Rally in Manchester tomorrow — Monday, November 5th — details below!
So, is Mitt Romney lying – or just confused?
Last week, Mitt Romney told a whopper: he said that Jeep is “thinking of moving all their production to China.”
That’s not true. Chrysler’s CEO immediately set the record straight: the company has no intention of shifting production of Jeep models out of North America.
But dig deeper behind the headlines, and you will find an auto industry company that is planning to ship production to China. An auto-parts company based in Freeport, Illinois plans to close its factory in December 2012 and ship all 170 jobs to China. Right now, the company is threatening its employees with an immediate shut-down, unless the workers stop protesting the decision to close the plant. So far, employees have filed two unfair labor practice complaints against the company with the National Labor Relations Board.
That company, Sensata, is controlled by Bain Capital. According to press reports, Mitt Romney owns about $8 million worth of the Bain fund that controls Sensata.
So yes, on one level, Mitt Romney is right: American auto industry jobs ARE being sent to China. But not by Chrysler. It’s Bain Capital that is sending even MORE jobs overseas.
So maybe Romney didn’t really mean to lie last week. He apparently has multiple investments in the auto industry (read more about his Delphi investment, below). Maybe he just got confused about which company was shifting production overseas.
Appearing in tomorrow’s edition of The Nation magazine:
Mitt Romney’s Bailout Bonanza
“Mitt Romney’s opposition to the auto bailout has haunted him on the campaign trail … But Romney has done a good job of concealing, until now, the fact that he and his wife, Ann, personally gained at least $15.3 million from the bailout…”
“It all starts with Delphi Automotive, a former General Motors subsidiary whose auto parts remain essential to GM’s production lines. … in addition to making massive loans to automakers in 2009, the federal government sent, directly or indirectly, more than $12.9 billion to Delphi—and to the hedge funds that had gained control over it.”
Read the complete article here.
The UAW is holding a rally in Manchester tomorrow, to draw attention to Mitt Romney’s profiteering off of federal bailout money. You can join the UAW and other guests on Monday, November 5th starting at 2:30 pm at 40 Lake Avenue in Manchester.
Read more here and here.
Learn more about what is happening at Sensata, in this YouTube video: