Romney Invested in Chinese Company, Outsourcing

Mitt Romney invested millions of dollars in a Chinese firm that was promoting itself as an overseas destination for outsourcing, according to a report by David Corn.

The investment was made in 1998 by Brookside Capital Partners Fund, an affiliate of Bain Capital. Brookside invested in manufacturer Global-Tech Appliance, which is headquartered in Hong Kong. In September of that year, Global-Tech issued a press release announcing it was slowing expansion because Sunbeam was not outsourcing as quickly as possible, but expressing hope that outsourcing would soon pick up again. The company manufactured products foráHamilton Beach, Mr. Coffee, Proctor-Silex, Revlon, and Vidal Sassoon.

Romney has claimed that he left Bain Capital in 1999, though Thursday the Boston Globe reported that Romney remained CEO through 2002. Romney has attempted to distance himself from some of the most controversial decisions made by Bain by claiming they were made after his departure. The investment in Global-Tech, however, clearly came during the time Romney was fully in charge of Bain, and fully engaged in decision making.

At its peak, Brookside controlled about 9 percent of Global-Tech. It’s unclear how much money Bain ultimately earned on its investment, but it’s clear that Romney had no problem investing in a company that was moving jobs out of America and into China.

China has been a frequent target of Romney’s ire on the campaign trail. Romney has assailed the Obama administration for not taking a tough-enough stance in Sino-American relations. But like so many other things, Romney was in favor of a good relationship with China — and profiting from it á– before he was against it.

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51 comments

Jeanne R
Jeanne R19 days ago

Thank you for sharing.

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Jeanne R
Jeanne R19 days ago

Thank you for sharing.

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Jeanne R
Jeanne R19 days ago

Thank you for sharing.

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Jeanne R
Jeanne R19 days ago

Thank you for sharing.

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Jeanne R
Jeanne R19 days ago

Thank you for sharing.

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Don Lukenbill
Don L5 years ago

No, it's not outsourcing when Rommey and his ilk do it, it's called "offshoring."

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ii q.
g d c5 years ago

hmmm...

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Dr Clue
Dr Clue5 years ago

Mr. Romney has taken as cover that he had left Bain, which in light of the SEC filings has become "was on leave". Either instance was meant to distance himself from the outsourcing of jobs. This absence of course was to be the CEO of the Olympic committee.

When asked on the national evening news what he thought about outsourcing of the Olympic uniforms to off shore manufactures he declined to take a position in support of American manufacturing, and instead took cover in "no comment".

Now it turns out that the philosophy of outsourcing was not something that his peers in Bain simply did while he was "on leave" , but rather as CEO of the 2002 Olympics he outsourced those uniforms as well. THATS WHY "NO COMMENT"

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Kasia Y.
Kasia Y.5 years ago

Romney was never credible.

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Mary B.
Mary B5 years ago

Michele H., Walter G., Steve R.................All rude and disrespectful........Very sad when a Canadian knows more of the truths than you do........Perhaps one of you mental giants (and I use that term loosely) should educate yourselves and give the Presidency a run. You're well on your way with your far right idiology. (Too big a word?) try baloney.

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