EXCLUSIVE: Romney Invested Millions in Chinese Firm That Profited on US Outsourcing

[Lakhota]

By David Corn

The GOP candidate decries China poaching US jobs. But at Bain he held a large stake in a Chinese company that did just that.

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.

At the time Romney was acquiring shares in Global-Tech, the firm publicly acknowledged that its strategy was to profit from prominent US companies outsourcing production abroad.​

Details: EXCLUSIVE: Romney Invested Millions in Chinese Firm That Profited on US Outsourcing | Mother Jones

 

[Sinjorri]

By David Corn

The GOP candidate decries China poaching US jobs. But at Bain he held a large stake in a Chinese company that did just that.

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.

At the time Romney was acquiring shares in Global-Tech, the firm publicly acknowledged that its strategy was to profit from prominent US companies outsourcing production abroad.​

Details: EXCLUSIVE: Romney Invested Millions in Chinese Firm That Profited on US Outsourcing | Mother Jones

lets use a defense from the libs with shultz ..................... was he running for president at the time?

 

[Oddball]

iROMNEY ATE MY BABBY!

 

[Lakhota]

It is evident that Romney has no loyalty to America - only to his personal selfish greed.

Mitt Romney and Bain Capital | Romney-Gekko 2012

 

[Chris]

Romney stole money from corporations and outsourced their jobs.

He really is a very evil man.

 

[Sinjorri]

Romney stole money from corporations and outsourced their jobs.

He really is a very evil man.

let me guess he stole ur gf? were u the one he pulled the prank on?

 

[Lakhota]

Romney stole money from corporations and outsourced their jobs.

He really is a very evil man.

I totally agree that he is a very evil man - and professes to be a religious man. My father always told me to keep a hand on my wallet when a preacher comes around.

 

[Lakhota]

Romney's Global-Tech deal adds a new dimension to the debate over Romney and outsourcing. Whether or not he was at the helm when Bain invested in US firms that did or did not ship jobs overseas, Romney was in command when a company he owned and controlled bought a large stake in a Chinese venture that counted on American companies sending manufacturing—and that means jobs—to China. These days, Romney rails against China for swiping American jobs and proclaims, "For me, it's all about good jobs for the American people." But when there was money to be made by acquiring a chunk of a Chinese company that aimed to displace American manufacturers (and American workers), Romney's patriotism did not interfere with the potential for profit.

From the OP link. Romney has no patriotism.

 

[Black_Label]

Pretty disturbing read, but expected. If Willard or the GOP ever control the white house, we can expect to see the floodgates open to having our jobs sent to China in record numbers causing the nation's unemployment to soar and the middle class to become non-existent.

 

[Lakhota]

Pretty disturbing read, but expected. If Willard or the GOP ever control the white house, we can expect to see the floodgates open to having our jobs sent to China in record numbers causing the nation's unemployment to soar and the middle class to become non-existent.

Exactly, and it's sad that wingnuts can't see the obvious before it happens. Actually, I don't think they really care, because they are obsessed with their Obama hatred.

 

[tinydancer]

Boy, I guess this means you guys aren't going to vote for Romney.

I'm sure Governor Romney is deeply disappointed as am I.

The heartbreak of knowing that Lakhota, rdean, Blacklabel, Chris and Truthmatters will now change their votes to the Obama/Biden ticket will cut deeply into my psyche, but with time I know the pain will heal.

 

[tinydancer]

Oh and I guess you missed it.

July 11, 2012
Nancy Pelosi made between $1-5 million on Asian investments in 2011

Read more: Nancy Pelosi made $1-5 million on Asian investments | The Daily Caller


Sad. I guess Pelosi has no patriotism.

 

[salem.hills]

Romney is good with money he saved 82% of the companies he handled I believe so he certainly cares. The guy who doesn't care stole the stimulus mohbney outsourced jobs to numerous countries then laughed about the shovel ready jobs being a lie.

 

[Claudette]

Oh and I guess you missed it.

July 11, 2012
Nancy Pelosi made between $1-5 million on Asian investments in 2011

Read more: Nancy Pelosi made $1-5 million on Asian investments | The Daily Caller


Sad. I guess Pelosi has no patriotism.

Yup. Neither does Jeff Imelt. Barrys Jobs Czar and CEO of GE.

He's outsources loads of jobs to China and his company, legally I might add, pays next to nothing on its earnings.

I'm sure the left doesn't question his patriotic zeal though.

What a lame thread. Brought to you by the left wingers of USMB.

 

[bravoactual]

bain-capital-mitt-romney-outsourcing-china-global-tech.

It would seem Mittens, the Romnoid himself money from U.S. Out Sourcing of Jobs to China.

 

[EriktheRed]

I'd just like to take this opportunity to personnally thank Mr. Newt Gingrich, who got the ball rolling on this way back in the primaries. The Obama camp didn't necessarily need his help, but it's appreciated just the same.

 

[Intense]

iROMNEY ATE MY BABBY!

Romney ate my Homework!!!

 

[bravoactual]

By David Corn

The GOP candidate decries China poaching US jobs. But at Bain he held a large stake in a Chinese company that did just that.

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.

At the time Romney was acquiring shares in Global-Tech, the firm publicly acknowledged that its strategy was to profit from prominent US companies outsourcing production abroad.​

Details: EXCLUSIVE: Romney Invested Millions in Chinese Firm That Profited on US Outsourcing | Mother Jones

lets use a defense from the libs with shultz ..................... was he running for president at the time?

Has Romnoid used his experience "Creating Jobs" as part of campaign... yes.

Mittens Man made money by out sourcing U.S. Jobs to China.

 

[Katzndogz]

Good! Millions of people did the same thing.