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Forum Post: Unbelievable Hypocrisy ~ ROMNEY ~ Bain & China

Posted 2 years ago on Oct. 11, 2012, 6:59 a.m. EST by WSmith (1429) from Cornelius, OR
This content is user submitted and not an official statement

As Romney Repeats Trade Message, Bain Maintains China Ties

“This goes to show the unbelievable hypocrisy of this man,” he said of Mr. Romney. “He talks about how we need to get tough on China and stop China from taking our jobs, and then he is making money off shipping our jobs there.”

http://www.nytimes.com/2012/10/10/us/politics/as-romney-repeats-trade-message-bain-maintains-china-ties.html?pagewanted=1&ref=politics

Daniel Borris for The New York Times

In Freeport, Ill., workers have protested plans by Sensata Technologies to relocate 170 jobs to China. Bain Capital has a controlling stake in Sensata, which makes sensors and controls for vehicles and motors.

By SHARON LaFRANIERE and MIKE McINTIRE

Published: October 9, 2012 509 Comments

The tale of Asimco Technologies, an auto parts manufacturer whose plants dot eastern China, would seem to underscore Mitt Romney’s campaign-trail complaint that China’s manufacturing juggernaut is costing America jobs.

Asimco, an auto parts maker with plants in Beijing and elsewhere in China, bought two Michigan factories with 500 workers but shut them down in 2007. It is now owned by Bain Capital.

Nine years ago, the company bought two camshaft factories that employed about 500 people in Michigan. By 2007 both were shut down. Now Asimco manufactures the same components in China on government-donated land in a coastal region that China has designated an export base, where companies are eligible for the sort of subsidies Mr. Romney says create an unfair trade imbalance.

But there is a twist to the Asimco story that would not fit neatly into a Romney stump speech: Since 2010, it has been owned by Bain Capital, the private equity firm founded by Mr. Romney, who has as much as $2.25 million invested in three Bain funds with large stakes in Asimco and at least seven other Chinese businesses, according to his 2012 candidate financial disclosure and other documents.

That and other China-related holdings by Bain funds in which Mr. Romney has invested are a reminder of how he inhabits two worlds that at times have come into conflict during his campaign for the White House.

As a candidate, Mr. Romney uses China as a punching bag. He accuses Beijing of unfairly subsidizing Chinese exports, artificially holding down the value of its currency to keep exports cheap, stealing American technology and hacking into corporate and government computers.

“How is it China’s been so successful in taking away our jobs?” he asked recently. “Well, let me tell you how: by cheating.” But his private equity dealings, both while he headed Bain and since, complicate that message.

Mr. Romney’s campaign insists he has no control over his investments since they are held in a blind trust. That said, a confidential prospectus for one of the Bain funds, obtained by The New York Times, promotes China as a good investment for some of the same reasons that Mr. Romney has said concern him: “Strong fundamentals” like manufacturing wages 85 percent lower than what Americans earn, vast foreign exchange reserves and the likelihood that China will surpass the United States as the world’s largest economy.

“Accordingly, Bain Capital expects to see an increasing array of high-growth companies available for investment,” the prospectus says, noting the relative dearth of private equity in China.

Among the companies in which the Bain funds have invested is a global auto parts maker that is in the process of closing a factory in Illinois and moving most of the equipment and jobs to Jiangsu Province, where the Chinese government has built it a new plant; a Chinese electronics retailer accused by Microsoft of selling computers with pirated software; and a Hong Kong-based Chinese appliance maker that was sued for copying another company’s design for a deep-fat fryer.

Asked if Mr. Romney sees any conflict between his Bain investments in China and his policy positions, the campaign said: “Only the president has the power to level the playing field with China. No private citizen can do that alone.”

The campaign said Mr. Romney put his fortune, estimated at $250 million, in a “blind trust” when he became Massachusetts governor in 2003. “The trustee of the blind trust has said publicly that he will endeavor to make the investments in the blind trust conform to Governor Romney’s positions, and whenever it comes to his attention that there is something inconsistent, he ends the investment,” the statement said.

Should Mr. Romney become president, however, the structure of the trust would most likely not meet the federal requirements for independent management. It is managed by a Boston-based law firm, Ropes & Gray, that has a long history of doing legal work for both Mr. Romney and Bain Capital, including representing some of the same Bain funds in which it invested Mr. Romney’s money.

Mr. Romney’s trustee, R. Bradford Malt, who is chairman of Ropes & Gray, declined to comment.

