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Mitt Romney flashes cash with Bain partners
More David Corn:
In recent weeks, Barack Obama and Mitt Romney have accused each other of being an "outsourcer in chief," as their campaigns have tussled over Romney's past at Bain Capital and the (non)release of his tax returns. But all this scuffling hasn't taken into account an until-now unreported fact about Romney's days at Bain: When he was running the private equity firm, he invested tens of millions of dollars in a pair of companies that specialized in outsourcing high-tech manufacturing and that developed offshore production facilities in Mexico, China, and elsewhere to build electronics for US firms.

In March 1999, shortly after Romney left Bain to take over the troubled Winter Olympics in Salt Lake City, Brookside Capital Investors Inc., a Bain-related entity wholly owned by Romney, filed a report with the Securities and Exchange Commission that listed dozens of companies in which Brookside held a stake the previous quarter. The roster included investments in Singapore-based Flextronics International ($13 million) and Florida-headquartered Jabil Circuit Inc. ($41 million), two companies that were leaders in the fast-growing field of outsourcing electronics manufacturing and offshoring production to low-wage countries. Together, these two investments represented almost 10 percent of Brookside's $559 million portfolio.

At this point, should be obvious to anyone paying any sort of attention that Mitt Romney invested millions and made millions as pioneer of outsourcing. If he's really as big a believer in free enterprise as he claims, Romney should be defending what he did, not denying it. But none of this has anything to do with principle for Romney. He's running for office, and he'll say whatever he thinks he needs to say to win. Just like he did at Bain.

Originally posted to Daily Kos on Sat Jul 21, 2012 at 06:00 AM PDT.

Also republished by The Bain Files.

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Comment Preferences

  •  His only mission is to extract money. (30+ / 0-)

    When are we going to strategize getting this information to the voters since our "press" has been bought out?

    Education is a progressive discovery of our own ignorance.

    by Horace Boothroyd III on Sat Jul 21, 2012 at 06:04:36 AM PDT

  •  find a shovel company (6+ / 0-)

    and see if rMoney invested in it please !

  •  And yet Mitt and his minions will say ad nauseam (9+ / 0-)

    that President Obama is anti-American and anti-capitalism by selectively editing his words.

    If lying induced physical pain, the world would be a much better place.

    How about I believe in the unlucky ones?

    by BenderRodriguez on Sat Jul 21, 2012 at 06:10:40 AM PDT

  •  Somehow researchers should create a list (5+ / 0-)

    with all overseas companies, whose existence came into being by being outsourced from and by originally American companies.

    Then all the companies, who outsourced their jobs, and the  products these outsourced companies produce for the US market should be boycotted.

    Occupy should demand that those companies are insourced into the US again. If that means the products get more expensive, so be it. There is anyhow too much garbage electronic devices soiling the environment and too much exploitation of minerals needed to produce these electronic devices overseas going on. We don't need this trash. Start boycotting buying any idiotic new gadget for fun entertainment.

    It's just a total mess.

  •  Can we quit calling them low-wage countries (11+ / 0-)

    And start calling it communist labor camps... Seriously what is so hard in establishing the meme?   The so called capitalist employ communist labor.

    That just might wake up the tea parties/

  •  Hopefully, we are reaching a tipping point (13+ / 0-)

    where even the most dim-witted bullshit swayed lunkhead of a low information voter is starting to get that Mitt Romney is a piece of shit who would be a piece of shit President.

    This guy has "I will screw you royally once I'm sworn in" written all over him.

    But I've been wrong before. Thank God Barack Obama tuned out Harold Ford and all the 'don't go after Bain' concern trolls. We have to beat this guy. We have too. He would make George W. Bush look like an open-minded statesman who cared about the poor and the rule of law by comparison.

    I am from the Elizabeth Warren and Darcy Burner wing of the Democratic Party

    by LeftHandedMan on Sat Jul 21, 2012 at 06:27:09 AM PDT

  •  The key phrase is "paying attention". (0+ / 0-)
  •  At least vultures wait for their host to die (7+ / 0-)

    before they start eating.  Vultures consume what has died on its own; they don't kill.  "Vulture capitalism" is too kind a phrase to describe some of what Bain Capital and other firms like it have done, and continue to do.  It's more similar to parasitism or predation.

  •  And if this one wears out (1+ / 0-)
    Recommended by:
    JeffW

    ...we add Flipper's Ryan Budget - the one that kills Social Security and Medicare.

    It is impossible to defeat an ignorant man in argument.

    by GrinningLibber on Sat Jul 21, 2012 at 06:32:33 AM PDT

  •  And along those lines, Think Progress'... (4+ / 0-)
    Recommended by:
    CherryTheTart, eXtina, Desert Rose, JeffW

    Romney - his fingernails have never been anything but manicured.

    by Pescadero Bill on Sat Jul 21, 2012 at 06:38:46 AM PDT

  •  Yes! It's not the outsourcing, it's the bullshit- (9+ / 0-)

    ting. Romney's a reflexive liar, resume-burnisher, spinner--whatever the situation or preferred term, he is A BULLSHIT ARTIST. And he's very good at it. I'm starting to think he's so out of touch with normal people that he really has little concept of normal mores and values, so when he hears something remotely accusatory, he's unsure how normal people will react. That is, he fears that the "charge" may be totally unacceptable to normal folks, so he starts his defensive bullshitting. "No role whatsoever" should be on his headstone.

    Two hundred million Americans, and there ain't two good catchers among 'em. --Casey Stengel

    by LongTom on Sat Jul 21, 2012 at 06:41:00 AM PDT

    •  Or, "... in any way." (1+ / 0-)
      Recommended by:
      Remediator

      That's what Romney swore in his federal financial disclosure form as his connection to Bain after 1999:

      "... was not involved in the operations of any Bain Capital entity in any way."

      That was a lie. Not only that, it was one he swore to on a federal disclosure form.

      I see this along the lines of a trial. The Obama Campaign has played the part of the prosecutor bringing the charges. David Corn and The Boston Globe have investigated the charges like the local police department and have been called on to testify about their findings. The rest of the media "doesn't want to get involved," and the Romney camp is going with the "that's my story, and I'm sticking to it" line of defense, while at the same time hiding evidence (i.e. tax returns, board minutes).

      The trial has reached the tipping point at which time the jury is concluding that the defendant (Romney) is a liar, and that he is guilty as charged.

      "No role whatsoever" or "... in any way" both work for me, LongTom!

      I would tip you, but the man took away my tips.

      by Tortmaster on Sat Jul 21, 2012 at 07:38:22 AM PDT

      [ Parent ]

      •  Maybe "Not involved...in any way," provides more (0+ / 0-)

        thrust. But I suppose they'll start arguing about the definitions of "involved" "operations" and "Bain Capital entity." Not to mention "any."

        Two hundred million Americans, and there ain't two good catchers among 'em. --Casey Stengel

        by LongTom on Sat Jul 21, 2012 at 10:05:38 AM PDT

        [ Parent ]

  •  The ad is more correct all the time (4+ / 0-)
    Recommended by:
    JeffW, Bear, missquested, Heart n Mind

    Romney is not the solution, he's the problem.

    You can't take the sky from me!

    by wrights on Sat Jul 21, 2012 at 06:43:30 AM PDT

  •  "On which side of the border would you like (1+ / 0-)
    Recommended by:
    BachFan

    Mexicans to work?"  (From an overheard conversation in my city recently.)

    My city is in the process of sitching to new, cleaner CNG trash collection trucks with automated arms to lift and dump new 96-gallon trash carts on wheels. This will require fewer employees and the work will be safer for them.  The CNG trucks will be owned by a new company with a 10-year contract. The city is buying the carts and assigning two of them (one for recyclables) to each household at a cost of about $15 million (borrowed). Although many cities have already made a switch like this, the new system has caused a lot of stir here partly because the "old" twice-a-week collection system has  had a 97% approval rating from citizens for the past 30 years and the new system will be slightly more expensive for pick ups only once a week. Quite a few people are wondering whether they'll be able to roll a cart almost as large as two 55 gallon drums to the curb once it's full of trash, but that's not my point here.

    Here's more of the conversation I overheard:

    "Did you know the Texas company supplying the carts is actually having them manufactured in Mexico?"

    "On which side of the border would you like Mexicans to work?"

    "Both sides, but can't we keep these particular jobs here in the Untied States?"

    "You mean you want to pay up to twice as much for the dang things?"

    So, that's the issue. I don't see it being easy to solve.

    Eliminate tax breaks that stimulate the offshoring of jobs.

    by RJDixon74135 on Sat Jul 21, 2012 at 06:46:11 AM PDT

    •  once you go to this system you will like it (0+ / 0-)

      however, it's a problem with the recycle bins as you will quickly find out, most of your trash goes in the recycle bins. During holidays they quickly fill up and as you will find, the recycle bin won't be picked up during holiday weeks. when that happens for that week i only recycle cans and bottles, otherwise my paper and cardboard goods flow out of the top; you have to stuff them in and then they get stuck when the truck picks it up; there's no worker there to see if the stuff all comes out. I have told the mayor that recycling is good but you have to commit to picking the stuff up every week!

  •  Just like he did at Bain. (2+ / 0-)
    Recommended by:
    JML9999, JeffW

    And Massachusetts

    •   47th in the nation in job creation. (1+ / 0-)
      Recommended by:
      JeffW

      he simply stole jobs from other states

      h/t waronerror

      http://myclob.pbworks.com/...

      MANSFIELD – Governor Mitt Romney today welcomed Samsonite to Massachusetts following the company’s announcement its principal North American office would move here.

      In October 2005, Samsonite moved 120 jobs from Rhode Island to Mansfield. Just last month, the company announced it would move its main North American office and many of its jobs from Denver, Colorado to Mansfield. When the move is complete, the total number of employees in Mansfield will be 220 at an average salary of $67,000.

      “We have been actively working with companies that see the clear benefit of expanding in Massachusetts,” said Romney. “While we have steadily added jobs and great companies like Samsonite, we still need to do more to make our business climate more attractive for job growth.”

      Samsonite is the worldwide leader in travel products that include luggage, handbags, backpacks and computer cases. The company was founded in 1911 and had net sales of more than $902 million in its 2005 fiscal year.

      Not blaming Bush for the mess we're in, is like not blaming a train engineer for a fatal train wreck because he's no longer driving the train.

      by JML9999 on Sat Jul 21, 2012 at 06:58:02 AM PDT

      [ Parent ]

  •  Romney is the epitome of the one percent (7+ / 0-)

    making millions upon millions, while taking money away from the middle class. Not just making money but redistributing it to himself,

    "I'm sculpting now. Landscapes mostly." ~ Yogi Bear

    by eXtina on Sat Jul 21, 2012 at 06:51:13 AM PDT

  •  What a patriot! What an Amercian! (1+ / 0-)
    Recommended by:
    Palafox

    And yet millions of fools will vote for a man who is the pure embodiment of corporate scum.  

    At least Obama is a nice and doesn't call us "you people."

    NOW SHOWING
    Progressive Candidate Obama (now - Nov 6, 2012)
    Bipartisan Obama returns (Nov 7, 2012)

    by The Dead Man on Sat Jul 21, 2012 at 07:09:45 AM PDT

  •  as per A.P.R. ,Winger Wordsmith Luntz is (0+ / 0-)

    http://www.npr.org/...

    "What is having somewhat of an impact, and I've seen it myself in the research I've done in Ohio," he says, "is a doubt, whether he connects to those who are economically challenged, who have already decided the Obama administration hasn't delivered for them over the last 3 1/2 years, but now aren't certain whether Mitt Romney will deliver for them over the next four years."

    Not blaming Bush for the mess we're in, is like not blaming a train engineer for a fatal train wreck because he's no longer driving the train.

    by JML9999 on Sat Jul 21, 2012 at 07:12:42 AM PDT

  •  Surprise,Surprise, Surprise. (2+ / 0-)
    Recommended by:
    Remediator, dinazina

     If only Gomer were here to explain to those with his background, (the character) that you do not throw yourself into the hay bailer just because you do not like the black man. “Y’all should’a knowed better than to sell yore farm to a city slicker who promised the farm would make twice or three times the money.” ‘Now look at y’all.” ‘Thare ain’t nary a one of yen’s able to buy grocers cause the city slicker took all the money an kicked all of yens offen yore land.” “The wurst of it is our church ain’t got enough tithes to help all of yens.” “That’s cause y’all ain’t had no money to pay yore share.”  “Surprise, Surprise, Surprise.”

  •  What Romney did at Bain (3+ / 0-)
    Recommended by:
    Remediator, TexasTom, Heart n Mind

    is financial strip-mining. Extract the wealth by any means possible without any regard for the impacts on the people and environment whose assets they're stealing.

    I use the word "stealing" intentionally.

  •  just like in wisc (0+ / 0-)

    when the voters voted in walker and now are horrified at what he has done to unions and worker rights the same will happen if the blind anger of voters gets romney elected in nov, then as in wisc voters will scream and yell that they were unaware of the consequences and help get the problem they created solved because the person they helped elect is not nice to them and their anger at someone.

  •  I wish Mitt defended his record... (0+ / 0-)

    ...Because I actually think outsourcing is productive for this country as a whole but he's just taking the easiest electoral route and I'm disappointed in that.

    I also wish that people who believe in outsourcing also believe that this makes it doubly important that government provide a safety net and other economic opportunities for those who are displaced by the destructive qualities inherent in a globalized world.

  •  A person commenting above has a good idea. (0+ / 0-)

    When we speak to outsourcing in China, DO use the Romney is outsourcing to a communist country. It really does work and counters the (racist) Obama is other/not American enough.

    Since Romney and the GOP is often stuck in the 50s, geo-politically, why not just use their confusion to THEIR disadvantage?

    202-224-3121 to Congress in D.C. USE it! You can tell how big a person is by what it takes to discourage them. "We're not perfect, but they're nuts."--Barney Frank 01/02/2012

    by cany on Sat Jul 21, 2012 at 08:06:08 AM PDT

  •  Gah... (0+ / 0-)

    Since Romney and the GOP are (not is) often stuck in the 50s ...

    202-224-3121 to Congress in D.C. USE it! You can tell how big a person is by what it takes to discourage them. "We're not perfect, but they're nuts."--Barney Frank 01/02/2012

    by cany on Sat Jul 21, 2012 at 08:07:16 AM PDT

  •  No wonder he bets against America at every turn. (0+ / 0-)

    He sent so many jobs away that he doesn't believe his money is safe here.

    The prick.

    GOP = Greedy One Percent

    by Palafox on Sat Jul 21, 2012 at 08:23:54 AM PDT

  •  The Last Capitalist (0+ / 0-)

    "The last capitalist we hang shall be the one who sold us the rope." - Karl Marx

    "When the going gets weird, the weird turn pro." - HST

    by DocGonzo on Sat Jul 21, 2012 at 08:25:40 AM PDT

  •  Evil corporations exist (1+ / 0-)
    Recommended by:
    Heart n Mind

    Setting aside for a moment the proposition that when it comes to the economy the system is the problem, those of us who have had our manufacturing jobs off-shored in the past decade or two have become sensitive to the names of certain outsource corporations. Flextronics is one that particularly stands out.

    I worked in the AT&T system for 33 years -- Western Electric, American Bell, AT&T, Lucent, Avaya. In the 2001 timeframe, Avaya sold off our manufacturing unit in Westminster, Colorado to outsource company Celestica, which required us to train the workers who were replacing us. Lucent had dealings with Flextronics, and i remember very well that company's notorious outsourcing reputation.

    Now, discovering that there is a tie between Flextronics and Mitt Romney's Bain Capital -- it all fits.

    We were union, but that didn't protect us from Celestica's predations. Even before closing down our factory, they deviously and intentionally violated the spirit, if not the letter of our contract with them. The contract said they could not lay off permanent workers until all temporary workers had been laid off. So we went through a series of increasingly aggressive layoffs, with all temporary employees laid off on a Thursday, a hundred or so permanent employees laid off on Friday, and all temporary workers hired back on Monday, plus enough additional temporary workers to replace the permanent workers. I was a union steward at the time, and part of my job was escorting laid off workers out of the factory on their last day, being there (according to different philosophical interpretations) to sympathize with their plight and answer their questions and assure their safety, or (according to a more cynical take) to help legitimize a cruel and inhumane policy for the sake of corporate profits.

    There are lots of horror stories connected with the off-shoring/outsourcing by companies like Celestica and Flextronics. No surprise at all that Mitt is part of the mix.

    Follow me on Twitter: @denverunionguy

    by Richard Myers on Sat Jul 21, 2012 at 08:27:07 AM PDT

  •  romney's early connections to el savadoran death (0+ / 0-)

    squad-connected leaders doesn't make sense unless the simple story he was collecting investors for bain was just a cover for other shit. he couldn't have made those connections with CIA help. the whole bain/romney thing stinks.

