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"Bain Capitalism": Mitt's Frankenstein is a Politically-Created Monster
http://www.ourfuture.org/blog-entry/2012010212/bain-capitalism-mitts-frankenstein-politically-created-monster?utm_medium=referral&utm_source=pulsenews ^ | 1/12/2012 | By Richard (RJ) Eskow

Posted on 01/12/2012 5:29:05 PM PST by Snoopers-868th

Bain Capital must seem like a Frankenstein monster to Mitt Romney's campaign. Like Mary Shelley's creature, it's stalking its creator just as he's about to claim the thing he loves most. But Bain Capital—and Bain capitalism—isn't Mitt's creation. It was sewed together from the corpses of dead ideals and shocked into life in Washington's political laboratories.

Mitt's monster was created by a broken system that has let politicians in both parties create an artificial, destructive and exploitative form of pseudo-capitalism—and then get rich from it. Romney's campaign will survive, but the monster will go on destroying lives and dreams.

Conservatives and self-described "centrists" speak about "Bain capitalism"—a k a "vulture capitalism"—as if it were the inevitable result of immutable economic laws. But it's only been around for 30 years or so, since government policies in taxation and bank regulation made it possible. That's right: Government, not free enterprise, made Bain capitalism.

And what government has made, government can un-make.

(Excerpt) Read more at ourfuture.org ...


TOPICS: Government; News/Current Events
KEYWORDS: bain; bloggersandpersonal; leverage; mitt; romney; sourcetitlenoturl
The "Bain Bailout"

They're calling it the "Bain Bailout"—although Bain didn't receive any actual funds. But when a Federal regulator took over a failing New England bank, it decided to "forgive" several million dollars for loans that Bain had received from the bank.

1 posted on 01/12/2012 5:29:14 PM PST by Snoopers-868th
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To: Snoopers-868th

Thanks for the info.

TO RJ:

Well said. Shout it Brother. Amen. Exactly right. etc etc etc.


2 posted on 01/12/2012 5:34:15 PM PST by marty60
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To: Snoopers-868th

Consider the sorce of this article — very left wing.


3 posted on 01/12/2012 5:36:48 PM PST by GOP_Harley_Guy
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To: Snoopers-868th

Consider the source of this article — very left wing.


4 posted on 01/12/2012 5:36:58 PM PST by GOP_Harley_Guy
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To: Snoopers-868th

Just watched Rick Tyler on O’Reilly. I’ve now lost faith in Newt and his organization. If they have any sense, they’ll pull the half hour program before they lose everyone.


5 posted on 01/12/2012 5:37:51 PM PST by Boomer One
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To: GOP_Harley_Guy

If the facts presented are indeed factual, then the source is irrelevant.


6 posted on 01/12/2012 5:38:15 PM PST by Utmost Certainty (Our Enemy, the State | Gingrich 2012)
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To: Snoopers-868th

before posting commie pinko claptrap, do actually take a few min’s to understand the issues. frankly I was fine with writing off mitt and the magical underwear, then I started actually looking at bain capital. Almost every thing in the msm is a lie or a complete commie dis information campaigne. (if you have a degree in money then comment) if you just want to be a dem tool keep reading how to be a commie tool.


7 posted on 01/12/2012 5:41:46 PM PST by waynesa98
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To: Snoopers-868th

“Romney’s campaign will survive.....”

I doubt it.


8 posted on 01/12/2012 5:42:43 PM PST by Gator113 (~Just livin' life, my way~..... GO NEWT GO.....!)
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To: waynesa98
Listen sweetcheeks, you don't tell anyone they can or can not comment. It's ovvious you've never bothered to read the constitution. BTW, FreeRepublic is not the only people who will be seeing this and making up their own minds, most of the 14 million people who are unemployed will decide for themselves whether or not it is realistic.

This is still a free country, you don't get to silence anyone....GOT IT!

9 posted on 01/12/2012 5:46:44 PM PST by McGavin999 ("If you'll have my back when I go to Washington, I'll have yours" Rick Perry 2012)
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To: Boomer One
"Just watched Rick Tyler on O’Reilly. I’ve now lost faith in Newt.... "

Rick pointed out that Bay Buchanan's pant's were on fire.

10 posted on 01/12/2012 5:49:17 PM PST by moehoward
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To: Boomer One

My thoughts as well. Rick Tyler should resign in disgrace.

This stupid attack on Bain may well have screwed Newt for good, although I hope he’s smart enough (and remember his own tenure as a paid advisor to Forstmann Little & Co., a Bain competitor.

I am stunned that he could have ever permitted the superPAC to do this.


11 posted on 01/12/2012 5:49:38 PM PST by bigbob
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To: Snoopers-868th

People need to go rent an old James Garner movie called Cash McCall.

For an old movie, it actually covers a number of bases on this subject.

