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Thursday, July 12, 2012

Everything you need to know about Willard Rmoney in one sentence
Posted by Jill | 6:52 AM
David Corn:
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.

Explanation:
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.
But...Job Creators! And...uh...Obamacare!

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Anonymous Anonymous said...
Hello Jill,

This has nothing to do with the your post but my defense of Joe Pa when the scandal first hit the news.

With the 1998 investigation and Mike McQueary telling Joe Pa in 2001, they must've known what was going on. Well I look like an idiot now. I didn't realize how much Paterno knew and didn't do anything.

I still believe that it is unfair to make the Graduate Assistant Mike McQueary be the fall guy in all of this. He was thinking of his future in football and how tight knit that community is and that if he told he could longer have a career in the field he so clearly wanted to be in. There are countless examples of good honest people reporting abuses only to find that they can break in.

Big 10 Fan
7/12/12, 4:47 PM  
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