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Progressive Americans for Justice

Romney/Bain to Profit from Moving Sensata to China

In Freeport, IL, there is a company called Sensata Technologies. This company used to belong to Honeywell, but then Honeywell sold it to Bain Capital. As soon as Bain got the company, they sent people to the plant to tell the workers that the plant was closing, and all equipment as well as jobs were going to China.  urther, they were told they had to train the Chinese replacement workers and to not take any photos of equipment being moved out of the plant. Failure to do either of these things would result in instant termination and loss of severance pay.

Fifty-one percent of Sensata is owned by Mitt Romney, since he owns 51 percent of Bain Capital. Clearly this action reflects his business model: Buy a company and move it and the jobs to China. If Sensata had been losing money, this might have made sense, but in fact it was a profitable company already. The ONLY motive to moving the plant and laying off all of their American workers is greed.

Romney is constantly saying that he wants to get people back to work with good paying jobs here in America, but actions like this speak otherwise. He has NO apparent concern at all for the town of Freeport or the many workers at Sensata.  What he and Bain are concerned about is maximizing personal profit.  NO SURPRISE THERE! I would expect no less.

I don’t object to people making money, but this isn’t simply a case of making money; it’s a case of making MORE money at any cost, and in this case, the cost is the town of Freeport, the Sensata workers, and the workers' families.  So when I hear Romney shouting about how he is going to get America back back to work, I just ignore him. He cares about making money first, and America and its workers are way down his list of priorities. If you vote for Romney expecting him to do anything to help the middle class and American workers, you’re in for a rude awakening. It won’t happen. Just ask the workers at Sensata how Mr. Romney is helping them find the American Dream.

Chuck Teeter

Pat

7:02 am on Thursday, October 18, 2012

Thank you for this article. I was happy to see Oswego Patch pick this up as it is at the heart of the election issues and I have not seen it recently in the national media.
Our country is at a great crossroads and the decisions made in this election will affect our future course for many generations. We are deciding who we are as a country: is it everyone for themselves or are we all in this together?

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Ray

8:03 am on Thursday, October 18, 2012

They can always borrow money from their parents and start their own businesses!

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Uncle Jesus

8:24 am on Thursday, October 18, 2012

The owners replaced the American flag with the Chinese flag on the day that the Chinese officials showed up at the Freeport plant.

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Mike Check

8:41 am on Thursday, October 18, 2012

You people do realize that he has had nothing to do with Bain in over 15 years right? Good to see that the Soros minions wont back down before the election. Remember, progressives will distort the truth whenever possible. I can't wait till Mitt wipes the floor with Obama on election night. This country will finally get back on track with someone who knows how to lead and not community organize. Obama likes to pit the American people against each other in hopes of distracting everyone from the reality of what is actually happening them while the media runs interference. .

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my opinion

9:15 am on Thursday, October 18, 2012

Correct Mike.

These people also don't understand how Bain works. If Bain was asked to come in and save this company, then it must have been on the brink of extinction. Bain comes in with lots of cash and saves struggling companies or good companies that need cash to grow.

In this case I'll bet the company was hemoraging money and Bain come in to save the company. Now, why wold Bain move production overseas? Because that is where the competition is manfacturing the product. They have to move to stay competitive in the market.

Now the company has been rescued and the office people's jobs saved. Without Bain all the jobs would have been lost.

The question to ask is why have all of this companies competitors previously moved to China. Probably because of TAXES.

No matter who bought the company you know they would have moved it out of Illinios, and most likely to China.

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russ harrison

10:54 am on Thursday, October 18, 2012

Romney pioneered the "anti-hostile" take over,a way of taking over a company without facing a "Poison Pill" tactic that some companies use to avoid hostile take-over.It is taught in MBA programs and has been attributed to Mitt Romney himself.Whether it is a proper way of doing business is up to business ethics to decide.It is an effective tool in gaining an advantage over competition and for salvaging profit off of weaker companies prior to killing those companies off.
Neither Bain company (one is consulting, the other is capital investments) limits itself to "assisting" struggling companies.They both will aggressively pursue acquisitions of companies for different purposes.By being 2 distinct yet intertwined entities,they can play a spread to insure financial reward.That doesn't mean they have not nor will not throw a company under the train to satisfy their investors.
But...the notion that Romney has not been involved with any Bain activities for 15 years is silly and naive.His 2010/11 IRS returns shows income from Bain(s) paid as carried interest,treated at a MUCH lower tax rate than ordinary income.This type of payment may only be legally used when a person has an actual financial stake in the investment and is actively managing that investment.Since Romney is paid from Bain(both Bains) in "carried interest" as well as a "stipend" then he,by IRS rulings, has to have been actively involved in managing at Bain(s) or face IRS penalties...again.He wouldn't lie, would he?