    This is a list of 76 universities for Rush Limbaugh that endorse global warming denial, racism, sexism, and partisan lying by broadcasting sports on Limbaugh radio stations.

    by certainot on Sat Jul 21, 2012 at 08:28:45 AM PDT

  •  Romney believes in money (0+ / 0-)

    Wealth according to his religion is a blessing and non-wealth a curse.   The secret name of Mitt Romney's god is Scrooge McDuck.

  •  Question for Jed.... (0+ / 0-)

    L to R, who are the people in that photo?  Are they all still at Bain?  

    The Muslim said "I wished I had met Christ before I met the Christians" - Rev. Marvin Winins

    by captainlaser on Sat Jul 21, 2012 at 08:54:11 AM PDT

  •  Romeny vs. The Truth (0+ / 0-)

    "If he's really as big a believer in free enterprise as he claims, Romney should be defending what he did, not denying it."

    The thing is, Mitt Romney is compelled to lie and obfuscate.  It is part of who he is as a person.  Sometimes, he does this to hide something embarrassing, like whatever is going on in his tax returns.  Sometimes, like with his weird "retroactive" retirement, it's something that he seems to do automatically, like blinking.  

  •  Alex, I'd like to buy a clue: (0+ / 0-)
    specialized in outsourcing high-tech manufacturing and that developed offshore production facilities in Mexico, China, and elsewhere to build electronics for US firms.
    What enables Job Off-shoring to be economically viable?

    Answer:

    Why, "Free Trade" Job Outsourcing Treaties, of course!

    Is there an office in the Unites States which is solely invested with the power to develop treaties and put them before the Senate for ratification?

    Yes there is!  It's called the Presidency.  It - AND IT ALONE - has the power to draft treaties and submit them for Senate approval.

    Have Presidents used the power of treaties which encourage the off-shoring of American Jobs?  Are there some examples?

    Yes, Yes They Have and Yes There Are Examples:

    Clinton - renewed MFN status with China.

    Clinton - negotiated and the Senate ratified NAFTA.

    Obama - negotiated and the Senate ratified the Columbia Free Agreement.

    Obama - promises a larger Free Trade JOB OUTSOURCING Treaty with multiple countries, primarily in the Asia-Pacific realm.

    Can the Rethuglicans force a President to negotiate Free Trade JOB OUTSOURCING Treaties?

    No.  No they cannot.

    It is SOLELY the President's choice to enable the off-shoring of American Jobs by Free Trade Job Outsourcing Treaties.

    It is sheer lunacy to attack American corporations for off-shoring when the President has negotiated the passage of treaties which make it cheaper to off-shore American Jobs.

    American Corporations, driven by the profit motive, MUST OFF-SHORE AMERICAN JOBS if the PRESIDENT negotiates treaties that make it profitable.

    It is not a difficult concept.

    But..BUT!  When Democrats execute Free Trade Job Offshoring Treaties they include protections for workers & the environment, so it's all good!

    It Still Results In The Loss Of Jobs.

    (We were talking about off-shoring of American jobs, right?)

    As for protecting American workers and the environment... Massey Energy anyone?  Enron?  JP Morgan?  

    The United States government cannot even police its own corporations on its own soil and there are some who actually believe the bullshit that the same U.S. government is going to protect workers and the environment in foreign countries?

    Are you fucking kidding me?

    And people wonder why there is no change.

    Is It Time To Wake Up Yet?

    I voted for Change. Not Three Chiefs of Staff from Wall Street Banks. Not Bernanke, Summers, Geithner, Holder, Simpson, or a Monsanto Lobbyist. Not more Free Trade. Not more Patriot Act. Not defending Wall Street's Savvy Businessmen.

    by Johnathan Ivan on Sat Jul 21, 2012 at 10:14:30 AM PDT

  •  Every time that I see that picture... (0+ / 0-)

    ...I can't help but see the caption:
         "Citizens. United."

  •  Pioneer? (0+ / 0-)

    Outsourcing, for sure. Pioneer? Did outsourcing really start in 1999? I don't think so.

    Eli Stephens
    Left I on the News
    "Stand Up, Fight Back!"

    by elishastephens on Sat Jul 21, 2012 at 03:58:44 PM PDT

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