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So Did Romney Create 100,000 Jobs, Or Not? ("campaign has yet to provide convincing proof"
Forbes ^ | 1/9/2012 | Susan Adams

Posted on 01/10/2012 8:56:32 AM PST by Laissez-faire capitalist

In the Republican presidential candidate debates this weekend, Mitt Romney repeated his claim that he is an effective leader who created a "net net" of 100,000 jobs while he was working in the private sector. But three recent reports, by the Los Angeles Times, the Associated Press and by Fact Check.org, the nonprofit nonpartisan project run by the Annenberg Public Policy Center at the University of Pennsylvania say that the Romney campaign has yet to offer convincing proof to back up the claim.

... It hardly seems plausible to suggest that he created the positions that make up the current head counts at those companies.

... As Fact Check points out, Bain was not the sole investor or creator of those companies.

... Then there are the job losses at the many companies Bain acquired. During Romney's tenure, Bain bought more than 115 companies, according to the Deutsche Bank document. Like other leveraged buyout firms, reports the Times, Bain often made money by laying off employees, getting government subsidies, or re-selling companies quicklyy for a profit.

... Of the top ten investments Bain made under Romney, reports the Times, four declared bankruptcy within a few years of Bain's involvement "shedding thousands of jobs."

...

(Excerpt) Read more at forbes.com ...


TOPICS: Business/Economy; Extended News; News/Current Events; Politics/Elections; US: Florida; US: New Hampshire; US: South Carolina
KEYWORDS: antijobromney; assetstripper; assetstripping; backstabberromney; bain; baincapital; elections; gingrich; gordongekkoromney; huntsman; jobkiller; jobskiller; liar; liarliar; obamasequal; perry; rinofreeamerica; rinoromney; romneybringsdeath; romneydeathpanels; romneytheliar; romneytruthfile; ronpaul; saboteurromney; santorum; vulturecapitalism; vulturecapitalist
Vulture capitalist, asset-stripper Romney has some splainin' to do.

Fuzzy jobs. Fuzzy claims. Fuzzy job creation.

1 posted on 01/10/2012 8:56:38 AM PST by Laissez-faire capitalist
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To: Laissez-faire capitalist

His company is looking more and more like one of those firms that would buy other companies, slice and dice, sell and close and come away with a nice profit.

I’m not “anti-rich” but that is one thing I’ve always hated.


2 posted on 01/10/2012 8:58:11 AM PST by cuban leaf (Were doomed! Details at eleven.)
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To: Laissez-faire capitalist

I heard “Joe Isuzu” Romney in the debate Saturday that he was “a numbers man”. I sure would like to see the numbers.


3 posted on 01/10/2012 8:58:40 AM PST by Proud2BeRight
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To: Laissez-faire capitalist

“Game Changer” Report: The 100,000 American Jobs Romney Says He Created Were All Created In Foreign Countries – With Video”

http://patdollard.com/2012/01/newt-superpac-film-accuses-romney-of-crony-capitalism/?utm_medium=twitter&utm_source=twitterfeed


4 posted on 01/10/2012 8:59:51 AM PST by LuvFreeRepublic ( (I am angry and that is why I am #withNewt))
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To: Laissez-faire capitalist; All

Will Romney try to use a red herring and attack the messengers instead of the message?

Romney made the claim of 100,000 jobs, so the onus of proof is therefore upon him to prove it.

This is his calling card...


5 posted on 01/10/2012 9:01:26 AM PST by Laissez-faire capitalist
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To: Laissez-faire capitalist

Whatever number anyone comes up with will be bigger than the number Obama “created”.


6 posted on 01/10/2012 9:01:52 AM PST by rhombus
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Comment #7 Removed by Moderator

To: Laissez-faire capitalist

He did create 100,000 jobs. That was the needed workforce to clean up the bullsh** spewing out of his mouth.


8 posted on 01/10/2012 9:06:57 AM PST by digital-olive
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To: rhombus

Given Romney’s record, then, according to you, Gingrich would be better than Romney?

