Posts Tagged ‘Bain Capital’
Posted by Warm Southern Breeze on Friday, October 12, 2012
The company is profitable.
Sensata Technologies, 2520 S. Walnut Road, Freeport, Illinois – which was created by Bain Capital in 2006 – develops, manufactures, and sells sensors and controls for major auto manufacturers such as Ford and General Motors.
Despite rising profits, the company plans to institute the final layoffs in November. The workers are training their Chinese replacements, who have been flown to Illinois by the company.
Republican presidential candidate Mitt Romney is a co-founder of Bain Capital, the private equity investment firm that created Sensata. According to SEC filings, Romney served as CEO of Bain Capital from its founding in 1984 until 2002. Romney, however, has repeatedly said he left the company in 1999.
The employees’ website is Bainport.com.
Why Romney can’t save the Sensata workers
By Dan Primack September 18, 2012: 4:43 PM ET
Sorry, but Mitt Romney won’t save the Freeport jobs
Protesters want Mitt Romney to intervene on their behalf.
FORTUNE — As Occupy Wall Street celebrated its one-year anniversary yesterday in Zuccotti Park, a much smaller group of protesters set up camp in the northwestern Illinois town of Freeport. They called it called BainVille, in sarcastic homage to the private equity firm they blame for outsourcing their jobs to China.
What the protesters want is for Mitt Romney to intervene on their behalf, leveraging both his national profile and his relationship with Bain Capital executives. And, in theory, it makes sense. After all, what presidential candidate wouldn’t want to help save 170 American manufacturing jobs? Particularly someone who talks about getting tough with China?
But it simply isn’t going to happen.
For the uninitiated, here’s a quick backgrounder: Late last year, a Bain-owned company called Sensata Technologies (ST) agreed to Read the rest of this entry »
Posted in - Business... None of yours, - Politics... that "dirty" little "game" that first begins in the home., - Read 'em and weep: The Daily News | Tagged: "Occupy Wall Street", Bain, Bain Capital, business, China, General Motors, GOP, Honeywell, hypocrisy, hypocrite, joblessness, liar, Mitt, Mitt Romney, Mitt the Twit, off shoring, Republican, Romney, Sensata, Sensata Technologies, traitor, Zuccotti Park | Leave a Comment »
Posted by Warm Southern Breeze on Saturday, September 22, 2012
You sleazebag, free-loading, dirtbag, entitlement-minded, mamby-pamby, wussified, two-bit, grifter…
No, not you, dear reader.
Romney paid $1.9 million in 2011 taxes
Mitt Romney paid $1.9 million in taxes on $13.69 million in income in 2011, most of it from his investments, for an effective rate of 14.1 percent, according to hundreds of pages he released Friday in a move to quiet political controversy over his personal finances.
Wall Street Crap Shoot – h (Photo credit: SouthernBreeze)
The Republican presidential nominee could have paid less in taxes, but he engineered his 2011 returns to Read the rest of this entry »
Posted in - Lost In Space: TOTALLY Discombobulated, - Read 'em and weep: The Daily News | Tagged: 1%, 47%, Bain Capital, filth, Friday, GOP, grifter, Harry Reid, liar, Michele Davis, Mitt Romney, politician, politics, Republican, rich, Romney, scum, scumbag, shirk, shirker, tax, Tax rate, Wealth of Nations, wealthy | Leave a Comment »
Posted by Warm Southern Breeze on Sunday, September 2, 2012
How the GOP presidential candidate and his private equity firm staged an epic wealth grab, destroyed jobs – and stuck others with the bill
by: Matt Taibbi
Mitt Romney illustration / Illustration by Robert Grossman
The great criticism of Mitt Romney, from both sides of the aisle, has always been that he doesn’t stand for anything. He’s a flip-flopper, they say, a lightweight, a cardboard opportunist who’ll say anything to get elected.
