Romney rips Obama on China despite investments
Source: Boston Globe
WASHINGTON Mitt Romney sharpened his criticism of President Obamas handling of Chinas trade practices this week, claiming the administration was dawdling as the global power gained strength by stealing American ingenuity and artificially lowering its currency.
But the Republican presidential nominee both during his business career and in some recent financial investments made on his behalf has invested in Chinese manufacturing companies that use some of those same practices, according to Romneys financial forms statements and a review of shareholder disclosure statements.
-snip-
When Romney was in charge of Bain Capital, for example, the firm invested millions in a company that manufactured household appliances using cheaper labor in Dongguan, China.
Romney also has between $500,000 and $1 million invested in a Bain Capital fund that has been used to purchase shares of GOME, a Chinese electronics company, according to the financial disclosure form Romney filed in June. That company in which Bain has been one of the largest outside shareholders is being sued by Microsoft Corp. for selling computers with pirated versions of its Windows and Office software.
-snip-
Read more: http://www.bostonglobe.com/news/politics/2012/09/14/mitt-romney-faults-president-obama-for-jobs-lost-china-but-gop-candidate-investments-include-chinese-manufacturer/EbgpCQi1UscTtiBTs6eMSK/story.html
That Chinese company manufacturing appliances in Dongguan is apparently Global Tech Appliances (it isn't completely clear from the article when Global Tech is mentioned later, but the company is located in Dongguan). Romney was the sole shareholder, director, and controlling person of Brookside Capital, a Bain affiliate that acquired 6% of Global Tech in 1998.
The Globe article says that "Romney appeared to reference the Global Tech investment in a video that appeared on YouTube about three weeks ago." This was the video, shot surreptitiously and purportedly at a fundraiser, where Romney talked about the factory he'd bought in China, which employed 20,000 young women working for a pittance and sleeping 12 to a room in dormitories.
The Globe explains that besides those horrendous working conditions existing at Global Tech, the company was successfully sued for millions in the US by a French manufacturer whose patented deep-fat fryers had been copied illegally.
In Fairfax VA on Thursday, Romney criticized China for stealing patents.
louis-t
(23,296 posts)The debates are going to be SOOO much fun.
Response to highplainsdem (Original post)
bupkus This message was self-deleted by its author.
judesedit
(4,440 posts)Drunken Irishman
(34,857 posts)goclark
(30,404 posts)you smack ...
keep it coming, we can't wait until the debates.
Bring your taxes with you!
I would love to see our President bring an envelope marked " TAXES from the Gov." and walk over and give it to him.
SoapBox
(18,791 posts)His voice is like fingernails on a chalkboard BUT...you are correct (I don't think that you are talking like you are a Drunken Irishman at all! ) Mittens and The Liar, need to just keep talking and talking and talking and talking...
And yes, ohhhhh the Debates are going to be SO good.
SoapBox
(18,791 posts)chuckstevens
(1,201 posts)Either the Romney people are only pushing this crap to make sure that the people who already hate Obama will show up on election day or they really have no clue about what they are talking about. Either way, it's pretty pathetic.
jsr
(7,712 posts)TomCADem
(17,390 posts)nm