Introduction

A document found online by BuzzFeed appears to be John McCain’s entire, 200-page opposition research file – or “book” – on Mitt Romney from 2008, the year they were bitter rivals. That document may be read in its entirity at

http://www.scribd.com/doc/78582788/McCain-2008-Oppo-File

This page contains only that portion of the document beginning at page 143 which deals with Romney’s Bain Capital, the China-based Haier Group, and the Maytag Corporation (headquartered in Newton, Iowa).

All color highlighting in this presentation is my own.

HAIER GROUP AND MAYTAG

Romney Touts Business Experience While Campaigning In Iowa, Says Jobs Are Leaving State

In February 2007 Des Moines Event, Romney “Touted His Experience In The Business World.” “FormerMassachusetts Gov. Mitt Romney formally announced his run for president Tuesday in Iowa, promoting his status as a Washington outsider ... ‘If ever a time for innovation and transformation were needed in American government, it’s now,’ Romney said. ... At the Des Moines event, Romney touted his experience in the business world ...” (Lisa Rossi, “Romney Touts Values As He Unveils ’08 Bid,” Des Moines Register, 2/14/07)

Romney TV Ad That Was Scheduled To Run In Iowa Called Him A “Business Legend.” (Romney For President, “Romney for President Launches First Television Ads,” Press Release, 2/21/07)

Romney, In Dubuque Last August: “These Are Challenging Times For Iowa ... Jobs Are Leaving Iowa.” ‘Nussle made his comments Thursday night in Dubuque at a fundraiser that yielded about $50,000 for the Nussle campaign. The keynote speaker was Massachusetts Governor Mitt Romney, a Republican who painted the same dim picture of Iowa’s economy that Nussle sketched. ‘These are challenging times for Iowa. You’ve figured that out. Jobs are leaving Iowa,’ Romney said.” (O. Kay Henderson, “Nussle: Iowa At Number Three On Act Not Good Enough,” RadioIowa.com, 8/16/06)

In 2005, Chinese Appliance Maker Haier Group, Working In Tandem With Bain Capital, Attempted - AndUltimately Failed - To Take Over Newton, IA-Based Maytag Corp.

Haier Embarked On $1.3 Billion Takeover Bid For Iowa-Based Appliance Manufacturer Maytag. “For years, American workers have worried about losing their jobs to low-cost workers in China. Now a new trend is emerging that could be nearly as big: Wealthy Chinese companies are coming to the U.S. looking to swallow American companies whole. Maytag Corp., the maker of such quintessentially American products as Maytag refrigerators, Amana microwaves and Hoover vacuum cleaners, disclosed Monday night a $1.28 billion takeover bid from a group led by Haier America Trading, a unit of China’s Haier Group.” (David Greising, “Chinese Firm Wants Maytag,” Chicago Tribune, 6/22/05)

Haier’s Effort Described As “One Of The Most High-Profile Attempts By A Chinese Company To Enter The U.S. Market.” (John E. Morris and Shu-Ching Jean Chen, “Haier Retreats,” The Deal, 7/25/05)

In Attempted 2005 Buyout Of Maytag, Haier Teamed Up With Bain Capital. “Bain Capital, the venture capital firm that Romney started and made him a multimillionaire, teamed up with the Haier Group, a Chinese appliance maker that has a factory in Iran, in an unsuccessful 2005 buyout effort. The target of their $1.28 billion bid – the Maytag Corp., based in the lead presidential caucus state of Iowa.” (Glen Johnson, “Company’s Links To Iran Undercut Romney’s Call For Divestment,” The Associated Press, 2/23/07)

Haier Is A Mammoth, State-Controlled Company With Opaque Financial Structures, Undisclosed Ownership Interests, Ties To Communist Party Elites And Manufacturing Facilities In Iran.

