PDA

View Full Version : 'I'm sick to my stomach': anger grows in Illinois at Bain's latest outsourcing plan.



SarasotaRepub
10-14-2012, 09:53 PM
And this has what to do with Romney now??? (http://www.democraticunderground.com/10021540181)




Sun Oct 14, 2012, 09:42 PM
we can do it



'I'm sick to my stomach': anger grows in Illinois at Bain's latest outsourcing plan. -Guardian UK


'I'm sick to my stomach': anger grows in Illinois at Bain's latest outsourcing plan

The Sensata plant in Freeport is profitable and competitive, but its majority owner, Bain Capital, has decided to ship jobs to China and forced workers to train their overseas replacements


But, in the midst of the 2012 presidential election, Freeport is different. For Sensata is majority-owned by Bain Capital, the private equity firm once led by Mitt Romney, that has become a hugely controversial symbol of how the modern globalised American economy works. Indeed, Romney still owns millions of dollars of shares in the Bain funds that own Sensata.

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 story of how Bain became involved in a car factory in a small town amid the rolling farmland of northern Illinois is emblematic of modern financial wheeling and dealing.

Bain bought the firm that was to become Sensata in 2006, when it was the Texan arm of a Dutch company. It then floated it on the stock exchange in 2010, but kept a majority stake. Sensata came to own the Freeport plant at the beginning of 2011 as part of a wider purchase of a car parts business from Honeywell.

Sensata spokesman Jacob Sayer said closing the Freeport plant to cut costs was a key element of the Honeywell deal. "If that had not been part of the strategy, then the deal would not have been so attractive," he said.

Bain has declined to comment. But it has made a lot of money from owning Sensata, quadrupling its initial 2006 investment. In business circles that focus on the bottom line is all that matters. But, not surprisingly, it cuts less ice in Illinois.

http://www.guardian.co.uk/business/2012/aug/10/illinois-workers-bain-outsourcing?CMP=twt_gu





Oh...the word Bain is in it. Silly me. :rolleyes:

Apocalypse
10-14-2012, 11:53 PM
I had to do some real digging on this to find a source not from Kos, DU, Occupy, every leftist blog....

From what little I could find, no real details on why besides what the libs are saying for the move.

But some glaring facts stand out.

1. Its located in Freeport Il. Started up about '06. Before the Quin tax hike, and following tax nightmare. And I don't see them getting any deal from Quin to stay, but he's shown up at worker protest for photo-ops several times.

Two was this line.


Sensata was created by Bain Capital in 2006 and develops, manufactures and sells sensors and controls for major auto manufacturers such as Ford and General Motors.

Last I checked, Obama admin and the unions were the controlling force in GM. If any one really wanted to save Sensata, Obama through GM could easily force them to stay as they are their biggest customers. Move to China, fire all those workers, lose us as customers. Simple enough.

I guess Obama is more interested in a stumping point, then saving jobs. Least other then his own.

LukeEDay
10-15-2012, 12:43 AM
As far as liberals are concerned, Romney is still in charge of Bain (Even though he left almost 20 years ago). They are just looking for something else to moan about. This will get them no where. And I agree that the only reason obama wouldn't do anything about the move is to try and stick one to Romney. That, as well, won't work. Pretty much 80+% of the country knows that obama is full of crap at this point.

m00
10-15-2012, 09:53 AM
And this has what to do with Romney now??? (http://www.democraticunderground.com/10021540181)





Oh...the word Bain is in it. Silly me. :rolleyes:

In my mind, the problem is that when the Romney campaign touts the amount of jobs created by Bain, they include jobs that were created after his tenure (with the argument that Romney started Bain therefore he gets credit). Seems like a good-for-the-goose/good-for-the-gander thing.

Rockntractor
10-15-2012, 10:13 AM
In my mind,

A terrifying place to be.

m00
10-15-2012, 10:16 AM
A terrifying place to be.

I know, it's filled with critical thinking. Must terrify you.

djones520
10-15-2012, 10:21 AM
I know, it's filled with critical thinking. Must terrify you.

Ok, that was a good one.

wasp69
10-15-2012, 10:40 AM
Bain - the new Haliburton.

wasp69
10-15-2012, 10:45 AM
In my mind, the problem is that when the Romney campaign touts the amount of jobs created by Bain, they include jobs that were created after his tenure (with the argument that Romney started Bain therefore he gets credit). Seems like a good-for-the-goose/good-for-the-gander thing.

http://www.agirlsworld.com/rachel/beat-street/reviews/pix/shrek2ndonkey.jpg

This is a bullshit "gotcha" thing from the left as a distraction and has nothing to do with any type of tit for tat. Just like Haliburton was for Cheney, Bain is for Romney.

If this was the conclusion you came up with, I seriously think you need to go sit in the corner and suck your thumb on this one, m00.

m00
10-15-2012, 11:09 AM
http://www.agirlsworld.com/rachel/beat-street/reviews/pix/shrek2ndonkey.jpg

This is a bullshit "gotcha" thing from the left as a distraction and has nothing to do with any type of tit for tat. Just like Haliburton was for Cheney, Bain is for Romney.

If this was the conclusion you came up with, I seriously think you need to go sit in the corner and suck your thumb on this one, m00.

Oh I'm sorry, I didn't know this was the "mindless cheer-leading" forum. I thought Best/Worst of DU was making fun of them, not becoming them.

http://online.wsj.com/article/SB10001424052702303292204577519293959381060.html


As a result, there is no widely accepted accounting measure. Some academic experts said the Romney campaign's 100,000-jobs count is flawed, because it gives Bain all the credit, even though other investors also played a role in the four key companies, and includes jobs added long after Mr. Romney left Bain in 1999.


The Romney campaign can't give Romney credit for jobs added long after he left, but then be like "oh, it's not fair you associate him with this bad stuff that happened after he left!" Just sayin'

wasp69
10-15-2012, 11:59 AM
Oh I'm sorry, I didn't know this was the "mindless cheer-leading" forum. I thought Best/Worst of DU was making fun of them, not becoming them.


Sure thing, hipster, we're all becoming DUmmies... :rolleyes:




http://online.wsj.com/article/SB10001424052702303292204577519293959381060.html


As a result, there is no widely accepted accounting measure. Some academic experts said the Romney campaign's 100,000-jobs count is flawed, because it gives Bain all the credit, even though other investors also played a role in the four key companies, and includes jobs added long after Mr. Romney left Bain in 1999.


The Romney campaign can't give Romney credit for jobs added long after he left, but then be like "oh, it's not fair you associate him with this bad stuff that happened after he left!" Just sayin'

"Just sayin'" :rolleyes:

RobJohnson
10-15-2012, 12:00 PM
President Obama is an owner of this company

http://www.vaows.com/obama-owns-shares-of-sensata-benefits-by-outsourcing-to-china/

LukeEDay
10-15-2012, 12:18 PM
President Obama is an owner of this company

http://www.vaows.com/obama-owns-shares-of-sensata-benefits-by-outsourcing-to-china/

Yep, and once it gets known, they will drop it like a bad habit.

I don't see why they are complaining over a blind trust. It is something the they don't have any control over. They can't pick what they buy or sell, and don't even see the records. They only get the money from the interest... Obama has one, and Romney has one; heck practically everyone in the House and Senate have one. They use a blind trust for ethic reasons.

This is going to bite obama in the butt, big time ... This is also just another distraction from obama's failed record and love for terrorist.