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.
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.
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?
It was never about saving companies, it was always about making BIG BUCKS.
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.
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Not true. Not all of the companies were failing.