Observers Struggle To Discern Shareholding Structure Of Company – No Information About Haier’s Ownership Is Public. “Not withstanding that deference by Haier’s press office to Qingdao officials, it’s not clear if Haier is government owned. Zhang, its CEO and top manager since 1984, has told foreign journalists in numerous interviews that it’s difficult to explain the shareholding structure of the company, and exactly who owns it. ... Technically, Haier is a ‘collective factory,’ a hybrid between state-owned enterprises and privately held corporations, according to a company spokesman in China. According to its Web site, it was founded by ‘streetside’ governments, a layer of government one step beneath a city. But no information about its ownership is public.” (John E. Morris and Shu-Ching Jean Chen, “Haier Retreats,” The Deal, 7/25/05)

“Haier’s Ownership Structure And Finances Are Opaque...” (David Barboza, “From China, A New Bid For MaytagAnd Status,” The New York Times, 6/22/05)

“Haier ... Is Privately-Managed But Still Controlled By The State ...” (Francesco Guerrera And Richard McGregor ,“Price Concerns A Factor In Haier Withdrawal,” Financial Times, 7/21/05)

Haier “Government-Owned And Based In Qingdao.” “Haier America is the U.S.-based division of HaierGroup, which is government-owned and based in Qingdao.” (“AMC, Loews Cineplex To Merge,” The Kansas City Star, 6/21/05)

“Haier Is A State-Owned Company That Controls Shanghai-Listed Qingdao Haier Refrigerator And Hong Kong-Listed Haier Electronics.” (David Teather, “Hoover Is Next On China’s Wish List,” The Guardian (London,England), 6/22/05)

Haier Also Has A Manufacturing Presence In Iran. “Haier, which is based in the eastern Chinese city of Qingdao, was one of the first Chinese companies to expand internationally, setting up factories in Algeria, Mexico, Iran and Southeast Asia before it started up its first U.S. factory, in Camden, South Carolina, in 2000.” (Elaine Kurtenbach, “China Cos. Show Appetite For Brand Names,” The Associated Press, 6/22/05)

Haier “Largely Government-Owned” And A “Favorite” Of The Chinese Ruling Party. “Haier is also aconsumer goods goliath. The company is still largely government-owned, but has a publicly listed division. ... The company, which has about 50,000 employees, is also a favorite of the Beijing government.” (David Barboza, “From China, A New Bid For Maytag And Status,” The New York Times, 6/22/05)

Haier’s Longtime CEO Was First Businessman Named To Communist Party’s Elite Central Committee. “[Haier’s] longtime chief executive, Zhang Ruimin, has even fashioned himself as a Chinese version of John F. Welch Jr., the hard-driving former chief of G.E. Mr. Zhang is the first businessman named to the Communist Party’s elite ruling committee, the Central Committee.” (David Barboza, “From China, A New Bid For Maytag And Status,” The New York Times, 6/22/05)

“[Haier] CEO Zhang, For Example, Doubles As The Company’s Internal Communist Party SecretaryGeneral...” (John E. Morris and Shu-Ching Jean Chen, “Haier Retreats,” The Deal, 7/25/05)

Haier’s U.S. Spokesman Instructed By Chinese Superiors To Say The Company Does Not Comment On Anything. “ [I]t was hard to get any information from or on Haier – unusual given that it was bidding for a public company. A woman at Haier’s U.S. headquarters says there is no press officer and that she is instructed to say that the company does not comment on anything. The information flow is only marginally better at the home office in Qingdao, in Shangdong province, where foreign journalists need clearance from the foreign affairs departmentof the local Qingdao government before the company will consider replying to written or e-mailed questions.” (JohnE. Morris and Shu-Ching Jean Chen, “Haier Retreats,” The Deal, 7/25/05)

“Haier Wanted To Leverage Maytag’s Brand Identity While Shipping Manufacturing Jobs From Iowa To China”

“If The Chinese Acquire Maytag With Bain Cash, They Would Be Expected To Cut Thousands Of U.S.Jobs And Move The Manufacturing To Cheaper Locations Back Home.” (Brett Arends, “American Workers’ Bane,” Boston Herald, 6/22/05)

Haier Expected To Have Moved Most Maytag Production From Iowa To China. “Haier would be expected to move production of most of Maytag’s branded products to China. Company officials have indicated an interest primarily in Maytag’s strong distribution and product-repair networks and not necessarily its brands.” (David Greising, “Chinese Firm Wants Maytag,” Chicago Tribune, 6/22/05)

⊕ Washington Post: “Analysts saw Haier’s interests in Maytag as ... a deal that would have used the venerable U.S. brand name to sell machines that could be made in the Chinese company’s existing factories.” (Peter Goodman and Ben White, “Haier Withdraws Maytag Bid,” The Washington Post, 7/20/05)

