Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

The Bain Capital Bonfire
Wall Street Journal ^ | JANUARY 11, 2012. | WSJ Editorial

Posted on 01/11/2012 8:50:22 AM PST by Daveinyork

About the best that can be said about the Republican attacks on Mitt Romney's record at Bain Capital is that President Obama is going to do the same thing eventually, so GOP primary voters might as well know what's coming. Yet that hardly absolves Newt Gingrich, Rick Perry and others for their crude and damaging caricatures of modern business and capitalism.

(Excerpt) Read more at online.wsj.com ...


TOPICS: Politics/Elections
KEYWORDS:
Navigation: use the links below to view more comments.
first 1-5051-82 next last
A few facts to counter the populism
1 posted on 01/11/2012 8:50:25 AM PST by Daveinyork
[ Post Reply | Private Reply | View Replies]

To: Daveinyork

The attacks on Romney in regards to Bain are being portrayed by the Romney lovers as a left wing attack on capitalism.

BS

Romney used Bain to raid workers pension funds then stuck the government (US taxpayers) with the bill. If criticism of that is anti-capitalist then I guess I am not a capitalist.

Go Newt!


2 posted on 01/11/2012 8:53:03 AM PST by TexasFreeper2009 (Go Newt!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Daveinyork

Except Romney has decided the best way to put it in context is to say “Hey, Obama did the same thing trying to save GM”. That will go over well.


3 posted on 01/11/2012 8:53:08 AM PST by Anitius Severinus Boethius
[ Post Reply | Private Reply | To 1 | View Replies]

To: Daveinyork

Romney went negative first.


4 posted on 01/11/2012 8:53:52 AM PST by Sybeck1 (Mitt Romney, a piss poor choice)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Daveinyork

Yeah, let us not let moralaity get in the way of capitalism right? Sorry, I’m one of the biggest supporters of capitalism, but I don’t believe you rape companies in order to get ahead. I know it’s a tough world out there, but enriching your stockholders by stealing from taxpayers is not what I consider capitalisam. Cleaning out a company and leaving the wreckage for us to pick up is not my idea of what makes this country great.


5 posted on 01/11/2012 8:54:50 AM PST by McGavin999 ("If you'll have my back when I go to Washington, I'll have yours" Rick Perry 2012)
[ Post Reply | Private Reply | To 1 | View Replies]

To: TexasFreeper2009
Did you even read the article?

"We have our policy differences with Mr. Romney, but by any reasonable measure Bain Capital has been a net job and wealth creator. Founded in 1984 as an offshoot of the Bain consulting company, Bain Capital's business is a combination of private equity and venture capital. The latter means taking a flyer on start-ups that may or may not pan out, something that neither Mr. Gingrich nor Mr. Obama seem to find offensive when those investments are made by Silicon Valley firms in "clean energy."

6 posted on 01/11/2012 8:57:31 AM PST by Zevonismymuse (Life'll kill ya!)
[ Post Reply | Private Reply | To 2 | View Replies]

To: Daveinyork

Fact:
Romney said yesterday “he likes to fire people”

Fact:
Today Romney likened what he did at Bane to the Obama auto bailouts.

Fact:
Bane Capital the company Romney co-founded bought a steel mill, bankrupted it and fired all the employees after looting their pension plans, then stuck the US Taxpayers with the a bill ($44 Million) for it.

Those are the facts.


7 posted on 01/11/2012 8:57:48 AM PST by TexasFreeper2009 (Go Newt!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Daveinyork

Does anyone think Obama would not go after Romney on the same issue even without the other GOP candidates doing so first? It seem ludicrous to think not. It will be that and much more.


8 posted on 01/11/2012 8:57:48 AM PST by Jukeman (God help us for we are deep in trouble.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Daveinyork

This is like Larry Flint saying that an attack on Hustler is an attack on capitalism.


9 posted on 01/11/2012 8:57:48 AM PST by RoosterRedux
[ Post Reply | Private Reply | To 1 | View Replies]

To: Daveinyork

I read the editorial this morning and I was puzzled by it. Unless I’ve missed something big, neither Perry nor Gingrich is criticizing capitalism.

Romney was trying to portray himself as a sort of captain of industry but he was actually involved in a speculative and potentially rapacious form of investment (not venture capitalism, but the so-called vulture capitalism) which led to great grief in the 1980s. Remember the raids on pension funds?

