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Welcome to Fairfax Underground, a project site designed to improve communication among residents of Fairfax County, VA. Feel free to post anything Northern Virginia residents would find interesting.
Romney Invested Millions in Chinese Firm That Profited on US Outsourcing
Posted by:
Romoney America
()
Date: July 12, 2012 08:06AM
On April 17, 1998, Brookside Capital Partners Fund, a Bain Capital affiliate, filed a report with the Securities and Exchange Commission noting that it had acquired 6.13 percent of Hong Kong-based Global-Tech Appliances, which manufactured household appliances in a production facility in the industrial city of Dongguan, China. That August, according to another SEC filing, Brookside upped its interest in Global-Tech to 10.3 percent. Both SEC filings identified Romney as the person in control of this investment: "Mr. W. Mitt Romney is the sole shareholder, sole director, President and Chief Executive Officer of Brookside Inc. and thus is the controlling person of Brookside Inc." Each of these documents was signed by Domenic Ferrante, a managing director of Brookside and Bain.
The SEC filings do not reveal how much Romney initially invested in Global-Tech (which is now known as Global-Tech Advanced Innovations). But Brookside first acquired 748,000 shares at a time when Global-Tech was mounting an IPO at $19 a share. If that was the purchase price Brookside paid, then Romney's firm originally invested $14.2 million in the company.
At the time Romney was acquiring shares in Global-Tech, the firm publicly acknowledged that its strategy was to profit from prominent US companies outsourcing production abroad. On September 4, 1998, Global-Tech issued a press release announcing it was postponing completion of a $30 million expansion of its Dongguan facility because Sunbeam, a prominent American consumer products company and a major client of Global-Tech, was cutting back on outsourcing as part of an overall consolidation. But John C.K. Sham, Global-Tech's president and CEO, said, "Although it appears that customers such as Sunbeam are not outsourcing their manufacturing as quickly as we had anticipated, we still believe that the long-term trend toward outsourcing will continue." Global-Tech, which in mid-1998 announced fiscal year sales of $118.3 million (an increase of 89 percent over the previous year), also manufactured household appliances for Hamilton Beach, Mr. Coffee, Proctor-Silex, Revlon, and Vidal Sassoon, and its chief exec was hoping for more outsourcing from these and other American firms.
The SEC filings do not reveal how much Romney initially invested in Global-Tech (which is now known as Global-Tech Advanced Innovations). But Brookside first acquired 748,000 shares at a time when Global-Tech was mounting an IPO at $19 a share. If that was the purchase price Brookside paid, then Romney's firm originally invested $14.2 million in the company.
At the time Romney was acquiring shares in Global-Tech, the firm publicly acknowledged that its strategy was to profit from prominent US companies outsourcing production abroad. On September 4, 1998, Global-Tech issued a press release announcing it was postponing completion of a $30 million expansion of its Dongguan facility because Sunbeam, a prominent American consumer products company and a major client of Global-Tech, was cutting back on outsourcing as part of an overall consolidation. But John C.K. Sham, Global-Tech's president and CEO, said, "Although it appears that customers such as Sunbeam are not outsourcing their manufacturing as quickly as we had anticipated, we still believe that the long-term trend toward outsourcing will continue." Global-Tech, which in mid-1998 announced fiscal year sales of $118.3 million (an increase of 89 percent over the previous year), also manufactured household appliances for Hamilton Beach, Mr. Coffee, Proctor-Silex, Revlon, and Vidal Sassoon, and its chief exec was hoping for more outsourcing from these and other American firms.
Re: Romney Invested Millions in Chinese Firm That Profited on US Outsourcing
Posted by:
Company Man
()
Date: July 12, 2012 08:58AM
Romney is a business man. Whats good for him isn't necessarily god for America.
This is why we should elect him President.
GOD BLESS AMERICA
This is why we should elect him President.
GOD BLESS AMERICA
Re: Romney Invested Millions in Chinese Firm That Profited on US Outsourcing
Posted by:
Debbie Wasserman-Schultz
()
Date: July 12, 2012 11:46AM
OMG! You mean he actually made MONEY? That's terrible! What
a Capitalist pig he is.
a Capitalist pig he is.
Re: Romney Invested Millions in Chinese Firm That Profited on US Outsourcing
Posted by:
Weak Sauce
()
Date: July 12, 2012 11:51AM
The Dems are getting desperate sending out this kind of weak crap to all the left media sites. lol
Re: Romney Invested Millions in Chinese Firm That Profited on US Outsourcing
Posted by:
rararheee
()
Date: July 12, 2012 11:51AM
Debbie Wasserman-Schultz Wrote:
-------------------------------------------------------
> OMG! You mean he actually made MONEY? That's
> terrible! What
> a Capitalist pig he is.
Yes lets fire more americans both rich and middle class and poor and send those jobs to asia! Fuck America! lets send USA money to other countries instead lets disenfranchise the american dream YAHOOOOOOO!!!
-------------------------------------------------------
> OMG! You mean he actually made MONEY? That's
> terrible! What
> a Capitalist pig he is.
