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EXCLUSIVE: Romney Invested Millions in Chinese Firm That Profited on US Outsourcing
EXCLUSIVE: Romney Invested Millions in Chinese Firm That Profited on US OutsourcingThe GOP candidate decries China poaching US jobs. But at Bain he held a large stake in a Chinese company that did just that.
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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.
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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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.
the rest:
http://www.motherjones.com/politics/2012/07/bain-capital-mitt-romney-outsourcing-china-global-tech
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