Romney’s Bain Capital moved jobs overseas

Bain Capital's headquarters in Boston's John Hancock Building

By VICTORIA JONES
Talk Radio News Service

WASHINGTON – In a lengthy front page article, the Washington Post details how, during Mitt Romney’s tenure as CEO, Bain Capitl invested in a series of firms that specialized in relocating jobs done by American workrs to new facilities in low wage countries like China and India.

The Post reports that during the nearly 15 years Romney was actively involved in running Bain, it owned companies that were pioneers in shipping jobs overseas, according to filings with the SEC.  Bain was involved early on and played several roles, such as investing venture capital so companies could grow and providing management and strategic business advice as they navigated this rapidly developing field.

Romney campaign officials repeatedly declined requests to comment on Bain’s record of investing in outsourcing firms during the Romney era.

The article provides significant detail about the firms involved. They Include Corporate Software Inc., which merged with another company to form Stream International Inc.

Also, Modus Media Inc. served Microsoft, Sun Microsystems, Hewlett Packard and Dell by helping those companies outsource their manufacturing, in this case in Singapore, Taiwan, China, South Korea, Ireland and France.  GT Bicyclewhich relied on Asian labor, SMTC Corp. of which Bain was the largest shareholder sent jobs to Ireland and Mexico.

Chippac, the U.S. subsidiary of Hyundai, developed plants in South Korea and China, with an overwhelming majority of U.S. customers. In a filing with the SEC Chippac says, “We expect this outsourcing trend to continue.”

Speaking to metalworkers last week, Romney said he knows what it would take to bring employers back to the United States. “For me,” Romney said, “it’s all about good jobs for the American people and a bright and prosperous future.”

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Posted by Gary on Jun 22 2012. Filed under Breaking News, Economy/Business/Labor, Politics, Top stories, US. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.