Bain Capital: Closes Plant and Romney Benefits

An American horror story!

After a very long day, of keyboarding  I am going to defer my close and my first screed of tomorrow to tonight's MSNBC, The Ed Show.   Ed Schultz journeyed to small town Illinois in the heartland of the nation to broadcast from the latest plant closure with jobs to China. There may be more jobs moving to China, but the Sansata plant closure will provide direct millions to Mitt Romney's already opulent financial empire.  

The employees at the Sensata plant are fighting a spirited, but useless fight to save their jobs.  They have no choice, I would do same.  After the humiliation of some employees being forced to train Chinese who will take their jobs, I cannot imagine the mindset of these Americans.  

Now, before I turn this screed over to Ed Shcultz  in separate video and a short excerpt from The Daily Kos, I offer a few more words in introduction.  

As an American, can you imagine Sensata lowering the US Flag and raising the Chinese Flag while the eager Chinese employees were in the plant?  The flag lowering to me seems also seditious.  Another point.  The Daily Kos below reports Sensata closed their facility and will reopen on Monday of nest week.  Unbelieveable!

October 15, The Ed Show

October 19, MSNBC

Sensata temporarily closes plant in response to tonight’s ‘ED Show’ broadcast

Steve Frank

7:21 pm on 10/19/2012

Photo courtesy Bainport.com (Bainport.com)

Bainport.com reports that in response to Friday’s live broadcast of The Ed Show on MSNBC, Sensata sent workers in Freeport, Illinois, home (with pay) today and closed the auto sensor plant for the entire weekend, barricading the entrances and telling second shift workers not to report. 

The Ed Show announced earlier this week that it was going to broadcast from Freeport, Illinois, on Friday to cover Sensata’s planned plant closure and to examine whether workers were getting a fair severance package.

Despite a record profit last year, 170 Sensata Technologies workers are losing their jobs in December to China thanks to the greedy bullies at Mitt Romney’s Bain Capital.

The move pits American workers against young women in China who are paid 99 cents an hour and work 12 hours a day, 7 days a week, according to Charles Kernaghan, director of the Institute for Global Labour and Human Rights.

October 19, 

October 19

Fair time for a Romney perspective (as callous as it really is)

The Daily Kos

Here is more info on Romney/Bain moving Sensata factory to China.

But first, watch this 10 second video.

And then watch the video below the fold...

•     Romney makes $450,000 per week from his blind trust. 
•   Bain is closing a factory and shipping equipment and jobs to China 
•   The US government has paid $780,000 retraining fired Sensata workers. 
•   Bain can deduct the expense of moving to China from US taxes. 
•    US workers at the Sensata factory have to train their Chinese replacements. 
•    Romney owns about $8 million worth of Bain funds that hold 51 percent of Sensata’s shares.

•    These are high-tech, well paid jobs performed by skilled American workers. 
•    Workers in the Sensata factory in China make 99 cents an hour. 
•    Chinese laborers work 12 hour shifts, 7 days per week. 
•    Chinese workers are housed 2 to 3 to a room in barracks 
•    The American workers set records for profits for Sensata 

UPDATE How Mitt Romney will benefit from closing Sesnata.

As mentioned in the bullet-points above, Bain/Romney will receive tax deductions after closing the factory in Freeport. Huffington Post takes a closer look at the tax benefits for Romney.

•    Romney transferred $701,703 worth of Sensata stock to the Tyler Charitable Foundation, a 501(c)3 tax-exempt nonprofit controlled by Romney. 

•    Moving the stock to his nonprofit brings Romney twin benefits. First, he gets to deduct the full value of the stock. At a 35 percent tax rate, that's nearly a $250,000 benefit. At 15 percent, it's just over $100,000. 

•    Romney is able to avoid paying capital gains taxes on the stock price increase. Romney's returns list no cost for the stock, and indicate he obtained them as part of a partnership interest in Bain. Avoiding capital gains taxes on the full increase would save an additional $100,000. 

•    In 2010, Romney gifted $170,000 worth of Sensata stock to his charity, saving $25,000 in capital gains taxes that year.

ORIGINALLY POSTED TO Z. WOOF ON SAT OCT 13, 2012 AT 08:40 AM PDT.

Ed Schultz closes by talking with people on the front line against losing their jobs.

Ed brings the Sensata show to a close.....