Warm Southern Breeze

"… there is no such thing as nothing."

Posts Tagged ‘Bain’

Mitt Romney won’t intervene in Bain’s export of 170 American jobs to China

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 September 18, 2012: 4:43 PM ET

Sorry, but Mitt Romney won’t save the Freeport jobs

sensata_employees

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 »

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Mitt Romney owned a company that disposed of aborted babies.

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?

Romney_top_image

Joe Burbank/Orlando Sentinel/Zuma

Romney Invested in Medical-Waste Firm That Disposed of Aborted Fetuses, Government Documents Show

And these documents challenge Romney’s claim that he left Bain Capital in early 1999.

—By , Washington Bureau Chief

 Mon Jul. 2, 2012 3:00 AM PDT

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 »

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Secret Swiss Bank accounts, Cayman Island Bank accounts, Bermuda Tax Haven Bank accounts… what does Mitt Romney have to hide?

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.

Mitt Romney Cayman Islands banking

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 »

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What does Mitt Romney have to hide?

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.

Why?

Mitt Romney, Mr. 1% - Cartoon

Mitt Romney, Mr. 1% - Cartoon (Photo credit: DonkeyHotey)

Romney using ethics exception to limit disclosure of Bain holdings

By , 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 »

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