Report: With Romney at the helm, Bain Capital was a pioneer in shipping U.S. jobs overseas
There’s a STORY out this morning that likely will spawn campaign ads and stump rhetoric for President Obama’s re-election campaign.
During Mitt Romney’s time running Bain Capital, the private equity firm invested in companies that were trailblazers in outsourcing jobs from the United States to call centers and factories making computer components in countries such as China and India, according to a report published late Thursday in the Washington Post.
The report could bring renewed examination to Romney’s career at the company he helped found, as well as scrutiny to one of the Republican nominee’s recurring campaign pledges. Throughout his presidential bid, Romney has insisted repeatedly that, as president, he will get tough on China and thwart the burgeoning economic power from siphoning jobs from the U.S. With his experience as a businessman serving as the cornerstone of his campaign, Romney has argued that he will use his professional experience to create jobs in America.
But according to filings with the Securities Exchange Commission unearthed by the Post, Bain’s involvement in outsourcing came at a time when a growing number of American companies were shipping jobs overseas, making Romney’s financial company an early player in the field.