Romney needs to be truthful, come forward and explain exactly what he was doing, and he also has to do some explaining about how Bain got bailed out for several million dollars after a deal went bad. I fail to see how expecting him to be honest and explain this amounts to an attack on capitalism.


10 posted on 01/11/2012 9:01:16 AM PST by livius
[ Post Reply | Private Reply | To 1 | View Replies]

To: Daveinyork

I’m starting to wonder if the people being critical of Newt on this are just conservatives looking for cover when backing Romney, but not wanting to look like sellouts.


11 posted on 01/11/2012 9:01:41 AM PST by VanDeKoik
[ Post Reply | Private Reply | To 1 | View Replies]

To: Daveinyork

The thing that bothers me is the fact that the sorts of things that went on with Bain have been going on for decades. If those practices were legal its only because federal regulators have ignored them or worse yet, made them legal to begin with.

Maybe its time to look at the regulators and regulations.


12 posted on 01/11/2012 9:02:20 AM PST by cripplecreek (Stand with courage or shut up and do as you're told.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Zevonismymuse

The difference is...Romney is running for President. We should know EVERYTHING before this man gets the nomination.

I really don’t care if, as a private citizen, he fires people, loots company pensions or is cruel to dogs: but I don’t want him as my President.

Do you get it now?


13 posted on 01/11/2012 9:03:33 AM PST by SatinDoll (NO FOREIGN NATIONALS AS OUR PRESIDENT!)
[ Post Reply | Private Reply | To 6 | View Replies]

To: McGavin999

Agreed. I’ve seen enough corporate raiders come in saying “nothing is going to change” and “bam” they sell every little piece of whatever is valuable and burn the rest, in a manner of speaking, leaving nothing but the cash in their pockets. To me, this is not capitalism. It is pure greed and I am a saying this from the position of a Christian conservative. Anyone who says different can kiss my behind. Romney will never get my vote nor the vote of anyone in my household.


14 posted on 01/11/2012 9:04:29 AM PST by Jukeman (God help us for we are deep in trouble.)
[ Post Reply | Private Reply | To 5 | View Replies]

To: Jukeman

And I can guarantee you all of the prissy whining you hear now because Newt said it will be soundly ignored by the MSM.


15 posted on 01/11/2012 9:04:33 AM PST by VanDeKoik
[ Post Reply | Private Reply | To 8 | View Replies]

To: TexasFreeper2009

I’m not voting for Romney, but if he gets elected, I hope he still enjoys firing people. I hope he fires a lot of federal employees.

Actually, I think he said that he likes being able to fire people - a big difference. I hate firing people, but I like being able to.


16 posted on 01/11/2012 9:06:11 AM PST by Daveinyork
[ Post Reply | Private Reply | To 7 | View Replies]

To: SatinDoll

If he gets to be president, I sure hope he fires a lot of people.


17 posted on 01/11/2012 9:09:00 AM PST by Daveinyork
[ Post Reply | Private Reply | To 13 | View Replies]

To: Daveinyork

I don’t think this whole attack is going to work out for Gingrich. I just heard a 2010 clip of Newt praising Mittens for all of his work at Bain. The clip was a total 180 of what he is saying today. This is reminiscent of the attacks Gingrich made of Mittens mandates even though very recently, he was praising them.

Newt is coming off as the type of guy that will say whatever is politically expedient at the time. At least some of the Conservatives running have been consistent on their views over the years whether you agree with them or not.


18 posted on 01/11/2012 9:10:19 AM PST by Lazlo in PA (Now living in a newly minted Red State.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Daveinyork

The name Bain is unfortunate to begin with. I realize it was probably a guy’s name but the homonym bane has some pretty dire connotations.


19 posted on 01/11/2012 9:10:23 AM PST by DManA
[ Post Reply | Private Reply | To 1 | View Replies]

To: Daveinyork

[Yet that hardly absolves Newt Gingrich...]

To hell it doesn’t...he is the early warning system for our Republic.

Disregard it at your peril.


20 posted on 01/11/2012 9:12:35 AM PST by RetSignman (I take responsibility for what I post not for what you understand.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Daveinyork

If it works now, it will work much better later in the general. Better to find out now.


21 posted on 01/11/2012 9:13:17 AM PST by throwback ( The object of opening the mind, as of opening the mouth, is to shut it again on something solid)
[ Post Reply | Private Reply | To 1 | View Replies]

To: McGavin999

Who are the stockholders?


