Sensata or How Mitt Romney Makes Money by Betting Against America
You might not have seen them on MSM, but the workers at a Sensata plant in Freeport, Illinois are fighting for their livelihoods. They’ve set up tents and are protesting to keep their jobs from being outsourced. The plant makes sensors and controls for cars and airplanes. Providing almost 200 Americans with good jobs. The town is already reeling from unemployment. The workers have put their heart and soul into a plant that is actually profitable.
Three of these protesters were arrested outside the plant yesterday - including a 16 year old girl, Karie Marie. None of that may ultimate matter, though, since a day before the presidential election, on November 5, the plant will be closed down and reopen in China.
No surprise, then, to know that it’s owned by Bain Capital. Oh yeah, the same Bain that learned its outsourcing from Mitt Romney. The Romney who’ll be running to lead the United States of America on a platform of creating jobs. You could argue he’s taking these people’s jobs so he could employ them later? Don’t bet on it.
Obviously such a cruel decision is fodder for spin maestros on Fox to disassociate Mitt Romney from this. Spin #1: He doesn’t work there anymore. The New York Times, however, obliterated this first myth months ago:
…Mr. Romney’s generous retirement agreement ensures that he continues to profit from the deals and decisions that Bain makes. He owns about $8 million worth of Bain funds that hold 51 percent of Sensata’s shares. If Sensata saves money by closing the Freeport plant, that could add money to Mr. Romney’s trust accounts, now or after the election.
Spin #2 is even more outrageous: Romney is donating the money made from outsourcing Freeport’s jobs to charity which goes to show how kind-hearted he is. The Huffington Post busts this myth fair and square:
Moving the stock to his nonprofit brings Romney twin benefits. First, he gets to deduct the full value of the stock. At a 35 percent tax rate, that’s nearly a $250,000 benefit. At 15 percent, it’s just over $100,000.
And you wonder why his tax returns won’t be released?
Second, Romney is able to avoid paying capital gains taxes on the stock price increase. Romney’s returns list no cost for the stock, and indicate he obtained them as part of a partnership interest in Bain. Avoiding capital gains taxes on the full increase would save an additional $100,000. In 2010, Romney gifted $170,000 worth of Sensata stock to his charity, saving $25,000 in capital gains taxes that year.
Further, if Romney loves to help people out, why is he part of a corporation that’s taking away people’s ability to feed their kids?
Isn’t he arguing that the people of America don’t need hand-outs but jobs? Then why is he contradicting himself by handing-out money to American and taking their jobs away.
Because it profits him!
When all else fails, the final spin blame it on a word that starts with C. This is just good capitalism, people, they say. Yeah, taking American jobs, sending them over to China to be done by slave labor is good capitalism. Well, maybe it’s time someone said, good capitalism isn’t necessarily good for the Americans who aren’t rich enough to hold stock in companies that take away American jobs.
Here’s a guy who wants to lead America to more jobs as he continues to profit from Americans being made jobless. Americans like Joanne Penniston, a mother of two who’s worked at Sensata for years and has been on Twitter for days, asking Mitt Romney to intervene on their behalf. Being a responsible mother. A responsible American. And a responsible taxpayer.
She’ll lose her job to join the 47% of Americans who’ll be then conveniently termed “irresponsible”.
The truth is, Americans who aren’t voting for Mitt Romney aren’t irresponsible. They just don’t want to vote for a guy who makes money by betting against America. So here’s my question to you, Governor Romney: if you can’t fight for American jobs when you can make money off of it on November 5, how do expect people to trust you to fight for those jobs on November 6?
Note: Follow this story on Twitter under the hashtags #Sensata and #Bainport or follow the Freeport workers tweeting under @SaveSensataJobs.
Sensata worker warns Ohio: We’re losing our jobs because of Bain & Romney
People’s World article by John Wojcik
FREEPORT, Ill. – A resident of the “Bainport” encampment here is warning Ohioans not to fall for a barrage of last-minute campaign ads being run in that state by Mitt Romney.
