Tuesday, August 21, 2012

Bain Capital Makes Workers Train Chinese Replacements
Romney's company moving profitable factory overseas

Updated 8/23/2012

Mitt Romney's company Bain Capital is making workers at a car parts factory it owns train their replacements, who are being flown in from China by Bain. See these stories in Daily Finance and The Guardian.

Freeport workers protest Bain Capital- Progress Illinois
Workers at the Freeport, IL, Sensata Technoligies, which Bain bought two years ago, recently protested and delivered a petition containing 35,000 Freeport residents' signatures to Bain offices in Evanston, IL, asking that their jobs be saved. The 170 jobs at stake would put another dagger in the heart of Freeport's struggling rust belt economy, according to Progress Illinois.

As Daily Finance reports:

"Although Romney left Bain around the turn of the century -- pinpointing the exact year is difficult, which has itself become a source of controversy -- he maintains financial ties to the company, receiving millions of dollars annually in profits from buyout and investment funds. Which means that Romney stands to gain if Bain's plan to cut costs at Sensata by eliminating U.S. jobs succeeds in increasing profitability."

In other words, Romney is one of the major owners of Bain Capital.

Republicans whole-heartedly love this kind of Capitalism, in which factories and jobs are moved to China, where abortion is legal and encouraged by the government. As long as it makes more money for rich people and suppresses wages -- which throwing another 170 people into the job market will certainly do -- that's all that  matters. This is standard Neoliberalism, trickle down Reaganomics. They've been saying for more than 30 years now that it will improve overall efficiency for the benefit of all, but we're still waiting.

We'll be waiting until hell freezes over. Neoliberalism is simply a scheme to redistribute wealth upwards. Nothing more, nothing less. 


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