22 posted on 01/11/2012 9:13:59 AM PST by maxter (Election is THIS year. Make it count.)
[ Post Reply | Private Reply | To 5 | View Replies]

To: VanDeKoik

You bet! And if the establishment GOP wants to go down the road they want to pave, then so be it. They will go down that road without me and mine. If they want to side with the Marxist/terrorist in our Whitehouse and destroy this republic forever, I guess they will get their wish with Romney. NO way in hell will I vote for Romney and that is a big change for me since I have voted in every election since I was eligible in 1964. Also, Fox News has not had me tune in to their Romney loving crap in several weeks now. They are no better than CNN, MSNBC or any of the other network propagandists.


23 posted on 01/11/2012 9:15:26 AM PST by Jukeman (God help us for we are deep in trouble.)
[ Post Reply | Private Reply | To 15 | View Replies]

To: cripplecreek

“Maybe its time to look at the regulators and regulations.”

Or get rid of a lot of both. Hey, maybe Mittens will fire them.


24 posted on 01/11/2012 9:16:19 AM PST by Daveinyork
[ Post Reply | Private Reply | To 12 | View Replies]

To: Lazlo in PA

Newt can say he was misinformed about the nature of Bain. I don’t believe him, but he will probably weasel his way out of this.


25 posted on 01/11/2012 9:16:42 AM PST by freespirited
[ Post Reply | Private Reply | To 18 | View Replies]

To: TexasFreeper2009

Yeah, reminds me of the guys that say, when you say the whold man made global warming thing is a farce, “Why do you hate science.”

What we hate is BAD science. Same with business. Porn and abortion are legal businesses. It doesn’t mean everyone aspires to get into them, nor is a disdain for those businesses a disdain for capitalism.


26 posted on 01/11/2012 9:19:18 AM PST by cuban leaf (Were doomed! Details at eleven.)
[ Post Reply | Private Reply | To 2 | View Replies]

To: SatinDoll
Do you get it now?

Yes. You lack the ability to debate based on facts.

27 posted on 01/11/2012 9:20:08 AM PST by Zevonismymuse (Life'll kill ya!)
[ Post Reply | Private Reply | To 13 | View Replies]

To: throwback

Only those who have been personally affected by these types of raids truely understand this way of doing business. Those who believe this perfectly fine do not understand how it works. These people (Romney’s group)raided insurance policies and pension funds and practically stole the value of companies and the tax payer ends up making it good. They are worse that scum, they are the parasites that feed on the scum.


28 posted on 01/11/2012 9:20:38 AM PST by david1313 (Newt all the way)
[ Post Reply | Private Reply | To 21 | View Replies]

To: TexasFreeper2009

—Fact:
Romney said yesterday “he likes to fire people”—

To be fair to Romney, he was talking about firing businesses, of which his business is a customer, that are not competitive.

What I fault him for is his unbelievably poor choice of words in a “gotcha” media environment. That shows incredibly bad judgement.


29 posted on 01/11/2012 9:21:46 AM PST by cuban leaf (Were doomed! Details at eleven.)
[ Post Reply | Private Reply | To 7 | View Replies]

To: TexasFreeper2009

—Fact:
Today Romney likened what he did at Bane to the Obama auto bailouts.—

That one concerns me about which voters he’s going after and which ones he’s throwing under the bus.

Note to republican party: Do not presume to have my vote. I am a conservative and will sit out the presidential election if Romney is the nominee.


30 posted on 01/11/2012 9:23:25 AM PST by cuban leaf (Were doomed! Details at eleven.)
[ Post Reply | Private Reply | To 7 | View Replies]

To: cuban leaf

I will not sit out nor will I vote for Mr. Romney. The down ticket is too important to me. I will vote a protest vote for president and then vote straight republican.


31 posted on 01/11/2012 9:25:50 AM PST by david1313 (Newt all the way)
[ Post Reply | Private Reply | To 30 | View Replies]

To: Daveinyork

Its a circular firing squad, and Romney is himself to blame as well. We better start focusing on winning the Senate...