In those ads, Romney says Chrysler is about to ship Jeep manufacturing jobs to China. Autoworkers, Chrysler, GM and Ohio media have repudiated the ads.
“The company is investing $500 million and hiring 1,100 workers at its Toledo Jeep plant. The day Romney misspoke, Chrysler announced plans to add 1,100 employees in Detroit too,” said the Cleveland Plain Dealer in a recent editorial.
“But if you want to do the real fact check on the Romney ads, you don’t need to look anywhere but here at our plant,” said Tom Gaulrapp, a 33-year veteran at the Bain-owned Sensata plant here.
Gaulrapp and 170 of his co-workers have been the focus of national attention since they set up a tent city more than 50 days ago protesting the outsourcing of their jobs. They make sensors used in the transmission and brake systems of automobiles.
“Make no doubt about it. Jeep is a success because, with the support and sacrifice of the autoworkers themselves, Barack Obama was able to come in and save the auto industry. When he did that, he saved Sensata because without any American cars, there would ne no need for us to make auto sensors,” Gaulrapp explained.
“Sensata has been very profitable.” Gaulrapp added. “Since Mitt Romney’s Bain bought Sensata, Sensata shareholders, including Romney himself, have quadrupled their initial investment. But it’s not enough for him because they’re shipping our jobs to China. I lose my job on Monday, one day before Election Day.”
At the tail end of his false ads, Romney pledges, if elected, to “keep American jobs in America.”
“How can he pledge to keep jobs in America when he hasn’t lifted a finger to stop Bain from sending my job to China,” asked Gaulrapp. “Over and over we’ve asked Romney to come see us and to prove that he is serious about creating American jobs by keeping our jobs from being outsourced.”
“We all have learned here that Romney can’t be taken at his word,” Gaulrapp said. “What we have learned about him here at Sensata is not something that our entire country should have to learn. The country can’t afford to make that mistake.”
Photo: Halloween was a typical Bainport day: Families standing together and enjoying their community. Bainport.com
Mitt Romney, Bain Capital and Sensata Technologies
• The basic premise behind the Capital Gains tax rate of 15% is to encourage investment income to be retained domestically. Meaning that investment earnings will be returned back into the economic locales from which they drew their earnings from. The argument of course is that this will not happen if an investor’s income is unnecessarily overburdened to taxation.
• Mitt Romney’s current stake in Bain Capital Management is valued at $8 Million. Bain Capital became 51% owner in Sensata Technologies earlier this year, essentially giving them complete control of organizational operations. Sensata Technologies, an auto parts distributor and manufacturer based out of Freeport Illinois, has been a “mom and pop” business for the most part since the 1970’s and now employs 170 people and their families.
• Recently, Bain Capital Management announced that they were shutting down manufacturing operations in Freeport to transfer operation to a manufacturing firm in Central China. To ease the learning curve that is inevitable when you transfer operations from an American country to a Chinese one, Sensata employees were given the privilege of training their replacements that were flown over from China to learn the Sensata methods and processes. For whatever reason, the American flag which normally flies proudly in front of the 2520 Walnut St plant was taken down during the time the Chinese replacements were visiting.
• Sensata Technologies employees in the Freeport plant were told they would be receiving their last paychecks shortly before Christmas, and their services would no longer be needed in the new year.
• Mitt Romney and his VP candidate Paul Ryan, have accused the Obama Administration of not being aggressive with China to retain jobs domestically.
• Mitt Romney has aggressively defended his 14% tax rate claiming that without it he will be discouraged from creating jobs and investing new technologies and innovation in the United States. He claims that if he were to be taxed at even a fraction of a percent more that he and others would be forced to engage in aggressive layoffs. Aggressive layoffs would of course result in economic opportunities and advantages in other companies overseas, namely China.
• Fox News, in an attempt to get ahead of the story has published a news item about how one Mutual Fund in president Obama’s 403B has Sensata Technologies as one of its holdings, among 52 others in the same fund. Therefore, in Fox news logic, it is essentially evidence of president Obama’s socialist leanings and general hate of the country in which he is the premier executive that he is profiting from a company that sends jobs overseas. Fair and Balanced?