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Surprise123

3:19 pm on Saturday, October 20, 2012

This is in response to My Opinion below. Your job is next. Bain, or its equivalent, is coming after your job next. They're locked and loaded and they're coming for your middle class job. Because, you see, you make too much money. Far better to hire some poor Chinese shlub slave laborer with no political rights, or far better to automate processes than deal with live human beings.

Bain doesn't take over companies to "save them," it takes over companies to harvest them. Sensata was very profitable prior to the Bain acquisition (undoubtedly, the owners, however, were well-paid for the sale of their company). Bain wanted more profit, and, unfortunately, those happy middle class American workers and their middle class lifestyle stood in its way.

"These people" (you sound like Anne Romney) understand perfectly well. You write that Bain "saves struggling companies or good companies that need cash to grow." In one of Mr. Romney's appearances on those-oh-so-unfortunate videos, he says that Bain's business model is to "harvest" companies, not to "save" them, not to "grow" them, but to harvest them.

If a company that Bain takes over grows, it's just that the parasitic Bain has learned how to keep the host alive. And, even if that host grows, it grows by exploiting slave labor in authoritarian Communist regimes, or by automating processes, not by employing American citizens in American communities.

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Therese

8:41 am on Sunday, October 21, 2012

Thank you Mike Check ... nobody gets that fact, but I do.

Tom Nosal

8:42 am on Thursday, October 18, 2012

This must be where the 12 million jobs Romney keeps talking about is going to come from, since he has no concrete plan that anyone but he can see. Someone has to pack up all these companies and get them ready to ship overseas.

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Cathy Anne

9:11 am on Thursday, October 18, 2012

By reading this article and some of the posts to it, it's sad to say that this community has some of the most uninformed people who read and believe anything they see. First the numbers above are all wrong. This was held in a blind trust. I strongly suggest that you folks take the time to actually find the correct information out there instead of reading something here and taking it as gospel. As for the flags, if you look on the internet, you will see apologies for stating that the American Flag was replaced by the Chinese Flag and that they "jumped the gun" with putting that out there. People, believe what you want to believe. But if you are going to read an article like this and base your vote on it, you have NO business voting. Do your homework!!!!!!!!! If this story was true as it's written, dont' you think the President would be touting it out there? There is a whole lot more to this story than you see here. #Just saying.

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russ harrison

11:25 am on Thursday, October 18, 2012

"Only a fool believes an astute person does not have any control over their own blind trust...it's an age old ruse." Spoken by Mitt Romney in his 1994 Senate Campaign against Ted Kennedy... before the Romney's set up their own "blind" trust in 2003.
Bradford Malt, a close personal friend and the Romney's favorite lawyer is the blind trustee. He later moved 10 million dollars from the Romney's "blind" trust into their son Tagg Romney's start up private equity fund. That may be just a coincidence if he sincerely thought it was a better investment than others available. But...
Robert Kelner, the REPUBLICAN election lawyer from Washington DC cited the Office of Government Ethics rules stating" The Office of Government Ethics requires that a financial institution must be appointed as trustee and may not be controlled by or done business with the candidate.." He further stated "This would preclude you from hiring your favorite/personal lawyer as your trustee...".
So maybe Bradford Malt, via Bain, is actually responsible for the Sensata deal. Maybe not. Either way there's a big suspicion of Mitt Romney's involvement. It just really looks like the rules don't apply to the Romneys like they do to us common folks.

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Walt Wingo

1:16 pm on Thursday, October 18, 2012

Russ, you are correct about the ruse of blind trusts. If there is anything we have learned about Romney is how pathologically concerned he is about his money. That he would relinquish complete control over his wealth can only be believed by the most naive.

However the real story about Sensata is that it is a microcosm of what is happening to the middle class in this country. This is a non-union company which had record profits in 2011. Greed is the only reason this company is being shipped to China. What is happening in Sensata is a template that Bain and other private equity companies use to maximize their wealth. And it is the template Romney used to build his wealth. To paraphrase Obama during the last debate - Romney's job plan will create hundreds of thousands of jobs, but they will be in China.

J Hill

12:47 pm on Thursday, October 18, 2012

This is just another example of the biased & mudslinging articles/commercials that we have come to expect with an upcoming election. Although this slanted article is slightly interesting to read at best, it is so full of misinformation it is really not worth reading. This is an example of the propaganda we have come to expect, to make the truth difficult to discern. The fact is 4 years ago we voted in a man to change things, but he has not delivered. If you owned a company and hired a worker who didn';t deliver on his duties, most people would not keep him on the payroll. Think about this, if you had $100,000 for one of these two canidates to manage who would you pick? The successful governor/businessman/creator of jobs or the one who will spend your money and give the bill to our kids. Be informed to vote responsibly.

