Over the course of the year, as Mitt Romney's controversial private-sector background became more politically problematic for the Republican, many Americans became familiar with company names like GST Steel, Ampad, and Dade Behring.
But there are plenty of other names on the list. Sensata Technologies is quickly becoming one of the more notable, and this video, released last week, is worth your time.
Not surprisingly, Romney's campaign has been eager to stress the fact that the candidate left Bain Capital several years ago, and is "not familiar" with Sensata outsourcing its American jobs to China. But it's not that simple -- the New York Times reported that Romney "owns about $8 million worth of Bain funds that hold 51 percent of Sensata's shares. If Sensata saves money by closing the Freeport plant, that could add money to Mr. Romney's trust accounts, now or after the election."
What's more, the Huffington Post reported that Romney personally benefited from Sensata and received a tax break from his shares.
While the workers and the town may suffer, Romney himself has done well as a result of Bain's work with the company. According to his recently released 2011 tax returns, 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.
Second, 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.
The Sensata controversy is serious enough that Republicans are actually trying to drag President Obama into this. No, seriously.
The Romney campaign and Fox News, perhaps fearful of where the Sensata story is headed, have begun arguing that Obama is personally invested in the Illinois company, so if there's a controversy, it applies to both sides.
It's awfully difficult to take this comparison seriously. On the one hand we have Mitt Romney, who owned Bain Capital, owns roughly $8 million worth of Bain funds that hold 51% of Sensata's shares, and who got a tax break by transferring Sensata shares. On the other hand we have Barack Obama, whose state government pension fund invests in a wide variety of companies, including Sensata.
In the bigger picture, Bain-related controversies don't seem to dog Romney on a daily basis the way they did earlier in the campaign, but this new controversy appears to be growing. It's a story worth watching in the campaign's closing weeks.
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Because nothing demonstrates you care about American jobs like having a company over which you have considerable influence ship those jobs to China!
If Romney can't or won't intercede on behalf of American workers today, what makes anyone think he would if he were President?
And if Romney were so damn business savvy to *know* how to save American jobs and therefore the economy, wouldn't this be a most excellent opportunity to demonstrate that? But no. We get Romney distancing himself from the opportunity like the empty suit that he is.
We all know the rich use the tax code to their advantage. But how any candidate with integrity would not sell off this stock or try to have Bain re-invest in the American workers instead of the Chinese is beyond the pale,.Any worker who votes for Romney is endorsing this, think about that for a minute...You could be next.
What is it going to take for the American people to demand that people running for our highest office be required to disclose all of their financial records so that it can be determined that these people have no ethical conflict of interest. Being the president of the united states provides the ultimate opportunity for conflicts of interest and the interest that is being conflicted with is ours.
I have my doubts that the Sensata story will go anyhere. It seems that no one in the MSM is covering it out of fear from the right wing.
The only chance that it gets covered is a false equivalency angle, which is why the Romney camp and Fox news is using the weak charge that Obama is personally invested in the company too.
That is probably the reason they(MSM) haven't focused on it up to this point. They needed any kind of false equivalency as a CYA protection from a charge a bias.
This is political journalism in 2012.
if the right and FOX try they are going to open themselves up for a debate on the differences between a pension funds management and a "Blind" trust and they won't want to do that. All of this circles around a question they have tried as hard as they possibly can to avoid answering: What is Mitt Romney actually invested in and how much did he actually profit off other people's misery.
I'll bet Anderson Cooper does'nt do a keeping them honest segment on this subject.Unless he "expose's" the President for having a tiny part of an investment in Sensata.CNN aka the republican/tea party channel does'nt like to report new's they like to create it for controversy.
CNN: the Cretins' News Network.
I've been closely following this story and CNN was there today along with Senator Dick Durbin. Of course who knows how CNN will cover it, but the story is starting to get the attention it deserves.
I hope this gains enough traction to get in front of every undecided voter remaining. I think this shows the real Mitt Romney every bit as much as the "47%" video did. These people literally begged for him to come and do something to save their jobs. He certainly knew they were asking for his help. And he did nothing.
In before:
"I'm running for office for pete's sake, I can't have a company I hold shares in shipping it's jobs to China while I'm claiming I will crack down on China!"
The second biggest crime perpetuated upon Freeport:
Being forced to remove the Ensign of the United States from the property.
Luckily, the Chinese flag was never raised, but the act of being forced into removing OUR flag is reprehensible.
http://www.democraticunderground.com/1014264506
Seriously!
He has been running for president since 'forever', and NOBODY sat him down and said, "Mittens, honey, sweety-poo, Mr. International Harvester (Thanks, Charlie Pierce!), we need to clean these bones from your closet, because sooner or later a reporter NOT attached to the Sycophantic Media Conglomerate, will jimmy the door, and shine a flashlight on the contents!"