Perhaps Santorum?

Both are better.

Either way, we don’t have to have Romney to create jobs.


9 posted on 01/10/2012 9:08:00 AM PST by Laissez-faire capitalist
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To: Laissez-faire capitalist

Governor Willard “47th in Jobs” Flopney caught in more lies about Bain, the house of pain.


10 posted on 01/10/2012 9:08:00 AM PST by CainConservative (Newt/Santorum 2012 with Cain, Huck, Bolton, Parker, Watts, Duncan, & Bachmann in Newt's Cabinet)
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To: Laissez-faire capitalist
"according to the Deutsche Bank document. Like other leveraged buyout firms, reports the Times, Bain often made money by laying off employees, getting government subsidies, or re-selling companies quicklyy for a profit."

These kind of government subsidies?
Regarding Bain's takeover of Worldwide Grinding Systems steel mill in KC.
What's more, a federal government insurance agency had to pony up $44 million to bail out the company's underfunded pension plan.

11 posted on 01/10/2012 9:09:08 AM PST by moehoward
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To: Laissez-faire capitalist
(snicker) yeah, whatever, Laissez-faire Capitalist. ;-)
12 posted on 01/10/2012 9:10:40 AM PST by rhombus
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To: Laissez-faire capitalist

I can name two dozen major problems with Romney, but his business experience is not one of them. Bain helped build some magnificent brands and helped turn around some failing companies. This is the one feather in Romney’s cap, in my opinion. He knows how business works.


13 posted on 01/10/2012 9:15:12 AM PST by ilgipper (Everything you get from the government was taken from someone else)
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To: cuban leaf

The leveraged buyout business is simply “house flipping” with businesses instead of houses.

The goal isn’t to improve the company. The goal is to do whatever it takes to resell the company in the shortest time possible for the most money.

Perfectly healthy companies are often targeted for a leveraged buyout, simply because someone believes they can reorganize the company to make their SHORT TERM BOTTOM LINE look better, and thus make a quick resell for a quick profit.

The reason so many companies in the 80s and 90s abandoned long term thinking a focused so much on the short term, is that long term thinking made them vulnerable to a leverage buyout.

Romney was a “turn around expert”, but in this instance we’re not talking about turning around sick companies into healthy ones. We’re talking about turning around a purchase for a quick sale.

Romney’s expertise isn’t in building businesses. It’s in buying and selling businesses. In that regard, it’s much closer to being an expert in real estate than in business managemen.


14 posted on 01/10/2012 9:15:27 AM PST by Brookhaven (Mitt Romney has been consistent since he changed his mind.)
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To: rhombus

Nice, unsubstantiated retort to bolster Romney.

We cannot stay with Obama, Emperor Romney has no clothes, so we must go with another GOP candidate.


15 posted on 01/10/2012 9:18:34 AM PST by Laissez-faire capitalist
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To: Brookhaven
BINGO!!
16 posted on 01/10/2012 9:18:55 AM PST by CainConservative (Newt/Santorum 2012 with Cain, Huck, Bolton, Parker, Watts, Duncan, & Bachmann in Newt's Cabinet)
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To: Laissez-faire capitalist

Go for it! Principles, right?


17 posted on 01/10/2012 9:19:59 AM PST by rhombus
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To: Laissez-faire capitalist

Romney bragging about his ‘private sector jobs creation’ record isn’t too smart considering his similar role in job destruction layoffs. He needs to show us how many ‘net’ jobs were created if that is what he wants to run on.

I figure his jobs accounting is much like the Obama/CBO for the Stimulus.


18 posted on 01/10/2012 9:19:59 AM PST by sickoflibs (You MUST support the lesser of two RINOs or we all die!)
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To: CainConservative

Bain, the house of pain
__________________________________

Actually that would be

Bain, the house of porn


19 posted on 01/10/2012 9:20:42 AM PST by Tennessee Nana
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To: Brookhaven

I agree with what you said in that post. And it demonstrates one of the main problems with a Romney nomination. Can you imagine, as OWS II gets under way this spring and summer, how that will play in the Obama controlled MSM?