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russ harrison

2:53 pm on Thursday, October 18, 2012

you're joking right? That was not a slanted article, it was quoted from the GOP election lawyer himself.How's that slanted?
If I had an employee that didn't deliver,I'd find out why before I toss my investment out the window.Well, Obama didn't sign those job acts for a simple reason...they never made it to his desk.They were blocked in Congress.The blame goes to the other people we elected,not the President.Not much he can do without congress's approval,it's how our system works.As for what he has gotten done its not a whole lot. Dodd Frank regulations looked great when he signed it in, but has become whittled down to nothing of any use since then.
As for Romney creating jobs...he was fired as Governor.As in we don't want you anymore.The state of Massachussettes has a bipartisan support pledged against Romney,and who can blame them?They were 47th in job creation under his administration.So much for job creation. A governor,He tried to veto 800 different bills, 717 of which were overturned by his state legislature with several overturned UNANIMOUSLY (that means no one from either party voted his way). He was elected because he pledged to cut taxes..which he did.But...he installed fees,fees,and more fees and we all know that a fee is a tax in disguise.Among those fees were a $10 annual fee for blind people to get a certificate of blindness with an added $25 ID card fee! HE TAXED THE BLIND! sheeesh! Look up Romney's Blind Tax and see who wrote it, then tell us its slanted.

Steven

2:48 pm on Thursday, October 18, 2012

J Hill - I would like you to even the score and be the moderator for the next debate. You are absolutely 100% correct! The propaganda in this election is nauseating. I have asked the same thing to so many people – if your company (assuming you have a job) is being acquired, would you rather have Romney or Obama running it? Anyone that would even think Obama instantly loses credibility. So much is being said about Romney – and certainly no one is perfect, but who in their right mind would want more of what we’ve had? Absolutely amazing and embarrassing that Obama is even an option. Hard to feel sorry for such ignorance in this country.

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russ harrison

3:05 pm on Thursday, October 18, 2012

As I remember my service days and the protocols, display of foreign Flags on american soil has rules: The US flag will always be displayed higher than the foreign flag, with the exception of foreign embassies and the UN building in New York. No foreign flag will be displayed without proper display of the US flag,(again, the exception is for foreign embassies and by special Congressional order) I think the last time a foreign flag was flown solo was Churchill's death, but that might be because he had an American parent.
The Chinese flag should never have been flown at the Sensata plant without the US Flag being properly presented.

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russ harrison

3:10 pm on Thursday, October 18, 2012

JHill,
t I do agree with you that the Patch article leaned a bit. But, I disagree with your evaluation of the Obama/Romney choice and Romney's portrayal as the guy that can fix things. Based upon his record as Governor and the majority of unfavorable reviews from his state's citizens, he should probably stick to investment banking and acquisitions. Our future is too delicate to put back into the same people that nearly destroyed it. Now, on the Illinois State level..vote GOP!

Lisa S.

3:43 pm on Thursday, October 18, 2012

As a former citizen of Massachusetts, I endorse Romney. This "article' and many of the subsequent comments would be amusing if it weren't for the fact that our country is in such dire straits. The whole purpose of thse daily comments by Souht Auburban Move On Coucil is to get Obama elected. And you really expect non-partisan honesty?

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John

4:00 pm on Thursday, October 18, 2012

OMG people, this article, to the shame of Patch, comes from the 'South Suburban MoveOn Council' as in MoveOn.org, as in 'hyper left-wing propaganda machine'. If anyone would just take 2 seconds to find the facts on Sensata, they'd find, as I did, that Sensata, which leased this business from Honeywell, stated in 2011 they had to move its manufacturing overseas at the end of 2012 because that's where their customers are located! Honeywell was going to hang a 'for sale' sign on the bldg after Sensata moved out.

Sensata never said they weren't profitable, they just wanted to be more efficient and cost-effective in producing and shipping their product. My gosh, Romeny left Bain in 1999, you can't hold him responsible for something that happened 15 years ago.

Yes, it's sad for the people who are losing their jobs, but let's not let the facts get in the way of things here...

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J Hill

4:33 pm on Thursday, October 18, 2012

Really Russ, the state of our nation has been under the management of someone who has not improved our financial situation in 4 years! Everytime I go to the gas pump, or pay for groceries, or pay for my utilities, or pay for my healthcare....how long does the list have to go before we all realize a new change is in order. We gave Obama the chance and it didn't get done! Yes, he tried but even with a congress stacked up for him it wasn't done. I know many people (young & old) who are now getting their prescrptions from Canada because they cannot afford it here. That is ridiculous! I am in healthcare and I can assure you I have already seen some frightening changes that will only get worse in 2014(that is when they fully go into effect) under this administration. While you are at it why not check the fee that will be assessed to all our direct deposit checks (which will be required)...and you say you really want this to continue. Maybe you are one of the few that is in a better place than 4 years ago...but I am sure most people are not better off. Certainly our kids will not be better off with this kind of over the top spending.

