Tuesday, August 14, 2012

Cheryl Randecker: "Now when I hear Romney speak it makes me sick to my stomach."

Now for something completely different: a lesson on pernicious effects of conscienceless capitalism currently causing heartache in Illinois.  Bain Capital, the company Willard Mitt Romney may or may not have worked at until 2002 and of which he still owns gazillions of dollars worth of shares in, bought an entirely profitable company in Freeport, IL, to close it and send the jobs to China to make MORE money.

You see, capitalism without any moral scruples requires, nay even demands, wringing every lst peenny out of a going concern no matter the human, economic, and even environmental costs.

So these lucky duckies at Sensata Co. get to train their own replacements, building their own gallows as it were:
[But for Bonnie Borman – and 170 other men and women in Freeport,Illinois – there is a brutal twist to the torture. Borman, 52, and the other workers of a soon-to-be-shuttered car parts plant are personally training the Chinese workers who will replace them.

It's a surreal experience, they say. For months they have watched their plant being dismantled and shipped to China, piece by piece, as they show teams of Chinese workers how to do the jobs they have dedicated their lives to....

But, in the midst of the 2012 presidential election, Freeport is different. For Sensata is majority-owned by Bain Capital, the private equity firm once led by Mitt Romney, that has become a hugely controversial symbol of how the modern globalised American economy works. Indeed, Romney still owns millions of dollars of shares in the Bain funds that own Sensata.

So as Sensata strips out costs by sacking American workers in favour of Chinese ones, the value of Romney's own investments could rise, putting money into the pockets of a Republican challenger who has placed job creation in America at the heart of his bid for the White House.... 

"I understand business needs to make a profit. But this product has always made a ton of money. It's just that they think it is not enough money. They are greedy," said Tom Gaulraupp, who has put in 33 years at the plant and is facing the prospect of becoming jobless at the age of 54. ]http://www.guardian.co.uk/business/2012/aug/10/illinois-workers-bain-outsourcing?newsfeed=true

Of course, the good citizens of Freeport have petitioned Mr. Romney and Bain Capital to save their jobs, company, and city.

They got the same response Paul Ryan gave the nuns on the bus seeking common sense who tried to get the Representative to face the consequences of his budget for ordinary folks: nada, nothing, zip, zero, pinga.

Thanks, boys.

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