Skip to comments.Did You Know That Obama’s Blackstone Backers Laid Off Over 800 People? Beck Explains
Posted on 05/22/2012 8:45:07 PM PDT by Nachum
Ironically, despite making Mitt Romneys former company Bain Capital and other private equity firms the target of its latest attack, the Obama campaign held a near-$36,000 per plate fundraising dinner at the home of Tony James, president of the nations largest private equity firm, Blackstone Group. Citing the presidents latest Romney-hit-piece, Glenn Beck blasted the hypocrisy shown by the president when it comes to private equity firms.
Obamas condemnation of private equity hinges on the familiar narrative that the industry is renown for commandeering companies and slashing jobs, leaving untold numbers jobless which is why it is doubly ironic that Blackstone has done just that. In August of 2006, just two months after closing the deal to purchase Travelport Ltd., Blackstone Group fired scores of employees, who, according to the Wall Street Journal, were lugging boxes of personal belongings to their cars. Blackstone laid of 841 employees, or 10% of Travelports workforce, and recouped its investment almost immediately.
Beck reviewed a mere fraction of the employees who lost their jobs and have suffered dire consequences as a result of Blackstones buyout.
Watch below as Beck dissects President Obamas latest fact versus fictional reality.
One interesting point to note is that in contrast to staunch Obama supporter James, his boss, Stephen Schwarzman, is in fact an avid Romney-supporter, and has been an outspoken critic of Obamas economic policies and routine vilification of private equity.
(Excerpt) Read more at theblaze.com ...
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Worse! Biden and Reid are running around the country claiming that the lay-offs are the results of the Tea Party
I'm giving 3 to 1 odds against the wusses!
Obama was a bully in school, a doper during his slacker years (at least), has never held a job (until POTUS, and he doesn’t do much), claimed until 2007 to be born in Kenya (which makes him either foreign-born or a liar, or both, and there are literally no other possible choices), and has singlehandedly demolished the US economy, creating the Obama Recession. IOW, he likes vacations, let’s send him on a permanent one. Remember in November.