Romney family trust invested in China, bet against America

Much like his strange decision to pay more taxes than he had to pay in 2011, the supposedly blind trust sold off it’s investments in China as the Romney campaign gained momentum. Wow, what are the odds of that happening in a blind trust?

And how about old Mitt taking bets against America? Who runs for president of the United States and makes financial bets against his own country?

NY Yimes:

The 2011 tax returns his campaign released on Friday show that Mr. Romney’s family trusts had invested in shares of a Chinese-owned state oil company but got rid of those investments this summer as Mr. Romney’s anti-Chinese rhetoric heated up on the campaign trail.

In 2009 and 2010, the W. Mitt Romney blind trust invested $77,262 in shares of Cnooc Limited, the state-owned Chinese oil company, and Industrial and Commercial Bank of China. On Aug. 10, 2011, as Mr. Romney was emerging as a harsh critic of China, the shares were sold, producing a profit of $8,138, as the trust made money on the oil company but lost money on the bank.

The trust also invested in derivative securities linked to the Japanese stock market and to an index that includes stocks in every major country except the United States. It invested in a derivative that would profit if the dollar fell against a group of foreign currencies.

Is Mitt Romney arrogant enough to think that people are stupid and not paying attention or is he just arrogant?


An American in Paris, France. BA in History & Political Science from Ohio State. Provided consulting services to US software startups, launching new business overseas that have both IPO’d and sold to well-known global software companies. Currently launching a new cloud-based startup. Full bio here.

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