JOBS, JOBS, JOBS. This is all we hear about as every politician in the country rolls through New Hampshire. Some are trying to be President, other are here supporting someone running for President. Every campaign from local state representative to President of the United States, has had something to say about creating more jobs.
The GOP Presidential candidate Mitt Romney has talked non-stop about jobs. He blames President Obama for not creating jobs and that he will fix the economy. “They’ve been able to put American businesses out of business and kill American jobs,” Romney told workers at a Toledo fence factory in February. “If I’m president of the United States, that’s going to end.”
Romney has continued to say that his experience with Bain Capitol and as a businessman gives him the advantage. He also says he wants to bring American jobs back. “For me it’s all about good jobs for the American people and a bright and prosperous future,” he said. However his past is slowly coming back to haunt him.
As we all know, Mitt Romney worked for an investment firm named Bain Capitol. Bain Capitol has been taking a lot of heat lately for their business practice of closing down factories and putting people out of work. So what is the real story?
Romney talks about wanting to bringing jobs back, however Bain Capitol was all about moving jobs overseas. “Bain was not the largest player in the outsourcing field, the private equity firm was involved early on, at a time when the departure of jobs from the United States was beginning to accelerate and new companies were emerging as handmaidens to this outflow of employment.” Bain was on the forefront of outsourcing. Bain played several roles in helping these outsourcing companies, such as investing venture capital so they could grow and providing management and strategic business advice as they navigated this rapidly developing field.
Here are just a couple of examples of how Mitt Romney and Bain Capitol worked to send good American jobs overseas.
Bain’s foray into outsourcing began in 1993 when the private equity firm took a stake in Corporate Software Inc. CSI employed U.S. workers to provide these services but by the mid-1990s was setting up call centers outside the country. Two years after Bain invested in the firm, CSI merged with another enterprise to form a new company called Stream International Inc. Stream immediately became active in the growing field of overseas calls centers.
Modus Media told the SEC it was performing outsource packaging and hardware assembly for IBM, Sun Microsystems, Hewlett-Packard Co. and Dell Computer Corp. According to a news release issued by Modus Media in 1997, its expansion of outsourcing services took place in close consultation with Bain.
So now which Mitt is the real Mitt. Is he the one who is going to take your job and send it overseas. Or is he the one who will bring those jobs back in an effort to save our economy that he worked to destroy. It was Wall Street gamblers like Mitt Romney and Bain Capitol that pushed America into this recession.
Real Americans are still losing their jobs to outsourcing. Bain Capitol is still very active in pushing jobs overseas. The most recent example is that of Sensata Technologies in Freeport, Illinois. Bain is closing down the plant and sending those jobs to China. If you are tired of seeing hard-working Americans lose their job to outsourcing then speak up. Sign on to this petition to be delivered to Mitt Romney, urging him to intervene and stop Bain from sending these jobs overseas.
Quotes Taken from Washington Post 6-22-12