Mitt Romney Cheating On America With China (and Much More)

[SunsetDreams]

“according to government documents . . . Romney, when he was in charge of Bain [Capital], 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 didn’t happen after 1999, when Mitt Romney says he left Bain Capital to run the Salt Lake City Olympics (Corn was one of the first reporters to raise questions, now gaining wide exposure, of whether Romney really left Bain then), but the year before. On April 17, 1998, Brookside Capital Partners Fund, a Bain Capital affiliate of which Romney was the sole shareholder, sole director, president, and chief executive, invested an estimated $14.2 million in Global-Tech, an appliance maker in Dongguan, China. Global-Tech made products for American companies like Sunbeam, Hamilton Beach, Mr. Coffee, and Proctor-Silex. In September 1998 Global-Tech’s CEO announced that the company was postponing a factory expansion because Sunbeam was slowing its rate of outsourcing, and said, “Although it appears that customers such as Sunbeam are not outsourcing their manufacturing as quickly as we had anticipated, we still believe that the long-term trend toward outsourcing will continue.”

By the end of 1998, Brookside was sharing its piece of Global-Tech with Sankaty High Yield Asset Investors, the mysterious Romney-owned Bermuda corporation discussed in the recent Vanity Fair article on the candidate’s finances. In August 2000, Brookside and Sankaty sold their shares in Global-Tech.

Of course globalization is here to stay, and macroeconomic forces have sent much American manufacturing to China, probably never to return. What makes this investment by Romney news is what Romney himself has said about outsourcing. He demanded, and failed to get, a retraction from The Washington Post after it reported that Bain Capital, while he was there, invested in companies that outsourced, and, as David Corn writes,

http://www.forbes.com/sites/frederickallen/2012/07/12/how-mitt-romney-invested-millions-in-outsourcing/

Where the Money Lives
http://www.vanityfair.com/politics/2012/08/investigating-mitt-romney-offshore-accounts


Investment skeletons hiding inside Mitt’s closets
http://www.bostonherald.com/news/us_politics/view.bg?articleid=1385034


If Romney Wasn't at Bain from 1999 to 2002, He Forgot to Tell the Business Press
http://www.dailykos.com/story/2012/07/14/1109965/-If-Romney-Wasn-t-at-Bain-from-1999-to-2002-He-Forgot-to-Tell-the-Business-Press


Mitt Romney Taxes For 2010 Not Fully Disclosed
http://www.huffingtonpost.com/2012/07/18/mitt-romney-taxes-2010_n_1683084.html?


Why won't Romney release more tax returns?
http://www.cnn.com/2012/07/18/opinion/kleinbard-canellos-romney-tax/index.html


Greed and Debt: The True Story of Mitt Romney and Bain Capital
How the GOP presidential candidate and his private equity firm staged an epic wealth grab, destroyed jobs – and stuck others with the bill
http://www.rollingstone.com/politics/news/greed-and-debt-the-true-story-of-mitt-romney-and-bain-capital-20120829


Mitt Vs. Mitt
The Story of Two Men Trapped In One Body

[SunsetDreams]

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