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Tue Aug 14, 2012, 05:05 AM

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.


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.


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.


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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Reply The Bain Legacy “I wouldn’t trust him to run a company, let alone a country.” (Original post)
SunsetDreams Aug 2012 OP
Drunken Irishman Aug 2012 #1
SunsetDreams Aug 2012 #2
Lars77 Aug 2012 #5
Skittles Aug 2012 #3
SunsetDreams Aug 2012 #8
mrs_p Aug 2012 #12
Skittles Aug 2012 #19
mr.ed Aug 2012 #4
JHB Aug 2012 #6
SunsetDreams Aug 2012 #9
DAngelo136 Aug 2012 #7
hifiguy Aug 2012 #10
ProSense Aug 2012 #11
mrs_p Aug 2012 #13
SunsetDreams Aug 2012 #15
Skittles Aug 2012 #20
ProSense Aug 2012 #14
SunsetDreams Aug 2012 #17
bhikkhu Aug 2012 #16
LineNew Reply .
SunsetDreams Aug 2012 #18

Response to SunsetDreams (Original post)

Tue Aug 14, 2012, 05:12 AM

1. Drip...drip...drip...

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Response to Drunken Irishman (Reply #1)

Tue Aug 14, 2012, 06:21 AM

2. Yes..the hits just keep coming nt

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Response to SunsetDreams (Reply #2)

Tue Aug 14, 2012, 08:00 AM

5. No that's the sound of the trickle down economy. It's urine actually.

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Response to SunsetDreams (Original post)

Tue Aug 14, 2012, 06:33 AM

3. GOP made a big mistake with this clown Romney

people are seeing exactly the kind of people who make money off of the backs of others - Romney is a tool, an empty suit, a fucking dipshit - yet he is worth at the very least a quarter of a billion dollars. People lost their jobs, savings, pensions, etc. to provide him that obscene wealth. Romney EPITOMIZES the elite, greedy 1%, FRONT AND CENTER.

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Response to Skittles (Reply #3)

Tue Aug 14, 2012, 10:42 AM

8. Exactly

Last edited Tue Aug 14, 2012, 02:10 PM - Edit history (1)

this is just beyond the pale that anyone in the middle class or those among the poor would not hold him accountable. Romney is an American Leech.


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Response to Skittles (Reply #3)

Tue Aug 14, 2012, 11:11 AM

12. those are the most words I have ever seen from you

and they are exceptionally right on!

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Response to mrs_p (Reply #12)

Tue Aug 14, 2012, 09:18 PM

19. YOU WANT I SHOULD KICK YOUR OBSERVANT ASS, mrs_p?

LEMME AT YOU!

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Response to SunsetDreams (Original post)

Tue Aug 14, 2012, 07:20 AM

4. Timing

Couldn't they have waited until after the election to announce this? It will cost their friend Romney votes. This just shows how greedy they are.

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Response to mr.ed (Reply #4)

Tue Aug 14, 2012, 08:02 AM

6. Delaying it would have cost money. They DO have their priorities, you know...

...the ones Mitt established when he founded and ran the company, and which he profits from no matter who the current CEO is.

And Mitt wasn't much different from the other of his "go go trader" financial cohort.

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Response to mr.ed (Reply #4)

Tue Aug 14, 2012, 11:01 AM

9. Why would they wait until

after the election? It doesn't show how greedy they are, it shows that they are ever mindful of the 2013 date set by Bain, when their jobs will be no more. I think they are sick and tired of training foreign workers to do their job. A job they will no longer have.

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Response to SunsetDreams (Original post)

Tue Aug 14, 2012, 08:07 AM

7. We should not be surprised

since the fall the Soviet Union and the "discrediting" of Marxist ideas, the capitalist class have been given the green light to do what it does best; accumulate capital. We have been conditioned as a culture to accept this by the injection of ideas through the writings of Ayn Rand, Milton Friedman and Ludwig von Mises under the guise of "freedom". The incubator of these ideas would be found in the University of Chicago School of Economics and given ideological cover by "think tanks" such as the Cato Institute and the Hoover Institute where it would be echoed through the media especially "The Wall Street Journal", "Forbes Magazine" and the pro capitalist newspapers and TV editorial writers. Using "shock doctrine" methods in Chile, these "free market" ideas were first given it's debut after the overthrow of Salvador Allende and the takeover by Augusto Pinochet, aided and abetted by the Nixon Administration. Then you saw the same strains with the bankruptcy of NYC when the bankers took control of the financial and political control of the municipal government and systematically dismantled the liberal reforms and safeguards under the banner of fiscal responsibility, using austerity programs not unlike what is being proposed today.

