This week, Karl Rove’s 527 group American Crossroads released an ad in the upcoming New York 26th congressional district special election hitting Tea Party candidate Jack Davis for investing in dozens of companies that shipped U.S. jobs overseas.
However, a ThinkProgress investigation has found that American Crossroads’ preferred candidate, Republican nominee Jane Corwin, is also investing heavily in corporations that outsource U.S. jobs and has reaped massive dividends from these holdings.
The American Crossroads ad, which will likely run through Election Day on May 24th, knocks Davis for having “invested his millions in companies that ship jobs overseas.” Yet, an analysis of Corwin’s personal financial disclosure shows that the uber-wealthy New Yorker has invested millions in even more companies that outsource than Davis. Between 2001 and 2007, New York state saw 127,000 jobs shipped overseas.
In total, ThinkProgress found that Corwin received as much as $3.1 million in dividends and capital gains over the past two years from her direct investments in more than 35 companies that outsource American jobs. These profits include:
- Up to $65,000 in IBM, a corporation that has outsourced over 63,000 jobs
- As much as $145,000 in General Electric, which has outsourced more than 14,000 jobs
- Up to $60,000 in Intel, a corporation that has shipped more than 10,000 jobs overseas
It’s important to note that these dollar figures are just the profits Corwin has made off of her investments in companies that outsource American jobs. Her actual investments are likely orders of magnitude greater; NBC-2 News estimated her net worth at up to $158 million. In addition, this ThinkProgress analysis only includes Corwin’s direct investments in corporations that ship jobs overseas. Corwin also enjoys multi-million dollar holdings in mutual funds and ETFs, such as the Vanguard Mega Cap ETF and the DFA US Large Company fund, that invest heavily in corporations that outsource American jobs.
New York’s 26th congressional district has been a solidly Republican district, but that could change soon. Corwin has been harmed by her support for the Republican budget, which ends Medicare and extends tax breaks for the wealthy. Donald Trump and other political prognosticators agree that a voter backlash against the plan could sink her candidacy. Indeed, polling currently shows Corwin and Democratic nominee Kathy Hochul neck-and-neck, with Davis trailing slightly behind.
American Crossroads is hoping their ads will shift Davis voters to the Corwin camp. Yet, as they knock Davis for directly investing in corporations that ship U.S. jobs overseas, it’s hard to imagine NY-26 voters flocking to another candidate who is directly invested in corporations that ship U.S. jobs overseas.
ThinkProgress intern Jen Kalaidis contributed research to this report.
According to just-released FEC filings, Corwin recently loaned her campaign an additional $960,000, bringing her total personal spending on the race to $1.96 million. These loans are nearly 10 times the $202,000 she has raised from supporters.