Posted on 01/28/2012 9:40:26 AM PST by JediJones
Bain Capital is a classic “strip and flip” shop — a private equity firm that made its money buying businesses and sucking profit out of them by any means possible that often resulted in a stack of pink slips for everyday Americans.
Romney “made fortunes by bankrupting five profitable businesses that ended up firing thousands of workers.”
Here’s how it often went down. Romney’s Bain would buy a company and increase its short-term earnings through firing workers and shuttering plants in order to borrow enormous amounts of money. The borrowed money was used to pay Bain dividends, however, those businesses needed to maintain that high level of earnings to pay their debts. When they couldn’t, that meant plant closures, more layoffs, bankruptcies, and in many cases, the end of the business. Yet these bankruptcies still meant huge profits for Bain’s investors.
“They leveraged this thing to the hilt and got out when they could,” Rumbin said. “We were left holding the bag.”
...Bain “bled the company,” withdrawing cash for dividends and management fees even as circumstances in the steel industry deteriorated.
“If I were looking for effective management of a project, a company or a country, this is exactly the kind of management I would not want to have,” Foster said of Bain.
...Romney’s Bain invested 22 percent of the money it raised in five businesses that ended up filing for bankruptcy and walked away with a $578 million in profit.
It’s no wonder Wall Street lobbyists are lining up to throw campaign money Romney’s way today...
...cites a Boston Globe report that a company under Romney’s watch collected a $10 million bailout while Bain Capital profited $4 million.
(Excerpt) Read more at romneygekko.com ...
I hope you have on your asbestos underwear.
I was disappointed when Santorum said that Mitt was a “hard worker.” Mitt’s accomplishments no dount require hard work, but they also show greed and lack of loyalty to American citizens. He’s already a wealthy man, why does he have to be greedy. He’s part of why our capitalistic system has been undermined.
We all know that this will be repeated loudly and often by the MSM if Willard ends up as the nominee. I believe Romney will wither under the onslaught, yet he’s the pick of the GOP-E.
Let’s all go with communism! Yeah, that’s the ticket, equal pain for all!
Nothing in the scope or magnitude of mittens, or with such blatant self absorption.
This stuff will be plastered all over the airwaves if Romney is the nominee and we will probably lose! God forbid.
Let’s all go with communism! Yeah, that’s the ticket, equal pain for all!
No, let’s go for company owners being responsible for paying back money they borrow. Why should deadbeats suck millions out of a company and leave the lenders holding the bag. Is that real capitalism?
• Curable LepersTo quote Albert Brooks: "Right there between the Lepers"
• Lawyers
• Consultants
• Politicians
• Car Salesmen
• Uncurable Lepers
The Mittiot may fit all encased categories…
...cites a Boston Globe report that a company under Romney’s watch collected a $10 million bailout while Bain Capital profited $4 million.
If Romney is elected we lose.
The war is on now. Right now Romney is our principle concern. We can't win the war if we lose the battle with Romney.
It's down to Newt or Romney.
It is time for all Patriotic Americans to choose which side they are on.
Agree with you 100%
Yes...I will send him more money as soon as I am able to and help door to door here in Ca.
When a person invests capital in an institution for the purpose of growing that capital. It would be unethical for the leadership of said institution to abrogate their responsibiliy and put their own social beliefs ahead of their clients interest.
I think you meant to post this article two clicks down the internet on DU.
Show me proof that Bain did that. I have seen none. I HATE this line of attacks. Santorum showed us the way to destroy Mittens - ROMNEYCARE! The idiot actually DEFENDED it! The next debate should have both Rick and Newt slamming Mittens with it, in for the kill.
Agree it’s horrible what Romney did at Bain Capital. It’s destructive to Capitalism.
Anyone that thinks it’s okay to rob companies from the top, destroy people lives, and ultimately destroy a business for personal gain is stupid or sick in the head.
That’s what the Mafia does to businesses. It’s called Crony Capitalism and that is what Mitt was practicing. Robbing companies from the top for personal gain and the hell with the company in the long run. The question is how many businesses did Mittens wreck???
If you are a true Capitalist, then there is no way you can defend this type of behavior.
Usually the same people that defend Mitt over this criminal behavior thinks that it’s okay for Congress to insider trade but not we the people.
What social beliefs are you talking about? Not every single way of making a profit that happens to be legal is also ethical.
For example, insider trading apparently isn’t illegal for members of Congress to engage in, as we learned from folks like Rick Perry and Sarah Palin recently:
So I’m not sure what your argument is. Are we not allowed to judge people for being unethical just because what they do is legal? So I guess we can’t judge Planned Parenthood and abortion doctors for how they make their profits either.
What’s unethical about some of Bain’s profits are clearly outlined in the quotes I made from the article.
Bain Capital and Romneycare are not mutually exclusive issues...
Bain Capital invests in HCA, founded by Bill Frist, who is publically saying that Obamacare should not be repealed.
http://www.baincapitalprivateequity.com/Investments/432/HCA
http://www.americanthinker.com/blog/2011/01/frist_obamacare_beautiful_on_p.html
Bill Frist, medical doctor and former Republican Senate Majority Leader (2003 - 2007), said Tuesday that he’s for fixing not nixing ObamaCare.
Frist’s father and brother founded Hospital Corporation of America, the “largest private operator of health care facilities in the world.” With ObamaCare, hospitals forecast less uncompensated care (bad debt) and their stock prices have been rising accordingly.
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