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ProSense

(116,464 posts)
Thu Jul 12, 2012, 09:27 AM Jul 2012

This is rich: Projecting again, Romney's new ad calls President Obama a liar



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.

—By David Corn

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.

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.

- more -

http://www.motherjones.com/politics/2012/07/bain-capital-mitt-romney-outsourcing-china-global-tech


BREAKING: Boston Globe just DESTROYED Romney's "I left Bain in '99" Defense! BAM!

by Drdemocrat

David Axelrod just tweeted the Boston Globe article that DESTROYS Romney's "I left Bain in 1999" defense.

http://bostonglobe.com/news/politics/2012/07/11/government-documents-indicate-mitt-romney-continued-bain-after-date-when-says-left/IpfKYWjnrsel4pvCFbsUTI/story.html

The title of the article:

Mitt Romney stayed at Bain 3 years longer than he stated
Firm’s 2002 filings identify him as CEO, though he said he left in 1999


David Axelrod also just tweeted:

Based on Globe report, either Bain filed false SEC statements 1999-2002 about Mitt's status, or his campaign is making false statements now.

- more -

http://www.dailykos.com/story/2012/07/12/1108951/-BREAKING-Boston-Globe-just-eviscerated-Romney-s-I-left-Bain-in-99-Defense-BAM


Romney: I Didn’t Even Know About That Bermuda Company!
http://www.democraticunderground.com/1002925177

Romney Changed His Financial Disclosures
http://www.democraticunderground.com/1002929883

Why it matters when, exactly, Romney left Bain
http://www.democraticunderground.com/1002929823

"Mitt Romney offered a slightly inaccurate version of his tax return history..."
http://www.democraticunderground.com/1002932958

5 replies = new reply since forum marked as read
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This is rich: Projecting again, Romney's new ad calls President Obama a liar (Original Post) ProSense Jul 2012 OP
Kick! n/t ProSense Jul 2012 #1
and another kick n/t maddezmom Jul 2012 #2
"Dr. Freud, to the projection room, please... Dr. Freud, to the projection room.." mac56 Jul 2012 #3
9 times out of 10, if a Republican accuses a Democrat of something NYC Liberal Jul 2012 #4
Good article. Corn does a great job of writing exposures. Frustratedlady Jul 2012 #5

NYC Liberal

(20,132 posts)
4. 9 times out of 10, if a Republican accuses a Democrat of something
Thu Jul 12, 2012, 10:10 AM
Jul 2012

you can be reasonably sure the Republican is guilty of it. They are masters of projection.

Frustratedlady

(16,254 posts)
5. Good article. Corn does a great job of writing exposures.
Thu Jul 12, 2012, 10:45 AM
Jul 2012

But are these exposures too soon? Don't we want Mitt to make it through the convention then hit the voters with all this information?

Why am I nervous?

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