Especially as more and more people are laid off from large companies and unemployment continues to climb (bogus stats notwithstanding).


20 posted on 01/10/2012 9:20:50 AM PST by cuban leaf (Were doomed! Details at eleven.)
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To: Laissez-faire capitalist



Romney's VULTURE CAPITALISM makes Obama's MARXISM MOOT.
THAT is why the DNC wants him.

Romney makes Obama's liberalism MOOT.
THAT is why the DNC wants him.

Romney makes Obama's ineligibility MOOT.
THAT is why the DNC wants him.

Romney makes Obama's ObamaCARE/RomneyCARE MOOT.
THAT is why the DNC wants him.

Romney makes Obama's IAG issues MOOT.
THAT is why the DNC wants him.

Romney makes Obama's Sharia issues MOOT.
THAT is why the DNC wants him.

Romney makes Obama's 911 Victory Mosque MOOT.
THAT is why the DNC wants him.

Romney makes Obama's RomneyMarriage/Gay Marriage issue MOOT.
THAT is why the DNC wants him.

Romney makes Obama's bad governmental history MOOT.
THAT is why the DNC wants him.

Romney makes Obama's AGW issue MOOT.
THAT is why the DNC wants him.

Romney makes Obama's liberal judge issue MOOT.
THAT is why the DNC wants him.

Romney makes Obama's ineptitude MOOT.
THAT is why the DNC wants him.

Romney has a history of the BIG DIG and its coverup.
THAT is why the DNC wants him.

Romney has a history of destroying the Mass. Constitution which makes Obama’s overturning the US Constitution MOOT.
THAT is why the DNC wants him.

Romney makes Obama's lying as an issue MOOT.
THAT is why the DNC wants him.

Romney has a history of backstabbing the GOP, itself, and is hated widely.
THAT is why the DNC wants him.

Romney has a history of narcissism which make Obama’s MOOT.
THAT is why the DNC wants him.

Romney has a history of destroying evidence while Governor, which makes Obama’s destruction of evidence also MOOT.
THAT is why the DNC wants him.


21 posted on 01/10/2012 9:21:22 AM PST by Diogenesis ("Freedom is never more than one generation away from extinction. " Pres. Ronald Reagan)
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To: Diogenesis

How many of those 100,000 jobs were in teh U.S. and how many went overseas?


22 posted on 01/10/2012 9:24:34 AM PST by IM2MAD
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To: ilgipper

Totally agree with you. The lack of basic understanding of capital markets displayed by some of the commentators here is truly staggering.
These were sick, failing companies that were hemorrhaging money. Private equity firms are typically the last shot before a company files for bankruptcy, where there is a zero percent success rate.
Bain is like a doctor treating a cancer patient; it is a minor miracle any of them survived. Don’t blame the doctor because the patient dies.


23 posted on 01/10/2012 9:25:40 AM PST by slackerjack
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To: ilgipper

Sweeping generalization.


24 posted on 01/10/2012 9:33:04 AM PST by Laissez-faire capitalist
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To: slackerjack

Also read:

http://blog.american.com/2012/01/romney-doesnt-need-to-apologize-for-his-bain-career/

Most of comments here sound like they emanate from the tents of the Wall Street Occupiers or Ron Paul, same thing, except the Occupiers are liars and hypocrites and Paul is belongs on George Noory’s Wacko to Wacko radio show.


25 posted on 01/10/2012 9:41:05 AM PST by BilLies ( (ABCBSNBCNN, NYTimes, WaPOSt , etc., hates your Traditional American guts!))
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To: Laissez-faire capitalist

Even if he created ONE job, it would be a better record than Hussein.


26 posted on 01/10/2012 9:41:30 AM PST by Recovering_Democrat
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To: slackerjack; ilgipper

In October 1993, Bain Capital, co-founded by Mitt Romney, became majority shareholder in a steel mill that had been operating since 1888.

Less than a decade later, the mill was padlocked and some 750 people lost their jobs.

Workers were denied the severance pay and health insurance they’d been promised, and their pension benefits were cut by as much as $400 a month.

What’s more, a federal government insurance agency had to pony up $44 million to bail out the company’s underfunded pension plan.

Nevertheless, Bain profited on the deal, receiving $12 million on its $8 million initial investment and at least $4.5 million in consulting fees.

http://legalinsurrection.com/2012/01/bain-drip-drip-drip/

Why do we taxpayers have to bail out Willard’s greed?


27 posted on 01/10/2012 9:42:12 AM PST by CainConservative (Newt/Santorum 2012 with Cain, Huck, Bolton, Parker, Watts, Duncan, & Bachmann in Newt's Cabinet)
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To: Laissez-faire capitalist

Even 100,000 jobs is a pitiful amount with 13+ Million out of work, and obama sending a half million more home from the military, where there are no jobs to be had.


28 posted on 01/10/2012 9:47:29 AM PST by chainsaw (Sarah Palin is still my first choice to save the USA. . .)
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To: WellyP

Can we use Democratic Underground as a news source now?


29 posted on 01/10/2012 9:47:34 AM PST by Recovering_Democrat
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To: slackerjack

It was never about saving companies, it was always about making BIG BUCKS.


30 posted on 01/10/2012 10:01:50 AM PST by faucetman ( Just the facts, ma'am, Just the facts)
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To: Diogenesis
Romney's VULTURE CAPITALISM makes Obama's MARXISM MOOT.

Vulture Capitalism, I've heard the term before as a reference to the leveraged buyout business. I think you've hit the nail on the head, in that this will be the term the Democrats will use to label Romney.

And, of course, the media will dredge up and highlight the history of the the leveraged buyout phenomenon.

How in the 80s and 90s, there were real efforts legally limit it, because it was causing so much churn and disruption in the economy. And no, it wasn't the left trying to limit it, it was conservative businessmen who realized the problems it caused.

How companies shifted their focus from building businesses over the long term to the short term bottom line, as a way to prevent being the target of a leverage buyout.

How the term "poison pill" came into the business lexicon. Again, another technique used by companies to prevent a leveraged buyout.

And, of course, we'll see the many examples of perfectly healthy, stable, and profitable companies that were taken over, had most of the assets sold off (particularly real estate assets), and the business carved up and sold in pieces to end up as several smaller and less stable companies. All of which made a quick (and big) profit the leveraged-buyout company, but not for the company itself.

Mitt Romney - Vulture Capitalist

If Romney is the most electable, then he needs to demonstrate how he will reply to what will be the obvious attack against him by the Democrats. So fat, his reply has been a big fat goose egg.

Or, should I say vulture egg.

31 posted on 01/10/2012 10:02:39 AM PST by Brookhaven (Mitt Romney has been consistent since he changed his mind.)
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To: Recovering_Democrat

DC isn’t all that reliable most of the time and must be investigated before it can be belived. This time the numbers are correct.


32 posted on 01/10/2012 10:06:50 AM PST by WellyP (REAL)
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To: Laissez-faire capitalist

“100,000?”

The US needs MILLIONS!

Next!


33 posted on 01/10/2012 10:16:57 AM PST by Forty-Niner (The barely bare, berry bear formerly known as..........Ursus Arctos Horribilis.)
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To: WellyP

http://www.opensecrets.org/news/2011/12/how-much-love-will-contributions-buy.html

“...Three weeks out from the first-in-the-nation Iowa caucuses, 52 sitting members of Congress have endorsed GOP presidential hopeful Mitt Romney. And Romney, through his leadership PACs, has donated to 48 of them, according to research by the Center for Responsive Politics...”

