A Washington Post analysis of securities filings outlines the investment by Bain Capital, the private equity firm founded by Mitt Romney, in companies that specialized in shipping American jobs overseas.
The analysis is damning on a number of levels, including because Romney is running on his record as a businessman and has said he knows how to protect American jobs. Just Thursday, in a speech to the National Association of Latino Elected and Appointed Officials, Romney promised a resurgence in the country’s manufacturing, an industry long hard-hit by the export of jobs.
In recent weeks Romney has promised to bring the country’s unemployment rate down to 6% (or maybe 4%, depending).
From the Post’s “Romney’s Bain Capital invested in companies that moved jobs overseas”:
During the nearly 15 years that Romney was actively involved in running Bain, a private equity firm that he founded, it owned companies that were pioneers in the practice of shipping work from the United States to overseas call centers and factories making computer components, according to filings with the Securities and Exchange Commission.
While economists debate whether the massive outsourcing of American jobs over the last generation was inevitable, Romney in recent months has lamented the toll it’s taken on the U.S. economy. He has repeatedly pledged he would protect American employment by getting tough on China.
A recent Obama campaign ad accuses Romney of shipping jobs overseas as the president’s supporters continue to press the former CEO on his record on Bain Capital and on job creation overall.