Mitt Romney Invested Millions in Firms That Pioneered High-Tech Outsourcing

Mitt Romney Invested Millions in Firms That Pioneered High-Tech Outsourcing

Fri Jul. 20, 2012 - EXCLUSIVE: A government document shows that at Bain he held a $54 million stake in companies that manufactured electronics in China and Mexico for US firms.

But all this [political] 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.

A much-more thorough report has been released today that takes a much deeper look into the outsourcing Romney did while at Bain and another firm he owned, Brookside Investors, Inc.. This time with the SEC reports clearly stating how Bain and Mitt Romney poured millions into firms (via Brookside) that specifically targeted technology firms in the US for relocating those jobs to China, India, and Mexico to build electronics for US firms. The pair of companies he invested tens of millions of dollars in are Flextronics International and Jabil Circuit Inc.

Brookside Capital Investors, Inc., is another wholly-owned Romney entity. Flextronics in particular was perhaps THE trailblazer in offshoring electronics and high-tech industries, and received millions from Romney.

In the late 1990s, Flextronics built a facility in Guadalajara, Mexico, to serve its US clients, including Intel. A Wired magazine profile described the firm this way: "Incorporated in Singapore with its management offices in San Jose, Flextronics has factories worldwide. Its industrial parks, which house suppliers onsite, are concentrated in Brazil, China, Hungary, and Mexico. Workers earn from 70 cents per hour in China to $4.50 in Brazil…By manufacturing in low-cost regions, Flex can cut 75 percent of the price of labor."

Read the article, and I think you'll agree it takes a lot of gall for someone like Romney to accuse anyone of being "outsourcer", when he is one of the biggest players in that field.

(article also linked from Huffington Post):
Romney Put Millions Into Outsourcing Firms

reply to post by Blackmarketeer


Gee Whiz!

No Kidding........S&F HooHaa

He's a disgusting human being. Vulture capitalists like him do more harm than good. I think the goal of all these elite 1% is to send all the manufacturing jobs abroad so they can force the entire middle class into poverty and foreclosure, then they can scoop up all our land and assets for a bargain and make us work for 70 cents an hour, like the drones in China do now.

I think we need to see the full set of SEC filings from Bain, Romney, Brookside, and everyone connected to them to see just what was going on there. Romney did not act like a person at all concerned with the average American. He makes me want to

To be fair.

Neither candidate will help America.

People should recognize the divide and deny it.

The more one researches into Romney, the more one will discover that he is the UNDISPUTED American-JOB-OUTSOURCING-KING.

Is this the type of character that America needs right now??

HELL NO!!!!!!!!!!!!!!!

well, at least if he's elected he'll cut taxes for the rich and deregulate big oil

But hey ... Lets damn a man who hasnt even stepped into the oval office... while barry destroys the country.

Way to follow your orders from the DNC people ..

Ignorance in denial ..

Romney's investments show where his priorities lie. He does not believe in America. He got 3 Vietnam deferments to avoid the draft, then went to live in a palace in France to spread his Mormon beliefs. He consistently invested in overseas jobs while gutting American companies here.

We have Stericycle, BAIN, LIBOR, Flextronics, Jahil circuit just to name a few of the investments that move money and jobs out of OUR country. The elites have poured billions into building the infrastructure of foreign nations to allow them to take our jobs and have let this country fall into desolation. The elites used their power over the government to engage in nation-building abroad. How about a little nation-building here at home? Detroit looks worse than Iraq or Beirut. Somalia is now a step up from Detroit. I can't help but think this is their grand scheme - to bring the American middle class down to the level of the drones in China or India.

Originally posted by syrinx high priest
well, at least if he's elected he'll cut taxes for the rich and deregulate big oil

Yep, and that route will certainly come at the expense of the middle-class shortly thereafter as usual.

And republicans and conservatives ALWAYS wonder why they are said to be anti-middle-class. Well... its because THEY ARE!!!!!!!!!

Its all about the wealthy and dirty oil with them. The oil companies have so many patents archived away that would replace our dependency on oil. They leave the crappy ideas alone and say "look, theres no alternative other than oil" when they lock away the good ideas and inventions that would get us OFF that DIRTY environmentally DISASTROUS energy source.

The Right LOVES the wealthy and dirty oil... Wish that they would show even a FRACTION of that love to the middle-class folks of this country...

reply to post by RancorXXX


Given your argument... He is STILL more qualified to run the country..

reply to post by LeoStarchild

But hey ... Lets damn a man who hasnt even stepped into the oval office... while barry destroys the country.

Since you bring it up - what I consider to be Barry's biggest accomplishments:
- universal health care
- ended the two wars in the middle east (Iraq and Afghanistan)
- lowered taxes across the board (that's right, he LOWERED your taxes and most of you didn't even know it)

Obama says we need to nation-build right here at home. He is trying to put your money and my money back into our country via infrastructure, teachers, police, fire fighters, EMT workers, libraries, and education while Romney is putting his money in non-American banks who invest it in non-American jobs and non-American interests.

Sorry man, but I'll take the guy who is pro-American over the guy who is proven himself to be non-American.

Since you bring it up - what I consider to be Barry's biggest accomplishments:
- universal health care

No one wanted it.. well the people with their hands out did,,,

- ended the two wars in the middle east (Iraq and Afghanistan)

lol There are still troops and heavy fighting going on

- lowered taxes across the board (that's right, he LOWERED your taxes and most of you didn't even know it)

**see Obamacare

Most of us don't even pay taxes smart guy .. nothing but lip service.

