VIDEO – Mitt Romney’s Bain Capital took over a Freeport, Illinois automobile sensor manufacturing plant (Sensata) and is closing it to move operations to China. Bain Capital lowered the American flag when the Chinese workers arrived to be trained by U.S. employees about to lose their jobs.
This is the latest example of Mitt Romney’s Bain Capital exploiting an American business to profit by moving jobs overseas. Mitt Romney will personally profit off of the move to ship Sensata’s jobs to China because he owns $8 million in Bain funds which hold 51% of Sensata shares. According to his 2011 tax returns, Romney transferred $701,703 worth of Sensata stock to the Tyler Charitable Foundation, a tax-exempt nonprofit controlled by Romney.
In the first presidential debate, Mitt Romney claimed he had no idea what President Obama was talking about when the president mentioned he would close tax loopholes that benefit companies that move jobs overseas. But in recent weeks, it has been revealed that Mitt Romney himself will receive a tax break from the profits he will receive when the Sensata plant is moved to China.
Of course, the most disgusting symbol of Mitt Romney’s and Bain Capital’s harvesting of American businesses for profit, is the fact that Bain removed the American flag outside the Freeport, Illinois plant when the Chinese workers arrived at the facility to be trained. Then, they forced the existing American employees to train the Chinese who would be taking their jobs. After the Chinese left, Bain replaced the American flag.