Businesses fail. Corporate raiders do come in and save some of them. They also slice and dice some of them.

If a business is failing, why not take intervention? Who is helped by letting the business drop dead? Everyone looses then.


12 posted on 01/12/2012 5:50:03 PM PST by DoughtyOne (This administration is Barawkward... yes lets try everything that failed in the 20th Century. NOT!)
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To: Utmost Certainty

Hello Dan Rather, I’m surprised you’re a member of FR.


13 posted on 01/12/2012 5:51:29 PM PST by bigbob
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To: waynesa98

Well then, you might want to read this that tells a whole lot about Mitt and Bain.

http://nymag.com/print/?/news/politics/mitt-romney-2011-10/

He may have done everything that was legal but it sure is amoral.


14 posted on 01/12/2012 5:52:38 PM PST by Snoopers-868th
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To: Snoopers-868th
I listened to the 27 minute film about Bain and Romney. If he is our candidate we already lost. Why did anyone think he would win? If just a fourth of it is true it's terrible. A few years back I lost my job, but the company took the assets and gave us a decent severance packages. Most people have experienced or witnessed these situations. I did not know what venture capitalist were. It appears they are somewhere between lawyers and lawyers belly button fuzz. We need to get conservatives together.
15 posted on 01/12/2012 5:53:25 PM PST by Linda Frances
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To: Snoopers-868th
Man, I feel like I got cooties just from visiting that site. It's a progressive anti conservative group, so take it all with a grain of salt.

Here's what is worth looking at. Dade International Bankruptcy proceedings. The creditors accused Romney and Associates of unprofessional management and unjust enrichment. Apparently they made enough of a case than Bain had to surrender proceeds from stock shares or something.

Any way that's enough to do some research and see what really happened I hope. Wouldn't the bankruptcy proceedings of this company be a matter of public record?

16 posted on 01/12/2012 5:54:52 PM PST by greeneyes (Moderation in defense of your country is NO virtue. Let Freedom Ring.)
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To: bigbob

Lol. If someone tells you it’s 11:00 PM CST, and it really is 11:00 PM CST, does it matter who said it?


17 posted on 01/12/2012 5:55:27 PM PST by Utmost Certainty (Our Enemy, the State | Gingrich 2012)
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To: Linda Frances
I did not know what venture capitalist were.

Repeat After Me: Bain Capital Is Not A VC Firm
18 posted on 01/12/2012 6:00:59 PM PST by Utmost Certainty (Our Enemy, the State | Gingrich 2012)
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To: Utmost Certainty

Yes, Romney Could Lose

http://andrewsullivan.thedailybeast.com/2012/01/yes-romney-could-lose.html


19 posted on 01/12/2012 6:06:06 PM PST by Snoopers-868th
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To: Boomer One

“Just watched Rick Tyler on O’Reilly. I’ve now lost faith in Newt and his organization. If they have any sense, they’ll pull the half hour program before they lose everyone.”

Who is this Rick Tyler of whom you speak? What did he say that caused you to lose your faith? What are you talking about? Haven’t watched O’Blowhard in forever.


20 posted on 01/12/2012 6:10:44 PM PST by ngat
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To: bigbob

“...This stupid attack on Bain may well have screwed Newt for good,...”

Perhaps, but in the long run, it’s more likely Mitts’ claims that his actions with Bain created 100,000 jobs and refusal to show his tax returns may well have screwed Mitt for good.


21 posted on 01/12/2012 6:17:07 PM PST by ngat
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To: Snoopers-868th

The U.S. Cannot Have A Private Equity President, Mitt Romney

http://www.forbes.com/sites/robertlenzner/2012/01/10/the-u-s-cannot-have-a-private-equity-president-mitt-romney/


22 posted on 01/12/2012 6:19:04 PM PST by Snoopers-868th
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To: bigbob
I echo your comments.

I was watching Fox and CNN off and on today, and both channels were questioning whether Newt had gone too far, as Romney seems to be gaining support from his actions.

I expect many voters will be unnerved by Newt's "Armageddon" comment, and it will get repeated airplay up until SC primary day. Fewer will ever watch the video. In my opinion, Newt's greatest weakness is a lack of discretion, just when it matters most.

23 posted on 01/12/2012 6:21:55 PM PST by Calliecat
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To: Snoopers-868th

So it is somewhat ironic that Romney’s former firm, Bain & Company, was among the private consulting firms that advised the Obama auto bailout team.