CONTINUED: http://www.nytimes.com/2012/10/10/us/politics/as-romney-repeats-trade-message-bain-maintains-china-ties.html?pagewanted=1&ref=politics

51 Comments

51 Comments


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[-] 2 points by SingleVoice (158) 2 years ago

A blind trust is a trust in which the fiduciaries, namely the trustees or those who have been given power of attorney, have full discretion over the assets, and the trust beneficiaries have no knowledge of the holdings of the trust and no right to intervene in their handling. Blind trusts are generally used when a settlor (sometimes called a trustor or donor) wishes to keep the beneficiary unaware of the specific assets in the trust, such as to avoid conflict of interest between the beneficiary and the investments. Politicians or others in sensitive positions often place their personal assets (including investment income) into blind trusts, to avoid public scrutiny and accusations of conflicts of interest when they direct government funds to the private sector.

http://en.wikipedia.org/wiki/Blind_trust

We all who have 401k, money market accounts, union pensions, etc have money in invested in companies we are not even aware of where they are doing business especially if we don't manage it ourselves. The point of a blind trust is to have no conflicts of interest because you don't control where the money is invested. This is important especially if you hold political office.

The problem I see is that most of our leaders DO NOT have a blind trust. Even Obama and all of the congress have money invested in companies that outsource. Obama has investments in GE that was the first US company to outsource to India. He also has close ties to GE’s CEO, Jeffrey Immelt, who was appointed as chairman of his outside panel of economic advisers last year. In addition to Apple, who outsources to China, and GE, the Obamas’ fund listed 10,655,961 shares of International Business Machines. As the Wall Street Journal reported in 2009, “The technology giant has been steadily building its work force in India and other locations while reducing the number of workers based in the U.S. Foreign workers accounted for 71% of Big Blue’s nearly 400,000 employees at the start of the year, up from about 65% in 2006.”

According to Nancy Pelosi’s 2011 financial disclosure statement, the Democratic House Minority Leader received between $1 million and $5 million in partnership income from ”Matthews International Capital Management LLC,” a group that emphasizes that it has a “A Singular Focus on Investing in Asia.” DNC chair Debbie Wasserman Shultz, a vocal critic of Romney had herself dabbled in the foreign markets. There's an abundance of republicans as well as democrats in congress that have money invested overseas. Obama’s own portfolio shows that despite his heated rhetoric, he makes investment decisions without regard to whether companies are outsourcing. The difference is that his is not in a blind trust so he knows where his money is invested which can lead to a conflict of interest.

I can't believe the hypocrisy I keep hearing. It's okay for everyone in the administration and congress on both sides of the aisle to have investments overseas that they ARE aware of and worse their investments can influence their legislation. They should all have blind trusts because that's the only way they can possibly be objective when they pass out money or tax credits to these corporations. It would appear that Romney is one of the few WITHOUT a conflict of interest in this particular case.

[-] 1 points by Underdog (2971) from Clermont, FL 2 years ago

Love it. Keep this stuff coming man. The truth about Mitt Rob Me needs as much exposure as possible.

I still say there needs to be intense pressure put on him to release full details of the last 10 years of his taxes. He is definitely hiding something...something that he knows would likely cost him the presidency. He can lie all he wants and change positions on issues and be exposed for his etch-a-sketch flip-flopiness. But he knows he can't explain away his revealed tax dodge to the American public, because math doesn't lie. Why else would he not release his returns like every other presidential candidate has done? Nixon stood up in front of the American people and said "I am not a crook." Romney wants to be the Prez. He needs to prove Nixon's assertion about himself.

[-] -1 points by WSmith (1429) from Cornelius, OR 2 years ago

what's it all about Romney is it just for the money we live what's it all about when you cost it out Romney are we meant to take more than we give or are we meant to pay tax and if only fools are kind Romney then i guess it's wise to be cruel and if life belongs only to the strong Romney what will you lend on an old golden rule as sure as i believe there's something much more something even non-believers can believe in i believe in love Romney without true love we just exist Romney until you find the love you've missed you're nothing Romney when you walk let your heart lead the way and you'll find love any day Romney Romney

[-] 0 points by Underdog (2971) from Clermont, FL 2 years ago

Something tells me that's a take on "What's it all about, Alphie?", right??? If so, a very clever and accurate transport into RomneyWorld, where Golden Merrry-Go-Rounds in the shape of wageslaves are ridden by Billionaires, while they hold Romneyochio by his strings and care not if his nose grows everytime he lies, for they hold the Keys to the Kingdom and can purchase all the plastic surgeons they want to repair his elongated lying nose after they remove it post-election. In RomneyWorld, every story has a happy ending, if you can afford to purchase the big E-ticket (E for Enterprise), otherwise, everyone else is standing outside the turnstiles looking in, but not able to share in the fun of the themepark that was bought and paid for long ago.

And everyone in RomneyWorld lived happily ever after. The End.

[-] 0 points by WSmith (1429) from Cornelius, OR 2 years ago

And a big, messy, hot and sticky happy ending.

[-] 1 points by hchc (3297) from Tampa, FL 2 years ago

None of this would be possible if the Democrat and Republicans parties didnt overwhelmingly support this trade/tax policy.

[-] 1 points by WSmith (1429) from Cornelius, OR 2 years ago

I heard you were a RepubliCon plant.

BUT

Are you saying the devil made poor Twit do it?

[-] 0 points by hchc (3297) from Tampa, FL 2 years ago

Im saying the Democrat and Republican parties paved the way for him and tens of thousands more to do it. Are you denying that?

[-] 1 points by WSmith (1429) from Cornelius, OR 2 years ago

Yes.

Too simplistic.

Some dirty or/and compromised Dems and all Cons, don't make a Bi-par law. Nuance is everything.

Patriotism, it's not just for exploited terrorism attacks!

[-] 0 points by hchc (3297) from Tampa, FL 2 years ago

Go check the voting records of the legislation then.

Exploiting terrorism is something else that is ingrained in both of them.

[-] 0 points by WSmith (1429) from Cornelius, OR 2 years ago

Economical terrorist, isn't that what Mitt Romney really is??

[-] 1 points by mideast (506) 2 years ago

why should this Romney lie be any different from Romneys other lies

[-] 0 points by WSmith (1429) from Cornelius, OR 2 years ago

Hopefully, this lie will spare us his residency in the White House.

[-] 0 points by WeThePeop (-259) 2 years ago

You got that right friend and the lie that Obama told to the American people about Libya is just unacceptable

[-] 0 points by VQkag2 (16478) 2 years ago

What lie about Libya?

[-] 1 points by WeThePeop (-259) 2 years ago

Obama said that the attack on the embassy in Libya was over a youtube video on anti-Muslim but the Obama admin knew from day one that it was a terror attack instead.

[-] -1 points by VQkag2 (16478) 2 years ago

I heard Pres Obama state it was an act of terror the next day.

I think he blamed the many protests around the middle east (incl the one that Intell said occurred in Libya) on the youtube video created by the right wing wackos.

I think you got something wrong boss.

[-] 2 points by WeThePeop (-259) 2 years ago

That is untrue because even at the UN meeting he was still blaming it on the video. He continued to blame it on the video for a week or more

[-] 0 points by VQkag2 (16478) 2 years ago

He mentioned the video at the UN, and for some time after the Libyan attack because the right wing created video was being used by muslim religious extremists to incite violent protests in 20 different ME cities.

Not because it was the reason for the terrorist attack on the Libyan embassy.

Get it?

[-] 1 points by WeThePeop (-259) 2 years ago

Sorry but Nakoula Basseley Nakoula is a democrat, nice try though

[-] 0 points by VQkag2 (16478) 2 years ago

Nah. Coptic christian from Egypt who worked with right wing wacko, anti abortion, anti Muslim mosque, Steve Klein, and the right wing wacko Koran burning pastor from Florida Terry Jones.

These are the people we know. I think there are probably others. Who engineered this to create trouble for the Pres by threatening their fellow Americans overseas.

They know how to incite the Muslim outrage industry.

It's disgusting. Un patriotic, treasonous even. They have no honor!!!

[-] 0 points by alva (-442) 2 years ago

really,? then why did he and hillary make an apology for the video and have it broadcast in the mideast? why did obama lie at the UN , citing the video as a cause for the rioting and murders?

[-] 1 points by VQkag2 (16478) 2 years ago

Because the right wing created youtube/movie WAS used to incite many protests & violence in 20 ME countries.

So we made an attempt to calm those protests created by muslim religious extremists.

And of course those protests have now receded. So I guess the effort worked.

Right?

[-] 1 points by alva (-442) 2 years ago

oh, the video was a right wing conspiracy? the video was NOT the cause. the murders and rioting have nothing to do with the " video". every day in every way , you get dumber and dumber.

[-] 0 points by VQkag2 (16478) 2 years ago

The right wing created video was used by muslim religious extremists to incite violent protests in 20 ME countries. It was responsible for a few deaths but not American.

It was not related to the Libyan attack on the American embassy. The President has stated that.

You are mistaken about the Pres lying. You are just desperate to find a "hostage type crises" to use against him like Romney stated in his 47% video.

Just weak partisan anti Obama non sense.

[-] 0 points by alva (-442) 2 years ago

prove your accusation that the video is a right wing creation. muslims rioted because they were ( ans still are ) emboldened by the weakness ( non existant) obama foreign policy. " the president " = liar-in-chief.

[-] 1 points by VQkag2 (16478) 2 years ago

Steve Klein was a consultant, Terry Jones worked with the religious wacko who created it on marketing.

Those are just 2 right wing wackos we know of. I'm sure there are more.

Romney's 47% tape states he will be looking for some "hostage like situation" to exploit. I guess he couldn't find one so he decided to create one by inciting muslim religious extremists to attack our fellow Americans. For political gain. And Romney then had the nerve to use one of the brave dead Americans in his campaign stump speech until the mother told him to stop.

