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(Politico)   Mitt Romney's old job is turning into the Bain of his existence   (politico.com) divider line 170
    More: Followup, Mitt Romney, Rob Portman, trading loss, Newt Gingrich, existence  
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2149 clicks; posted to Politics » on 15 May 2012 at 9:25 AM (2 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2012-05-15 08:21:33 AM  
Finally. The Bain pun goes green.
 
2012-05-15 08:46:54 AM  

thismomentinblackhistory: Finally. The Bain pun goes green.


Bain waiting for this one a while?
 
2012-05-15 08:57:24 AM  
Good.
 
2012-05-15 09:16:45 AM  
Mitt Romney's old job is turning into
static.tvguide.com
the Bain of his existence

/YEEEEEEEEEEEEEEEAAAAAAAAAAAAAAAAAAAAAAAAAAAAHHHHHHHHHHHHHHHHHHHHH
 
2012-05-15 09:22:08 AM  

Article wont load. Heres either some more or a repeat.

Is Mitt Romney really a job creator? What his Bain Capital record shows. CSMonitor

Mitt Romney is running for president on his business acumen, saying he knows what it takes to create jobs. He puts less emphasis on what he knows about eliminating jobs. Marion, Ind., has experienced both via Romney and Bain Capital.

i.imgur.com
Loris Huffman of Marion, Ind., lost her job of 40 years at the local American Pad & Paper Co. factory, after Bain Capital took it over in 1994. She says Bain closed the plant rather than negotiate with a striking union. During Mitt Romney's 1994 US Senate race, she attended campaign events in Massachusetts to relay her experience with Bain Capital.



Special report: Romney's steel skeleton in the Bain closet. Reuters


i.imgur.com
Former steel worker Joe Soptic stands near a giant drive wheel that was used by a steel mill that closed due to bankruptcy in 2001 and is now thought of as a memorial to the days that Kansas City, Missouri, December 15, 2011.

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.
 
2012-05-15 09:22:50 AM  
if the Democrats were smart, they'd unleash non stop campaign ads showing all Romney's primary opponents ripping into him for his tenure at Bain.

End with something like "Even Rick Perry/Newt Gingrich/Rick Santorum etc thought he was detrimental to America"
 
2012-05-15 09:24:05 AM  

Party Boy: 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.


That's the part that needs to be hammered on.

Romney made the taxpayers pay for out the mess he left behind.
 
2012-05-15 09:27:36 AM  
Mitt Romney:

Good at making money

Not a job creator

He did this to himself

All he had to do was brag about his private sector experience and success in business and attribute that to his economic knowledge. Instead he had to derp down on job creation.
 
2012-05-15 09:35:19 AM  

thismomentinblackhistory: Finally. The Bain pun goes green.


blogs-images.forbes.com
It's not easy being GREEN
 
2012-05-15 09:35:27 AM  

Aarontology: if the Democrats were smart, they'd unleash non stop campaign ads showing all Romney's primary opponents ripping into him for his tenure at Bain.

End with something like "Even Rick Perry/Newt Gingrich/Rick Santorum etc thought he was detrimental to America"


Point scoring, sure.

Not as good as people you can inherently relate to, like
The Kansas City millworkers, meanwhile, are still fuming, after being left with no health benefits and a reduced pension check.

"Romney cost me lots and lots of sleepless nights and lots and lots of money," said Ed Stanger, who worked at the plant for nearly 30 years.


Were all seeing the good pensions, benefits, grants, other sources of funding go out the window. For us, its a considerably more farked world. Seeing a person profit off of that from splitting a company in two pieces, and seeing the one piece that contains the pensions and other negotiated obligations tothe workforce file into bankruptcy - thereby shifting the burden onto federal programs. You know, the safety net kind of shiat everyone bangs on about cutting.

Then it gets worse with "the carry" You know, where the source of the "investment" revenue from fees is applied against real investors. This is a situation of gaming the system where a person like Romney doesn't have his own money in play. No risk so its very much not an investment. He is effectively getting revenue removed from investment but is getting the incentive rate as if it was being used to spur business which become successful. There is very little focus on this type of income earning and its a massive tax dodge at 15%, which is important where people are waving the nonsensical banner of 35% taxation for political purposes.
 
2012-05-15 09:35:52 AM  
FTA:"This is a politically potent distortion of the truth. And while this is a tough hit on Romney, Obama is running the risk of owning the anti-business label."