32 posted on 01/11/2012 9:28:29 AM PST by Paradox (The rich SHOULD be paying more taxes, and they WOULD, if they could make more money.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: david1313

I think there is quite a bit of animosity towards corporate leadership in this country no matter the facts on Bain. Romney’s weakness in this area exactly dovetails with Obama’s game plan. If people think Romney is the most electable, they are probably in for a shock once the dem machine and the media turn their attention to Romney in the general. Romney exactly fits the stereotype of the out of touch rich Republican businessman. Obama just has to be smiling.


33 posted on 01/11/2012 9:29:46 AM PST by throwback ( The object of opening the mind, as of opening the mouth, is to shut it again on something solid)
[ Post Reply | Private Reply | To 28 | View Replies]

To: maxter

Who are the stockholders and how much money did they give to mitt and mitt PACs?


34 posted on 01/11/2012 9:30:09 AM PST by LuvFreeRepublic ( (I am angry and that is why I am #withNewt))
[ Post Reply | Private Reply | To 22 | View Replies]

To: Daveinyork
A few facts to counter the populism

The Wall Street Journal doing what it does best, leaving aside the beneficiary in this case. As a rule, although not always, populism excludes a forgotten man. In this case, the forgotten-man category is filled by the stockholders. Much like the Democrat populists who conflate the "oil companies" with rich old men in suits and/or bolos, forgetting how widely held oil stocks are, this crop of populists forget that ordinary people benefitted through their agents. Didn't Bain get pension money to manage?

35 posted on 01/11/2012 9:34:46 AM PST by danielmryan
[ Post Reply | Private Reply | To 1 | View Replies]

To: TexasFreeper2009

One Bain investment during Mr. Romney’s tenure was to back an entrepreneur named Tom Stemberg, who was convinced he could provide savings for small-business owners if they were willing to shop at a store instead of taking deliveries. Today, the Staples chain of business-supply stores employs 90,000 people.


36 posted on 01/11/2012 9:39:17 AM PST by kabar
[ Post Reply | Private Reply | To 2 | View Replies]

To: Daveinyork

Back in the 80-90’s, there was a CEO nicknamed hacksaw, or something to that effect. The fact is, you cannot make government smaller without firing a WHOLE bunch of people, even those that you like, like soldiers and teachers. Why can’t these Republicans stand up proudly for Right-sizing our government?


37 posted on 01/11/2012 9:39:17 AM PST by jimmygrace
[ Post Reply | Private Reply | To 1 | View Replies]

To: SatinDoll

The difference is...Romney is running for President. We should know EVERYTHING before this man gets the nomination.

I really don’t care if, as a private citizen, he fires people, loots company pensions or is cruel to dogs: but I don’t want him as my President.

Do you get it now?

That right there sums it up for me.

38 posted on 01/11/2012 9:40:01 AM PST by cuban leaf (Were doomed! Details at eleven.)
[ Post Reply | Private Reply | To 13 | View Replies]

To: TexasFreeper2009

Mr. Romney and his colleagues raised $37 million for their first fund in 1984. Today, Bain Capital manages roughly $66 billion. Its investors include college endowments and public pension funds that have increased their investments in private equity to get larger returns than stocks and bonds provide. The people who benefit from those returns thus include average workers.

Bain’s turnaround hits include Sports Authority and tech-research outfit Gartner Inc., which was once a small division of an advertising firm and is now a public company worth more than $3 billion. Another success was Steel Dynamics, which used Bain money to build a new steel factory and now employs 6,000 people.


39 posted on 01/11/2012 9:41:20 AM PST by kabar
[ Post Reply | Private Reply | To 7 | View Replies]

To: jimmygrace

Chainsaw, I think it was.


40 posted on 01/11/2012 9:43:49 AM PST by Daveinyork
[ Post Reply | Private Reply | To 37 | View Replies]

To: Daveinyork

This article sums up best Bain’s work and is right on.

Romney and his executive provided a valuable service to businesses.

His real problem is he ain’t so great at defending his work or it’s virtues.

Fine by me.


41 posted on 01/11/2012 9:48:00 AM PST by Vendome (Don't take life so seriously, you won't live through it anyway)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Jukeman
Also, Fox News has not had me tune in to their Romney loving crap in several weeks now.

Me too. I hope there's a lot of us there.

42 posted on 01/11/2012 10:09:23 AM PST by alicewonders ((GO PERRY!))
[ Post Reply | Private Reply | To 23 | View Replies]

To: Daveinyork

Just what in the heck is going on with FR ?

The guy has two affairs and 3 wives and it is no problem.

