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Politics : View from the Center and Left
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From: Dale Baker7/13/2012 12:23:49 PM
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Romney’s outsourcing record

READ: Romney invested millions in companies that outsourced jobs to China.

“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.” David Corn in Mother Jones.

And he didn’t leave Bain in 1999, either: “Romney has said he left Bain in 1999 to lead the winter Olympics in Salt Lake City, ending his role in the company. But public Securities and Exchange Commission documents filed later by Bain Capital state he remained the firm's ‘sole stockholder, chairman of the board, chief executive officer, and president.’…The timing of Romney's departure from Bain is a key point of contention because he has said his resignation in February 1999 meant he was not responsible for Bain Capital companies that went bankrupt or laid off workers after that date.” Christopher Rowland in the Boston Globe.
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