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View Diary: Here Is What Is Happening With #Sensata (51 comments)

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  •  Sure. "after he left". Riiiiight (3+ / 0-)
    Recommended by:
    elwior, DianeNYS, NoMoreLies
    Bain’s interest in China dates to when Mr. Romney ran the firm. During a panel discussion at the Federal Reserve Bank in Boston in February 1998, he told of touring an appliance factory in China where 5,000 employees “were working, working, working, as hard as they could, at rates of roughly 50 cents an hour.”
    Less than two weeks before an investment firm controlled by Mitt Romney decided to invest in a China-based home appliance company, the company put out a detailed document to investors promoting itself as a low-wage, low-tax firm that would not be subject to taxes in the United States.
    It used “inexpensive labor,” Global-Tech Appliances wrote in a prospectus meant to attract investors on April 8, 1998. Its location in China meant “an overall effective tax rate that may be less than that of US corporations.”
    Romney also described touring Chinese factories during a panel discussion held Feb. 11, 1998, at the Federal Reserve Bank in Boston......
    .....“I just came back from a trip to China, and I went to a factory of 5,000 workers making bread makers and mixers and so forth,” he said. “And 5,000 Chinese, all graduated from high school, 18 to 24 years old, were working, working, working, as hard as they could, at rates of roughly 50 cents an hour. They cared about their jobs; they wouldn’t even look up as we walked by.”

    “We’re competing globally, and our kids aren’t ready, and we’re turning kids out who haven’t even got high school educations,”

    Yes, if we just educated our kids better they would work, work, work, work without looking up from their assembly lines - at a low enough wage to earn venture capitalists massive profits.

    " can’t find any oxygen from outside the aircraft to get in the aircraft, because the windows don’t open. I don’t know why they don’t do that. It’s a real problem." Mitt Romney

    by Catte Nappe on Mon Oct 15, 2012 at 01:07:32 PM PDT

    [ Parent ]

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