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russ harrison

5:07 pm on Thursday, October 18, 2012

J Hill,I empathize with you.The last years have been very tough on my family and my neighbors.But we at least realize that it takes more than 4 years to fix a disaster of this size.The depression lasted almost 15 years ending with WW2,and started with an almost identical set of circumstances as we had in 2005-2008.We have an obstructionist Congress that places putting their own party(I am a lifelong moderate GOP member)into the White House at any costs over working to fix economy.They have put forth no plan of any substance other to cut taxes and have not one credible source supporting that plan.I too wish we had a faster recovery than we've had, but it isn't going to happen without bipartisan effort.I've watched as prominent GOP legislatures have turned their back on the Romney Ryan team rather than risk losing what little progress has been made.I've also watched as the GOP Presidential candidate has repeated charged his position on each major issue he has campaigned on,and watched a VP repeatedly refuse to answer simple yes or no questions such as "Do you have an actual plan?"
Romney's history as Governor indicates that he will not be able to unite Congress. His leadership was harshly criticized by his own party.He has limited understanding of diplomacy and military usage.He refuses to abide by public wishes regarding vetting his taxes, and the ones he has shown are questionable.You can vote to switch canoes in the middle of the rapids, but I'm not.Romney's too risky

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Edward Andrysiak

7:30 pm on Thursday, October 18, 2012

Russ...excuses, one after the other. Look at the four years he wasted pushing obamacare when we had a super priority in other items that could have moved us forward. You need to apply your "expectations" to Obama and see if he qualifies as the man on which you will hold tight on HOPE for another four years. Face it, he's a nice guy but simply not qualified to run this country...not now...never was...never will be. He got elected on emotion. I need a real tecnician now to fix the mess we are in. I'll go with Romney and give myself a chance by hitting the restart button.

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my opinion

2:08 pm on Friday, October 19, 2012

The Great depression lasted so long because of FDR's policies. The only thing that ended the depression was WWII. Without WWII the depression would have lasted as long as FDR was president. Poor policies make for poor results.

Yes, the depression started when president Hoover (R) decided that raising taxes during a recession was a good idea.

J Hill

5:31 pm on Thursday, October 18, 2012

I certainly do agree that it wiil take time to fix. However, I can't afford to stand idle and wait for things to happen. Our president had 4 years to make some difference that would gain my confidence that things would be better in the next 4 years. At least in my industry (healthcare) I know it will only worsen. I do know that in many areas Mr.Romney has been highly successful. I have been consistently watching debates and looking at their past records and accomplishments so I can make an informed & good choice in our next president. I know no one is perfect, but I think the progress Mr. Romney has made in his many areas(& years of experience) that he has tackled far outweighs the bad ones. I am not switching canoes in the middle of the rapids, I am merely reaching for the life jacket so I will not drown.

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russ harrison

8:02 pm on Thursday, October 18, 2012

J Hill> Good luck with making that transfer between shaky canoes. I'm with ROAR (Republicans Outraged About Romney) so it's pretty obvious I'm not supporting Romney. But...2 years and we get a gubernatorial election and I should hope that you would support a GOP candidate that is being considered I believe you would like the candidate and support his ideas regarding Illinois.He will only run if Romney is NOT elected.Either way, good luck with your endeavours.

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russ harrison

8:22 pm on Thursday, October 18, 2012

I quit smoking 48 months ago, so how come I don't feel as good as I did 20 years ago? Well...I've been smoking for 30 years, that's why. It takes more than 4 years to fix a problem that took 30 years of festering to finally erupt. You want to try something different? Vote Obama. Want to repeat the same course of treatment? Vote Romney...but the key word is vote,folks. On to the joke:
I saw a medical kit for men displayed. It had a roll of duct tape, some super glue, and a bottle of Blackberry Brandy. I asked the salesman to explain it.
He said" The tape is for broken bones, tape a splint, drink some brandy, and you are good as new.The super glue is for bad cuts, glue it back together, drink the brandy, and you are good as new. The brandy is for flu and colds, drink it and you're good as new."
I asked "How much? He replied 20 bucks under ObamaCare, but we have a Romney package also..."
I asked "what's the difference?"
He explained "Under Romney care, it's the same ..except you use the tape on your wife's mouth when she won't stop nagging you to see a doctor.."
I asked "What's the glue for?"
He said "It's in case the tape falls off..."
I then asked.." So what's the difference in cost?"
He replied "Under Obama it's 20 bucks and it barely fixes the problem...under Romney its 45 bucks but they shut that woman up and give you a voucher for 5 bucks...you decide."