And what did Bain recommend? Cutting dealerships.

http://www.cnbc.com/id/45979278/


24 posted on 01/12/2012 6:26:15 PM PST by Snoopers-868th
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To: waynesa98
Romney’s Bain Capital Made Billions While Bankrupting Nearly One-Quarter Of The Companies It Invested In

By Pat Garofalo on Jan 9, 2012 at 9:25 am

2012 GOP presidential frontrunner Mitt Romney, who has a large lead in the polls heading into the New Hampshire primary tomorrow, has been taking heat from both Democrats and his Republican challengers for his time at Bain Capital, the private equity firm that he headed. Bain’s modus operandi was to invest in companies, leverage them up with debt, and then sell them off for scrap, allowing Bain’s investors to walk away with huge profits while the companies in which Bain invested wound up in bankruptcy, laying off workers and reneging on benefits.

Last week, Reuters profiled one company, Worldwide Grinding Systems, that went belly up after Bain invested in it. The company not only lost 750 jobs, but the federal government had to come in to bail out its pension fund, while Bain walked away with millions in profits.

And according to an analysis by the Wall Street Journal, this was far from an isolated incident. In fact, 22 percent of the companies in which Bain invested wound up either in bankruptcy or shutting their doors entirely, while Bain itself has made billions of dollars for its investors:

The Wall Street Journal, aiming for a comprehensive assessment, examined 77 businesses Bain invested in while Mr. Romney led the firm from its 1984 start until early 1999, to see how they fared during Bain’s involvement and shortly afterward.

Among the findings: 22% either filed for bankruptcy reorganization or closed their doors by the end of the eighth year after Bain first invested, sometimes with substantial job losses. An additional 8% ran into so much trouble that all of the money Bain invested was lost. [...]

The Journal analysis shows that in total, Bain produced about $2.5 billion in gains for its investors in the 77 deals, on about $1.1 billion invested. Overall, Bain recorded roughly 50% to 80% annual gains in this period, which experts said was among the best track records for buyout firms in that era.

Adding insult to injury, Bain would hide its profits in tax havens, not even paying the rate it was supposed to on the profits it made laying off workers.

Federal aid

The US Pension Benefit Guaranty Corp, which insures company retirement plans, determined in 2002 that GS (Steel) had underfunded its pension by $US44 million. The federal agency, funded by corporate levies, stepped in to cover the basic pension payments, but not the supplement the union had negotiated as a hedge against the plant's closure.

For Joe Soptic, who worked at the plant for 28 years, that meant a loss of $US283 per month, about 22 per cent of his pension. Others lost up to $US400 per month, according to documents supplied by the union.

Comparatively, the GS bailout was one of the pension guarantor's smaller hits. The federal fund swung from a $US7.7 billion surplus to a $US3.6 billion deficit that year as it struggled to cover bankruptcies in the steel and transportation industries. The failure of LTV Steel, for example, cost the agency $US1.9 billion.

The agency's woes prompted Congress in 2006 to require companies to contribute more toward their pensions. Press accounts said this change accelerated the shift away from pension plans toward 401(k)s and other defined-contribution retirement plans that offer less security for workers.

25 posted on 01/12/2012 6:31:37 PM PST by ez (When you're a hammer, everything looks like a nail.)
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To: bigbob

People argue that buying up viable companies with little debt and solid physical assets, strapping them down with debt to repay the buyer’s cost of purchase, then strip mining the companies of all their productive assets to the point of bankruptcy is nothing but good old fashioned capitalism at best, or at worst is excused by saying that in other cases the man actually helped concerns grow and thrive.

The assumption is that some level of good deeds can make up for some level of evil ones.

So my question is this: how many healthy babies does an abortionist have to deliver to make up for the dead ones? Can you give me a number?

And how many decent deals does it take to make up for the despicable ones?


26 posted on 01/12/2012 6:35:19 PM PST by John Valentine (Deep in the Heart of Texas)
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To: Snoopers-868th

a complete commie hit piece. Do you feel better being used by the criminal lib media. specifics. get specifics. As I have stated I’d vote my dead cat vrs obambi. apparently you like central planing.

Do try a Little learning beforee becoming a tool.
the harshness is because of the info you have here.


27 posted on 01/12/2012 6:45:00 PM PST by waynesa98
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To: Boomer One

At least Rick had the guts to explain himself. Where is the guy in charge of Mitty’s SuperPac? Exacty!


28 posted on 01/12/2012 6:53:55 PM PST by rwoodward ("god, guns and more ammo")
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To: Snoopers-868th
And what government has made, government can un-make.

Not if we do not have a President that does not have an interest in Bain.

29 posted on 01/12/2012 6:55:02 PM PST by Logical me
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To: waynesa98

[keep reading how to be a commie tool.]

You are so right. I am a budding Bain style capitalist myself. Please send me the name of the company you work for so I can try my skills at a hostile takeover.


30 posted on 01/12/2012 6:56:58 PM PST by FastCoyote (I am intolerant of the intolerable.)
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To: waynesa98

I see you think with your smaller head. Go away.


31 posted on 01/12/2012 7:08:09 PM PST by Snoopers-868th
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