Yes lets fire more americans both rich and middle class and poor and send those jobs to asia! Fuck America! lets send USA money to other countries instead lets disenfranchise the american dream YAHOOOOOOO!!!
Re: Romney Invested Millions in Chinese Firm That Profited on US Outsourcing
Posted by:
Ronaldus maximus
()
Date: July 12, 2012 11:52AM
Romoney America Wrote:
-------------------------------------------------------
> On April 17, 1998, Brookside Capital Partners
> Fund, a Bain Capital affiliate, filed a report
> with the Securities and Exchange Commission noting
> that it had acquired 6.13 percent of Hong
> Kong-based Global-Tech Appliances, which
> manufactured household appliances in a production
> facility in the industrial city of Dongguan,
> China. That August, according to another SEC
> filing, Brookside upped its interest in
> Global-Tech to 10.3 percent. Both SEC filings
> identified Romney as the person in control of this
> investment: "Mr. W. Mitt Romney is the sole
> shareholder, sole director, President and Chief
> Executive Officer of Brookside Inc. and thus is
> the controlling person of Brookside Inc." Each of
> these documents was signed by Domenic Ferrante, a
> managing director of Brookside and Bain.
>
> The SEC filings do not reveal how much Romney
> initially invested in Global-Tech (which is now
> known as Global-Tech Advanced Innovations). But
> Brookside first acquired 748,000 shares at a time
> when Global-Tech was mounting an IPO at $19 a
> share. If that was the purchase price Brookside
> paid, then Romney's firm originally invested $14.2
> million in the company.
>
> At the time Romney was acquiring shares in
> Global-Tech, the firm publicly acknowledged that
> its strategy was to profit from prominent US
> companies outsourcing production abroad. On
> September 4, 1998, Global-Tech issued a press
> release announcing it was postponing completion of
> a $30 million expansion of its Dongguan facility
> because Sunbeam, a prominent American consumer
> products company and a major client of
> Global-Tech, was cutting back on outsourcing as
> part of an overall consolidation. But John C.K.
> Sham, Global-Tech's president and CEO, said,
> "Although it appears that customers such as
> Sunbeam are not outsourcing their manufacturing as
> quickly as we had anticipated, we still believe
> that the long-term trend toward outsourcing will
> continue." Global-Tech, which in mid-1998
> announced fiscal year sales of $118.3 million (an
> increase of 89 percent over the previous year),
> also manufactured household appliances for
> Hamilton Beach, Mr. Coffee, Proctor-Silex, Revlon,
> and Vidal Sassoon, and its chief exec was hoping
> for more outsourcing from these and other American
> firms.
Fuck you loser. After you throw away your fucking Chinese manufactured smart phone go suck Obama's dick.
-------------------------------------------------------
> On April 17, 1998, Brookside Capital Partners
> Fund, a Bain Capital affiliate, filed a report
> with the Securities and Exchange Commission noting
> that it had acquired 6.13 percent of Hong
> Kong-based Global-Tech Appliances, which
> manufactured household appliances in a production
> facility in the industrial city of Dongguan,
> China. That August, according to another SEC
> filing, Brookside upped its interest in
> Global-Tech to 10.3 percent. Both SEC filings
> identified Romney as the person in control of this
> investment: "Mr. W. Mitt Romney is the sole
> shareholder, sole director, President and Chief
> Executive Officer of Brookside Inc. and thus is
> the controlling person of Brookside Inc." Each of
> these documents was signed by Domenic Ferrante, a
> managing director of Brookside and Bain.
>
> The SEC filings do not reveal how much Romney
> initially invested in Global-Tech (which is now
> known as Global-Tech Advanced Innovations). But
> Brookside first acquired 748,000 shares at a time
> when Global-Tech was mounting an IPO at $19 a
> share. If that was the purchase price Brookside
> paid, then Romney's firm originally invested $14.2
> million in the company.
>
> At the time Romney was acquiring shares in
> Global-Tech, the firm publicly acknowledged that
> its strategy was to profit from prominent US
> companies outsourcing production abroad. On
> September 4, 1998, Global-Tech issued a press
> release announcing it was postponing completion of
> a $30 million expansion of its Dongguan facility
> because Sunbeam, a prominent American consumer
> products company and a major client of
> Global-Tech, was cutting back on outsourcing as
> part of an overall consolidation. But John C.K.
> Sham, Global-Tech's president and CEO, said,
> "Although it appears that customers such as
> Sunbeam are not outsourcing their manufacturing as
> quickly as we had anticipated, we still believe
> that the long-term trend toward outsourcing will
> continue." Global-Tech, which in mid-1998
> announced fiscal year sales of $118.3 million (an
> increase of 89 percent over the previous year),
> also manufactured household appliances for
> Hamilton Beach, Mr. Coffee, Proctor-Silex, Revlon,
> and Vidal Sassoon, and its chief exec was hoping
> for more outsourcing from these and other American
> firms.
Fuck you loser. After you throw away your fucking Chinese manufactured smart phone go suck Obama's dick.
Re: Romney Invested Millions in Chinese Firm That Profited on US Outsourcing
Posted by:
ADAPT!