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russ harrison

8:25 pm on Thursday, October 18, 2012

My husband Russ is an idiot! But I love him. Christa

russ harrison

8:33 pm on Thursday, October 18, 2012

If it wasn't for those damn moon colonies, Newt might have been the next President!
BTW> I love you too Christa, now get back in the kitchen and vote like the good GOP woman you are...or not.

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russ harrison

8:39 pm on Thursday, October 18, 2012

I repeat> My husband is an idiot! Christa

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russ harrison

6:58 am on Friday, October 19, 2012

"Laid out on his bed was a Michigan State Troopers uniform.He told us he got the uniform from his father. He told us he was using it to pull drivers over on the road. He also had a red flashing light that he would attach to the top of his white Rambler. We all thought "wow...that's kind of creepy..." After that we didn't have much interaction with him." Rob Madden ...Romney's college dorm mate
Not a glowing reference for Mitt Romney. Add that to Romney's own admission that he and a few others tackled a young man and shaved his head because they "thought" he was gay, and it looks like Mitt is a person with a few issues. Dog strapped to car roof, knowingly sold a doped up horse,tax penalties and fines,SEC investigations, bailout(s) for Bain, Velvet ropes at his Governor's office,lack of woman executives in his private firm, and received amnesty in 2009 for illegal banking activities overseas after paying a hefty fine. As Governor, he OUTSOURCED HIS OWN STATES HELP DESK to India and placed a tax upon the blind! These are just a few items that Mitt Romney admits to candidly,( as in isn't lying about) admits to...and does NOT appear to have any remorse over! The man admits to these things! Add his wife's public statement(s) that she fears for his mental health and wow!
Now..do you really want to give this man control of nuclear weapons and the ability to send your sons and daughters into a war on a whim? This nutjob may try to physically take back those jobs he sent to China!

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Truth

7:14 am on Friday, October 19, 2012

What are the facts? The product line that Bain purchased in Freeport is a low profit product that had similar products being made in China. I'm in manufacturing myself and I can say that cheap products made in the U.S. will continue to go overseas. We are a country that continues to grow with high precision machining that low cost countries can't compete. This is where are future is.

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Walt Wingo

10:44 am on Friday, October 19, 2012

The facts are that in 2011 Sensata had record profits. Their products are used in cars manufactured in this country. Bain is not moving this plant to China because of low profits or high taxes. It is simply a matter of greed. They will now import and sell the same product to the same car manufacturers but at a much higher profit margin because in China they will be paying workers a tiny fraction of what they now pay.

If you want to argue that's a good business plan for a company to ship jobs overseas not because of necessity but simply to maximize profits no matter the consequences to the workers or to the community, that's is your prerogative. But it is disingenuous to say it's good for the country. It is also disingenuous to think that the master-mind behind Bain - Romney - has any inkling on how to create jobs. The only thing Romney is an expert on is how to create, protect and hide his personnel wealth.

J Hill

11:37 am on Friday, October 19, 2012

Once again, we as intellegent Anericans need to realize not everything that is written, or advertised on tv, or even what individuals claim happened in college, may not be true. The facts you claim is as biased they come. I care tremendously about my country, my family & my kids. Our future is uncertain, and if you are okay with standing by for another 4 years to see what happens....then fine for you. But I am proactive and I can tell you that all will certainly not be good for us under this administration. Our healthcare will continue to change for the worse. Good luck to you with these biased statements, I hope the people reading it can see through your propaganda.

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russ harrison

5:46 am on Sunday, October 21, 2012

What is an "intellegent Anerican"?

John

12:30 pm on Friday, October 19, 2012

No company is under any obligation to minimize its profits in order to keep a business in this country. Unless its shareholders, in the case of a public company, agree to do that, the people that run that company have a fiduciary obligation to create the maximum profit for the shareholders. My money is not being used by Sensata or Bain, so it's their decision to make.

However, my money IS being used by GM and Chrysler in the form of Obama's auto bailout. A majority of that money is being used to assemble vehicles in other countries for sale in those countries. That means American taxpayer money is being used to pay for jobs overseas to create products that will not be bought or used by Americans.

During the bailout, the Obama administration knew this was going to happen but did it anyway. So which am I more concerned with, using our money to fund overseas jobs or using private equity to do the same?

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Oswego Resident

1:35 pm on Friday, October 19, 2012

John,
In the Sensata case, did any Americans lose their jobs, at the cost of these profits? Same thing for the GM case. Were any American jobs lost by the use of the bailout money (of which, most has been recovered, btw)
Ask yourself the same questions in regards to the communities that surround these companies. What is better for the "good of America" in the long term?
I know which scenario I would choose.

