Posted on 01/08/2012 7:45:04 AM PST by katiedidit1
Supporters of Newt Gingrich have bought the rights to a new short movie that is very critical of Mitt Romney’s tenure as head of Bain Capital.
Romney’s business career made him a very wealthy man, but has come under some criticism because Bain bought some companies and put them out of business.
The movie, called “King of Bain, When Mitt Romney Came to Town,” has not been distributed, but has been viewed by ABC News. It was made by former Romney supporters and intersperses interviews with some workers who blame Romney’s company for losing their jobs with ominous music. At one point it focuses on K.B. Toys, which made money for Bain even as it closed stores.
(Excerpt) Read more at abcnews.go.com ...
Newt’s Revenge? it is going to hit the fan!!!!!!
This is a BIG MISTAKE. Mittens’ involvement with Bain is the best thing he has ever done. He has a record to be proud of for his work with Bain. Any capitalist knows this. Gingrich is too cute by half for attacking this.
Why not attack Mittens’ record while governor? The more the candidates attack his time at Bain the more I think they are a bunch of McCains.
Never thought I’d see so much class warfare, and populist schlock in a GOP primary. I expect the Dems to harangue our candidates as greedy uncaring capitalists, but to get it from within is really sad. There’s a lot of reasons to dislike Mittens, but the fact that he made a lot of money isn’t one of them.
I think we should reserve our judgement on Bain until we watch folks that knew and worked with Romney and the story of what happened. Newt is no fool. He would not go with this unless there was substance UNLIKE what Mitt did to Newt with the super pac ads which were full of lies. Newt exposed Mitt for the lies in those ads this am during the debate and Mitt said HE never saw the ads????? and he didnt know the super pac BUT they were former friends and supporters of his? Bain had some shady dealings...we need to know the facts
Well said.
If this short documentary is true, I hope it becomes common knowlege among Republican voters.
Exactly. Many jobs could also have been created by the companies that had better uses (and hence paid more) for the sold off assets of the failing businesses that were ‘stripped.’
That said, how many people are interested in seeing a whole negative movie about a particular candidate. Certainly a fan of a candidate might enjoy seeing a positive movie about that person, but I can’t imagine that a bashing of someone I already don’t want to vote for would entice me to sit through a movie.
“Never thought I’d see so much class warfare, and populist schlock in a GOP primary.”
I wonder also. I noticed from the first two part that they never discussed the health of the companies that were being bought. If the companies were about to go broke anyway, it really wouldn’t matter. If they were making big bucks, then any buyer would not want to spoil the gravy train. In other words, I’d like to hear both sides this debate before passing judgment.
On the other hand, if he takes down Romney with it - more power to him.
Yes, this should be shown. Newt will not be apart of a movie that promotes lies. Why do so many think Mitt should be given a free pass and its okay to lie about Newt in super pac ads? I cant wait to watch it. “Background
In 1998, Value Partners, a smaller management consulting firm based in Milan, filed a lawsuit in U.S. federal court against Bain & Co., alleging Bain’s theft of Value Partners’ office in São Paulo, Brazil, including its clients, employees, and confidential and proprietary information.[14]
Value Partners, which was established in 1993, had expanded its operations to five offices worldwide with 80 professionals. In 1994, Value Partners opened an office in São Paulo, Brazil. By 1997, Value Partners’ Brazilian office was thriving and had grown to 25 professionals.[14]
Value Partners claimed that Bain unlawfully caused members of Value Partners São Paulo office to enter into a conspiracy with Bain to take-over Value Partners’ Brazilian office. Bain, which at the time had no business presence in Brazil, allegedly determined that it thereby could expand into the region, without incurring the associated start-up costs and risks of a new branch office.[14]
According to the complaint, unbeknownst to fellow members of Value Partners at the time, the co-conspirators remained with Value Partners even after agreeing to join Bain, so as to secretly work from within Value Partners to better effectuate the wholesale misappropriation of Value Partners’ São Paulo office.[14]
[edit] Post-trial outcome
In 2002 following a four-week trial, the jury found Bain liable for unfair competition and tortious interference under Brazilian law and awarded Value Partners $10 million in compensatory damages (the full award requested by Value Partners at trial). Value Partners was also awarded approximately $2.5 million in prejudgment interest.[15]
Bain’s post-trial motions were denied, and Bain appealed to the First Circuit U.S. Court of Appeals. Value Partners filed a cross-appeal, contesting the District Court’s denial of its companion claim for treble damages for unfair competition under Massachusetts law.[15]
GO NEWT!
I hope news outlet after news outlet runs with this story!
“MAY Bain be Romney’s bane!”
Found this on Think Progress. Romney and Bain!!! check it out. Romney has had to contend with the fact that Bain made a lot of its money buying up companies, then laying off workers and reneging on benefits to gut those companies, burying them with debt as Bain walked away with millions. In fact, one of his former business partners has explicitly said, “I never thought of what I did for a living as job creation.” And as it turns out, even after Romney left the firm, he was profiting from Bain’s activities due to a lucrative retirement deal:
In what would be the final deal of his private equity career, he negotiated a retirement agreement with his former partners that has paid him a share of Bain’s profits ever since, bringing the Romney family millions of dollars in income each year and bolstering the fortune that has helped finance Mr. Romney’s political aspirations.
The arrangement allowed Mr. Romney to pursue his career in public life while enjoying much of the financial upside of being a Bain partner as the company grew into a global investing behemoth.
Since Romney left, Bain has made its money gutting companies like KB Toys and Clearchannel, laying off thousands of workers and leaving the companies under heavy debt loads, while Romney has reaped the benefit. Adding insult to injury, the money Romney has been collecting from Bain is likely not taxed as normal income but as “carried interest,” meaning it is subject to the capital gains tax rate of 15 percent rather than the top income tax rate of 35 percent:
[S]ince Mr. Romney’s payouts from Bain have come partly from the firm’s share of profits on its customers’ investments, that income probably qualifies for the 15 percent tax rate reserved for capital gains, rather than the 35 percent that wealthy taxpayers pay on ordinary income. The Internal Revenue Service allows investment managers to pay the lower rate on the share of profits, known in the industry as “carried interest,” that they receive for running funds for investors.
Because Romney’s income is almost exclusively derived from what are qualified as investments (he recently said he has no income that qualifies for the personal income tax), he is able to drive his tax rate to absurdly low levels for someone making as much as he does. Citizens for Tax Justice estimated that Romney pays about a 14 percent tax rate, below the level at which many middle-class families are paying. And he’s paying that low rate on money made via dismantling companies and eliminating jobs.
Not sure if you read my post the way I intended - I am a big fan of the great and beneficial work that Romney did while he was at Bain. I am not a fan of his work as Governor.
Great!!!!!!!!!!!! when is it coming out? hey Rooster Redux check out the post to onyx on Romney and Bain. KB Toys and Clear Channel....this is not good for Mittens
It is posts like yours and other anti-Bain posts that are making me reluctantly defend Romney. I am scared that a moderator is going to think I like him if I am not careful.
I thought I was agreeing with you. What part of my comment shed doubt on that?
I must say this is very odd. Freepers backing a NYT socialist hit piece on Romney. Creative destruction is the backbone of the free enterprise system. Granted, it is tough for those losing their jobs and having to find a new career. But the alternative is socialism.
Again, this is a NYT backed hit piece!
Yup, it is one of the only things about Romney the chameleon I actually like. The man took companies that would otherwise have died on the vine and made many of them more efficient and successful. Part of doing that is reorganizing and firing redundancy and overhead. That is how the system is supposed to work. Sad to see Republican candidates who know better using this lefty line of attack.
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