Romney’s Trust Divested Itself Of Investments In Chinese Companies Just Before Run; Bet On Fall Of Dollar
Mitt Romney invested in companies in a country he has been busy criticizing, but got rid of those investments before his current run for president, his newly released tax records reveal.
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.