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John

9:03 am on Saturday, October 20, 2012

@oswego_resident Yes, Americans did lose their jobs in both Sensata and GM. While you say "at the cost of these profits" I hope you also understand that it's the purpose of a company to make profit for it's owners/shareholders. I don't begrudge anyone making a profit. That's the American way, it's Capitalism.

You mention most of the bailout money has been 'recovered'. GM & Chrsyler took over $61,000,000,000 in taxpayer money. They've paid back $34,000,000,000 as of end of Sept. I don't believe they've paid back 'most' of the money, as you stated.

Communities that rely on one employer, like a person who puts all their money in only one stock, are accepting a big risk. It's sad that this happened, but it happens all over the country. You ask 'what is better for America in the long term?'. What's better is for companies, large and small, to make a profit. That enables them to put more people to work and pay more taxes. That's the scenario I would choose.

Andy from Bolingbrook

8:59 pm on Friday, October 19, 2012

I'm trying to weed through these comments and find out if anyone commented on the validity of this entire article to begin with; the premise that "Fifty-one percent of Sensata is owned by Mitt Romney, since he owns 51 percent of Bain Capital." Is there really true??? Chucky T's outrage is based on this one statement. On the surface it seems rediculous that Mitt Romeny owns 51% of Senstata. I've been trying to research this and the best I can come up with is that MItt Romney has money in a blind trust that owns Bains fund...but the numbers and percentages I am calculating come out to LESS THANK HALF of 1%...NOT 51%. If this is true, Chuckie T and his George Soros Left-Wing propaganda can go jump in a lake!!! I will post this information as soon as a do some more research to try and verify...which is something that Chuck may not have done.

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russ harrison

7:21 pm on Saturday, October 20, 2012

Actually, the Romney's don't own that stock via Bain, they own it via a different agent and it is not 51% OWNERSHIP OF THE COMPANY, it is over 50% of a fund that invested into the deal. Likewise, they do not have as many shares in DELCO as people are saying, they have a lot of shares in Delphi (spun off from DELCO) that was purchased immediately PRIOR to the Detroit Bailout.GM and Chrysler bailed out Delphi with their funds received from the auto bailout...so the conjectures are in the right ballpark, the numbers are close, but the data is not attributed to the proper category. However, the Romneys did in fact profit tremendously when Detroit took part of the bailout money and invested in Delphi, a vital peripheral of the auto industry and they did it with the knowledge that federal (taxpayers) funds would be forthcoming. (With plausible denial via a "blind" trust) After the bailout, and after the stock soared,Delphi moved the majority of their manufacturing operations overseas and for all practical purposes, eliminated all remaining domestic union jobs and reduced pensions and benefits to their retirees. It was a business decision that, while modeled after Mitt Romney's practicum, was NOT done by or at the direction of Mitt Romney himself. But...look up his son Tagg Romney's involvement and draw your own conclusion.

Mike

7:31 am on Saturday, October 20, 2012

This article is shameful and I'm embarrassed for the patch for having published it.
The general lack of knowledge that several folks seem to have about the nature of venture capital and business in general illustrates well how we've wound up with the current disaster in the white house.

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Walt Hines

8:52 am on Saturday, October 20, 2012

I was there at the Sensata rally in Freeport Il last night. These people made a quality product and did it under American standards with safety in place. Now that's gone. The productivity will only increase because safety devices on the machines will be taken off. Cheaper materials will now be used and once again we'll have products that don't last for a hill of beans. All this because the 150% profit was not enough.
The plant closing is not only going to hurt the employees whose salaries were averaging $14-18 dollars an hour but the town itself. This was a major employer for the area and it's going to devastate the economy there. Most of the mom and pops are planning on closing and they are very worried for their school system. The domino effect is in full swing.
If Mitt was not involved then why did he take his bus tour across the country 150 miles off course to avoid the area. Stop and talk to the people and explain you're not involved and offer some solace, ask for their vote. Explain that your going to create jobs here and go after China, do this all with a straight face.
Truth is Mitt's involved. For the all the people waiting for their "old" good paying jobs back you'll be waiting and waiting.... The jobs will come at the new minimum wage of $5.50. "Harvesting Jobs" is one thing Mitt has said that's true. Thanks for believing in America especially if it's on China's soil!!!

For all who think this can't happen to you, keep dreaming!

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ron kurowski

10:49 am on Tuesday, October 23, 2012

Walt, I also was at the rally last Friday in Freeport. You're right. These were good middle class jobs that are gone forever. And that is Romney's job plan! His claim of being a 'job creator' is based on his being co-founder of Bain Capital. We now know how Bain Capital creates jobs - overseas in places like China. Bain Capital's other big success story is Staples. I have a relative who works for Staples. These are low wage jobs - he makes $9 an hour after five years. This is the future under a Romney administration.

russ harrison

1:44 pm on Saturday, October 20, 2012

Romney ran a balanced budget the 4 years he was Governor:True!But...the Mass. Constitution REQUIRES the budget to be balanced.In fact,Romney attempted to operate under a deficit after he was elected on a platform of reducing taxes and was denied by bipartison action.
Romney closed tax "loopholes" as Governor:TRUE But...the loopholes he closed proved detrimental to small business,and led to a brief period when his state ranked 47th in job creation due to the number of businesses CLOSING or LEAVING. Among loopholes he closed/reduced were employer contributions for health care,mileage expense deductions,business vehicle usage,employer day-care contributions,and certain "investment costs" deductions.
Romney cut tax RATES across the board: TRUE But...To make up the lost revenue he instilled or increased state fees for everyday transactions,cut aid and services to counties and cities and forced them to raise taxes,part of which went back to the state.Among the fee increases:The delivery "fee" (a tax) on gasoline was quintipled (that means what was 20 cents went up to a dollar),court fees,professional licenses, marriage licenses,filing fees were doubled.Firearms, automobiles,health certificates even old soldiers home residents were "fee'd" (taxed)
Had Best Job Growth in 10 years:Neutral...the guys before him and the guy after had a recession.Romney hit 47th nationally as low,rose to 28th AFTER it was clear he was out as Governor. Manufacturing lost 14% employment..not recovered.

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russ harrison

1:50 pm on Saturday, October 20, 2012

One thing I will say about Massacusettes, they sure believe in keeping records. Wanna' know which Governor spit on a sidewalk while in office? They have it. Which Legislature ate a dinner with a lobbyist and how much was the tip? They got it.What industries made which items and how much revenue Mass.received? They got that. What year hit the lowest employment and which year ad the highest and how long did it last? They got that too...and its all open to the public with the exception of a few "delicate" issues involving certain politicians and public figures...then you need a State Freedom of Information Act form and a valid reason for needin the information...and it can be done online.

Andy from Bolingbrook

2:47 pm on Saturday, October 20, 2012

All this bloviating about how MITT OWNS 51% of Sensata, and MITT IS CLOSING the plant in Freeport, is increasingly looking like ONE HUGE LIE. I have a sister who lives in Freeport. It is a very depressed town, and I feel horrible for the people. HOWEVER, it looks like Chucks entire premise may be FALSE. Below is contradicting information I found from a different source. I have NOT been able to verify either claim. However, I still find it VERY difficult to believe that "Mitt OWNS 51% of Sensata". Here at the comments. Pay attention to numbers (millions vs. BILLIONS)...

"Yes, Bain Capital owns a 51.8 percent share of stock in Sensata Technologies, a company that’s closing an Illinois plant and outsourcing production to China. Bain bought out Sensata for $3 billion — years after Romney left the company — and despite what you might have read scrawled on a cardboard sign at an Occupy protest, Mitt Romney is not Bain. He and his wife reportedly own, through a blind trust, $7.8 million worth of eight Bain funds, which combined have a controlling stake in Sensata. Bain’s controlling share, however, comprises $2.6 billion worth of Sensata’s stock. So no, Romney does not own 51 percent of Sensata — not by a long shot."

IF this is accurate, then the money MItt has invested in a "blind trust" is actually less than a FRACTION of 1%. IF this is proven out to be TRUE, I expect a FULL apology from Chuck Teeter, and a complete retraction and explanation from the Patch.

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russ harrison

7:27 pm on Saturday, October 20, 2012

What the heck does "bloviating" mean? Is that the same as "bovine scattology"?

latexher@comcast.net

11:17 am on Tuesday, October 23, 2012

Americans cannot afford to continue in the ways of the past. Mitt Romney is a prime example of the filthy rich which through their influence and power over congress have put this country in a financial crises not seen since the great depression!

This president inherited a disease which has taken decades to fester! Companies moving offshore and taking advantage of lucrative tax loopholes is not news! Years of pro-business laws, and regulations have allowed many of this nations problems to become so intense that it threatens our internal well being and even our national security!

We certainly cannot afford to go back to the open financial markets of the past which allowed the market meltdown and bank failures of 2008. We cannot allow the lack of oversight which led to Bernie Madoff, his Ponzi scheme, and resulting arrest!

Both political parties are to blame for this current fiasco, however the majority of culpability is entrenched in the Republican parties economic policies, and business structure. Capitalism is great, but with it comes corruption which requires oversight to control!

Mitt Romney is not the man for the job! We need to retain the president, and his policies while allowing him the power to enact sound domestic and foreign policy!

In our home - our three votes will be for our President - Obama!

