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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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