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Tue Oct 16, 2012, 08:04 PM

How Romney Could Have Stopped Sensata’s Outsourcing to China But Did Nothing



How Romney Could Have Stopped Sensata’s Outsourcing to China But Did Nothing

The concept of hierarchy is not difficult to understand for anyone who has been in the military or large organization with a body of persons having authority, and obviously there is always one person at the top with supreme authority. In the military, for example, a general may have authority over every rank below them, but they still have to answer to the Joint Chief of Staff or the Commander in Chief, the President. The same is true in the corporate world with the CEO at the top of the command structure overseeing and directing the company, and subsequently taking responsibility for any actions of their underlings. The Republican candidate for president was CEO of Bain Capital that is in the news for closing a company in Freeport Illinois, and shipping manufacturing equipment and jobs to China. Willard Romney claims that since he retired sometime between 1999 and 2002 as head of Bain Capital, he is not responsible for relocating Sensata to China, and has refused to intervene and preserve good-paying American jobs. However, Romney still is involved in Bain Capital, and if he so desired, he could have stopped the factory closure and preserve 170 jobs.

Romney may not be the CEO of Bain Capital, but he is heavily involved in Sankaty Advisors, LLC, the credit affiliate of Bain Capital, LLC that is responsible for relocating Sensata operations to China. Romney’s connection to Sankaty High Yield Asset Investors Ltd. went virtually unnoticed for 15 years and was not listed on any of Romney’s state or federal financial reports and only came to light with the release of his 2010 income tax return. The company is among several Romney holdings that have not been fully disclosed as Americans are beginning to discover. In a 2001 Securities and Exchange Commission (SEC) filling, “Mr. W. Mitt Romney is the sole shareholder, a director, and President of Sankaty Ltd. and thus is the controlling person of Sankaty,Ltd.” as well as several Bain entities including Bain Capital. Romney transferred ownership of Sankaty to his wife one day prior to being sworn in as governor of Massachusetts, but it is still “in the family” as far as Romney is concerned.

A visit to the Sankaty website shows it is intricately linked to Bain Capital, and for all intents and purposes, there is every appearance they work hand-in-hand. As of July 2012, Sankaty claims it has $19.3 billion assets under management, and naturally, as CEO, Willard Romney touted one of the Bain Capital’s milestones was founding Sankaty Advisors in 1998 which is reflected in SEC filings. The question that arises then; if Sankaty Advisors is interlinked with Bain Capital, how can Romney claim he has no influence over Bain’s closing the Sensata plant and sending Americans’ jobs to China? He is certainly profiting from closing the plant through both Bain and Sankaty, and he cannot claim ignorance or that Sankaty is not connected to Sensata Technologies.

In a letter from Sankaty Advisors to investors dated December 2010, they specifically cite Sensata Technologies as one of their investments, and coupled with Romney’s severance package from Bain Capital that allows him to share in company profits as if he were still a partner, it is beyond belief that he could not have influenced the move to China. Romney cannot possibly say he was unaware of the plight of Sensata or the employees who are losing their jobs, because they have appealed to him on several occasions to step in and save their jobs. In fact, Romney has talked tough about jobs going to China and on Saturday in Ohio he said, “It’s time for us to stand up to China for their cheating. It’s got to stop. We’ve got to get those jobs back,” and earlier this month he said, “China has taken Americans’ jobs” while he assailed President Obama for not standing up to China.

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Full article here: http://www.politicususa.com/romney-stopped-sensatas-outsourcing-china.html




A Good Read


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