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Obama Team Condemns Romney’s Chinese Investment

Posted on the 25 September 2012 by Dan90017

The Obama campaign launched an attack against Republican presidential nominee Mitt Romney for holding shares in a Chinese company which has close ties with Iran. This information came to light when Mr. Romney released his 2011 tax return late last week.

Mitt Romney 2011 tax return shows that his blind trust invested in the China National Offshore Oil Corporation (CNOOC) between 2009 and 2011.

Mitt Romney 2011 tax return shows that his blind trust invested
in the China National Offshore Oil Corporation (CNOOC)
between 2009 and 2011.

The former Massachusetts governor’s blind trust first invested in the China National Offshore Oil Corporation (CNOOC), the very same state-owned company which is believed to be negotiating with Tehran for the development of the North Pars Gas Field, in October 2009. North Pars, which was discovered in 1967 in the Persian Gulf, is thought to be one of the biggest gas fields in the country.

Mr. Romney‘s tax reports also reveals that the Republican nominee’s blind trust bought additional shares at a later date before liquidating the entire holding in August 2011. The investment yielded in excess of $10,000 in profit. The Obama campaign accused Mr. Romney of being hypocritical after he accused the president of being too soft on China.

“As he rolls his bus through many Ohio towns that are benefiting from [the president's] actions to protect American workers from unfair Chinese trade practices, Mitt Romney will, as they say, have some explaining to do,” an Obama spokesman said.

Michelle Davis, an aide to the Romney campaign, explained that the former governor had no control over the investments made by his blind trust, although its trustee, R. Bradford Malt, would always make every effort to hold investments which were consistent with Mr. Romney‘s political views.

“The trustee of the blind trust has said publicly that he will endeavor to make the investments in the blind trust conform to Governor Romney’s positions, and whenever it comes to his attention that there is something inconsistent, he ends the investment,” she stated.

CNOOC Limited is attempting to take over Canadian resource firm Nexen, an oil company based in Calgary. The takeover of the Canadian firm, which has significant assets in the Gulf of Mexico, would enable China to operate in North America without having to worry about getting the go ahead from Washington.

“Gaining an operating role in the United States via the acquisition of a Canadian company is a smart approach,” Erica Downs of the Brookings Institution pointed out. “If CNOOC was attempting to buy an American energy company for $15 billion, I would be much less optimistic about the transaction getting a green light,” she explained.

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