We have him sitting on the couch with Pelosi and it is no problem

We have people here supporting a Federal lawsuit for VA and people gladly follow this.

We have people supporting openly leftist language and anti capitalist garbage.

We then are lectured on other threads on how principled conservatives are, and people on this site get ‘zotted’ for stuff not nearly approaching this abandonment of conservative principles. How anyone on this site can now support the above mentioned points I made, and then call themselves a “principled conservative” is beyond me.

For full disclosure I am supporting none of this lot as I find the whole field disgusting. I will not vote -except for down ticket- after being given this sorry group to vote for, can’t do it.


43 posted on 01/11/2012 10:12:36 AM PST by lakewood conservative
[ Post Reply | Private Reply | To 1 | View Replies]

To: david1313

How did that work out for you and the nation back in 2008?


44 posted on 01/11/2012 10:14:25 AM PST by BilLies ( (ABCBSNBCNN, NYTimes, WaPOSt , etc., hates your Traditional American guts!))
[ Post Reply | Private Reply | To 31 | View Replies]

To: maxter

BAin’s stockholders.


45 posted on 01/11/2012 10:17:47 AM PST by McGavin999 ("If you'll have my back when I go to Washington, I'll have yours" Rick Perry 2012)
[ Post Reply | Private Reply | To 22 | View Replies]

To: jimmygrace

Chainsaw Al Dunlap


46 posted on 01/11/2012 10:19:03 AM PST by Daveinyork
[ Post Reply | Private Reply | To 37 | View Replies]

To: Zevonismymuse

It’s an OPINION piece that talks more about Bain, than covering specifically what Romney did while at Bain. The investigative NEWS article from earlier in the week covered that relationship specifically.


47 posted on 01/11/2012 10:26:54 AM PST by moehoward
[ Post Reply | Private Reply | To 6 | View Replies]

To: TexasFreeper2009
“Fact:
Romney said yesterday “he likes to fire people”

Fact:
Today Romney likened what he did at Bane to the Obama auto bailouts.

Fact:
Bane Capital the company Romney co-founded bought a steel mill, bankrupted it and fired all the employees after looting their pension plans, then stuck the US Taxpayers with the a bill ($44 Million) for it.

Those are the facts.”

Sorry, but one out of three correct statements is not a passing grade in my book.

48 posted on 01/11/2012 10:33:11 AM PST by riverdawg
[ Post Reply | Private Reply | To 7 | View Replies]

To: Daveinyork

This, from the newspaper that was handed the facts and story on the world’s largest ponzi scheme run by Bernie Madoff no fewer than three times... and refused to publish the story.

The WSJ also was right there with Bloomberg and Fox news, filing FOIA’s for minutes of Fed meetings, right? The WSJ found out that the Fed had, at one time, committed over $16 trillion (NB the “T”) in US funds to the banking system here and abroad?

Um, no, they were not.

And they were right on top of the MF Global scam too, right?

Um, no, for the first week, they were re-hashing reporting done by Reuters, Bloomberg and Fox.

The WSJ has always turned a blind eye to financial irregularity. They’re the voice of the monied classes on Wall Street, always taking “the company line.” They’re going to peddle the company line on Mitt and Bain... until someone else drags the facts out into the room like bringing a road-killed deer carcass into the salon of some upper-crust matron on the upper west side and says “Feast your eyes on this, baby!”


49 posted on 01/11/2012 10:51:33 AM PST by NVDave
[ Post Reply | Private Reply | To 1 | View Replies]

To: Daveinyork

Yeah, look, I haven’t settled on Mitt...and I know he is hated here by Jim and a boatload of others.

His work as an investor, though, ought to be acknowledged as a legitimate part of his resume.

We really have a danger, I think, of equating every Republican we find distasteful with Hussein. That is an error that will hurt us beyond belief.

I live in Florida—I had to deal with Charlie Crist, a bigger RINO (when he had the “R”) than McInsane and Romney COMBINED.

Charlie Crist was bad...but he WAS NOT AS BAD AS HUSSEIN.

I’m not shilling for Romney, I’m just saying he isn’t Hussein.


50 posted on 01/11/2012 10:53:43 AM PST by Recovering_Democrat
[ Post Reply | Private Reply | To 1 | View Replies]


Navigation: use the links below to view more comments.
first 1-5051-82 next last

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson