As many of you know, there are ongoing job actions at Sensata’s Illinois plant by workers who will soon be laid off from their jobs. Sensata is owned in part by Bain Capital, and 170 manufacturing jobs are slated to disappear by year’s end as the plant is relocated to China. Six workers were arrested yesterday for the crime of inquiring about severance for plant employees.
Their struggle hit home yesterday as about 2 dozen people, including 6 from the Illinois plant, protested at Sensata headquarters in Attleboro. Many held signs that read: We Don’t Want a Romney Economy. There is a protest planned for today at the offices of Bain Capital.
That reminds me, a former Bain Capital CEO and current coupon clipper who maintains an interest in Bain is now running for CEO President of the United States. Mr. Romney has done much speechifying of late about how evil China is and how he will get tough with them on trade and jobs. Oh, and that it is all Obama’s fault. Now might be a good time for Mr. Romney to start.
But he won’t. While His Excellency has entertained the notion of creating jobs right here in the U S of A, the “profit creator” in him prefers the new business model: profits from job losses. And while he enjoys a severance from Bain as a percentage of profits (carried interest) that provided him with $2 million in income in 2011, it is not his fault that workers are getting fired . After all, Bain Capital is just one of many small businesses being crushed under the socialist policies of Barack Hussein Obama. As a type S-corporation, their shoestring profit margin couldn’t afford to give up a tax loophole that would have funded a cut in student loan interest. Besides, any new taxes on wealthy business owners will only result in more job losses – um, according to the republican presidential candidate.
If Romney has his way, he can use Air Force 1 to oversee his business interests in China while creating even more profits right here at home.