The critics couldn’t be more wrong. Mitt Romney is no tissue-paper man. He’s closer to being a revolutionary, a backward-world version of Che or Trotsky, with tweezed nostrils instead of a beard, a half-Windsor instead of a leather jerkin. His legendary flip-flops aren’t the lies of a bumbling opportunist – they’re the confident prevarications of a man untroubled by misleading the nonbeliever in pursuit of a single, all-consuming goal. Romney has a vision, and he’s trying for something big: We’ve just been too slow to sort out what it is, just as we’ve been slow to grasp the roots of the radical economic changes that have swept the country in the last generation.
The incredible untold story of the 2012 election so far is that Romney’s run has been a shimmering pearl of perfect political hypocrisy, which he’s somehow managed to keep hidden, even with thousands of cameras following his every move. And the drama of this rhetorical high-wire act was ratcheted up even further when Romney chose his running mate, Rep. Paul Ryan of Wisconsin – like himself, a self-righteously anal, thin-lipped, Whitest Kids U Know penny pincher who’d be honored to tell Oliver Twist there’s no more soup left. By selecting Ryan, Romney, the hard-charging, chameleonic champion of a disgraced-yet-defiant Wall Street, officially succeeded in moving the battle lines in the 2012 presidential race.
Like John McCain four years before, Romney desperately needed a vice-presidential pick that would change the game. But where McCain bet on a combustive mix of clueless novelty and suburban sexual tension named Sarah Palin, Romney bet on an idea. He said as much when he unveiled his choice of Ryan, the author of a hair-raising budget-cutting plan best known for its willingness to slash the sacred cows of Medicare and Medicaid. “Paul Ryan has become an intellectual leader of the Republican Party,” Romney told frenzied Republican supporters in Norfolk, Virginia, standing before the reliably jingoistic backdrop of a floating warship. “He understands the fiscal challenges facing America: our exploding deficits and crushing debt.”
Debt, debt, debt. If the Republican Party had a James Carville, this is what he would have said to win Mitt over, in whatever late-night war room session led to the Ryan pick: “It’s the debt, stupid.” This is the way to defeat Barack Obama: to recast the race as a jeremiad against debt, something just about everybody who’s ever gotten a bill in the mail hates on a primal level.
Last May, in a much-touted speech in Iowa, Romney Read the rest of this entry »
Posted in - Politics... that "dirty" little "game" that first begins in the home., - Read 'em and weep: The Daily News | Tagged: abuse, Bain Capital, crime, fraud, GOP, John McCain, Mitt Romney, news, Paul Ryan, Republican, Romney, United States, Wall Street, waste, wealth | 4 Comments »
Posted by Warm Southern Breeze on Sunday, September 2, 2012
The noose tightens.
UPDATE 2-New York probes private equity tax strategy – source
Sun Sep 2, 2012 8:00am IST
* NY AG subpoenas at least 12 private equity firms
* AG probing conversion of fees into fund investments
* Bain, Romney’s former firm, among those subpoenaed
* KKR, Apollo, Silver Lake, TPG also get subpoenas
By Karen Freifeld and Greg Roumeliotis
Sept 1 (Reuters) – At least a dozen U.S. private equity firms have been subpoenaed by the New York state attorney general as part of a probe into whether a widely used tax strategy that saved these firms hundreds of millions of dollars is proper, a source familiar with the situation said on Saturday.
Among the firms that were subpoenaed are Bain Capital LLC, KKR & Co LP, TPG Capital LP, Apollo Global Management LLC and Silver Lake Partners LP, the source said.
Bain was once headed by Mitt Romney, the Republican candidate who hopes to unseat President Barack Obama in the Nov. 6 election.
The subpoenas, which were sent out in July, seek documents related to Read the rest of this entry »
Posted in - Read 'em and weep: The Daily News | Tagged: fraud, crime, wealth, news, money, law, capital, Wall Street, New York, politics, Barack Obama, Sprint Nextel, Mitt Romney, Bain Capital, Eric Schneiderman, New York Attorney General, Vestar Capital Partners, Silver Lake Partners | Leave a Comment »
Posted by Warm Southern Breeze on Monday, July 16, 2012
Smack-dab in the heart of rural, working class, coal-mining America.
Oh… the irony!