()
Date: July 12, 2012 12:02PM
Debbie Wasserman-Schultz Wrote:
-------------------------------------------------------
> OMG! You mean he actually made MONEY? That's
> terrible! What
> a Capitalist pig he is.
America has to realize that if you got laid off, you deserved it. YOU ARE NO LONGER PRODUCTIVE....ADAPT!
-------------------------------------------------------
> OMG! You mean he actually made MONEY? That's
> terrible! What
> a Capitalist pig he is.
America has to realize that if you got laid off, you deserved it. YOU ARE NO LONGER PRODUCTIVE....ADAPT!
Re: Romney Invested Millions in Chinese Firm That Profited on US Outsourcing
Posted by:
WingNut
()
Date: July 12, 2012 12:06PM
Cut n paste straight from the Daily Kos..
Attachments:
Attachments:
Re: Romney Invested Millions in Chinese Firm That Profited on US Outsourcing
Posted by:
res
()
Date: July 12, 2012 12:15PM
Company Man Wrote:
-------------------------------------------------------
> Romney is a business man. Whats good for him isn't
> necessarily god for America.
> This is why we should elect him President.
> GOD BLESS AMERICA
I assume you mean that in jest?? Why do people think that a very succusful business man, who made money for his company at all costs, not caring about whats best for the country that afforded him the opportunity to do this, would as President suddenly look out for ALL americans? PLEASE!!!! Stop this mentality of give-the-businesses-whatever-they-want-then-they'll-take-care-of-America. Because they won't....companies are committed to their bottom line, not America. This is called corporatricy and the founding fathers were keenly aware of its downfalls.
-------------------------------------------------------
> Romney is a business man. Whats good for him isn't
> necessarily god for America.
> This is why we should elect him President.
> GOD BLESS AMERICA
I assume you mean that in jest?? Why do people think that a very succusful business man, who made money for his company at all costs, not caring about whats best for the country that afforded him the opportunity to do this, would as President suddenly look out for ALL americans? PLEASE!!!! Stop this mentality of give-the-businesses-whatever-they-want-then-they'll-take-care-of-America. Because they won't....companies are committed to their bottom line, not America. This is called corporatricy and the founding fathers were keenly aware of its downfalls.
Re: Romney Invested Millions in Chinese Firm That Profited on US Outsourcing
Posted by:
Reality Check 4 All
()
Date: July 12, 2012 12:22PM
We all know why Romney wants to be president... so he can funnel taxpayer dollars to his companies and friends. That's it period!
You can just look at Romney and see how fake he is.
You can just look at Romney and see how fake he is.
Re: Romney Invested Millions in Chinese Firm That Profited on US Outsourcing
Posted by:
Clown Shoe Blue
()
Date: July 12, 2012 12:27PM
Bring back real crazy!
Attachments:
Attachments:
Re: Romney Invested Millions in Chinese Firm That Profited on US Outsourcing
Posted by:
MotherJ
()
Date: July 12, 2012 01:30PM
WingNut Wrote:
-------------------------------------------------------
> Cut n paste straight from the Daily Kos..
Nope: Mother Jones...same thing... but they have been stepping up their game lately
http://www.motherjones.com/politics/2012/07/bain-capital-mitt-romney-outsourcing-china-global-tech
-------------------------------------------------------
> Cut n paste straight from the Daily Kos..
Nope: Mother Jones...same thing... but they have been stepping up their game lately
http://www.motherjones.com/politics/2012/07/bain-capital-mitt-romney-outsourcing-china-global-tech
Re: Romney Invested Millions in Chinese Firm That Profited on US Outsourcing
Posted by:
what a joke
()
Date: July 12, 2012 05:49PM
MotherJ Wrote:
-------------------------------------------------------
> WingNut Wrote:
> --------------------------------------------------
> -----
> > Cut n paste straight from the Daily Kos..
>
>
> Nope: Mother Jones...same thing... but they have
> been stepping up their game lately
>
> http://www.motherjones.com/politics/2012/07/bain-
> capital-mitt-romney-outsourcing-china-global-tech
Best headline they have "why does obama have a bigger lead"
What a fucking joke
-------------------------------------------------------
> WingNut Wrote:
> --------------------------------------------------
> -----
> > Cut n paste straight from the Daily Kos..
>
>
> Nope: Mother Jones...same thing... but they have
> been stepping up their game lately
>
> http://www.motherjones.com/politics/2012/07/bain-
> capital-mitt-romney-outsourcing-china-global-tech
Best headline they have "why does obama have a bigger lead"
What a fucking joke
Re: Romney Invested Millions in Chinese Firm That Profited on US Outsourcing
Posted by:
Vexxxed
()
Date: July 13, 2012 04:57AM
Debbie Wasserman-Schultz Wrote:
-------------------------------------------------------
> OMG! You mean he actually made MONEY? That's
> terrible! What
> a Capitalist pig he is.
Attachments:
-------------------------------------------------------
> OMG! You mean he actually made MONEY? That's
> terrible! What
> a Capitalist pig he is.
Attachments: