Skip to comments.Froma Harrop: The Missing 'Humanity Clause' At Bain (This will make your blood boil
Posted on 01/14/2012 2:24:16 AM PST by Laissez-faire capitalist
... Under Romney's leadership Bain bought majority control of World Wide Grinding Systems in 1993. It put up $8 million of the $75 million purchase price and borrowed $125 million by issuing bonds. Bain immediately sent investors $36 million in dividend checks...
A steel business is capital-intensive and sensitive to economic conditions. That's why it needs to conserve money for the lean years. When the economy did go south, so did GS Technologies. GS Technologies went bankrupt in 2001, the plant closed and 750 workers lost their jobs.
Bain skipped out on a previous agreement to provide severance pay and health benefits coverage if that happened. The workers saw their pensions slashed by up to $400/month. But Bain walked away from the smoking ruins $12 million richer, not including $4.5 million in consulting fees.
And it had tapped government as well. The company had extracted $3 million in tax savings from Kansas City... The Federal Pension Benefits Guarantee Corp bailed out the company's underfunded pension plan to the tune of $44 million [taxpayer-funded]
(Excerpt) Read more at sunjournal.com ...
What say you?
Mittens/Bain was just doing what Dear Leader is doing albeit without using any Vaseline; bend over and grab your ankles, you won't feel a thing!!!
Yeah, that's right, I'm a Newt supporter all the way.
I say I wouldn't believe a word Froma Harrop writes until I'd verified it. She's a screaming liberal, for Pete's sake. I suppose next you'll be citing E.J. Dionne and Robert Reich.
But, but, but, the MSM says that Mitt is the most “electable” candidate for President. / sarcasm
Wait, is this article by the same Froma Harrop that compared the Tea Party to terrorists and at the same time runs the “Civility Project”? The same Froma Harrop that the Daily Show just skewered (with video right here on FR) for being so biased that when made directly obvious to her she still couldn’t see it. Kinda amusing that an article by this woman would be used to attack a venture capitalist company - even one run by Romney the chameleon. Sorry, but my guess is there is more to this story than what Harrop is telling us. I don’t think these attacks on capitalism are the right way to go. There is plenty about RINO Mitt to attack from the right without sounding like a bunch of occutards.
I cannot wait to find out what is left of US, for Romney to plumb off US. Why should we change donkeys if what this administration has done in ‘saving’ the auto industry is no different than what Romney would do? I am really confused as to what Romney’s intentions are for US.
Romney is the one who likened his business practices to this administration taking over the auto industry. He is the one who is flinging the smelly rhetoric.
These are no more attacks on capitalism that attacks on abortion are attacks on the practice of medicine.
Yep. Same on. She says civility should rule except she, herself, doesn't have to be civil becasue she's alway right therefore anyone who disagrees with her doesn't deserve civility.
This sort of “capitalism” has sent America’s once mighty industrial base to the PEOPLES REPUBLIC OF CHINA.
How is that a good thing?
There is a reason I chose this. Figure out why.
I have pulled from the Blaze, WSJ, Kennedy ad, etc, now her.
It will take a left>Mitt Romney< right aporoach to even think about stopping Mittens from getting the nom.
Read my post in #14 and you’ll understand.
Yep. One in the same. Wouldn’t read a thing this woman writes. Waste of time.
Read post #14.
Read post #14.
The American Public has been forced at the Point of a Gun for decades to contribute to a Ponzi Scheme called Social Security with the Lie that this Money was going into an acoount for them and now are told that it is Bankrupt and the Thieves that have run this Fraud are Retiring with Million dollar pensions at the Expense of the Suckers who have repeatedly reelected them to office. Now these same Leeches and Parasites are Going to give us all FREE health Care that is going to COST LESS but dont worry because EVERYONE will be FORCED at the point of a Gun to Participate in this Fraud,EXCEPT of course ,You Guessed it, The Millionares who are Forcing this upon us and their Favored Groups,they will be exempt.
So Miss FRump tell your Story walking you Political WHORE
You link to a piece on Bain's involvement with Holson Burnes (picture frames, etc.), not "an assessment of Bain Capital" and nothing to do with the steel company the current article discusses.