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

[courseofhistory]

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

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.


More MoJo coverage of Mitt Romney:
The Mystery of Romney's Exit From Bain

Romney Invested in Medical-Waste Firm That Disposed of Aborted Fetuses, Government Documents Show

Romney Tax Tips: 10 Ways to Stiff the IRS

Mitt Romney's Long History of Misremembering His Past
Get-Rich-Quick Profiteers Love Mitt Romney, and He Loves Them Back

How Romney Fibs—and Gets Away With It

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.

On April 17, 1998, Brookside Capital Partners Fund, a Bain Capital affiliate, filed a report with the Securities and Exchange Commission noting that it had acquired 6.13 percent of Hong Kong-based Global-Tech Appliances, which manufactured household appliances in a production facility in the industrial city of Dongguan, China. That August, according to another SEC filing, Brookside upped its interest in Global-Tech to 10.3 percent. Both SEC filings identified Romney as the person in control of this investment: "Mr. W. Mitt Romney is the sole shareholder, sole director, President and Chief Executive Officer of Brookside Inc. and thus is the controlling person of Brookside Inc." Each of these documents was signed by Domenic Ferrante, a managing director of Brookside and Bain

.

 

[The Infidel]

 

[Sinjorri]

oh no we still hate successfull people oh noes, hey how much did the investors make and hy arent u mad at them bro?

 

[The Infidel]

oh no we still hate successfull people oh noes, hey how much did the investors make and hy arent u mad at them bro?

"She" is a troll... nothing more, nothing less...

 

[courseofhistory]

Typical lame and sad responses from the right! No point to discussion.

 

[Politico]

Hardly an exclusive.

And good for him.

 

[Oddball]

Typical lame and sad responses from the right! No point to discussion.

What do want from your typical lame and sad drive-by spam threads, based off a story from yet another unabashedly biased source?

 

[PaulS1950]

I wonder how many people here have bought or are buying Apple products made in China?
That is how businesses make money - by selling their products. You ultimately decide who is profitable every time you buy something.

 

[courseofhistory]

oh no we still hate successfull people oh noes, hey how much did the investors make and hy arent u mad at them bro?

"She" is a troll... nothing more, nothing less...

You people are the trolls. I don't engage you most of the time because you come up with one liners, swearing and BS. There is no point.

 

[Soggy in NOLA]

Typical lame and sad responses from the right! No point to discussion.

Correct, there is no point to this discussion.

 

[Sinjorri]

oh no we still hate successfull people oh noes, hey how much did the investors make and hy arent u mad at them bro?

"She" is a troll... nothing more, nothing less...

You people are the trolls. I don't engage you most of the time because you come up with one liners, swearing and BS. There is no point.

what was the point to this thread?

 

[Oddball]

oh no we still hate successfull people oh noes, hey how much did the investors make and hy arent u mad at them bro?

"She" is a troll... nothing more, nothing less...

You people are the trolls. I don't engage you most of the time because you come up with one liners, swearing and BS. There is no point.

You don't engage because you are a drive-by troll yourself.

I've posted on forums where you'd have banned by now as a troll, for failure/refusal to participate in the dreck threads that you start.

 

[Soggy in NOLA]

oh no we still hate successfull people oh noes, hey how much did the investors make and hy arent u mad at them bro?

"She" is a troll... nothing more, nothing less...

You people are the trolls. I don't engage you most of the time because you come up with one liners, swearing and BS. There is no point.

Fuck off.

 

[Charles_Main]

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

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.


More MoJo coverage of Mitt Romney:
The Mystery of Romney's Exit From Bain

Romney Invested in Medical-Waste Firm That Disposed of Aborted Fetuses, Government Documents Show

Romney Tax Tips: 10 Ways to Stiff the IRS

Mitt Romney's Long History of Misremembering His Past
Get-Rich-Quick Profiteers Love Mitt Romney, and He Loves Them Back

How Romney Fibs—and Gets Away With It

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.

On April 17, 1998, Brookside Capital Partners Fund, a Bain Capital affiliate, filed a report with the Securities and Exchange Commission noting that it had acquired 6.13 percent of Hong Kong-based Global-Tech Appliances, which manufactured household appliances in a production facility in the industrial city of Dongguan, China. That August, according to another SEC filing, Brookside upped its interest in Global-Tech to 10.3 percent. Both SEC filings identified Romney as the person in control of this investment: "Mr. W. Mitt Romney is the sole shareholder, sole director, President and Chief Executive Officer of Brookside Inc. and thus is the controlling person of Brookside Inc." Each of these documents was signed by Domenic Ferrante, a managing director of Brookside and Bain

.