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10 Sketchy Investments By Mitt Romney

10 Sketchy Investments By Mitt Romney

“We’re gonna crack down on China when they manipulate their currency, when they steal our goods, when they don’t protect our intellectual property. We’re gonna make sure that China understands we mean business. Trade is gonna work for us, not just for them.”

– Mitt Romney speaking at a rally in Virginia last month, as reported by NPR.

So why has the Republican candidate for President made investments in China?

According to Mother Jones, who examined his recent tax returns:

between 2008 and 2011 Romney invested more than a half million dollars in the stocks of 10 Chinese companies—including firms that embezzled, partnered with Iran, and stole US intellectual property.

In fact, the Romney funds have found their way to more than 10 Chinese destinations, but let’s check the biggest amounts:

1.  Global-Tech Appliances Inc

At the time that Romney was in charge of Bain Capital, the firm invested millions in this company that employed 5,000 young women to make household appliances. A report published by the Institute for Global Labour and Human Rights, states that Mitt Romney “knowingly invested in a brutal Chinese Dongguan sweatshop in China, which made small appliances in sweatshop conditions for Hamilton Beach, Sunbeam, Proctor Silex and Revlon behind barbed wire fences in the town of Qing-Xi.”

2.  GOME

Through a Bain Capital fund, Romney has invested between $500,000 and $1 million in GOME, a Chinese electronics company. Microsoft Corporation is currently suing GOME for pirating versions of its Windows and Office software. Hum, isn’t intellectual property theft exactly what Romney keeps saying he will crack down on?

3.  China National Offshore Oil Corporation (Cnooc Limited)

The New York Times reports that in 2009 and 2010, the W. Mitt Romney blind trust invested over $77,000 in shares of Cnooc Limited, the state-owned Chinese oil company. Cnooc does business with Iran’s energy sector, and this was at a time that US sanctions called for all companies doing business with Iran to divest all their interests.

4.  Industrial and Commercial Bank of China (ICBC)

From Mother Jones:

“Gov. Romney believes China should be labeled a currency manipulator,” his spokeswoman said recently, “and he will move to label them as such on Day One.” Yet the candidate invested in Industrial and Commercial Bank of China, the country’s largest bank. Some experts say that China’s central bank still exerts power over ICBC (which was privatized in 2005) to carry out the country’s monetary policy.

5.  China Life Insurance

About a fifth of Romney’s China profits came from New China Life Insurance. In case you’re not yet convinced that Romney has been involved in some shady investment practices, you need to know that in 2009, China’s National Audit Office found that the company had embezzled money by overstating sales and lining executives’ pockets with millions of yuan. Guan Guoliang, former chairman of the company, was sentenced to six years in prison on charge of embezzlement of 200 million yuan in company funds.

6.  New Oriental Education and Technology

In 2001, Educational Testing Service sued New Oriental for stealing and distributing test questions for admission to US universities. A Chinese court ordered New Oriental to pay over $1 million, though this was subsequently reduced. Romney may complain vigorously that the Chinese are intellectual property thieves, but he made more than $20,000 from the nearly $60,000 he invested in New Oriental shares.

7. Li & Fung Limited

This is a company that has benefited enormously from American outsourcing: it manages business for such companies as Toys R Us, Target, Walmart and Timberland. Three years ago, for example, Liz Claiborne decided to sell its sourcing operations—which handle all aspects of production, from finding materials to manufacturing garments—to Li & Fung Group for $83 million. The Romneys invested around $15,000 and made just over $1,000.

8. and 9. Youku.com and Tencent Holdings

From Mother Jones:

Romney investments included two of China’s internet giants: Tencent, the creator of the country’s most popular chat program, and Youku, which some describe as China’s YouTube. (The Romneys lost about $8,000 in Youku and a negligible amount in Tencent.) ”If you’re one of these Chinese internet companies, you factor in for your overhead and operating costs an entire division of people whose job it is to adhere to government censorship and surveillance requirements,” says Rebecca MacKinnon, a former Beijing bureau chief for CNN. “Obviously foreign investment is paying for that.”

10. Hang Lung Properties

Hang Lung is a huge real estate developer in Hong Kong, and is now investing $8.5 billion in mainland China. The Romneys invested $43,300 and profited $22,600 when they sold their shares.

The amounts of financial gain and loss involved in these Chinese transactions are minuscule compared to the Romney fortune, and many were sold on August 10 of this year, the day before a Republican debate. But that’s not the point.