Haier’s Business Plan “Envisaged ... Moving Manufacturing To Low-Cost China.” “Haier was also worried about the problems in implementing its business plan – which envisaged keeping Maytag’s sales and distribution teams in the US while moving manufacturing to low-cost China – in the face of opposition from a highly unionised workforce.” (Francesco Guerrera And Richard McGregor, “Price Concerns A Factor In Haier Withdrawal,” Financial Times, 7/21/05)

⊕ “Haier’s Initial Plan For Maytag Envisages Cutting Costs By Moving Its Manufacturing From Its US Base, While Investing In Maintaining The Brand And Sales Channels In America.” (Richard McGregor and James Politi, “Haier Might Consider Joint Bid,” Financial Times, 6/15/05)

⊕ “Haier Could Leverage The Deal By Shipping Its Own Branded Appliances Through Maytag’s Distribution Channel.” (David Greising, “Chinese Firm Wants Maytag,” Chicago Tribune, 6/22/05)

⊕ “Newton [IA] Daily News Editor Peter Hussman Expressed Concern:” “We’ve got this thing hanging over us... A lot of people feel that if Haier acquires Maytag there would be no chance of future production locally...” (Jeremy Grant And James Politi, “Haier Offer Casts A Chill Over Maytag Home Town,” Financial Times, 6/22/05)

Haier Interested In Shifting Production “Back To Its Far Cheaper Home Base In China And Elsewhere.” “Haier’s interest in Maytag would be far more in acquiring distribution and brand than more production facilities inthe U.S. One advantage of a Chinese purchaser for the troubled U.S. maker is the ease with which it could shift production back to its far cheaper home base. ‘Paying workers $40 an hour, you can’t compete with workers offshore who are paid $4 a day. This fits the trend,’ says one banker.” (Dennis Berman and Henny Sender, “Private EquityHeavyweights To Join Haier Bid For Maytag,” The Globe And Mail [Canada], 6/21/05)

⊕ “Haier Would Be Able To Significantly Reduce Maytag’s Costs By Shifting Production To Its Asian Factories.” (David Teather, “Hoover Is Next On China’s Wish List,” The Guardian (London, England), 6/22/05)

Deal Had “Added Significance” Of Chinese Company Not Only Buying Legendary American Brand, But Also Moving Jobs Abroad. “Any move by Haier would be a politically fraught one. Manufacturing jobs such as the ones in Maytag’s Newton, Iowa, headquarters, have for years been moving abroad to Mexico and Asia. But there would be an added significance of a Chinese-based company arriving in the American Heartland only to move many or most of those jobs abroad.” (Dennis Berman and Henny Sender, “Private Equity Heavyweights To Join Haier Bid ForMaytag,” The Globe And Mail [Canada], 6/21/05)

History Of Maytag Is Part Of The Fabric Of Newton, Iowa

New York Times, On Newton: “Nearly Everyone ... Here Has A Maytag Memory.” “Nearly everyone along the streets here has a Maytag memory: the Maytag Queen being crowned in the Maytag Bowl amphitheater at Maytag Park; the arrival of the stackable washer and dryer; the way the company’s ‘suits’ from headquarters once prided themselves on knowing the names of all of their workers at the plant on the other side of town.” (Monica Davey, “With Loss of Maytag, Town Faces the Loss of Its Identity ,” The New York Times, 6/7/06)

Former And Current Maytag Workers React To News Of Impending Closing Of Maytag Plant In 2006

40-Year Maytag Worker Leland Smith: “Everything That Has Happened Here Has Depended On Maytag.” “In the cool, echoey halls of the history museum in this company town, the display cases are full of washing machines. ... In many ways, said Leland Smith, who guided a visitor through the exhibit halls, the story of the Maytag Company is the story of Newton. ... ‘Directly or indirectly, everything that has happened here has depended on Maytag,’ said Mr. Smith, 75, who, long before he began showing people around the museum, worked for some 40 years as an industrial engineer -- at Maytag, of course.” (Monica Davey, “With Loss of Maytag, Town Faces the Loss of Its Identity,” The New York Times, 6/7/06)

