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Thu Jul 12, 2012, 06:55 AM

Romney Invested Millions in Chinese Firm

EXCLUSIVE: Romney Invested Millions in Chinese Firm That Profited on US Outsourcing
—By David Corn | Wed Jul. 11, 2012 8:10 PM PDT

Last month, Mitt Romney's campaign got into a dustup with the Washington Post after the newspaper reported that Bain Capital, the private equity firm the GOP presidential candidate founded, invested in several US companies that outsourced jobs to China and India. The campaign indignantly demanded a retraction, claiming that these businesses did not send jobs overseas while Romney was running Bain, and the Post stood by its investigation. Yet there is another aspect to the Romney-as-outsourcer controversy. According to government documents reviewed by Mother Jones, Romney, when he was in charge of Bain, invested heavily in a Chinese manufacturing company that depended on US outsourcing for its profits—and that explicitly stated that such outsourcing was crucial to its success.

This previously unreported deal runs counter to Romney's tough talk on the campaign trail regarding China. "We will not let China continue to steal jobs from the United States of America," Romney declared in February. But with this investment, Romney sought to make money off a foreign company that banked on American firms outsourcing manufacturing overseas.

Source

http://www.motherjones.com/politics/2012/07/bain-capital-mitt-romney-outsourcing-china-global-tech

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Arrow 4 replies Author Time Post
Reply Romney Invested Millions in Chinese Firm (Original post)
Dalai_1 Jul 2012 OP
uponit7771 Jul 2012 #1
malaise Jul 2012 #2
Ganja Ninja Jul 2012 #3
raouldukelives Jul 2012 #4

Response to Dalai_1 (Original post)

Thu Jul 12, 2012, 06:59 AM

1. Then WAPO and Factcheck tried to make up with the rMoney campaign by trying to say

...that rMoney wasn't at Bain while the jobs were being outsourced but he had controlling ownership of the company as if there's a really huge difference.

Also, they tried to say his statements in regards to his managing the company during olympics is outweighed by his SEC filings saying he wasn't managing the company.

WAPO and Factcheck can't be trusted after this crap

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Response to Dalai_1 (Original post)

Thu Jul 12, 2012, 07:12 AM

2. I think the paragraphs below are more important this morning

Brookside downsized its Global-Tech holdings later in 1998. An SEC filing submitted on December 21, 1998, reported that the Bain affiliate now controlled only 4.63 percent of the company's shares. But Brookside was sharing its stake in Global-Tech with Sankaty High Yield Asset Investors LTD—a Bermuda-based corporation of which Romney was the "the sole shareholder, a director, and President." That is, Romney had split his Global-Tech holdings between two of his various business entities. (The SEC filing doesn't indicate why he did that.)

Sankaty is a story in itself. It was recently the focus of an Associated Press investigation that reported that Sankaty "is among several Romney holdings that have not been fully disclosed" and that there is a "mystery surrounding" Sankaty. Reporting on this Romney entity, Vanity Fair noted that "investments in tax havens such as Bermuda raise many questions, because they are in 'jurisdictions where there is virtually no tax and virtually no compliance,' as one Miami-based offshore lawyer put it." With Sankaty, Romney was using a mysterious Bermuda-based entity to invest in a Chinese firm that thrived on US outsourcing.
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He tried to hide the real outsourcing company - Willard is ReTHUG scum.

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Response to Dalai_1 (Original post)

Thu Jul 12, 2012, 07:47 AM

3. I think one of the reasons Romney can't release his tax records is that ...

they will show that he is legally qualifies as a foreign agent. I'll bet he's been paid in the past to push business toward relocating to China.

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Response to Dalai_1 (Original post)

Thu Jul 12, 2012, 09:24 AM

4. Gasp! Someone in the stock market making money off outsourcing? nt

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