Skip to main content

Mitt Romney has lots of experience with Chinese factories.
It's not like there's much question about why, under Mitt Romney's leadership, Bain Capital and its affiliates invested so heavily in outsourcing to China. But if you had any lingering doubts, check out how one firm advertised itself just nine days before Bain affiliate Brookside Capital Partners Fund, with Romney as "sole shareholder, sole director, President and Chief Executive Officer," invested:
It used “inexpensive labor,” Global-Tech Appliances wrote in a prospectus meant to attract investors on April 8, 1998. Its location in China meant “an overall effective tax rate that may be less than that of US corporations.” It said its current operations would not be subject to “material US taxes because it should not be considered to have significant income effectively connected with a trade or business in the US.”

The company also noted its working conditions: peak production periods required six-day work weeks, and two 10-hour shifts per day in the case of the metal stamping department. The main manufacturing facility, located in Dongguan, China, included 14 buildings that served as dormitories accommodating up to 3,700 workers.

As far as Bain, Brookside, and Romney were concerned, this was quite a successful advertisement: Brookside bought 6 percent of Global Tech. Was it the prospect of avoiding U.S. taxes that made Global Tech so attractive? Was it the prospect of workers who'd work 10 hours a day, six days a week for next to nothing? Silly question—it was obviously both. Because not paying taxes and screwing workers are two things that Mitt Romney lives for.

Six percent was apparently the magic number; just a month before Brookside bought 6 percent of Global Tech, Bain bought nearly 6 percent of a competing company with Chinese factories. And the kicker is, it's not even clear that these are the investments Romney described in the recent hidden camera video, the ones with barbed wire and 120 workers to a bathroom in the dormitories. Romney just has too much experience investing in awful Chinese sweatshops to pin it down for sure.

Originally posted to Daily Kos Labor on Wed Sep 26, 2012 at 07:02 AM PDT.

Also republished by Daily Kos.

EMAIL TO A FRIEND X
Your Email has been sent.
You must add at least one tag to this diary before publishing it.

Add keywords that describe this diary. Separate multiple keywords with commas.
Tagging tips - Search For Tags - Browse For Tags

?

More Tagging tips:

A tag is a way to search for this diary. If someone is searching for "Barack Obama," is this a diary they'd be trying to find?

Use a person's full name, without any title. Senator Obama may become President Obama, and Michelle Obama might run for office.

If your diary covers an election or elected official, use election tags, which are generally the state abbreviation followed by the office. CA-01 is the first district House seat. CA-Sen covers both senate races. NY-GOV covers the New York governor's race.

Tags do not compound: that is, "education reform" is a completely different tag from "education". A tag like "reform" alone is probably not meaningful.

Consider if one or more of these tags fits your diary: Civil Rights, Community, Congress, Culture, Economy, Education, Elections, Energy, Environment, Health Care, International, Labor, Law, Media, Meta, National Security, Science, Transportation, or White House. If your diary is specific to a state, consider adding the state (California, Texas, etc). Keep in mind, though, that there are many wonderful and important diaries that don't fit in any of these tags. Don't worry if yours doesn't.

You can add a private note to this diary when hotlisting it:
Are you sure you want to remove this diary from your hotlist?
Are you sure you want to remove your recommendation? You can only recommend a diary once, so you will not be able to re-recommend it afterwards.
Rescue this diary, and add a note:
Are you sure you want to remove this diary from Rescue?
Choose where to republish this diary. The diary will be added to the queue for that group. Publish it from the queue to make it appear.

You must be a member of a group to use this feature.

Add a quick update to your diary without changing the diary itself:
Are you sure you want to remove this diary?
(The diary will be removed from the site and returned to your drafts for further editing.)
(The diary will be removed.)
Are you sure you want to save these changes to the published diary?

Comment Preferences

Subscribe or Donate to support Daily Kos.

Click here for the mobile view of the site