Lou Dobbs was for outsourcing before he was against it

[NNN0LHI]

http://www.cjr.org/behind_the_news/the_two_faces_of_lou_dobbs.php

The Two Faces of Lou Dobbs

Behind the News — June 17, 2004 11:57 AM

<snip>But there comes a time when Dobbs takes off his anti-outsourcing hat. That’s when he switches from financial journalist to investment advisor-for-hire, peddling a monthly newsletter containing his investment recommendations. Pony up $398 and you receive Dobbs’ investment tips for two years. You’ll recognize some of the companies that Dobbs recommends. That’s because they’re on his list of firms that are “exporting America” by shutting down U.S. operations and opening overseas facilities.

The Lou Dobbs Money Letter is published by Phillips International Inc., which is associated with Eagle Publishing, a leading publisher of conservative-themed books. In each issue, Dobbs singles out one favored company, in which he encourages subscribers to invest. He conducts an invariably softball interview with the firm’s CEO, which allows both Dobbs and his guest to tout the company’s prospects.

Unlike most investment advisors, Dobbs goes beyond talking up the earning potential of these companies. He typically goes out of his way to praise them as good corporate citizens. The newsletter keeps a running tally of the companies profiled, under the heading, “The following companies have been featured in the Lou Dobbs Money Letter as those ‘doing good business with good people.’” The appeal is alluring: You’re not just buying a smart investment choice, you’re buying a piece of good citizenship.

Dobbs devoted a column in the March issue to touting the prospects of the Minnesota-based Toro Company, which makes outdoor landscaping-maintenance equipment. He told subscribers that Toro was a “long-term wealth-builder,” and praised Toro’s “formal code of ethics, something I think is sorely needed at more of America’s companies,” and its “…exemplary corporate governance structure, which aligns the interests of shareholders, employees, and customers.” He concluded his interview with Toro CEO Kendrick Melrose by frankly telling him, “I like the way you treat your shareholders, employees, and customers.”

One wonders whether Dobbs’ admiration extends to Toro’s 2002 decision to move 15% of its workforce — about 800 jobs — to Juarez, Mexico. Indeed, CEO Kendrick Melrose might be interested to know that Toro appears on Dobbs’ own list of companies that are “exporting America.”

And Toro is not alone. Of the 14 companies Dobbs has highlighted for investors since starting his newsletter last year, eight appear on his CNN website as companies that outsource jobs.

[amerikat]

1. good riddance to bad rubbish as my Grandmother would say.

by Lou.:hi: :hi: :hi: :hi: :hi: :hi: :hi: :hi: :hi: :hi: :hi: :hi: :hi: :hi: :hi: :hi: :hi: :hi: :hi: :hi: :hi: :hi: :hi: :hi: :hi: :hi: :hi: :hi: :hi: :hi: :hi: :hi: :hi: :hi: :hi: :hi: :hi: :hi: :hi: :hi: :hi: :hi: :hi: :hi: :hi: :hi: :hi: :hi: :hi: :hi: :hi: :hi: :hi: :hi: :hi: :hi: :hi: :hi: :hi: :hi: :hi: :hi: :hi: :hi: :hi: :hi: :hi: :hi: :hi: :hi: :fist bump: :fist bump: :fist bump: :fist bump: :fist bump: :fist bump: :fist bump: :fist bump: :fist bump: :fist bump: