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(Boing Boing)   Bain strikes again. This is not a repeat from 2006 or The Dark Knight Rises   (boingboing.net) divider line 470
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8414 clicks; posted to Politics » on 13 Aug 2012 at 7:23 PM (2 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2012-08-13 04:42:23 PM
His mere presence as a candidate is uncovering the world of Vulture Capitalism to the masses. Excellent!
 
2012-08-13 04:50:00 PM
obviously, the solution to this problem is to give tax cuts to the rich.
 
2012-08-13 04:53:10 PM
If corporate taxes were lower, see, they wouldn't have had to ship those jobs overseas. Oh, and Obamacare.
 
2012-08-13 05:01:37 PM
They're creating jobs!!

//Chinese jobs, but still jobs.
 
2012-08-13 05:06:32 PM
In the Guardian, Paul Harris reports from Freeport, IL, where a profitable, competitive auto-parts plant has been bought out by Bain Capital, who have literally shipped the factory to China, and who have extended the "kindness" to the American workers who will lose their jobs of a few extra weeks' worth of work training their Chinese replacements. Mitt Romney owns millions of dollars' worth of equity in the Bain fund that is shipping good jobs overseas, and stands to make a tidy profit from this.

"I understand business needs to make a profit. But this product has always made a ton of money. It's just that they think it is not enough money. They are greedy," said Tom Gaulraupp, who has put in 33 years at the plant and is facing the prospect of becoming jobless at the age of 54.


.....

The anger towards Bain and Romney is palpable. Romney has become the target for the emotions of a community who built lives based on the idea of a steady manufacturing job: a concept out of place in the sort of fluid buy-and-sell world from which Bain prospers. "I didn't have a clue what Bain was before this happened," said Cheryl Randecker, 52. "Now when I hear Romney speak it makes me sick to my stomach."

This was really really stupid of Bain. Romney is going to get killed if/when Obama and (maybe?) the media blast this on the airwaves. And blast they should.

NewportBarGuy: His mere presence as a candidate is uncovering the world of Vulture Capitalism to the masses. Excellent!


I hope it kills the industry.
 
2012-08-13 05:09:19 PM
Yes, obviously this is all the fault of capitalism and Bain. The recent increase in Illinois personal income and business taxes clearly had nothing to do with it. Neither did the various government regulations, state financial malfeasance, and poor school system that has Illinois rated consistently among the three worst states to operate businesses.
 
2012-08-13 05:12:51 PM

gerrymander: Yes, obviously this is all the fault of capitalism and Bain. The recent increase in Illinois personal income and business taxes clearly had nothing to do with it. Neither did the various government regulations, state financial malfeasance, and poor school system that has Illinois rated consistently among the three worst states to operate businesses.


So why China? Why not another state with less taxes and regulations? Why offshore?

Your argument holds no water with me or voters in general. Keep the jobs in the country.
 
2012-08-13 05:13:21 PM

gerrymander: Yes, obviously this is all the fault of capitalism and Bain. The recent increase in Illinois personal income and business taxes clearly had nothing to do with it. Neither did the various government regulations, state financial malfeasance, and poor school system that has Illinois rated consistently among the three worst states to operate businesses.

where a profitable, competitive auto-parts plant has been bought out by Bain Capital, who have literally shipped the factory to China


That's a big ol' swing and a miss there.
 
2012-08-13 05:14:57 PM

NewportBarGuy: His mere presence as a candidate is uncovering the world of Vulture Capitalism to the masses. Excellent!


Christ, I hate Romney as much as everyone else does, but linking this to him is a bit of a stretch. He does not work there any more. He holds no power.
 
2012-08-13 05:15:28 PM
The soon to be laid off workers should be hired by the DNC and paid to show up at every Rmoney/AynR event and quietly ask them for their jobs back.
 
2012-08-13 05:16:21 PM

cman: NewportBarGuy: His mere presence as a candidate is uncovering the world of Vulture Capitalism to the masses. Excellent!

Christ, I hate Romney as much as everyone else does, but linking this to him is a bit of a stretch. He does not work there any more. He holds no power.


Yet he will still likely make money off of this deal, as I'm sure his "blind trusts" are heavily invested in everything Bain does.
 
2012-08-13 05:16:25 PM
Profit margins are better than people. Got it.
 
2012-08-13 05:18:30 PM

cman: NewportBarGuy: His mere presence as a candidate is uncovering the world of Vulture Capitalism to the masses. Excellent!

Christ, I hate Romney as much as everyone else does, but linking this to him is a bit of a stretch. He does not work there any more. He holds no power.


True, but he still does hold an aweful lot of Bain stock. Enough that he could insert himself as CEO at anytime. It also shows this IS WHAT BAIN DOES. This is what Bain has always done. This type of activity is the "business experience" that Rmoney is runnning on.
 
2012-08-13 05:21:54 PM

cman: NewportBarGuy: His mere presence as a candidate is uncovering the world of Vulture Capitalism to the masses. Excellent!

Christ, I hate Romney as much as everyone else does, but linking this to him is a bit of a stretch. He does not work there any more. He holds no power.


He either has a controlling interest or nearly does. And he founded the company. This is his company doing exactly what he designed it for. Yeah it matters.
 
2012-08-13 05:24:43 PM

Adjective Bird Whiskey: Profit margins are better than people. Got it.


profit margins don't cry, or puke on your shoes or get clingy. profit margins shower you with love and puppies! profit margins are warm and fluffy, they give you blow jobs in the morning and they NEVER complain about anything.

mmmm....profit margins.
 
2012-08-13 05:26:19 PM

GAT_00: cman: NewportBarGuy: His mere presence as a candidate is uncovering the world of Vulture Capitalism to the masses. Excellent!

Christ, I hate Romney as much as everyone else does, but linking this to him is a bit of a stretch. He does not work there any more. He holds no power.

He either has a controlling interest or nearly does. And he founded the company. This is his company doing exactly what he designed it for. Yeah it matters.


Oh, dont get me wrong. I dont really care if this story makes people hate him any more. I dont like him and I dont want to see him as President.
 
2012-08-13 05:26:52 PM

gerrymander: Yes, obviously this is all the fault of capitalism and Bain. The recent increase in Illinois personal income and business taxes clearly had nothing to do with it. Neither did the various government regulations, state financial malfeasance, and poor school system that has Illinois rated consistently among the three worst states to operate businesses.


If it was so awful, why was this factory so profitable?
 
2012-08-13 05:33:06 PM
The best part is that this isn't even going to matter.

For Romney's existing apologists, it's a good thing.
For those who support Romney because they hate Obama, it's a null thing.
For those who MIGHT have had their opinion changed, it will be pointed out over and over that Romney is no longer CEO; his ownership, interest, or ability to influence the board won't actually be a thing they're even aware of.
 
2012-08-13 05:35:35 PM
i45.tinypic.com
 
2012-08-13 05:36:20 PM

unlikely: The best part is that this isn't even going to matter.

For Romney's existing apologists, it's a good thing.
For those who support Romney because they hate Obama, it's a null thing.
For those who MIGHT have had their opinion changed, it will be pointed out over and over that Romney is no longer CEO; his ownership, interest, or ability to influence the board won't actually be a thing they're even aware of.


Just evidence that jobs are still being sent overseas. In a weak economy, that's a big deal.
 
2012-08-13 05:43:04 PM
"This company is competitive globally. They make a profit here. But Bain Capital decided to squeeze it a little further. That is not what capitalism is meant to be about," said Freeport mayor George Gaulrapp, 52, pictured.

Says who?
 
2012-08-13 05:45:10 PM

cman: NewportBarGuy: His mere presence as a candidate is uncovering the world of Vulture Capitalism to the masses. Excellent!

Christ, I hate Romney as much as everyone else does, but linking this to him is a bit of a stretch. He does not work there any more. He holds no power.


Mitt Romney owns millions of dollars' worth of equity in Bain.
 
2012-08-13 05:45:20 PM

impaler: "This company is competitive globally. They make a profit here. But Bain Capital decided to squeeze it a little further. That is not what capitalism is meant to be about," said Freeport mayor George Gaulrapp, 52, pictured.

Says who?


Adam Smith, for one.

But he'd be a commie by today's standards so you could probably just ignore him.
 
2012-08-13 05:47:53 PM
But hey, I bet the executives get their bonuses, and isn't that what is most important?
 
2012-08-13 05:49:46 PM

Nadie_AZ: So why China? Why not another state with less taxes and regulations? Why offshore?


Now, see, that would be an interesting question to have answered in a news report about business off-shoring decisions. Perhaps you could address that request to the editors of the Guardian, who in theory pay people known as "reporters" to find those answers.

GAT_00: where a profitable, competitive auto-parts plant has been bought out by Bain Capital, who have literally shipped the factory to China

That's a big ol' swing and a miss there.


I've clearly missed the part of the original article that documents the profit and loss statement of that parts plant. You will be so kind as to provide a citation for the "profitable, competitive" assertion, yes?
 
2012-08-13 05:50:54 PM
It strikes me that Bain Capital itself does not appear to be heavily invested in a Romney presidency, or they have total support in the ability to spin this away from the guy who won't shut up about Bain Capital and his former stewardship of the same, and the continuing comparing and links between company and individual, and the fact that the entire business experience so touted by said individual is related inherently to this company and what it does and what it stands for.

My god. This is the worst possible thing to do at the worst possible time for Romney. Only other possibility is it's a feint and he'll "swoop in" to "save American jobs" in what should be a clearly asinine public relations ploy but will work great for idiots and give him a huge poll boost.
 
2012-08-13 05:54:16 PM

basemetal: But hey, I bet the executives get their bonuses, and isn't that what is most important?


well that and the GOP wants to make sure that those bonuses are 1. raised even higher than before and 2. the executives don't pay a dime in taxes on that money.

hmm. according to this GOP manual, I am now to 'wave the flag vigorously and then change the subject'. there's something here about abortion, immigration and socialism. oh, here! this bit is helpful. GOP troll manual, page 225, third paragraph down from the top: 'it is also helpful to attack other commentators in the forum thread. this can be accomplished by 'cherry picking' (see appendix three) and questioning the manhood of the people participating in the discussion'.
 
2012-08-13 05:57:50 PM

Elandriel: It strikes me that Bain Capital itself does not appear to be heavily invested in a Romney presidency, or they have total support in the ability to spin this away from the guy who won't shut up about Bain Capital and his former stewardship of the same, and the continuing comparing and links between company and individual, and the fact that the entire business experience so touted by said individual is related inherently to this company and what it does and what it stands for.

My god. This is the worst possible thing to do at the worst possible time for Romney. Only other possibility is it's a feint and he'll "swoop in" to "save American jobs" in what should be a clearly asinine public relations ploy but will work great for idiots and give him a huge poll boost.


hey, Bain is merely doing what they've always done: taking every/any action that leads to a larger profit margin. that's what they did when Romney was at the helm and that's what they're doing now. to them, its nothing personal. it's just another day at the office. outside considerations like possibly affecting Romney's campaign are not on the balance sheet.
 
2012-08-13 05:57:59 PM

doyner: If corporate taxes were lower, see, they wouldn't have had to ship those jobs overseas. Oh, and Obamacare.


i296.photobucket.com
"So we told them if you lower our taxes, we'll stop shipping jobs overseas!"
 
2012-08-13 06:02:11 PM

Weaver95: impaler: "This company is competitive globally. They make a profit here. But Bain Capital decided to squeeze it a little further. That is not what capitalism is meant to be about," said Freeport mayor George Gaulrapp, 52, pictured.

Says who?

Adam Smith, for one.

But he'd be a commie by today's standards so you could probably just ignore him.


Exactly. You want to defend Adam Smith's Marxism, go right ahead. The true father of Capitalism is Scrooge McDuck, and every Christmas eve, real American reads his famous treatise on income and equality - at the very least they color in the pictures.
 
2012-08-13 06:08:57 PM

gerrymander: Nadie_AZ: So why China? Why not another state with less taxes and regulations? Why offshore?

Now, see, that would be an interesting question to have answered in a news report about business off-shoring decisions. Perhaps you could address that request to the editors of the Guardian, who in theory pay people known as "reporters" to find those answers


You will get no argument from me on this. I *want* reporters to hunt down answers and report them.
 
2012-08-13 06:21:00 PM

gerrymander: I've clearly missed the part of the original article that documents the profit and loss statement of that parts plant. You will be so kind as to provide a citation for the "profitable, competitive" assertion, yes?


Right, so myself believing the article, from a reputable newspaper I might add, is wrong, and your utterly made up, pulled out of your ass assumption is right.

Who the fark is dumb enough to actually say that, much less the question of who is dumb enough to believe it.
 
2012-08-13 06:28:54 PM

Elandriel: It strikes me that Bain Capital itself does not appear to be heavily invested in a Romney presidency, or they have total support in the ability to spin this away from the guy who won't shut up about Bain Capital and his former stewardship of the same, and the continuing comparing and links between company and individual, and the fact that the entire business experience so touted by said individual is related inherently to this company and what it does and what it stands for.

My god. This is the worst possible thing to do at the worst possible time for Romney. Only other possibility is it's a feint and he'll "swoop in" to "save American jobs" in what should be a clearly asinine public relations ploy but will work great for idiots and give him a huge poll boost.


You have to remember this is the same campaign that manged to offend an entire nation of people rather than just say "wow you guys are doing a great job, I can't wait to enjoy the games", and then he pissed off another whole nation like two days later. It is entirely plausible they didn't even consider Bain continuing to gut companies would hurt him and he could just play the 'well yeah I own it, but I don't MANAGE it' card.
 
2012-08-13 06:32:15 PM

unlikely: The best part is that this isn't even going to matter.

For Romney's existing apologists, it's a good thing.
For those who support Romney because they hate Obama, it's a null thing.
For those who MIGHT have had their opinion changed, it will be pointed out over and over that Romney is no longer CEO; his ownership, interest, or ability to influence the board won't actually be a thing they're even aware of.


As pathetic as it sounds, 43% of the country doesn't know who Paul Ryan is. New information like this matters and I bet this plant will become a campaign issue
 
2012-08-13 06:37:05 PM

Nadie_AZ: gerrymander: Yes, obviously this is all the fault of capitalism and Bain. The recent increase in Illinois personal income and business taxes clearly had nothing to do with it. Neither did the various government regulations, state financial malfeasance, and poor school system that has Illinois rated consistently among the three worst states to operate businesses.

So why China? Why not another state with less taxes and regulations? Why offshore?

Your argument holds no water with me or voters in general. Keep the jobs in the country.


Like Alabama as a for instance where Hyundai, BMW, and soon to be Airbus have plants. Or TN where NIssan makes it's cars.. etc. That extra 2% they can squeeze out of the bottom line though.. too much to pass up.
 
2012-08-13 06:53:30 PM

SnakeLee: As pathetic as it sounds, 43% of the country doesn't know who Paul Ryan is. New information like this matters and I bet this plant will become a campaign issue


We'll see.
 
2012-08-13 07:05:45 PM

gerrymander: Now, see, that would be an interesting question to have answered in a news report about business off-shoring decisions. Perhaps you could address that request to the editors of the Guardian, who in theory pay people known as "reporters" to find those answers.


man you're not kidding, that was one of the least informative articles i've seen in a while.
 
2012-08-13 07:13:45 PM
I can see reports going something like "Bain, the company founded by Romney, closed down a plant in the U.S. to ship the jobs overseas." That allows them to hang this around Romney's neck without lying.
 
2012-08-13 07:17:35 PM

Nadie_AZ: This was really really stupid of Bain. Romney is going to get killed if/when Obama and (maybe?) the media blast this on the airwaves. And blast they should.


Bain has no responsibility to Mitt Romney.
 
2012-08-13 07:18:08 PM

DamnYankees: Nadie_AZ: This was really really stupid of Bain. Romney is going to get killed if/when Obama and (maybe?) the media blast this on the airwaves. And blast they should.

Bain has no responsibility to Mitt Romney.


except in the fiduciary sense.
 
2012-08-13 07:19:38 PM

thomps: DamnYankees: Nadie_AZ: This was really really stupid of Bain. Romney is going to get killed if/when Obama and (maybe?) the media blast this on the airwaves. And blast they should.

Bain has no responsibility to Mitt Romney.

except in the fiduciary sense.


Is he still a stockholder?
 
2012-08-13 07:22:03 PM

DamnYankees: thomps: DamnYankees: Nadie_AZ: This was really really stupid of Bain. Romney is going to get killed if/when Obama and (maybe?) the media blast this on the airwaves. And blast they should.

Bain has no responsibility to Mitt Romney.

except in the fiduciary sense.

Is he still a stockholder?


oh yes.
 
2012-08-13 07:23:16 PM

DamnYankees: thomps: DamnYankees: Nadie_AZ: This was really really stupid of Bain. Romney is going to get killed if/when Obama and (maybe?) the media blast this on the airwaves. And blast they should.

Bain has no responsibility to Mitt Romney.

except in the fiduciary sense.

Is he still a stockholder?


ftfa: Mitt Romney owns millions of dollars' worth of equity in the Bain fund that is shipping good jobs overseas, and stands to make a tidy profit from this.
 
2012-08-13 07:27:11 PM

thomps: DamnYankees: thomps: DamnYankees: Nadie_AZ: This was really really stupid of Bain. Romney is going to get killed if/when Obama and (maybe?) the media blast this on the airwaves. And blast they should.

Bain has no responsibility to Mitt Romney.

except in the fiduciary sense.

Is he still a stockholder?

ftfa: Mitt Romney owns millions of dollars' worth of equity in the Bain fund that is shipping good jobs overseas, and stands to make a tidy profit from this.


Well then, there is still some hope to stop this.

Put pressure on Romney. Maybe he will make a few phone calls to some friends and ensure that the plant does not close down....at least until the election is over
 
2012-08-13 07:28:19 PM

gerrymander: Yes, obviously this is all the fault of capitalism and Bain. The recent increase in Illinois personal income and business taxes clearly had nothing to do with it. Neither did the various government regulations, state financial malfeasance, and poor school system that has Illinois rated consistently among the three worst states to operate businesses.


China has better schools!

You should run with that, like a child running with a pair of scissors.
 
2012-08-13 07:28:24 PM
Training your own replacement is the ultimate insult.

The Trans-Alaska Pipeline once moved all of its offices to Fairbanks in order to cause long-term, higher-paid employees the stress of deciding to give up their homes to move to hellish, isolated Fairbanks or give up their jobs. The intention was to get those employees to quit.

When they asked me to write the training program for my own job, I gave them a two-step procedure:

1.) Find someone who knows what I know.
2.) Hire that person.
 
2012-08-13 07:29:19 PM

cman: thomps: DamnYankees: thomps: DamnYankees: Nadie_AZ: This was really really stupid of Bain. Romney is going to get killed if/when Obama and (maybe?) the media blast this on the airwaves. And blast they should.

Bain has no responsibility to Mitt Romney.

except in the fiduciary sense.

Is he still a stockholder?

ftfa: Mitt Romney owns millions of dollars' worth of equity in the Bain fund that is shipping good jobs overseas, and stands to make a tidy profit from this.

Well then, there is still some hope to stop this.

Put pressure on Romney. Maybe he will make a few phone calls to some friends and ensure that the plant does not close down....at least until the election is over


You realize the problem isn't with this specific factory, but with the entire principle behind Bain's acquisition, right?
 
2012-08-13 07:30:43 PM

cman: thomps: DamnYankees: thomps: DamnYankees: Nadie_AZ: This was really really stupid of Bain. Romney is going to get killed if/when Obama and (maybe?) the media blast this on the airwaves. And blast they should.

Bain has no responsibility to Mitt Romney.

except in the fiduciary sense.

Is he still a stockholder?

ftfa: Mitt Romney owns millions of dollars' worth of equity in the Bain fund that is shipping good jobs overseas, and stands to make a tidy profit from this.

Well then, there is still some hope to stop this.

Put pressure on Romney. Maybe he will make a few phone calls to some friends and ensure that the plant does not close down....at least until the election is over


nah. Romney doesn't give a f*ck about a couple few people who can't donate millions to his campaign.
 
2012-08-13 07:32:05 PM

Weaver95: Weaver95: impaler: "This company is competitive globally. They make a profit here. But Bain Capital decided to squeeze it a little further. That is not what capitalism is meant to be about," said Freeport mayor George Gaulrapp, 52, pictured.

Says who?

Adam Smith, for one.

But he'd be a commie by today's standards so you could probably just ignore him.




"It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion."
― Adam Smith
 
2012-08-13 07:32:13 PM

impaler: "This company is competitive globally. They make a profit here. But Bain Capital decided to squeeze it a little further. That is not what capitalism is meant to be about," said Freeport mayor George Gaulrapp, 52, pictured.

Says who?


Welll, the markup on Crack Cocaine is about 200%. If it was purely about profit they would be hustling on the street.

This is just a legal way to disenfranchise American workers and bust Unions.
 
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