Ignorance in denial

What did Romney invest in? Let's see:

A 1998 Flextronics prospectus reported: "We plan to significantly expand our industrial parks in China, Hungary and Mexico, and we recently purchased an 88-acre site in Sao Paulo, Brazil, where we plan to establish a new industrial park." It also noted, "[O]ur growth is driven by the accelerating pace at which leading [electronics companies] are adopting outsourcing as a core business strategy." Its key clients, it stated, were 3Com, Cisco, Microsoft, Hewlett-Packard, and Philips.

And for that, China, Hungary, and Mexico owe a big thank you to Mitt Romney for sending them our American jobs. Not to mention our computer chip-making technology. China has now created their own IC chips to rival Intel. We gave them that tech, thanks to outsourcing our high-tech jobs there. So good job Flextronics, good job Mitts. Your lack of faith in the American worker has rewarded our foreign competition with a massive leg-up in the high-tech industry. Hope those millions you saved on the payrolls were worth it.

Originally posted by LeoStarchild
But hey ... Lets damn a man who hasnt even stepped into the oval office... while barry destroys the country.

Way to follow your orders from the DNC people ..

Ignorance in denial ..

I think you will find a lot of Romney haters are Republicans. A group that simply refuses to take orders from the GOP leadership and blindly vote for Romney. Ron Paul is still preferred by many of us.

Personally, I refuse to vote for someone that made a living off of destroying American jobs.

Originally posted by RancorXXX
What did Romney invest in? Let's see:

A 1998 Flextronics prospectus reported: "We plan to significantly expand our industrial parks in China, Hungary and Mexico, and we recently purchased an 88-acre site in Sao Paulo, Brazil, where we plan to establish a new industrial park." It also noted, "[O]ur growth is driven by the accelerating pace at which leading [electronics companies] are adopting outsourcing as a core business strategy." Its key clients, it stated, were 3Com, Cisco, Microsoft, Hewlett-Packard, and Philips.

And for that, China, Hungary, and Mexico owe a big thank you to Mitt Romney for sending them our American jobs. Not to mention our computer chip-making technology. China has now created their own IC chips to rival Intel. We gave them that tech, thanks to outsourcing our high-tech jobs there. So good job Flextronics, good job Mitts. Your lack of faith in the American worker has rewarded our foreign competition with a massive leg-up in the high-tech industry. Hope those millions you saved on the payrolls were worth it.

$500,000,000 to solindra..

Obamacare

$16,000,000,000,000+ debt

$3,000,000,000,000+ Budget deficit

Assaulting our liberties left and right...

Drones over America

Over regulation

And you want to talk about Romney...

Ignorance in Denial

Originally posted by Kaploink

Originally posted by LeoStarchild
But hey ... Lets damn a man who hasnt even stepped into the oval office... while barry destroys the country.

Way to follow your orders from the DNC people ..

Ignorance in denial ..

I think you will find a lot of Romney haters are Republicans. A group that simply refuses to take orders from the GOP leadership and blindly vote for Romney. Ron Paul is still preferred by many of us.

Personally, I refuse to vote for someone that made a living off of destroying American jobs.

edit on 21-7-2012 by Kaploink because: (no reason given)

I agree... I like RP too,

Im more into exposig the liberal bias and double standard.

If RP does in fact get on the ballot ... he will get my vote.

As far as Romney goes.. Anyone is better than Obama

reply to post by LeoStarchild


Why did Solyndra fail? It can't compete with outsourcing from China. The Chinese government heavily subsidizes it's solar panel industry. Our investment is a drop in the bucket compared to theirs. Solyndra is indicative of the trouble ALL US industry faces from China. If we don't reverse the trend of outsourcing and unfair trade, America will have no industry left.

Republican policies have caused the debt this country is in. Republican policies led to the banking collapse that has affected the entire world. Even with a democratic president, Republicans have retained enough control to filibuster and obstruct every recovery attempt and left us with the same policies that will repeat or prolong the recession. As they stated from the get-go, "damn the country, Obama must fail". Well, they damned this country pretty good.

reply to post by Blackmarketeer


Not to mention giving the Navajo Nation their water rights, they have been fighting for, for over 60 years.

Credit card bill of rights

Eliminated don't ask don't tell

SCHIP

has done a lot to get people with disabilitie the chance to work.

So if people actually think that a corporate investor fat cat with investments in tax havens in the Cayman Islands is a better choice, they need to have their meds adjusted.

Why did Solyndra fail?

Because there is no market for it here in America. If you ask me, that seems like a dumbass move by the president, Or he is paying off for votes.

Republican policies have caused the debt this country is in. Republican policies led to the banking collapse that has affected the entire world.

Wrong .. the Democrap controlled Senate and House under bush is what did it. Remember? Congress Forced banks to lend money to those who could not afford it. Pretty lame argument if you ask me. And as far as your Bush argument goes.. nothing he could do. He would have been veto override. Dont get me wrong im not defending Bush... But im exposing your undying love for our traitor president.

Originally posted by nixie_nox
reply to post by Blackmarketeer

 

Not to mention giving the Navajo Nation their water rights, they have been fighting for, for over 60 years.

Credit card bill of rights

Eliminated don't ask don't tell

SCHIP

has done a lot to get people with disabilitie the chance to work.

So if people actually think that a corporate investor fat cat with investments in tax havens in the Cayman Islands is a better choice, they need to have their meds adjusted.

So lets continue to disregard the damage Obama is doing...
The DNC called ,... its time to call me a racist