Of course, Mittens then replied- "Hey, watch your mouth! Who do you think you are talking to- some mere mortal, or the the most powerful dissembler on the planet?"
Mitt Rmoney is George Bush all over again.. Americans are inexhaustibly stupid for even considering the idea, and here we are again! If you have no principles then you are no doubt voting the Robme/Li'yn ticket in November, it is that simple and no broader brush is needed.
I think he is worse than Bush. He is a sociopath, much more dangerous. Bush was just stupid and malleable.
Mitt Romney makes Bush look like an angel. An intelligent angel. He makes Richard Nixon look like one of The Founders.
Normally the whole taking someone's name and making it into some wanna be clever thing like obummer makes me want to punch the writer in the face. But your robme/lyin one is down right fitting. This guy is a train wreck and americans need to slap their heads like in those v8 commercials if they think this clown cares about them. As Sam L Jackson said in his web video wake the f up!!!
this story would be huge if it was Barack Obama who could financially benefit from this.
The American citizens of the United States of America are being sold out and Romney has been wholeheartedly behind every step of the process.
I am originally from Freeport, Illinois and still live close. I have family that live and work there. I found the video very moving and am glad that someone is shining a light on this issue. I have seen first hand what happens when a town that counts on one company for almost all its jobs loses that company. All that is left are service jobs, but how is anyone supposed to pay for the services of the doctors, lawyers, tradespeople, restaurant owners and staff? The biggest new jobs that came in were the new Menards super store, but who will able to come buy their products?
I have a close family member who has worked at the Sensata plant all of her adult life. Soon she will be without a job, but not before she trained her Chinese counterpart. Where are the people who lived and worked in Freeport all their lives supposed to go? I can't say Mitt Romney individually is totally at fault, I recognize that corporate greed and outsourcing are a more complicated issue, but when I hear him talk about "cracking down on China" and "creating more jobs" it's insulting. He's made all his money eliminating American jobs. I find it hard to believe that as soon as he gets into office he will cut ties with his business contacts and start cracking down on outsourcing and tax loopholes. Unlike some members of the Republican base, I don't think he's stupid enough to work against his own self interest.
I'm sorry this is a bit of a rant, but it's something that affects me and those I love personally. Freeport was a nice place to grow up. I have many happy memories there. Now going back there is sad. The economic depression is also an emotional one.
I know one thing: if I worked at Sensata, I would walk out before training my replacement. Would I be giving up my severance and any chance at an unemployment claim? Maybe. But there is this thing called principle, and sometimes that's more important than security.
KJ, I wouldn't be surprised if Bain may have applied for some program from the Government or will strip the company dry and the government becomes responsible for the pensions, etc. Bain's done it before as we read articles and watched videos.
Bain and Romney -- they have no conscience. No morals. Romney would have American workers living in dorms and working for the same pay if he could.
MSNBC is poised to make this breaking story national headline news. What is preventing this? They need to be the voice of those Illoinois American workers who are aching to have their heartache told.
The 47% comment's mischeivious twin has been found. Maybe he just needs a little nudge into the national spotlight.
No, instead they are running headlines like "Romney to benefit from town hall format in Tuesday debate.." " Romney polls up, entire world cries out for Romney to win".
Mitt reminds me of the characters in the Godfather movies. Murder, extort, lie, cheat in business and on their wives, then donate a bunch to the Church to maintain an image of decency. Mitt is an abomination to the American people and leopards do not change their spots.
If this doesn't bcome a part of every Democratic political conversation, campaign speech, political ad and pundit conversation, then Democrats deserve to lose because they haven't figured out how to fight against fascisim. Make no mistake, the Romney -Ryan ticket is all about installing a puppet administration whose sole purpose will to be to create corporate statisim through the destruction of democracy.
Jo Biden told us that the President has a big stick. BO had better whup it out tonight. Sensada (whomp), China (whomp), Bain (whomp), 47% (whomp,whomp).
Romney is firing the people at Sensada because they truly don't want to work.(snark) Not for pennies on the dollar. Let's see some footage of the Sensada people protesting and getting arrested in a political ad. If the President has stock in Sensada let's see the proof today. One of Obama's strong points is transparency.
I just went on Yelp and posted the link to this story. We the people need to make things happen instead of expecting others to do it for us. Look at the right and their all out assault on everything from voting rights/suppression, to playing the whole race card and even going so far as to breathe new life into the whole birther lie. Their people over at fox news have been hammering Obama for months on everything from old videos from the 2008 campaign to down right lies on how he plans on taking out the work requirement for welfare! They will not stop because they know they have to do everything they can to beat him. Why? Because they know if he wins then things are going to get worse for them. If he wins and things continue to get better then it will restore confidence in the democratic party and will make it that much harder for a republican to try and win in 2016.
The real issue is with the right holding things up in congress and stoking the fires of hate just so things would get worse. Despite all their lies and tricks things have improved to the point were Obama looks like he really has done something and now they are desperate. Mitt was the same way in the first debate with all his flipping on issues and promises he has made. You lie to so many people it can be hard to keep everything straight. The press should keep on hammering him with the same questions so they can tape him saying one thing then another. Then hit him hard with the proof and keep on playing it over and over. People need to wake up and realize that this guy is full of as Joe biden said stuff!! He lies on his taxes, lies about what he believes, lies about his policies, his business experience, his wealth, and on and on. Spread the word!! Tell a friend and show them the proof!! People are voting without knowing the full story about this professional liar.
The POTUS also has a long personal history of advocacy. the GOP(and no doubt ALEC) have tried to turn this into a dirty word, but I think it's what has brought balance to decision process. I know people that have retrained,start a new direction in the work force and saved their home due to programs put in place by this administrations. People need to know this. Dems need to step up.
What Bain is doing is unethical because they’re replacing American workers in a critical technology area without filing with SEC. The foreign workers are slave labor that works about 99 cents an hour where plants operate without safety or pollution controls.
Although Mr. Romney didn’t make this deal, he should use his influence to stop the job losses and Bain has said they would listen. Mr. Romney has refused to do, take a petition or discuss the matter with the workers. The workers also point out that the business model used in this deal is similar to many of the deals that Mr. Romney made when he was at Bain. including B Toys and GS industries where Bain left sick abestos workers without health insurance. see timeline below
President Obama’s jobs bill would have prevented this but Republicans blocked and Romney has told the press that government regulation is responsible when what we need is more. Romney wants a territorial tax structure where Americans pay for shipping jobs overseas as they did with Sensata and American overseas corporations get 0 percent tax rate.
Romney also falsely claimed President was invested in Sensata and he has a blind trust that doesn't allow him to get involved when in fact he is the trustee and his trust doesn't meet Fed guidelines for blind trust which Romney himself has said are ruses (see link below).
Romney also reported last year that he divested all of his interests in China. As it turns out he didn’t and still owns interests in Chinese companies. In addition, over the last two years he’s made a large profit using a unusual tax trick to pay a low tax rate on profits he made from a company named Sensata. Complete sensata timeline here https://www.impartial-review.com/stories/sensata-update-timeline
I wouldn't be surprised that if Sensata becomes a big story, all of a sudden Romney will speak up, keep the jobs here, and be portrayed as a hero in the media.
And then win Ohio.
The organizers of the protest have a tumblr documenting their work, if anyone is interested. It is called "Greetings from Bainport".
http://bainport.com/
He can call himself superman, fly around the world picking up terrorist and toss them in the middle of the atlantic ocean and it still would not help him. His biggest issue is not voters or what the press has said about him. It is not even any of the things the Obama team has put in their ads. Mitt's problems all come from the source, himself!! He has spent so much time trying to please everyone that he no longer knows who he is or what he stands for. If you look back to when he ran for governor of mass he had so many flip flops on issues. He managed to win and did noting but claimed he had this huge impact on the state. He likes to claim his win was some kind of history making event just because it was in a heavy blue state even though the governor before him was a republican.Mitt left the state with a huge deficit and turned the state back to blue just like what happened after bush's last term! When he realized he would loose his reelection bid he left and tried to run for the senate.
He got creamed because he again tried to flip flop on what he believed and created moderate mitt. He was challenged on his flops by the late senator Kennedy and started saying things like I believe in a woman's right to choose, and I will protect roe v wade. He lost! He changed that tune again when he decided to run for president. He no longer believed women should choose and that roe v wade should be repealed. He lost! This election cycle he again decided to go with the flow of the new tea party led republican party and say he no longer even believes in a woman's right to choose and he wanted a smaller government. He also claimed he was proud of his record on health care because it helped several people in his state. But when Obama used this idea for the affordable care act aka obamacare, he was against it. It is wrong for America and it was socialism! Yet it was something he was proud enough to run on in the primaries. Now he says I am moderate Mitt and I am going to make America great again. We are going to start by spending more on the military by increasing defense spending by 2 trillion dollars. We are also going to build more ships and subs as well. He does not say how he will pay for this by the way. He also says he wants to cut taxes across the board by 20%. This will cut the money the country takes in yet he claims he will make up for it by the 12 million jobs he will create and the tax loopholes he will close yet he will not tell anyone which deductions he will close. He wants to create 12 million new jobs in his first term yet does not explain how. He says the numbers add up and offers 6 studies as evidence yet 2 are nothing more than blog post from someone from the bush years. Another did not use the plan as is in fact they changed it and it still did not add up. As for his 12 million new jobs studies show the country is already on track to create 12 million jobs by the year 2016. So elect Mitt and when it happens he will say see I told you I would do it!! This guy is nothing but a liar and a cheat. Think Washington is broken, send this guy there and you will see things get much worse.
Mr. Bain Capital's plan doesn't pass the smell test.