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Andy from Bolingbrook

12:49 pm on Tuesday, October 23, 2012

That's right, vote for the "Cronie Capitalism" of Barack Obama. There's only one thing worse than a so-called greedy Captialist like Mitt Romney, and that's the Cronie Capritalism Barack Obama has practiced in the White House using TAXPAYER money to line the pockets of "green energy" (i.e. Solyndra) corprarate execs and investors with TAXPAYER money so that they can turn around and bundle big money for the Obama campaign. Give me a break. At least Romney isn't using our har-earned tax dollars to line the pocket of the green energy exects, union bosses, and other fat cat friends that reward him with campaign cash. Oh yah, that Obama is a great guy....oh, please!

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Walt Wingo

9:09 am on Thursday, October 25, 2012

Andy from Bolingbrook

It's crony not cronie - enough said!

Andy from Bolingbrook

2:35 am on Saturday, October 27, 2012

Walt,

That's what I get when I rush to post something without going back to check my spelling. Thanks for catching that. The point remains though; here we have someone who may have (knowingly or unknowingly) stretched the truth, or even outright lied in order to misrepresent and demonize Mitt Romney on the issue of outsourcing jobs to China. If you want to make that case, fine… just don't use blatant lies to try and make your point.

This whole "Mitt Romney owns Sensata", and MItt Romney is laying off 170 American works bull is like some right-wing radical saying Barack Obama went to a Muslim school when he was young, therefore Barack Obama supports the radical Muslim extremists.

For Chuck Teeter to throw this out there without any proof is not only pathetic, but is dishonest and undeserving of space. Furthermore, if his premise is shown to be false or inaccurate in any way, the Patch and Chuck should be held responsible for writing a retraction...and attempt to set the record straight.

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russ harrison

9:33 am on Saturday, October 27, 2012

I agree.There's no need to lie about Mitt Romney to cast him in an unfavorable light,he already does that himself.State of Mass won't endorse him despite his claims he accomplished so much there(he tried 800 vetoes,717 overturned by majority vote in BOTH parties, jobs increased AFTER he stated he would not seek another term)Bain's records under him show a 31% failure,companies they invested in went broke or out of business or Bain lost every penny they put in.His breach of an agreement with the FDIC involving Bain tells you he won't honor agreements he himself brokered.GOP leaders publicly stating they will NOT support a Romney Ryan ticket.Colin Powell endorsing Obama instead of his own parties candidate,Chicago Tribune endorsing a Democrat for President (only 2nd time in its history)Mitts refusal to pull his endorsement for Murdouck (rape is intended by God, guy)Let's not forget that the major Salt Lake City papers have all endorsed Obama and went so far as to state that Romney "has not demonstrated that he as earned a first term as President..." and then there's that tax thing. Received amnesty in 2009 after paying a substantial fine for committing fraud against the IRS in previous years according to McCaine and others that have actually seen his returns.Toss in the "Corporations are people my friends" and him swearing "6 independent studies support our plan"(4 were blogs/op-eds,2 said MAY work in a robust economy).The Syria/Iraq map hing.Mitt simply lies...blatantly.

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Walt Wingo

5:21 pm on Saturday, October 27, 2012

Andy,

Reread Chuck Teeter's post and show me where he lied in the post. His point is that Bain's business plan includes sending jobs overseas. That is a fact! Romney who was co-founder and CEO of Bain Capital, and still is a major stock holder, built that plan. Romney did exactly the same thing when he was CEO of Bain. That also is a fact! No where in the post does Mr. Teeter state that Romney is sending the Sensata jobs to China.

As far as a retraction from Patch or Chuck if Chuck's "premise is shown to be false or inaccurate in anyway", remember this is a blog where writers give their opinion on subjects of interest to the community.

You can disagree with Chuck's opinions in the post, that is your right. Just as it is Chuck's right to state his opinions.

Andy from Bolingbrook

11:17 pm on Tuesday, October 30, 2012

"Fifty-one percent of Sensata is owned by Mitt Romney, since he owns 51 percent of Bain Capital." Walt, this is NOT a statement of “OPINION“. This is an OBJECTIVE statement; something that “should be” verifiable and supported by facts. It is THIS statement that is at the heart of Mr. Teeter’s piece. Much of the remainder of Chuck’s piece IS opinion. And as much as I disagree with his opinion, everyone is entitled to their opinion. That being said, when you base your opinion on a FALSE premise/statement, the opinion loses it's credibility. So, if this core statement is true, then I challenge you, or Chuck, or even The Patch to show us the PROOF. If you can prove this to be 100% true (using a credible source), then I will gladly apologize profusely. However, if Chuck has lied or misrepresented the truth, then I demand that Chuck and the Patch apologize and retract the inaccuracies.

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