Mitt Romney Invested Millions in Chinese Company That Benefited from US Outsourcing

Mitt Romney Pinocchio
Mitt Romney Invested Millions in Chinese Company That Benefited from US Outsourcing (Cartoon Credit: Poltiical Pack Rat)


Mitt Romney, who claims President Obama is lying about his outsourcing record,  seems to have forgotten one itsy-bitsy detail, he invested millions according to Mother Jones, in a Chinese company that profited nicely from U.S. outsourcing:

Mother Jones exclusive:  “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.”

Add The Boston Globe reports that there is evidence Romney did not leave Bain Capital until 2002:

Mitt Romney has repeatedly sought to distance himself from some business dealings at Bain Capital by asserting that he left the firm in February 1999, but a review of public records shows that his authority lingered for three more years as Bain repeatedly listed him on government filings as the man in charge. Until 2002, when Romney and Bain Capital finalized a severance agreement, he remained the firm’s “sole stockholder, chairman of the board, chief executive officer and president,” according to SEC documents. The description was applied even to the creation of five new Bain partnerships a full three years after Romney has said he relinquished all control.

Either Mitt Romney lied on SEC filings or he’s lying about when he left Bain in order to say “it wasn’t me” or “I didn’t know” over Bain deals that caused people to lose their jobs as more and more of our manufacturing sector was outsourced to China. Um, seems like lying to the SEC is a really big deal, isn’t it a felony? Mitt Romney’s outsourcing lies are unraveling right before his eyes. Of course, the Romney camp is saying the Boston Globe’s story is “inaccurate.” If history is prologue, then I will go with the Boston Globe on this one.