The Washington Post has a blockbuster, must-read story today detailing how Mitt Romney and Bain Capital were “pioneers in the practice of shipping work from the United States” to countries like India, China, and elsewhere.
ThinkProgress’ Pat Garofalo gets to the heart of it:
Bain “invested in a series of firms that specialized in relocating jobsdone by American workers to new facilities in low-wage countries like China and India.”
In one example, Bain was the largest shareholder in a company called Modus Media, which “specialized in helping companies outsource their manufacturing“:
Modus Media told the SEC it was performing outsource packaging and hardware assembly for IBM, Sun Microsystems, Hewlett-Packard Co. and Dell Computer Corp. The filing disclosed that Modus had operations on four continents, including Asian facilities in Singapore, Taiwan, China and South Korea, and European facilities in Ireland and France, and a center in Australia.[...]
According to a news release issued by Modus Media in 1997, its expansion of outsourcing services took place in close consultation with Bain. Terry Leahy, Modus’s chairman and chief executive, was quoted in the release as saying he would be “working closely with Bain on strategic expansion.”.
Other companies that Bain invested in sent jobs all over the world, including to Ireland and Mexico, while Romney has tried to claim that Bain was all about creating jobs and turning around American companies that otherwise would have gone under.
As one of Romney’s former partners put it,”I never thought of what I do for a living as job creation…The primary goal of private equity is to create wealth for your investors.” And that’s what Bain did, even if it meant helping companies move operations to the same country Romney now blasts for stealing American jobs.
While the Romney campaign declined to comment for the article, they offered a laughable response today: outsourcing is different than offshoring. In other words, they didn’t dispute one iota of the substance of the story, but instead wanted to split hairs over semantics.
WHY IT MATTERS: While it’s troubling that Mitt Romney amassed a quarter-billion dollar fortune by bankrupting companies, laying off workers, and sending jobs overseas, where his policies would take America is of even greater concern.
Not only did Romney personally profit from the outsourcing and offshoring of American jobs, he has signed a pledge to a Washington lobbyist to protect tax breaks for companies who ship American jobs overseas. Mitt Romney also wants to encourage companies to dodge taxes by simply getting rid of taxes on foreign profits altogether. And he has also eagerly embraced the House Republican budget plan that also protects tax breaks for companies that ship jobs overseas and also abolishes corporate taxes on foreign profits — many of which are “foreign” only because of accounting tricks andother gimmicks.
By contrast, President Obama wants to end tax breaks for companies that ship jobs overseas and instead use the money to reward companies who bring jobs back to America. The president also wants to make sure that companies pay their fair share by instituting a global minimum tax to make sure they don’t use tricks and gimmicks to avoid paying what they owe.
Bain “invested in a series of firms that specialized in relocating jobsdone by American workers to new facilities in low-wage countries like China and India.”
In one example, Bain was the largest shareholder in a company called Modus Media, which “specialized in helping companies outsource their manufacturing“:
Modus Media told the SEC it was performing outsource packaging and hardware assembly for IBM, Sun Microsystems, Hewlett-Packard Co. and Dell Computer Corp. The filing disclosed that Modus had operations on four continents, including Asian facilities in Singapore, Taiwan, China and South Korea, and European facilities in Ireland and France, and a center in Australia.[...]
According to a news release issued by Modus Media in 1997, its expansion of outsourcing services took place in close consultation with Bain. Terry Leahy, Modus’s chairman and chief executive, was quoted in the release as saying he would be “working closely with Bain on strategic expansion.”.
Other companies that Bain invested in sent jobs all over the world, including to Ireland and Mexico, while Romney has tried to claim that Bain was all about creating jobs and turning around American companies that otherwise would have gone under.
As one of Romney’s former partners put it,”I never thought of what I do for a living as job creation…The primary goal of private equity is to create wealth for your investors.” And that’s what Bain did, even if it meant helping companies move operations to the same country Romney now blasts for stealing American jobs.
While the Romney campaign declined to comment for the article, they offered a laughable response today: outsourcing is different than offshoring. In other words, they didn’t dispute one iota of the substance of the story, but instead wanted to split hairs over semantics.
WHY IT MATTERS: While it’s troubling that Mitt Romney amassed a quarter-billion dollar fortune by bankrupting companies, laying off workers, and sending jobs overseas, where his policies would take America is of even greater concern.
Not only did Romney personally profit from the outsourcing and offshoring of American jobs, he has signed a pledge to a Washington lobbyist to protect tax breaks for companies who ship American jobs overseas. Mitt Romney also wants to encourage companies to dodge taxes by simply getting rid of taxes on foreign profits altogether. And he has also eagerly embraced the House Republican budget plan that also protects tax breaks for companies that ship jobs overseas and also abolishes corporate taxes on foreign profits — many of which are “foreign” only because of accounting tricks andother gimmicks.
By contrast, President Obama wants to end tax breaks for companies that ship jobs overseas and instead use the money to reward companies who bring jobs back to America. The president also wants to make sure that companies pay their fair share by instituting a global minimum tax to make sure they don’t use tricks and gimmicks to avoid paying what they owe.
Hey Tim its Vee +D come on over to my blog for my email addy is visible now. www.sweetcocoahearts.tumblr.com
ReplyDeleteTried to contact u by the email in you blog it says it was unavailable.
DeleteIf you checked this post here I tried using any email service as well let me know if you got the message.