Isn’t it just a little disingenuous for Romney’s campaign to criticize President Obama repeatedly for failing to take a tough line against Chinese trade practices, after he himself has promoted Chinese companies with his own investments?

These investments by Romney are yet more proof that Mitt will say anything to gain the upper hand, even if it involves twisting the truth.

 

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103 comments

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10:29AM PST on Nov 7, 2012

Unfortunately, we still have large numbers of indoctrinated folks like this still believing what they do, even if they don't understand nor can they explain it. And they aren't just in Ohio, and have the name of Meatloaf (who appears to have continued to indulge in his nervous breakdown) . . .

https://www.youtube.com/watch?v=nY0M7IdNl7U&feature=youtube_gdata_player


8:12AM PST on Nov 7, 2012

The way the vote count displays the intelligences of the USA electorate is a scarey thing to watch.This republican vote should never of raised above 20% . Maybe the voters hate America. I really think they are going to hate the alternative even worse.

1:41PM PDT on Oct 30, 2012

Tyler........ a person that wins the birth lottery and is born rich is NOT 'better, smarter, and more deserving' and certainly has has not accomplished great things in life with no help from anyone as Romney and Ryan both claim to be.
Your statement looks like you believe that a thief deserves what they manage to steal if they are not caught in the act ---- like the banks and wall street, they broke many laws, stole the retirement savings and the homes of many citizens..... and the RWNJ (like you) claim it is the fault of the citizens they stole from.

1:24PM PDT on Oct 30, 2012

Joan H : Obama had no vote so how can you blame him for your distress? jumping out of the frying pan into the fire is even more foolish . Do yourself and America a favor and refrain from voting at all.This is the kind of thinking that got us here in the first place. Remember , Obama wanted everyone on medicare . Did he get it ? No , he did not have enough votes , same on all other bills and ideas Republicans have control and have been in control for the last fifty years . So if things are getting worse , Don't you think it is time to change leaders?

1:13PM PDT on Oct 30, 2012

Republicans have proven themselves to be the most dangerous threat to America and Romney is the number one.

5:40PM PDT on Oct 23, 2012

Isn't it amazing and entertaining to watch fools desperately trying to prop up liars?

5:15PM PDT on Oct 23, 2012

it's really no body's business where a private citizen chooses to invest "THEIR" money!!! Key word is "THEIR" money! Investments are nothing more that going to Vegas and gambling that you are going to win while the machines are betting that you won't no different than car insurance. It's not rocket science it's legalized gambling. Of course the individual with half a brain and cares about making a profit (Money growth ) over a reasonable period of time would not invest in something shady but if Romney knew that the use of toothpicks would be a viable product that millions would use world wide then go for it. And it doesn't matter one iota where in the world you invest your money any smart businessman is going to go where the action is. No matter where that action is!

1:49PM PDT on Oct 23, 2012

UN Sending Monitors for US Voting

Liberal-leaning civil rights groups met with representatives from the OSCE this week to raise their fears about what they say are systematic efforts to suppress minority voters likely to vote for President Obama.

This has never, ever happened before in America. Never!

http://www.dailykos.com/story/2012/10/21/1147938/-Eight-civil-rights-groups-ask-UN-partner-to-monitor-elections?detail=hide

2:13PM PDT on Oct 22, 2012

In addition to that

Republican attempts to reduce voter turnout in minority neighborhoods are so widespread that, at the request of American civil rights groups, international monitors will oversee our elections:

United Nations-affiliated election monitors from Europe and central Asia will be at polling places around the U.S. looking for voter suppression activities by conservative groups, a concern raised by civil rights groups during a meeting this week.[...]

The Organization for Security and Cooperation in Europe (OSCE), a United Nations partner on democratization and human rights projects, will deploy 44 observers from its human rights office around the country on Election Day to monitor an array of activities, including potential disputes at polling places. It's part of a broader observation mission that will send out an additional 80 to 90 members of parliament from nearly 30 countries.

Liberal-leaning civil rights groups met with representatives from the OSCE this week to raise their fears about what they say are systematic efforts to suppress minority voters likely to vote for President Obama.

1:35PM PDT on Oct 22, 2012

Kimberlee please go to this forum and check out Dorothy N's post revealing how involved this is.

Start with the 4:12 am PDT post.

http://www.care2.com/causes/do-you-have-romnesia-video.html

The fact that this isn't hitting mainstream news is highly suspicious and of great concern.

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