Often times, shareholders have a legal right to vote for, or against, mergers and acquisitions. But, did Bain let Sensata Shareholders vote, in 2010, for their acquisition of the Honeywell Plant in Freeport, Illinois?
Here is why that question is important: Sensata Management (Bain) knew, in advance of the acquisition, that Bain was to ship those Freeport jobs China.
In August 2012, The Guardian newspaper reported that Bain planned to ship the Illinois Sensata jobs to China before -- before -- they purchased (acquired) the Illinois plant.
Sensata spokesman Jacob Sayer said closing the Freeport plant to cut costs was a key element of the Honeywell deal. "If that had not been part of the strategy, then the deal would not have been so attractive."Also, Sensata's February 2011 SEC Filing they announced they purchased Honeywell in January 2011 and implied/inferred that those American jobs in Freeport would be shipped to China.
The Guardian newspaper
Over the past eleven years, we have aggressively shifted our manufacturing base from higher-labor cost countries such as the United States, Australia, Brazil, Canada, Italy, Japan, Korea and the Netherlands to lower-cost countries including China, Mexico, Malaysia, and the Dominican Republic. We continue to increase our use of local suppliers based in these lower-cost locations.In that same SEC Filing, Sensata wrote:
~Feb 2011, SEC Filing page 80
Recent DevelopmentsMitt Romney still owned shares in the Bain funds that own Sensata. The New York times explains that Mitt Romney 'donated' $405,000 in Sensata stock.
On January 28, 2011, we used cash on hand to complete the acquisition of the Automotive on Board business of Honeywell International Inc ...
We acquired this business in order to complement the existing operations of our sensors segment, provide new capabilities in light vehicle speed and position sensing, and expand our presence in emerging markets, particularly in China.
~SEC Filing page 35
In the case of Sensata... he [Mitt Romney] reported a charitable donation of $405,000 in Sensata stock that he received as “partnership distributions” in 2010 and 2011, according to his tax returns.It would seem to me that if Romney benefited from "partnership distributions" on his 2010 and 2011 Federal Tax Returns that he, as being included in the "Partnership" could have, or would have some legal voting right on the Honeywell acquisition.
So, to me, the question becomes, did Mitt Romney, as a shareholder who receives "partnership distributions" vote "yes" on that Acquisition, knowing in advance, that Bain had intended to close the plant as part of the Honeywell Deal?
Romney says he wants to treat America's economy via the Romney-Bain-Way ... I think it is clear the Romney-Bain-Way destroys American Families by Bain shipping their jobs to China for personal profit.
Additional information about the Romney-Bain-Way was revealed in the February 2011 Sensata (Bain) SEC Filing went on to say:
Attractive cost structure with scale advantage and low-cost footprint. We believe that our global scale and cost-focused approach have provided us with an attractive cost position within our industry. We currently manufacture approximately 1.1 billion devices per year, with approximately 90% of our production in low-cost countries including China, Mexico, Malaysia and the Dominican Republic.It is abundandly clear, through Bain's Sensata's SEC Filing that the Romney-Bain-Way is to continue to destroy American families by shipping their jobs to China to personally profit millions. That is not the mentality any US President should have.
... We have achieved our current cost position through a CONTINUOUS process of migration to low-cost manufacturing locations, transformation of our supply chain to low-cost sourcing, product design improvements and ongoing productivity-enhancing initiatives.
~February 2011 SEC Filing page 80
In Sensata's 2011 Annual Report, they cite their purchase of Honeywell in Freeport and talk about increasing their presence in China.
Sensata's 2011 Annual Report goes on to say that moving American jobs to China will enhance their 'future growth':
In January 2011, we acquired the Automotive on Board sensors business
(“Automotive on Board”) of Honeywell International Inc., in order to complement the existing operations of our sensors segment, provide new capabilities in light vehicle speed and position sensing, and expand our presence in emerging markets, particularly in China.
Expand our presence in significant emerging markets:In the 47% Tape, reported by David Corn of Mother Jones, Romney talked about the oppression of the China workers that he shipped American's jobs to. Romney said the China factory was surrounded by a big fence and guard towers. He said most of the workers at the factory were young women who lived in cramped dorm rooms, with as many as a dozen in each room.
We believe emerging markets such as China, India and Brazil represent substantial, rapidly growing opportunities ... We believe our substantial manufacturing presence and capacity in China provides us with a significant opportunity for future growth.
The most disgusting thing to me is that those oppressive, inhumane conditions did not stop Mitt Romney from shipping American jobs to those factories in China ... it's as if Romney thinks that is how workers should be treated.
When I was back in my private equity days, we went to China to buy a factory there. It employed about 20,000 people. And they were almost all young women between the ages of about 18 and 22 or 23. They were saving for potentially becoming married.Back to Sensata; Romney's entire economic premise is that it is the role of the Shareholder, not government, to oversee businesses reach optimal results.
And they work in these huge factories, they made various uh, small appliances. And uh, as we were walking through this facility, seeing them work, the number of hours they worked per day, the pittance they earned, living in dormitories with uh, with little bathrooms at the end of maybe 10, 10 room, rooms. And the rooms they have 12 girls per room.
Three bunk beds on top of each other. You've seen, you've seen them? (Oh...yeah, yeah!) And, and, and around this factory was a fence, a huge fence with barbed wire and guard towers. And, and, we said gosh! I can't believe that you, you know, keep these girls in! They said, no, no, no. This is to keep other people from coming in.
~Mitt Romney 2012 Fundraiser
Therefore, according to Senata spokesman, Bain knew in advance of purchasing Sensata in Freeport, that they, Bain, was planning to close the plant as part of the Deal.
Mitt Romney was not just a "shareholder" in Sensata, Romney had "Partnership Distribution" status on his Federal Tax Returns in 2010 and 2011.
So did Mitt Romney, personally, or his lawyer governing his "Age old Ruse" Blind Trust vote 'yes' on the acquisition?