“...Overall, between January 2003 and June 2011, the Center found that Romney has donated a combined total of $1.09 million to 226 current members of Congress, including 195 to whom Gingrich has never donated...”


34 posted on 01/10/2012 10:21:43 AM PST by WellyP (REAL)
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To: WellyP

http://campaign2012.washingtonexaminer.com/blogs/beltway-confidential/how-much-hill-endorsement-worth/254736


35 posted on 01/10/2012 10:24:12 AM PST by WellyP (REAL)
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We wish it grew there
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36 posted on 01/10/2012 10:31:54 AM PST by TheOldLady (FReepmail me to get ON or OFF the ZOT LIGHTNING ping list)
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To: Laissez-faire capitalist

The “King of Bain” movie (supposed to be out tomorrow) makes the claim that most of Mitt’s 100,000 jobs created went over seas.

If that is true, not good for Mitt.

Where is he anyway. He never talks to the press. He goes into hiding. He needs to step up to these charges.


37 posted on 01/10/2012 10:50:01 AM PST by Reagan69 (I supported Sarah Palin and all I got was a lousy DVD !)
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To: slackerjack

Totally agree with you. The lack of basic understanding of capital markets displayed by some of the commentators here is truly staggering.
These were sick, failing companies that were hemorrhaging money. Private equity firms are typically the last shot before a company files for bankruptcy, where there is a zero percent success rate.
Bain is like a doctor treating a cancer patient; it is a minor miracle any of them survived. Don’t blame the doctor because the patient dies.

...

...

Not true. Not all of the companies were failing.


38 posted on 01/10/2012 10:56:14 AM PST by Reagan69 (I supported Sarah Palin and all I got was a lousy DVD !)
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To: cuban leaf
.


Newt's criticism about Mitt Romney ISN'T against CAPITALISM ... it's about Mitt Romney's long-standing SEVERE LACK of BASIC HUMAN ETHICS and DECENCY ... all powered by Mitt Romney's GREED, GREED, GREED ...



I'm a proud Tea Party Conservative, Business Owner (Coggeshall Engineering Associates Inc.) and a clear-minded Newt Gingrich supporter ...

I'm sure that Newt (perfectly) AGREES that Mitt Romney had the LEGAL RIGHT to run Bain Capital as he saw fit ... just as Ebeneezer Scrooge had EVERY RIGHT to run his own business ...

After all, Newt Gingrich and I are "dedicated" hard-working capitalists ...



So WHAT (exactly) did Mitt Romney do wrong ?

Just like Ebeneezer Scrooge forced widows and orphans to go "homeless" in the Christmas snow ... because Scrooge was a GREEDY S.O.B. ...

Mitt Romney not only made MILLIONS buying troubled corporations ... but then Mitt's ABSOLUTE FREAKING GREED compelled him to take the "Ebeneezer Scrooge Option" ...

and like the Cold-Hearted S.O.B. Bastard Mitt is ...

FIRE, TERMINATE thousands of (innocent) people (workers) who DID NOT NEED TO BE FIRED AT ALL ...



Why ? Mitt Romney's SATANIC GREED ... Period.

"Gentle and Smiling" Mitt Romney is a Sociopathic GREEDY Bastard ... I'd say more ... but the Admin Moderator is watching ...

How about just that the ONLY difference between an Arrogant Obama and Mitt Romney ... is that Obama is "only" half-white ...



.
39 posted on 01/10/2012 7:44:45 PM PST by Patton@Bastogne (Newt Gingrich and Sarah Palin in 2012 !)
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To: Laissez-faire capitalist

Mitt Romney and 100,000 jobs: an untenable figure

http://www.washingtonpost.com/blogs/fact-checker/post/mitt-romney-and-100000-jobs-an-untenable-figure/2012/01/09/gIQAIoihmP_blog.html


40 posted on 01/13/2012 4:25:30 PM PST by JediJones (Newt-er Romney in 2012!)
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