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Romney Invested In Company That Is Outsourcing Jobs, Forcing Workers To Train...Chinese Replacements
Romney Invested In Company That Is Outsourcing Jobs, Forcing Workers To Train Their Chinese Replacements
By Travis Waldron
Workers at Sensata Technologies, a business based in Freeport, Illinois, have been protesting Mitt Romney’s campaign stops across the country all summer because the company, which is owned by Bain Capital, is laying off workers in order to hire employees in China. Bain took control of Sensata in 2006; last year, it took over the Freeport plant and announced that it would layoff 165 workers and close it.
Some of the workers, according to Sensata employees, have been forced to train their Chinese replacements, adding insult to the injury that was their looming job loss.
Bain’s role in the layoffs hasn’t been a secret. But given that it took control of Sensata and the plant well after Romney’s departure from the firm, the candidate has thus far steered clear of the controversy, only drawing protests from the workers who want him to step in and stop the plant’s closure. But according to documents detailing Romney’s finances obtained and published yesterday by Gawker, his connection to Sensata is much more direct.
Romney held a direct investment in Sensata through one fund titled “Bain Capital Fund IX, L.P.,” dated December 31, 2009, meaning he has likely financially benefited from Bain’s ownership of the company in the past, and could benefit from the plant’s closure and the outsourcing of the jobs to China. According to his 2011 personal financial disclosure, Romney still holds the Bain Capital fund that contains the Sensata investment.
- more -
http://thinkprogress.org/economy/2012/08/24/744331/romney-invested-in-company-that-is-outsourcing-jobs-forcing-workers-to-train-their-chinese-replacements/
By Travis Waldron
Workers at Sensata Technologies, a business based in Freeport, Illinois, have been protesting Mitt Romney’s campaign stops across the country all summer because the company, which is owned by Bain Capital, is laying off workers in order to hire employees in China. Bain took control of Sensata in 2006; last year, it took over the Freeport plant and announced that it would layoff 165 workers and close it.
Some of the workers, according to Sensata employees, have been forced to train their Chinese replacements, adding insult to the injury that was their looming job loss.
Bain’s role in the layoffs hasn’t been a secret. But given that it took control of Sensata and the plant well after Romney’s departure from the firm, the candidate has thus far steered clear of the controversy, only drawing protests from the workers who want him to step in and stop the plant’s closure. But according to documents detailing Romney’s finances obtained and published yesterday by Gawker, his connection to Sensata is much more direct.
Romney held a direct investment in Sensata through one fund titled “Bain Capital Fund IX, L.P.,” dated December 31, 2009, meaning he has likely financially benefited from Bain’s ownership of the company in the past, and could benefit from the plant’s closure and the outsourcing of the jobs to China. According to his 2011 personal financial disclosure, Romney still holds the Bain Capital fund that contains the Sensata investment.
- more -
http://thinkprogress.org/economy/2012/08/24/744331/romney-invested-in-company-that-is-outsourcing-jobs-forcing-workers-to-train-their-chinese-replacements/
Guess the speculation that Romney was still profiting from outsourcing was true.
The Bain Legacy “I wouldn’t trust him to run a company, let alone a country.”http://www.democraticunderground.com/10021129121
Gawker Posts 950 Pages Of Bain Documents (updated 2x)
http://online.wsj.com/article/SB10000872396390444270404577605140607907860.html?mod=googlenews_wsj
“If challenged in court, Bain would lose."
http://www.democraticunderground.com/10021189869
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