Read the rest of this entry »
Posted in - Even MORE Uncategorized!, - Lost In Space: TOTALLY Discombobulated | Tagged: America, American, Bain Capital, bank, banking, Coal, Coal mining, economy, employment, foreign, GOP, humor, irony, jobs, Made in America, Mining, Mitt, Mitt Romney, mittromney, money, outsourcing, policy, politics, president, Republican, Romney, sarcasm, system, United States, West Virginia, Working class, WV | Leave a Comment »
Posted by Warm Southern Breeze on Monday, July 16, 2012
The Center for American Progress is a public policy think-tank which was created by John Podesta in 2003 as an alternative to right-wing extremist think tanks such as the Heritage Foundation and the American Enterprise Institute.
You can skip the article to the conclusion, but then, if you did, you’d miss out on the rationale… which is the significant point.
Yes, there are changes to American tax policy which need to be re-examined, particularly and especially those which do not offer competitive, fair or just incentives for a win-win-win for American enterprise, the American worker, and the American economy as a whole. However, the rules that have skewed the advantage to Big Business to the exclusion of the benefit of all of America and her citizens should be re-examined and modified or eliminated as necessary.
Time and time again, history has shown that when our nation has had high personal income tax rates, our nation has prospered significantly. That’s but one proof positive that should no longer be a “sacred cow” for any political party.
Further, the “starve the monster” philosophy which has, in large part, guided the modern Republican party, even spawning the modern radical TEA Party element, is a significant departure from reality. The reason why is simple: 100 years ago, we didn’t have space travel, the Internet, computers, cell phones, the Interstate highway system and so many, many, many more things that we have now. It’s ludicrous – bordering on the insane – to imagine that as these new inventions and innovations have proliferated (themselves signs of American ingenuity & enterprise), that there would be fewer rules and regulations associated with them. The concept is really quite simple. For example, when families have more children, there are more rules to govern their actions & behaviors. It’s analogous also to saying that, as an adult, one would wear smaller clothing as an adult, then as they did when in their infancy. It’s so preposterously ludicrous as to be insane – a genuine divorce from reality.
Romney’s New Tax Incentive for Outsourcing U.S. Jobs
How Romney’s Plan Would Reward Foreign Outsourcing
Gov. Romney presents his plan for creating jobs and improving the economy during a speech Tuesday, Sept. 6, 2011, in Las Vegas. His argument that we must exempt the overseas profits of American companies from U.S. taxes to make them more competitive in a global economy doesn’t hold up. SOURCE: AP/ Julie Jacobson
The Washington Post recently reported that some of the companies Mitt Romney’s firm Bain Capital invested in were “pioneers in the practice of shipping work from the United States to overseas call centers and factories.” Even more troubling than his business record is his platform as Republican presidential candidate, which includes a policy that would encourage and further accelerate the outsourcing of American jobs to foreign countries.
The former Massachusetts governor would make U.S. corporations’ overseas profits exempt from U.S. taxes. These profits are already treated favorably under the tax code compared to corporate profits that are earned and reported domestically, creating an inefficient bias toward investment offshore. The favorable treatment of profits that are reported offshore also creates rewards for corporations that shift profits (on paper) out of the United States to foreign countries, including tax havens such as Bermuda and the Cayman Islands.
Romney’s proposed exemption for foreign profits would exacerbate the worst features of our current tax system. It would: Read the rest of this entry »
Posted in - Lost In Space: TOTALLY Discombobulated, - Politics... that "dirty" little "game" that first begins in the home., - Read 'em and weep: The Daily News | Tagged: American Enterprise Institute, Bain Capital, Bermuda, Cayman Island, economy, GOP, Governor of Massachusetts, Heritage Foundation, inane, insanity, Ireland, IRS, jobs, mental illness, Mitt Romney, outsourcing, policy, reality, Republican, Republicans, rewards, Romney, sick, tax, Tax Policy Center, Taxation in the United States, United States, Washington Post | 2 Comments »
Posted by Warm Southern Breeze on Sunday, July 15, 2012
Part of Mitt Romey’s problem is that the titles “CEO,” “President” and “Sole Shareholder” mean something.
