Mitt Romney is running on his record of creating jobs as both the Governor of Massachuetes and as an executive at Bain Capital. But a 2002 article from the Boston Business Journal reveals that his former company Bain Capital was outsourcing jobs to India and China at the same time Romney was Governor.
Bain Capital that year retained an IT company E-5, in which it was also an investor, which reportedly outsourced most of it’s work to India and China. The company was to handle jobs that Bain would previously done in-house.
“Bain Capital, an investor in E5, also hired the company to work on an internal business management system that Bain would have previously done with a combination of in-house IT staff and outsourcing to a local developer. The quality of E5’s work was similar or better, and much less expensive, said Mike Krupka, managing director of Bain.
“We didn’t have to fire anyone, we didn’t have to hire anyone,” Krupka said. Remaining competitive and cutting costs also keeps local companies healthier financially, said Krupka.
“If you don’t use someone like E5, then you’ll be less competitive and you’ll be able to hire fewer people because you’re growing less quickly,” Krupka said.”
- UK voters sent a massive shock through the world, overturning 40 years of British EU membership.
- Prime Minister David Cameron says he will resign by October.
- British banks got hit hard, and their European peers were hit even harder.
- Scottish leader Nicola Sturgeon says a second independence referendum for Scotland is "highly likely."