Next came the election of the corporate shill Ronald Reagan to the presidency and the ascendancy of "Supply Side" economic doctrine, accompanied by the subsequent slashing of tax rates on the wealthy. This "theory" was advanced by Jude Wanninski (The Two Santa Clauses Theory) and Arthur Laffer. (The Laffer Curve)
Then there was the matter of destroying organized labor, which was signaled by the destruction of PATCO. Now to be sure, labor unions did assist in their own destruction through internal corruption, their conservative turn away from their own leftist roots and endorsement of increasingly conservative candidates including the support for the Vietnam War and racist practices coupled with the general complacency of the organized labor movement and failure to organize beyond their own shores. In fact it, was the AFL-CIO who endorsed Ronald Reagan over Jimmy Carter in the 1980 Presidential election; they never saw the lead pipe coming.

Deregulation began under Carter and accelerated under Reagan. The Democratic Party, stunned by the reversal of fortune, scrambled to become as "conservative" if not more than the Republicans in order to keep their seats abandoned labor and became "Reagan Democrats" and joined the lynch mob against the middle class. Bill Clinton, triangulated with "welfare reform" and NAFTA which in the words of Ross Perot created "the giant sucking sound" of jobs being outsourced, then came Gramm-Bliley which repealed Glass-Stegall then the Bankruptcy Bill, and the last nail in the coffin of the middle class was hammered...right into it's heart.

It would only be a matter of time before the next crisis would hit. We got the first inklings that something was wrong with the Savings & Loan scandals; no reaction. Then the "dot com" bubble; nothing. Then the real estate bubble, which came with a twist; the proliferation of derivatives which were unregulated. Calls for regulation by people like Brooksley Born went unheeded, so when the house of cards came tumbling down, we find ourselves in the worst recession/depression since 1929.

We should not be surprised. After all, we put them into office, we went along with the policies-as long as it affected "them" and not "us". We chased the dream of being millionaires all the while planting the seeds of our own destruction. George Carlin's words are proving to be prophetic every day. The question now is-what will we do about it?

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Response to DAngelo136 (Reply #7)

Tue Aug 14, 2012, 11:08 AM

10. Excellent post!

 

And welcome to DU!

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Response to DAngelo136 (Reply #7)

Tue Aug 14, 2012, 11:11 AM

11. Great post!

Welcome.

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Response to DAngelo136 (Reply #7)

Tue Aug 14, 2012, 11:15 AM

13. should be its own OP

excellent historical perspective and analysis.

And, welcome!

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Response to DAngelo136 (Reply #7)

Tue Aug 14, 2012, 11:23 AM

15. Excellent post

Welcome to Du

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Response to DAngelo136 (Reply #7)

Tue Aug 14, 2012, 09:19 PM

20. WORTHY OF ITS OWN THREAD

HOWDY DAngelo136

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Response to SunsetDreams (Original post)

Tue Aug 14, 2012, 11:16 AM

14. Excellent reads. This,

from the first link, nails it:

It does not matter how that dollar gets into the millionaire’s pocket. Whether through a financial sleight of hand that adds little to (or, indeed, takes away from) the overall economy; through tax breaks, subsidies or favorable government rules (or often no rules at all); or through the destruction of the lives of the less wealthy and powerful. And if the millionaire’s pocket, like Romney’s, is a secret bank account in Switzerland, the Cayman Islands, or another notorious haven from tax collectors and law enforcement, so much the better.


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Response to ProSense (Reply #14)

Tue Aug 14, 2012, 11:39 AM

17. Yes

that is an excellent paragraph and so true. The entire article was a good read, but there are money shots like that one.

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Response to SunsetDreams (Original post)

Tue Aug 14, 2012, 11:23 AM

16. That's one thing he has in common with ryan

...they both come across as social engineers (which has been a pejorative since Mao and Pol Pot) - much more interested and energized by the idea of tearing down and taking apart and transforming things. Usually that kind of guy works based on some deeply flawed idea of what human nature is, and these two are guaranteed failures if you look at the foundations of their character - Ayn Rand and the Planet Kolob.

The best kind of politician is one who goes into public service with the idea of running things well, getting everyone to work together for their own good, and leaving things in better shape than they found them. Clinton did that.

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Response to SunsetDreams (Original post)

Tue Aug 14, 2012, 01:56 PM

18. .

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