He claims that the titles were meaningless, that though he had the titles, he had neither influence nor control over the firms.
If we were to presume that his assertions are true – that he had neither influence nor control over the firms – that would then signify that the firms purposely gave him meaningless titles which he willingly accepted. And, as we all know, a meaningless title is the moral equivalent of a d0-nothing job.
So, what we really want to know, is that really the message that Mitt Romney wants to give – that he favors “do-nothing” jobs?
Besides, if he wasn’t running the companies, who was?
Joe Burbank/Orlando Sentinel/Zuma
Earlier this year, Mitt Romney nearly landed in a politically perilous controversy when the Huffington Post reported that in 1999 the GOP presidential candidate had been part of an investment group that invested $75 million in Stericycle, a medical-waste disposal firm that has been attacked by anti-abortion groups for disposing aborted fetuses collected from family planning clinics. Coming during the heat of the GOP primaries, as Romney tried to sell South Carolina Republicans on his pro-life bona fides, the revelation had the potential to damage the candidate’s reputation among values voters already suspicious of his shifting position on abortion.
But Bain Capital, the private equity firm Romney founded, tamped down the controversy. The company said Read the rest of this entry »
Posted in - Did they REALLY say that?, - Lost In Space: TOTALLY Discombobulated, - Politics... that "dirty" little "game" that first begins in the home., - Read 'em and weep: The Daily News | Tagged: $75 million, Allied Waste Industries, Bain, Bain Capital, David Corn, Huffington Post, Mitt Romney, Mother Jones, Republican, Romney, SEC filing, South Carolina Republican Party, Stericycle, United States | 2 Comments »
Posted by Warm Southern Breeze on Sunday, July 15, 2012
What does Mitt Romney have to hide?
Why won’t he live up to his late father’s example, and voluntarily and openly reveal all his tax records?
Where the Money Lives
August 2012, 2012-08-08 T11:00:24.000-04:00
By Nicholas Shaxson
For all Mitt Romney’s touting of his business record, when it comes to his own money the Republican nominee is remarkably shy about disclosing numbers and investments. Nicholas Shaxson delves into the murky world of offshore finance, revealing loopholes that allow the very wealthy to skirt tax laws, and investigating just how much of Romney’s fortune (with $30 million in Bain Capital funds in the Cayman Islands alone?) looks pretty strange for a presidential candidate.
BURIED TREASURE Grand Cayman, where Bain Capital maintains at least 138 funds. Inset, Mitt Romney tries to spot his La Jolla home from the campaign plane. ©Ruth Tomlinson/Robert Harding World Imagery/Corbis (beach); by Justin Sullivan/Getty images (inset).
A person who worked for Mitt Romney at the consulting firm Bain and Co. in 1977 remembers him with mixed feelings. “Mitt was … a really wonderful boss,” the former employee says. “He was nice, he was fair, he was logical, he said what he wanted … he was really encouraging.” But Bain and Co., the person recalls, pushed employees to find out secret revenue and sales data on its clients’ competitors. Romney, the person says, suggested “falsifying” who they were to get such information, by pretending to be a graduate student working on a project at Harvard. (The person, in fact, was a Harvard student, at Bain for the summer, but not working on any such projects.) “Mitt said to me something like ‘We won’t ask you to lie. I am not going to tell you to do this, but [it is] a really good way to get the information.’ … I would not have had anything in my analysis if I had not pretended.
“It was a strange atmosphere. It did leave a bad taste in your mouth,” the former employee recalls.
This unsettling account suggests the young Romney—at that point only two years out of Harvard Business School—was willing to push into gray areas when it came to business. More than three decades later, as he tried to Read the rest of this entry »
Posted in - Lost In Space: TOTALLY Discombobulated, - Politics... that "dirty" little "game" that first begins in the home., - Read 'em and weep: The Daily News | Tagged: avarice, Bain, Bain Capital, Banking in Switzerland, Bermuda, Cayman Island, Cayman Islands, George Romney, GOP, greed, hide, Mitt Romney, money, news, Newt Gingrich, Nicholas Shaxson, politics, problems, Republican, Romney, secrecy, secret, tax haven, trouble, United States, wealth | Leave a Comment »
Posted by Warm Southern Breeze on Wednesday, April 25, 2012
“…distributions may be made to a participant who has not separated from service, provided the participant has attained age 23 years old…”
The bigger question is this: Can or will Mitt Romney give all Americans the same opportunity? Can or will his ideas and policy make everyone as rich as Croesus?