Republicans have no honor.

[-] -2 points by alva (-442) 2 years ago

how long is your nose? kaggie = the pinocchio of ows.

[-] 1 points by VQkag2 (16478) 2 years ago

silly insults. No substance.

you can't offer serious facts because you have none. So you must resort to childish insults.

That is why you lose.

[-] -1 points by alva (-442) 2 years ago

you bluster and lie almost as much as biden.

[-] 0 points by WSmith (1429) from Cornelius, OR 2 years ago

That it was a terror attack not a response to that anti-Muslim video. The fact is that it was both, and some people on the ground told fibs to cover their asses. The trouble is, Obama has to rely on people on the ground intelligence. There's the "LIE"!!!!

[-] -1 points by VQkag2 (16478) 2 years ago

I think Obamas statements were just fine. There may have been some mistake/misunderstanding.

But he said it was an act of terror the next day, and the youtube was used for many protests around the middle east overthe 1st week or so.

Repubs reaching. Just partisan campaigning.

[-] 0 points by WSmith (1429) from Cornelius, OR 2 years ago

Of ~ F-u-C-k-I-n-G ~ Course!!

[-] 0 points by VQkag2 (16478) 2 years ago

Romney said in his 47% video he was looking for a :hostage type crises" to use against the Pres. This is what he is doing. The House repubs (Issa) have accomodated Romney by having these last minute hearing 4 weeks before the election.

I don't buy it. Just campaign partisanship. Repubs using the death of these brave Americans for politic gain. The mother of one those killed had to tell Romney to stop using herson in his campaign stump speech, because the repubs have no honor!

None. Don;t believe them. The right wing must be destroyed. Conservative policy is at the center of all our problems.

[-] -1 points by WSmith (1429) from Cornelius, OR 2 years ago

When Dems had the House Henry Waxman was going after Big Tobacco and Oil. When Cons have the house they go after the Dem POTUS. Many Libs say that Cons will impeach Obama if he gets re-elected. Like they did with Clinton over a fucking blowjob. Now they love him. Can we ban Cons???

[-] 0 points by VQkag2 (16478) 2 years ago

Would that we could.

We gotta show them to be the extremists they are so enough people WTFU and vote them out of office.

It's the only way.to be sure"

[-] 0 points by WSmith (1429) from Cornelius, OR 2 years ago

We have to get out the vote.

Everything else is screaming at the wind.

[-] 0 points by VQkag2 (16478) 2 years ago

Yes.

[-] 0 points by WSmith (1429) from Cornelius, OR 2 years ago

TWELVE U.S. Embassy Attacks During George W. Bush Administration

Oh no! Say it ain't so!

Not even including 9-11!

[-] 0 points by WSmith (1429) from Cornelius, OR 2 years ago

Prove it's a lie and I'll eat it. Wait. I think I misunderstood you.
Romney just lies.

[-] 0 points by WSmith (1429) from Cornelius, OR 2 years ago
[-] 0 points by WeThePeop (-259) 2 years ago

Obama's song!!!!!! I am the king and ruler of the Earth, blah blah blah, next verse "my hope & change has turned into poverty & despair" blah blah blah bwaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa

[-] 0 points by WSmith (1429) from Cornelius, OR 2 years ago

You Fucking SUCK!

[-] 0 points by DKAtoday (22315) from Coon Rapids, MN 2 years ago

Bain - Bane anyone see a connection?

[-] 0 points by WSmith (1429) from Cornelius, OR 2 years ago

There is a parody song, You're so Bain...

[-] 0 points by DKAtoday (22315) from Coon Rapids, MN 2 years ago

I was thinking more along the lines of un-intended truth in advertizing or hiding in plain sight:

1bane noun \ˈbān\ Definition of BANE 1 a obsolete : killer, slayer b : poison c : death, destruction <stop the way of those that seek my bane — Philip Sidney> d : woe 2 : a source of harm or ruin : curse <national frontiers have been more of a bane than a boon for mankind — D. C. Thomson> Origin of BANE Middle English, from Old English bana; akin to Old High German bano death First Known Use: before 12th century

[-] 0 points by WSmith (1429) from Cornelius, OR 2 years ago
[-] 0 points by DKAtoday (22315) from Coon Rapids, MN 2 years ago

BTW - Tweeted.

[-] 0 points by DKAtoday (22315) from Coon Rapids, MN 2 years ago

Awesome song - Thx - should go viral.

Your so Bain

[-] 0 points by WSmith (1429) from Cornelius, OR 2 years ago

Hasn't in several months, but hope springs eternal.

[-] 0 points by DKAtoday (22315) from Coon Rapids, MN 2 years ago

Now would be a perfect time for grassroots sharing/forwarding/circulating.