which was not quoted?
China Lake,
Might this be the article you misquoted from?
“http://www.toledoblade.com/Automotive/2012/11/04/Worldwide-clamor-for-Jeep-but-most-vehicles-U-S-made.html”
Over 150,000 Jeeps are currently sold in the Asian market. 100% of those Jeeps are built in the U.S. In 2011, Jeep sales in China rose 64% (38,373 units) compared to the previous year.
If Jeep builds a plant in China, vehicles currently built in the U.S. and sold in China will be built in China (most likely by Chinese labor). That means, not only would the current builds be transferred to China, but future increased sales would also go to China.
In addition, vehicles currently built in the U.S. and sold to others in the Asian market will, more that likely be transferred to the Chinese plant. China has lower labor costs, and shipping will be much less from China to the other Asian markets. *And if we care anything about Global Warming, we should expect the shipped vehicles to lose out because of carbon emissions.
Do we really have so many people employed in the U.S. that we can afford to send Jeep manufacturing overseas?
OS
Keep thinking that. What this blog post is, is a bunch of similarly minded people all patting each other on their backs for their supposed cleverness. Nothing more. I try to make a simple note (which for the record has still NOT been proven incorrect… Chrysler is offshoring) and somehow I’m an idiot. And that somehow makes you smaht??
And you wonder why we can’t get anything done.