Let’s settle for “eliminate poverty.”
I think we know the answer to that one.
Bain’s Unusually Young Retirement Rollover Age: 23
April 2, 2012, 2:19 PM ET
By Mark Maremont
Bain Capital, the private-equity firm that Mitt Romney used to run, appears to have an unusual early-retirement age: 23.
That’s the age at which, according to a federal filing (PDF, page 25), Bain employees are allowed to roll over their retirement funds from a Bain profit-sharing plan into their own individual retirement accounts, or simply withdraw the money.
Federal law allows employees in such profit-sharing plans to roll over their funds into an IRA only under certain circumstances, such as when they leave their jobs, when they’ve been in the job a certain number of years, or when they reach a specified age, pension lawyers said. Normally, that age is something close to retirement, such as 50 or 55 years old.
“I’ve never seen or drafted a plan permitting a distribution as early as 23,” said Charles M. Lax, a pension attorney at Maddin Hauser in Southfield, Mich. He said the Bain arrangement Read the rest of this entry »
Posted in - Did they REALLY say that?, - Lost In Space: TOTALLY Discombobulated, - Read 'em and weep: The Daily News | Tagged: Bain, Bain Capital, cash, economic, economy, Individual Retirement Account, Internal Revenue Service, IRA, Mitt Romney, money, news, pension, policy, politics, poverty, Republicans, retirement, roll over, SEP-IRA | Leave a Comment »
Posted by Warm Southern Breeze on Thursday, April 5, 2012
Mitt Romney provided 23 years of tax returns to the John McCain camp when the Arizona senator was considering potential running mates for the 2008 Presidential election.
Now, he’s balking at providing those same documents to Americans whom he is asking to support him.
Mitt Romney, Mr. 1% - Cartoon (Photo credit: DonkeyHotey)
Romney using ethics exception to limit disclosure of Bain holdings
By Tom Hamburger, Thursday, April 5, 1:10 PM
Republican presidential front-runner Mitt Romney, whose wealth has become a central issue in the 2012 campaign, has taken advantage of an obscure exception in federal ethics laws to avoid disclosing the nature and extent of his holdings.
By offering a limited description of his assets, Romney has made it difficult to know precisely where his money is invested, whether it is offshore or in controversial companies, or whether those holdings could affect his policies or present any conflicts of interest.
In 48 accounts from Bain Capital, the private equity firm he founded in Boston, Romney declined on his financial disclosure forms to identify the underlying assets, including his holdings in a company that moved U.S. jobs to China and a California firm once owned by Bain that filed for bankruptcy years ago and laid off more than 1,000 workers.
Those are known only because Bain publicly disclosed them in government filings and on the Internet. But most of the underlying assets — the specific investments of Bain funds— are not known because Romney is covered by a confidentiality agreement with the company.
Several of Romney’s assets — including a large family trust valued at roughly $100 million, nine overseas holdings and 12 partnership interests— were not named initially on his disclosure forms, emerging months later when he agreed to release his tax returns.
There is no indication that Romney is violating any rules, and his advisers note that his reports have been certified by the Office of Government Ethics, which reviews the disclosures required of presidential candidates.
Romney spokeswoman Andrea Saul said Read the rest of this entry »
Posted in - Politics... that "dirty" little "game" that first begins in the home., - Read 'em and weep: The Daily News | Tagged: abuse, Arizona, Bain, Bain Capital, corruption, DDI, fraud, John Kerry, John McCain, liar, Mikel Williams, Mitt Romney, news, politics, Republican, Republicans, Rick Santorum, Romney, scam, secrecy, secret, thieves, United States | Leave a Comment »