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The Bain Legacy “I wouldn’t trust him to run a company, let alone a country.”
The new bosses billed the meeting in late January 2011 as their ‘welcome’ to the 200 workers at a long-established factory in Freeport, Ill. Maybe the description reflected some dark corporate humor lost on the workers, but just three minutes into their welcome, the new managers from Sensata announced that all the jobs in the factory—which produces finely calibrated sensors for the automobile and other industries—would be moved to China or another country by 2013.
Sensata is the creation of Bain Capital, a private equity fund co-founded in 1984 by Republican presidential candidate Mitt Romney. Sensata was assembled from various sensor manufacturers in 2006, and it has continued its acquisitions even as the U.S. share of its workforce declines sharply. Bain’s strategy for this basically healthy, moderately high-tech manufacturing sector of the U.S. economy is apparently to transfer all the work offshore.
The Illinois plant was previously owned by Honeywell. Tom Gaulrapp, who has worked there for 33 years, at first refused to believe that Sensata would move the highly automated and profitable operations from Freeport, where skilled employees had developed many of the products and machinery. Then he learned more about Bain and grew angry.
“Isn’t my job worth more than another dollar in a millionaire’s pocket?” he asks. “It’s our American dream they’re throwing overboard. We don’t have problems with them wanting to make a dollar, but when is enough enough? These companies have to have some responsibility to the communities in which they’re located.”
No, they don’t—or at least, not in the world of private equity funds from which Romney hails. Despite Romney’s claim to be a job creator (the honorary title Republicans bestow on all rich people), that world is one where the extra dollar in a millionaire’s pocket is always worth more than someone’s job.
Sensata is the creation of Bain Capital, a private equity fund co-founded in 1984 by Republican presidential candidate Mitt Romney. Sensata was assembled from various sensor manufacturers in 2006, and it has continued its acquisitions even as the U.S. share of its workforce declines sharply. Bain’s strategy for this basically healthy, moderately high-tech manufacturing sector of the U.S. economy is apparently to transfer all the work offshore.
The Illinois plant was previously owned by Honeywell. Tom Gaulrapp, who has worked there for 33 years, at first refused to believe that Sensata would move the highly automated and profitable operations from Freeport, where skilled employees had developed many of the products and machinery. Then he learned more about Bain and grew angry.
“Isn’t my job worth more than another dollar in a millionaire’s pocket?” he asks. “It’s our American dream they’re throwing overboard. We don’t have problems with them wanting to make a dollar, but when is enough enough? These companies have to have some responsibility to the communities in which they’re located.”
No, they don’t—or at least, not in the world of private equity funds from which Romney hails. Despite Romney’s claim to be a job creator (the honorary title Republicans bestow on all rich people), that world is one where the extra dollar in a millionaire’s pocket is always worth more than someone’s job.
Much more here: http://inthesetimes.com/article/13627/the_bain_legacy/
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Anger grows in Illinois at Bain's latest outsourcing plan; profitable factory to be sent to China
So as Sensata strips out costs by sacking American workers in favour of Chinese ones, the value of Romney's own investments could rise, putting money into the pockets of a Republican challenger who has placed job creation in America at the heart of his bid for the White House.
...
The anger towards Bain and Romney is palpable. Romney has become the target for the emotions of a community who built lives based on the idea of a steady manufacturing job: a concept out of place in the sort of fluid buy-and-sell world from which Bain prospers. "I didn't have a clue what Bain was before this happened," said Cheryl Randecker, 52. "Now when I hear Romney speak it makes me sick to my stomach."
President Barack Obama's campaign has sought to make Bain's record of buying and selling companies – often involving job losses – a key part of its strategy of painting Romney as an out-of-touch super-rich financier. In turn, Romney, who left Bain in 1999, has defended his long career there, saying Bain ends up generating economic growth and spurring job creation. Far from profiting from layoffs, Romney has portrayed Bain as a model for the American future.
That argument stuns Illinois governor Pat Quinn. "If he thinks that is the model for American economic growth then he is barking up the wrong tree," Quinn told The Guardian.
...
The anger towards Bain and Romney is palpable. Romney has become the target for the emotions of a community who built lives based on the idea of a steady manufacturing job: a concept out of place in the sort of fluid buy-and-sell world from which Bain prospers. "I didn't have a clue what Bain was before this happened," said Cheryl Randecker, 52. "Now when I hear Romney speak it makes me sick to my stomach."
President Barack Obama's campaign has sought to make Bain's record of buying and selling companies – often involving job losses – a key part of its strategy of painting Romney as an out-of-touch super-rich financier. In turn, Romney, who left Bain in 1999, has defended his long career there, saying Bain ends up generating economic growth and spurring job creation. Far from profiting from layoffs, Romney has portrayed Bain as a model for the American future.
That argument stuns Illinois governor Pat Quinn. "If he thinks that is the model for American economic growth then he is barking up the wrong tree," Quinn told The Guardian.
http://www.guardian.co.uk/business/2012/aug/10/illinois-workers-bain-outsourcing
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Sensata employees Protested Boehner and Schilling at an Aug. 10 fund-raiser at Forest Hills Country Club
Protesters will call out the two legislators for blocking the Bring Jobs Home Act, which would help prevent family-supporting American jobs — like those at Sensata — from being shipped overseas.
Sensata workers gathered more than 1,000 signatures on a petition addressed to Schilling in support of the Bring Jobs Home Act, and delivered them to Schilling in early July.
Despite overwhelming support for the bill among his constituents, Schilling voted against the measure — which would end tax breaks for companies that ship jobs overseas — when it came to a vote later that month.
Sensata workers gathered more than 1,000 signatures on a petition addressed to Schilling in support of the Bring Jobs Home Act, and delivered them to Schilling in early July.
Despite overwhelming support for the bill among his constituents, Schilling voted against the measure — which would end tax breaks for companies that ship jobs overseas — when it came to a vote later that month.
http://rockrivertimes.com/2012/08/08/sensata-employees-to-protest-boehner-schilling-at-aug-10-fund-raiser-at-forest-hills-country-club/
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It's not just a Romney/Bain mindset, it is a GOP mindset. They pretend to care about our jobs, but would sell our jobs to the highest bidder to turn a profit. It's all about lining their pockets!
I've heard some argue on the right that Romney isn't responsible for what happened after he retroactively retired from Bain in 2002..that is not a very good argument. In fact it is BS! Romney created the business model for Bain, and he still profits from their business dealings. Romney was CEO when jobs and plants were destroyed, and he is still profiting from American workers misery. All for the all mighty dollar. Sensata is just one company this has happened to..look at the Bain/Romney record.
In other words: A Presidential Candidate running for the Highest office in the land profits on sending American Jobs overseas!!! Your jobs...it could be you next.
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