Bain offshoring victims ask Romney for help

[Omaha Steve]

Source: Salon.com

Bain Capital is still outsourcing jobs -- and some of its victims are asking Mitt Romney for a hand

By Josh Eidelson

While Mitt Romney struggles to explain his retroactive retirement from Bain Capital, the company he created keeps offshoring U.S. jobs. Among them: the jobs of 170 workers in Freeport, Ill., now training the workers who will replace them when Sensata moves their jobs to China. SEC filings reveal that the U.S. share of Sensata’s workforce has been dropping ever since Bain acquired it in 2006. And the Sensata workers aren’t Bain’s only recent casualties.

Some Sensata employees blame Romney for their impending layoffs. “He designed the business model for that company,” says production associate Tom Gaulrapp. “Venture capitalism, where they’re out for every last dollar, no matter what … that’s the attitude they still have.” (The Romney Campaign and Bain Capital did not answer inquiries from Salon.)

Romney left Bain & Co., the consulting firm, to form Bain Capital, an investment firm, in 1984. As the world learned last week, Romney apparently remained “sole shareholder, sole director, chief executive officer and president” for years after his supposed 1999 departure. As the New York Times reported in December, Romney is still profiting from Bain business: His severance package provides him with a share of profits on some Bain deals negotiated up until 2009.

Journalists and opposition researchers have focused on controversial investments and offshoring during Bain’s Romney years, and they’ve found plenty, including companies that, according to the Washington Post, “were pioneers in the practice of shipping work from the United States.” But when Romney’s tenure at Bain ended, the offshoring didn’t.

FULL story at link.


Read more: http://www.salon.com/2012/07/17/bain_off_shoring_victims_ask_romney_for_help/singleton/

[hedgehog]

1. "“He designed the business model for that company,”

That's the phrase we need to keep repeating!

[SunSeeker]

2. Gee, Mitt, can't you at least voice your opposition to Bain's continued off-shoring?

I mean, I realize you have NOTHING to do with Bain now (er, except that your campaign is lousy with Bain execs, and you're still taking bazillions in cash from Bain...). But just out of the goodness of your heart, can't you at least tell your old buddies at Bain to cut it out? Come on, it won't cost you anything just to SAY it.

[Skittles]

5. of COURSE he can't

Corporations are his MASTERS

[progressivebydesign]

3. the truth is that the buying out companies to send overseas is what killed the Dream.

and we need to keep hammering this home, constantly. Romney IS Bain. and he was the chief architect of these takeovers that created a permanent UNEMPLOYED class in America. He is the epitome of everything that is wrong in America now. And our job is to make sure that those people who lost their job forever, so that Romney and his pals make billions, KNOW this, and vote accordingly.

Used to be that the top 1% controlled 9% of the wealth here... in the 80s., now they control 35%+

[nolabear]

4. +1

What you said.

[Overseas]

6. K&R. Yes please!

[cojoel]

7. training your replacement

I can't imagine that this could ever go all that well. I can't imagine the "trainer" would be particularly motivated to do a great job, and the company has little leverage (what are they going to do, fire me?).

[antigop]

8. The company gives you a severance package contingent upon your training of your replacement.

If you don't satisfactorily train your replacement, you don't get the severance package.

That's how it's done.

[The Last Democrat]

9. "The company gives you a severance package

contingent upon your training of your replacement. If you don't satisfactorily train your replacement, you don't get the severance package. That's how it's done."


Better get that that out in the open, and keep pounding on it as well. I doubt mean people know they have to train there replacements. .

[Rhiannon12866]

10. The request from Freeport is getting a lot of publicity

Was big news on both Ed Schultz and Lawrence O'Donnell tonight!