Former Maytag Worker Craig Miller Sr.: “Like Everything Else, I Guess, They Went Corporate And You Were No More Than A Number, Period.” “‘That’s when it was more of a family business,’ said Craig Miller Sr.,who retired as an electrician from the Maytag plant, whose wife still works there in sheet metal and whose father worked there briefly in 1946. ‘But as things progressed, like everything else, I guess, they went corporate and you were no more than just a number, period. That’s when it started going downhill.’ Mr. Miller said people in Newton had quietly fretted about what might become of Maytag as times got hard and competition was stiff. Suddenly, the company that had driven the town’s stability and spared it from forces, like the farm crisis, that every town nearby wrestled with seemed to have trouble of its own.” (Monica Davey, “With Loss of Maytag, Town Faces the Loss of Its Identity,” The New York Times, 6/7/06)

Laid-Off Maytag Worker Denny Hosting: “I Guess I’ll Go Back To Trimming Trees.” “Denny Hosting sat atanother table, looking numb. Hosting isn’t retired. In fact, he’d gone to work at 7 a.m. to do what he always does, assemble front-loading Neptune washers. There’d been a big layoff two weeks ago. Then a bunch more got the word Friday. The only people left, he said, were the ones with the most seniority. Now they were left hanging, too. ‘The company had been laying people off around every three months,’ Hosting said. ‘Fifteen hundred over the last 18 months. I figured they’d do what the meat packing plants have done for years. Shut it down, break the union, then start it back up. The only thing that shocks me is the permanent closing. I guess I’ll go back to trimming trees.’” (Marc Hansen, “Long-Expected Punch Still Subdues Newton,&rdque; Des Moines Register, 5/11/06)

18-Year Maytag Worker Tim Hartgers: “Where Else Am I Going To Find A Job That Pays That Well?” “Casualties include Tim Hartgers, 42, who has worked at the plant for 18 years. He is a sheet-metal worker, making between $18 and $19 an hour. Hartgers said he knew there was a chance the plant would close after Whirlpool bought it March 31. ‘There’s not a thing you can do about it,’ he said. ‘But where else am I going to finda job that pays that well?’” (William Ryberg, “Whirlpool To Newton: You Never Had A Chance,” Des Moines Register, 5/11/06)

Second-Generation Maytag Worker Rick Holmes: “At Least We Know Now.” “‘At least we know now,’ said Rick Holmes, who worked at Maytag, as did his grandfather. Mr. Holmes said he and his family were likely tomove away, perhaps to somewhere in the South, depending on where he found work. Plenty of houses in town now have for-sale signs on them, and as Mr. [Craig] Miller, the Maytag retiree, lamented, ‘Who is going to buy anyof them?’” (Monica Davey, “With Loss of Maytag, Town Faces the Loss of Its Identity,” The New York Times, 6/7/06)

Former Military Wife – And Current Maytag Wife – Manuela Holmes: “Maytag Always Took Care Of Their People, Or So We Heard. ... We’ve Moved So Many Times.” “All day, Manuela Holmes waited by the telephone, anxious for news about her family’s future. A military wife since age 19, Holmes has had to relocate every two or three years or so throughout her adult life. Then, seven years ago, her husband, Rick, retired from the military and took a job at Maytag’s headquarters in Newton. Holmes figured it would be a more stable life for the couple and their two children, now ages 13 and 18. ‘Maytag always took care of their people, or so we heard,’ she said. ... The thought of leaving Newton made her cradle her face in her hands. ‘We’ve moved so many times,’ she said. ‘This was our first place for seven years straight.’” (Jennifer Jacobs, “Uncertain Days Fill Their Futures,” Des Moines Register, 5/11/06)

38-Year Maytag Worker Curt Jackson: “What Will 1,000 People Do In This Town?” “Curt Jackson, who spent 38 years with Maytag, said it’s a little strange seeing the name ‘Whirlpool’ on his pension checks. He still cashed them, but it wasn’t the same. ... ‘They made all their money in Newton,’ Jackson said, ‘and now they tell us Newton is the problem. What will 1,000 people do in this town? They can’t all work at the racetrack.’” (Marc Hansen, “Long-Expected Punch Still Subdues Newton,” Des Moines Register, 5/11/06)