What was 'pro-business' in the way Romney and Bain did things? They mucked up long term, profitable business and lost jobs for many, many people to enrich a small group. That is what they'd would say is American Business now? That's a decent standard to be considered an American Business worthy of protecting and any one who thinks it's not is anti-business? People see through this stuff at the common level. Those that consider it the norm are slowly being revealed as the miniscule minority in the nation who think it's an admirable way to go about making money.
 
2012-05-15 09:36:05 AM  
Mitt Romney has scorched earth experience. My assumption is that he's just going to have anyone with less worth killed. But not shot or rounded up or anything. That's a waste of resources.

We all get to starve.
 
2012-05-15 09:36:30 AM  
His fiscal policy is that of a facilitator to the super wealthy. I can't believe any middle class person could even entertain the idea of voting for the guy. You might as well stay home and then just flush your own money down the toilet instead of voting and ruining things for everyone.
 
2012-05-15 09:36:54 AM  
Yea, and George W. Bush had nothing but a legacy of failure behind him when he was elected/appointed president in 2000. What's your point? He was still elected.

I hope the dems hammer him on this, because they should, because Bain Capital has been nothing short of destructive to the types of people that make up more than 90% of the country, but I have serious doubts it's going to matter.

If anything comes out of this whole gay marriage flap with Obama, I think it will be to further galvanize the crazy right-wingers that dominate the south and mountains central regions. I could see people who have been waffling on Romney deciding they hate gay people enough to go vote for him despite the fact that every single part of his life to this point has suggested every single one of his opinions is bad for normal people.
 
2012-05-15 09:38:19 AM  
FTFA:
Following the release of the Obama Bain ad, Romney's Weeners was a statement that landed a few hours afterward in reporters' email inboxes.
The Romney camp then spent five hours attempting to discredit the spot before unveiling a Web ad of their own, featuring testimonials from workers at a different steel firm. But the video didn't pack anywhere near the gut-punch of the Obama spot, and the campaign would not say whether it will ever hit the airwaves, and, as one Republican operative pointed out, it had Romney's team "litigating" his opponent's case instead of making his own.


Christ, has there ever been a less deft "politician"?
 
2012-05-15 09:38:44 AM  

Aarontology: That's the part that needs to be hammered on.

Romney made the taxpayers pay for out the mess he left behind.


Yep.

The ways money was made should be exposed. Its farked when you are breaking yourself to stay afloat - you know, like many Americans these days.
 
2012-05-15 09:40:41 AM  
Parasite.
 
2012-05-15 09:41:08 AM  
Remember folks: if you own or buy a business you are never allowed to cut costs, ever. If you employ someone and they aren't worth what you are paying them you cannot fire them. If you can find cheaper sources of inputs it's too bad - if you don't keep overpaying you are greedy.
 
2012-05-15 09:41:10 AM  
The idiotic notion that Republicans are pro business and the Dems are anti-business is a given in Republican circles despite being untrue.

Possibly it is this conceit that is most responsible for the GOP deciding to put up Gordon Gecko's less cool brother from another mother for President here in 2012.

Maybe they are just really stupid.

Whatevs. I got popcorn.
 
2012-05-15 09:42:15 AM  
More stupid from our smartest president: Mitt Romney is bad because a company he was associated with caused layoffs at a company two years after Romney left.

I don't know what's worse: (1) the Obama campaign can't do the basic math as to when Romney was at Bain; (2) the Obama campaign actually thinks that "corporate raiders" caused the pain suffered by the steel industry in the 1980s; or (3) the Obama campaign is so cynical that it thinks the people should be moved to vote for Obama on the basis of this web of lies?
 
2012-05-15 09:42:19 AM  
Who would have thought that making money by selling off assets, raiding pension funds (and then putting the taxpayer on the hook for the pensions), and firing people wouldn't resonate with the voters?
 
2012-05-15 09:42:37 AM  

Debeo Summa Credo: Remember folks: if you own or buy a business you are never allowed to cut costs, ever. If you employ someone and they aren't worth what you are paying them you cannot fire them. If you can find cheaper sources of inputs it's too bad - if you don't keep overpaying you are greedy.


You're not the sharpest tool in the shed, are you?
 
2012-05-15 09:43:07 AM  

Debeo Summa Credo: Remember folks: if you own or buy a business you are never allowed to cut costs, ever. If you employ someone and they aren't worth what you are paying them you cannot fire them. If you can find cheaper sources of inputs it's too bad - if you don't keep overpaying you are greedy.


And you must refuse taking government, socially funded money (socialism) because your awesome business acumen running the above scenario would preclude you needing any help from Uncle Gov't.
 
2012-05-15 09:43:10 AM  

Headso: I can't believe any middle class person could even entertain the idea of voting for the guy.


You know what really drove this point home for me recently? When that story came out about Governor Walker being recorded talking to a billionaire who had given him a half million dollar campaign donation.

How utterly ignorant and self-loathing do you have to be to look at that guy and say "yea, he was discussing and agreeing with the policy interests of a person who just wrote a campaign check that could buy the average person's home twice over, but I'm sure he has my interests at heart".

It's just insane. It's absolutely insane that this tiny minority of people who are so wealthy that they cannot conceivably begin to understand the lives and concerns of more than 90% of the country have managed to convince a very large portion of that 90% otherwise.

Mitt Romney does not have your interests at heart because Mitt Romney has never lived in even the remotest proximity to you socially, culturally and least of all economically. He will not do things that benefit you because there is no way he could possibly understand what those things would even be.

But, whatever. Thems queers is tryin' to be like people, and that's alla matters.
 
2012-05-15 09:43:53 AM  

Garet Garrett: More stupid from our smartest president: Mitt Romney is bad because a company he was associated with caused layoffs at a company two years after Romney left.


Romney is still trying to take credit for the cashier hired last week at your local Staples.
 
2012-05-15 09:44:15 AM  
OMG! Not every investment that Romney made worked out. I bet the teacher pension funds that invested in his funds are really upset about the return they got.

Of course we know that every investment the 0bama made with our tax dollars has worked out. Solyndra is what, $30 a share now?
 
2012-05-15 09:44:18 AM  

Debeo Summa Credo: Remember folks: if you own or buy a business you are never allowed to cut costs, ever. If you employ someone and they aren't worth what you are paying them you cannot fire them. If you can find cheaper sources of inputs it's too bad - if you don't keep overpaying you are greedy.


It's funny that Bain never felt that the millions they were siphoning out of the company were costs that could be cut.
 
2012-05-15 09:44:52 AM  

Splinshints: Yea, and George W. Bush had nothing but a legacy of failure behind him when he was elected/appointed president in 2000. What's your point? He was still elected.

I hope the dems hammer him on this, because they should, because Bain Capital has been nothing short of destructive to the types of people that make up more than 90% of the country, but I have serious doubts it's going to matter.

If anything comes out of this whole gay marriage flap with Obama, I think it will be to further galvanize the crazy right-wingers that dominate the south and mountains central regions. I could see people who have been waffling on Romney deciding they hate gay people enough to go vote for him despite the fact that every single part of his life to this point has suggested every single one of his opinions is bad for normal people.


Romney might flip on the gay marriage issue before november and take a "states rights" position. Romney would support anything if it hits 60% in the polls.
 
2012-05-15 09:45:58 AM  

rudemix: FTA:"This is a politically potent distortion of the truth. And while this is a tough hit on Romney, Obama is running the risk of owning the anti-business label."

What was 'pro-business' in the way Romney and Bain did things? They mucked up long term, profitable business and lost jobs for many, many people to enrich a small group. That is what they'd would say is American Business now? That's a decent standard to be considered an American Business worthy of protecting and any one who thinks it's not is anti-business? People see through this stuff at the common level. Those that consider it the norm are slowly being revealed as the miniscule minority in the nation who think it's an admirable way to go about making money.


In the game of Monopoly you are either pro-business (You support the game no matter how ugly the outcome) or anti-business you believe in helping out the little guy, and free parking, etc. Why are you anti-business. Why should real life be any different. (I kid)
 
2012-05-15 09:46:13 AM  

Party Boy: Then it gets worse with "the carry" You know, where the source of the "investment" revenue from fees is applied against real investors. This is a situation of gaming the system where a person like Romney doesn't have his own money in play. No risk so its very much not an investment. He is effectively getting revenue removed from investment but is getting the incentive rate as if it was being used to spur business which become successful. There is very little focus on this type of income earning and its a massive tax dodge at 15%, which is important where people are waving the nonsensical banner of 35% taxation for political purposes.


This. When you are high enough up the ladder at Bain, your salary is paid under "the carry" so you only have to pay 15% income tax. It is salary disguised as investment income. All the other employees which are effectively paid from investment profits as well, get paid in the regular loser salary in which the pay the same tax rate as the rest of us suckers.
 
2012-05-15 09:46:20 AM  

Hollie Maea: Christ, has there ever been a less deft "politician"?


Well, if you're going to put "politician" in quotations, then sure.

s.wsj.net
 
2012-05-15 09:46:21 AM  

quatchi: The idiotic notion that Republicans are pro business and the Dems are anti-business is a given in Republican circles despite being untrue.

Possibly it is this conceit that is most responsible for the GOP deciding to put up Gordon Gecko's less cool brother from another mother for President here in 2012.

Maybe they are just really stupid.


Well, there is that. But the GOP does support some businesses, just usually the plunder and pillage sort that avoid paying taxes and require a government cleanup-- NOT the middle class small businesses that actually create jobs.
 
2012-05-15 09:46:45 AM  
If Obama's ad is full of lies, why can't Romney clearly and definitively repudiate it? Why is it that whenever he is asked, Romney starts dancing around the subject with weasel words? If Romney's really innocent of all that, he would be able to easily come out and clearly state that he never has laid off any workers in order to boost his own financial gain.
 
2012-05-15 09:46:52 AM  

tenpoundsofcheese: OMG! Not every investment that Romney made worked out. I bet the teacher pension funds that invested in his funds are really upset about the return they got.

Of course we know that every investment the 0bama made with our tax dollars has worked out. Solyndra is what, $30 a share now?


What you mean it didn't work out? Bain and Romney made millions. Romney acted in the best interest of his company and share holders by offloading debt to the government and laying off workers. It wasn't that his investment didn't work out it is that he acted in a way many people find morally reprehensible.
 
2012-05-15 09:48:09 AM  

Boxcutta: Hollie Maea: Christ, has there ever been a less deft "politician"?

Well, if you're going to put "politician" in quotations, then sure.

[s.wsj.net image 553x369]


Hey, at least he was able to communicate in no uncertain terms that the rent was too damn high.
 
2012-05-15 09:48:18 AM  

tenpoundsofcheese: OMG! Not every investment that Romney made worked out. I bet the teacher pension funds that invested in his funds are really upset about the return they got.

Of course we know that every investment the 0bama made with our tax dollars has worked out. Solyndra is what, $30 a share now?


No one is concerned about Romney gaming the system and practicing vulture capitalism. It is legal (barely) and someone has to do it. They hypocrisy is when he pretends to give a shiat about people losing their jobs and he pretends to be a job creator.
 
2012-05-15 09:48:41 AM  
Don't hate the player, hate the game.
 
2012-05-15 09:48:52 AM  

Debeo Summa Credo: if you don't keep overpaying you are greedy.


So vote for the guy who will shift more of the tax burden onto you, or something.
 
2012-05-15 09:49:43 AM  
Not everyone can have Obama's shrewd eye for investment opportunities like Solyndra.
 
2012-05-15 09:50:23 AM  
Romney was the absolute worst pick if they wanted a chance at the white house. Obama is going to just absolutely destroy him, given romney's background and past.
 
2012-05-15 09:51:18 AM  
Did I just read that Romney wasn't even with Bain when that plant featured in the Obama attack ad was shut down? I hadn't heard that.
 
2012-05-15 09:51:57 AM  
This should be one of the main themes against Romney. Vulture capitalism, like Rick Perry and Newt Gingrich said about him.

Another one is Mitt's relentless dishonesty about anything and everything.
 
2012-05-15 09:51:57 AM  

Philip Francis Queeg: Debeo Summa Credo: Remember folks: if you own or buy a business you are never allowed to cut costs, ever. If you employ someone and they aren't worth what you are paying them you cannot fire them. If you can find cheaper sources of inputs it's too bad - if you don't keep overpaying you are greedy.

It's funny that Bain never felt that the millions they were siphoning out of the company were costs that could be cut.


It's their money, isn't it? If I own a company and my choice is to take cash out for myself or use it to overpay an employee, why wouldnt I take the cash for myself?
 
2012-05-15 09:52:05 AM  

Party Boy: Point scoring, sure.


Well yeah. If a business practice is so bad that even the conservative wing of the GOP thinks it's a bad idea, then it's probably a bad idea.

Party Boy: Were all seeing the good pensions, benefits, grants, other sources of funding go out the window. For us, its a considerably more farked world. Seeing a person profit off of that from splitting a company in two pieces, and seeing the one piece that contains the pensions and other negotiated obligations tothe workforce file into bankruptcy - thereby shifting the burden onto federal programs. You know, the safety net kind of shiat everyone bangs on about cutting.


Yep. that's what is going to upset people. Romney can talk all he wants about being a successful business man because let's face it. He was very successful, but he can't separate enriching himself from the process by which he did it. Namely sucking the money out of people's retirement and pension plans and then firing them. And then making us pay for the costs.

Privatized profits and socialized loss is how Mitt Romney does business. Sounds familiar, huh?

Party Boy: The ways money was made should be exposed


yep. He can't talk about his business acumen and then get pissed when people find out what exactly he did.
 
2012-05-15 09:52:17 AM  

Citrate1007: Don't hate the player, hate the game.


ENTIRELY the point. One player believes the game needs to be changed, the other made their money exploiting the game and does not see a need to change it.

24.media.tumblr.com
 
2012-05-15 09:54:05 AM  

tenpoundsofcheese: OMG! Not every investment that Romney made worked out. I bet the teacher pension funds that invested in his funds are really upset about the return they got.

Of course we know that every investment the 0bama made with our tax dollars has worked out. Solyndra is what, $30 a share now?


But his company would STEAL THEIR PENSIONS! That's a little more than "not working out". Millionaires taking money from middle class workers so they can afford a new vacation home.
 
2012-05-15 09:54:31 AM  

mrshowrules: tenpoundsofcheese: OMG! Not every investment that Romney made worked out. I bet the teacher pension funds that invested in his funds are really upset about the return they got.

Of course we know that every investment the 0bama made with our tax dollars has worked out. Solyndra is what, $30 a share now?

No one is concerned about Romney gaming the system and practicing vulture capitalism. It is legal (barely) and someone has to do it. They hypocrisy is when he pretends to give a shiat about people losing their jobs and he pretends to be a job creator.


are you saying he created no jobs?

what is vulture capitalism? don't vultures eat the dead? isn't that a useful thing? it is great that someone can take a dead business and get value out if.
 
2012-05-15 09:54:57 AM  

quatchi: Dems are anti-business


Dems aren't anti-business. They're pro the-businesses-they-pick.

Solyndra
Ener1
Beacon Power
Range Fuels
SpectraWatt
Tonopah Solar Energy
Mesquite Solar
NextEra Solar
Abound Solar

For companies like this, Dems are more than happy to support them with my money.
 
2012-05-15 09:55:01 AM  
I never thought of what I do for a living as job creation. ... The primary goal of private equity is to create wealth for your investors.

-Marc B. Walpow, former managing partner at Bain Capital, the firm where Mitt Romney was CEO, who worked closely with Romney for nine years
Los Angeles Times, 12/3/11



Kansas City's GST Steel was a successful company that had been making steel rods for 105 years when Mitt Romney and his partners took control in 1993. They cut corners and extracted profit from the business at every turn, placing it deeply in debt. When the company eventually declared bankruptcy, workers were denied their full pensions and health insurance, and the federal government was forced to step in and bail out the pension fund.

Romney Economics: GST Steel
Jobs lost 750
Bain initial investment $8 million
Bain profits > $12 million

1993

Mitt Romney and his partners invest $8 million to acquire majority control of an Armco steel mill in Kansas City, Missouri, and rename it GS Technologies


"Bain got its money back quickly. The new company issued $125 million in bonds and paid Bain a $36.1 million dividend in 1994."
Reuters, 1/6/12

1995
Romney and his partners merge GS Technologies with a mill in South Carolina, calling the new company GS Industries. The company's total debt grows to $378 million.

"In 1997, with Armco's pension guarantees set to expire in one year, the United Steelworkers local at the Kansas City plant was worried that GS was not setting aside enough money to cover pension obligations and other benefits in the event of a shutdown."
Reuters, 1/6/12

We were doing well and then Bain Capital bought us and they took everything they could out of the company without making the investments we needed to stay competitive. ... They ran the company into bankruptcy.

-James Sanderson, who had worked at the mill since 1974McClatchy, 1/14/12

2001
With more than $500 million in debt, GS Industries files for bankruptcy and informs workers that the company will not honor the guarantees it had promised them-including severance pay, health insurance, life insurance and pension supplements.

I worked hard all my life and played by the rules, and they allowed this to happen.

-Joe Soptic, employee for 28 years, whose wife died of lung cancer after he lost his GST health planReuters, 1/6/12

2002
The U.S. Pension Benefit Guaranty Corporation determined that GST had underfunded its pension plan by $44 million. The federal agency stepped in to cover the basic pension
payments, but workers never recovered the full pensions they had been promised.

Even with the bankruptcy and subsequent bailout, Mitt Romney and his partners made millions on the GST Steel deal. They played by their own set of rules, and profited even as workers lost their jobs and the local community suffered.

It's this same experience that Mitt Romney now cites as his qualification to be president, and the same economic philosophy he would bring to the entire country.

 
2012-05-15 09:55:34 AM  

Headso: Debeo Summa Credo: if you don't keep overpaying you are greedy.

So vote for the guy who will shift more of the tax burden onto you, or something.


Vote for whomever you want. But don't believe these political lies and exaggerations put forth about private equity.

The Obama campaign (like all political campaigns) is taking advantage of voters' ignorance regarding private equity for political purposes.
 
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