"Bainport"

The sad thing about all of this is "outsourcing" to China and other low-wage countries has been going on for years, but only now is anybody talking about it. That's because a presidential candidate who has made "his" fortune off of the misfortune of others is involved.

People like Romney never would have gotten filthy rich if Congress hadn't allowed it to happen.

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.

It actually disqualifies him from public office, for there is an inherent conflict of interest. It would be as if Mitt had dual citizenship in both China and the United States.

Obama's Illinois pension has investments in Sensata, but that is hardly the same thing at all. Obama has no control over how that money is invested, unlike Mitt and his (former) company.

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Since Mitt profits from the closing and offshoring, this should disqualify him from the presidency. I mean, which country is he loyal to: this country or China?




From August is a group of employees commenting on Mitt's notorious "47-percent" video:




Another reason I call him a "parasite" rather than a "successful businessman."

Some background info about the situation is here.

And this is the bigger picture:

But there is a twist to the Asimco story that would not fit neatly into a Romney stump speech: Since 2010, it has been owned by Bain Capital, the private equity firm founded by Mr. Romney, who has as much as $2.25 million invested in three Bain funds with large stakes in Asimco and at least seven other Chinese businesses, according to his 2012 candidate financial disclosure and other documents.

That and other China-related holdings by Bain funds in which Mr. Romney has invested are a reminder of how he inhabits two worlds that at times have come into conflict during his campaign for the White House.

As a candidate, Mr. Romney uses China as a punching bag. He accuses Beijing of unfairly subsidizing Chinese exports, artificially holding down the value of its currency to keep exports cheap, stealing American technology and hacking into corporate and government computers.

“How is it China’s been so successful in taking away our jobs?” he asked recently. “Well, let me tell you how: by cheating.”

But his private equity dealings, both while he headed Bain and since, complicate that message.

It's the conflict of interest that is so bad, the hypocrisy.

He should be automatically disqualified to be president.

"Bainport"

This should be the end of Mitt's presidential quest, but I doubt it would hurt him at all. Mitt apparently still benefits from this closing and offshoring:

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