Former Maytag Worker Mary Cass: “This Has Been Really Stressful.” “Mary Cass was laid off a few months ago. Her husband was a supervisor. He took a buyout and went to Ohio for a job. Mary stayed back and tried to sell the house. In the meantime, her marriage fell apart. She was already starting over when the news came Wednesday. She’s taking classes at DMACC, studying to be an accountant and still trying to sell her house, which has been on the market for a year. The plant closing isn’t going to help. ‘There are so many homes for sale,’ she said. ‘I just lowered the price this week. This has been really stressful.’” (Marc Hansen, “Long-Expected Punch Still Subdues Newton,” Des Moines Register, 5/11/06)

Former Maytag Worker Joe Keeler: “There Are Going To Be A Lot More Houses On The Market.” “Joe Keeler’s former house in Colfax sits empty, as it has for months, with a for-sale sign out front and a price tag that’s been slashed three times. The most recent drop came last week, when Keeler – who left his mechanical engineering job at Maytag last November – heard that the factory and headquarters would shut down. ‘The first thought was: There are going to be a lot more houses on the market,’ said Keeler, who now lives near Milwaukeewith his wife and young daughter.” (Bonnie Harris, “For Sale Very Soon: A Lot More Houses,” Des Moines Register, 5/14/06)

Third-Generation Maytag Worker Bill Hull: “Everyone At Work Was Kind Of Numb.” “Bill Hull was shockedbut not crestfallen by Wednesday’s announcement that his job of 12 years would be gone by October 2007. ‘We’ve known for some time that this could happen, and I guess that’s the way we have lived our lives since the strike back in 2002,’ said Hull, who represents the third generation of his family to work at Maytag. His father, Don Hull, 57, of Knoxville, retired from Maytag a little more than nine years ago, after 30 years of service. Don Hull’s father, the late Beryl Hull, worked at Maytag at least 20 years before leaving the company in the mid-1970s. ‘Maytag has been a provider for many, many Hull and Walters families for years,’ Bill Hull said. ... [Hull] said thefirst thing he did after learning the plant would close was call his wife, Dawn, who stays home with their four children. ‘Everyone at work was kind of numb,’ he said.” (Juli Probasco-Sowers, “ ‘We Aren’t In Limbo Anymore,’ ” Des Moines Register, 5/11/06)

Local Officials Reacted To News Of Maytag Plant Closure With Sadness And Disappointment

Newton Mayor Chaz Allen: Sense Of Disappointment At News Of Plant Closing. “ ‘When it comes down to it, this possibility has been on people’s minds ever since I’ve been here,’ said Chaz Allen, the mayor of Newton, whomoved here six years ago. Still, that did not diminish the sense of disappointment and worry that Mr. Allen felt when he received a call from company officials on May 9 at 10:23 p.m. – a time that he says is etched in his memory.’ (Monica Davey, “With Loss of Maytag, Town Faces the Loss of Its Identity ,” The New York Times, 6/7/06)

Newton Daily News Editor Peter Hussman: Residents Are “Sorting Through The Rubble And Wondering What The Aftershocks May Be.” “For now, Newton is ‘sorting through the rubble and wondering what the aftershocks may be,’ said Peter Hussmann, the editor of The Newton Daily News. The signs are mixed in recent days: a new bank said it would come to town, Mr. Hussmann said, but a local printer, which had long done business with Maytag, announced that it would close. And if new companies do come, in a diversified economy, will any of them mean what Maytag meant? ‘I think that’s what Newton is trying to find out – what its identity will be,’ Mr. Hussmann said. ‘I don’t think our identity is formed yet. I think we’re looking for one.’ ” (Monica Davey, “WithLoss of Maytag, Town Faces the Loss of Its Identity,” The New York Times, 6/7/06)

UAW Official Dennis Williams: “It’s Sad For The Community.” “A leader of the union representing Whirlpool’s Newton union on Thursday praised Gov. Tom Vilsack’s efforts to save former Maytag jobs in Newton. United Auto Workers Regional Director Dennis Williams doubts Iowa leaders had a serious chance to influence Whirlpool’s decision. ... He expressed bitterness about former Maytag Chairman Ralph Hake’s role in Maytag’s sale, which he felt many UAW members share ... ‘It’s sad for the community,’ Williams said. ‘Newton is a great community to live in. I have family there.’ ” (Dave Dewitte, “Leader Of Newton Union Praises Vilsack,” The [Cedar Rapids, IA] Gazette, 5/12/06)