Is This Why Romney Won't Talk to Sensata Workers Whose Jobs Are Being Shipped to China? -
By Dave Johnson
Saturday, 13 October 2012 12:17
On the campaign trail Romney says we shouldn't ship jobs to China and should "crack down" on China trade problems. But he refuses to help or even meet with the Sensata workers whose jobs are being shipped to China right now.
Why the refusal to line up his actions with his promises? A must-read, must-read, must-read news report explains how part of Romney's $450,000/week income comes from ... get this ... shipping jobs to China!
First, the background...
Sensata - Happening Today
Mitt Romney started the "private equity" firm Bain Capital. Bain purchases companies using "leveraged buyouts" that borrow huge sums using the purchased company's own assets as collateral, uses the borrowed money to immediately pay itself, then cuts costs by doing things like sending jobs to China, cutting wages and manipulating tax rules to cut taxes owed, along with standard big-business practices like consolidating business units, taking advantage of economies of scale not available to smaller competitors, squeezing distribution channels for price cuts, and other practices that bring competitive advantages. After reorganizing the purchased companies Bain then "harvests" them for profit.
One company Bain Capital purchased is Sensata, a sensor manufacturer that makes key components for our automobile supply chain. Sensata then announced it is closing a factory in Freeport, Ill., and sending the manufacturing and jobs to China. (China is engaged in efforts to dominate American auto supplies.
Bain/Sensata brought in Chinese workers and made the Freeport workers train them. Bain/Sensata is moving the equipment out of the Freeport factory and shipping it to China right now. The Freeport employees have set up a camp outside the factory that they call Bainport and are trying to stop the Bain trucks that are moving the equipment out for shipment to China. Supporters were arrested this week, trying to stop those trucks...
Jake Tapper Calls Out Romney’s Conflict of Interest in China
Source: Politics USA
On “This Week”, Jake Tapper called out Mitt Romney’s claim that he would get tough on China. Tapper said, “Is there not a disconnect between what Governor Romney says he wants to do with China and how he’s continuing to profit off of those very problems he criticizes?”
TAPPER: In Ohio especially, Governor Romney has been making a big issue about cracking down on China and China’s cheating. There is this other issue though, Governor Romney gets a cut of the profits from Bain Capital’s investments in Chinese companies and in companies that are currently offshoring U.S. jobs to China. Is there not a disconnect between what Governor Romney says he wants to do with China and how he’s continuing to profit off of those very problems he criticizes?
In December of 2011, the Romney campaign attempted to deal with this conflict by claiming that the candidate shed all of his interests in China at the same time as Romney made “confronting China” a central part of his message, but the truth is that he still holds interests in Bain Capital that make a profit off of investments in Chinese companies, one of which is being sued by Microsoft for piracy of American products.
In September of 2012, the Romney campaign admitted to PolitiFact that Romney was still invested in China. The campaign claims the money is invested through Romney’s blind trust, but even Mitt Romney once warned that blind trusts were a ruse.
Hedgies , that include Bain , sending NXP jobs from the Netherlands to Asia. They claim it is the only way to compete, until there is an earthquake or flood and the the cost of poor infrastructure becomes apparent.