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(YouTube)   Mitt Romney on Bain's plan to buy and 'harvest' companies, destroy Gotham City   (youtube.com) divider line 27
    More: Stupid, CD-ROM, Mitt Romney, harvests  
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2231 clicks; posted to Politics » on 27 Sep 2012 at 7:15 AM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2012-09-27 07:55:05 AM
7 votes:

Amdam: I don't get what's particularly damaging about that video.

/serious


It goes to perception. Romney is running on the economy, which is the only issue he has a chance of winning on. His claim is that because of his background in business, he'd be great at running the country and seeing about more of those jobs. However, given that a lot of his experience came from Bain, a company that was not in the business of creating jobs, but rather outsourcing them, he's got a credibility problem. He can't run on experience because of what his company actually did. In a time of fragile economic recovery, do people really want the guy whose company contributed to unemployment?

This video is damaging because it reminds voters about this fact. While this is nothing new to those of us who make a habit of paying attention and have a memory greater than that of a goldfish, this could be a scandal to those voters who are only now beginning to think about this whole Election thing. It's also damaging because it piles on bad press on top of more bad press. It contributes to the narrative about Romney and what he's actually like when in charge, and that picture gets worse and worse each day. You'd think he'd hit bottom, but apparently not.

Stories like this will contribute to the rare undecided perhaps choosing Obama over Romney. They might also depress turnout of likely Romney voters. Alone, this video might not have had much impact. But when it is part of a never-ending cycle of bad press for Romney, then every bad story is a big deal. It means he's always playing defense, and there's more and more likely a chance he'll do something stupid in order to get on top of it, something that makes spray-tanning himself seem politically brilliant.
2012-09-27 07:47:16 AM
6 votes:
How do you make an 80%+ return on your multimillion dollar investment within 5 to 8 years?

The big banks could make 20% before the repeal of Glass-Steagall, 40% after when they could use their customers' mortgages as leverage. That's still less than half of what the private equity guys at Bain could do. So how? Invest in up and comers, use the excellent business skills learned at Harvard to grow those companies until they showed a profit and were ready to sell?

No, you get that kind of money by taking out a huge loan on the business's books to pay out your investors immediately, then transferring the worker's pension into your own account to compensate yourself. Then you bleed the company of anything left through your ''management" consulting business.

Tah-dah, that is how you legally get filthy farking rich. All it takes is the right connections and the total lack of any empathy for anyone not in your little pirate circle.
2012-09-27 07:33:22 AM
5 votes:
It's funny, he's much more articulate when he's talking about sucking the life force out of American companies than he ever was giving speeches for his Presidential campaign.
2012-09-27 08:21:15 AM
4 votes:

Alphax: soporific: It goes to perception. Romney is running on the economy, which is the only issue he has a chance of winning on. His claim is that because of his background in business, he'd be great at running the country and seeing about more of those jobs. However, given that a lot of his experience came from Bain, a company that was not in the business of creating jobs, but rather outsourcing them, he's got a credibility problem. He can't run on experience because of what his company actually did. In a time of fragile economic recovery, do people really want the guy whose company contributed to unemployment?

I ran into a Friend of a Friend on Facebook the other day who claimed the Romney is the real Job Creator.. obviously a deeply deluded person.


What jobs?
This is the central pro-Romney theme. He's a job creator, he's a businessman.
Now, setting aside whether you think we need a CEO as President, the question is: what business?
Even if you accept his own timeline, that he retired from Bain when he says he did... that was 1999. A lot has happened in the world since then. So even if you think that he was a stellar businessman at Bain, creating jobs left & right, and ignore the basic business model of Bain, which was to soak up value from acquired companies, not run them, that was 13 years ago. What's he done since? From 2003-2007 he was Governor of MA, but we can't talk about his tenure as that state's executive. Even his signature accomplishment there is off limits. What's he done since 2007? Run for President.
He hasn't actively run a business in well over 10 years. Which means that at the height of the economic collapse, with millions of jobs being lost, he did nothing to create jobs. He wasn't joking when he told a group of unemployed people that he was unemployed, too. Sure, it was tone deaf because he doesn't have to rely on $180 a week in unemployment benefits, but it's not like he's had a real job since 2007.
As I've said before, he's proof that trickle down doesn't work. What the right wants us to believe is that it's high taxes that are keeping people from hiring; that if we give business owners/high earners/wealthy people more and more tax cuts, they'll take that extra money in their pockets and use it to create jobs. But Romney has paid low, low tax rates, possibly in the single digits, and has done nothing but accumulate more and more cash. He hasn't taken that huge cash reserve and gone out, innovated, started a business, opened a factory (in the States) and put people to work. He's just gamed the system to get more and more cash into his own pockets.
2012-09-27 07:40:12 AM
4 votes:

ghare: Well, see, it just so confuses him, that the little people get to participate in Democracy.


Corporations are democracies; one vote per share. The people who buy the most votes can influence the company the most. It is how Romney thinks America should run.
2012-09-27 09:29:36 AM
2 votes:

Mugato: It's funny, he's much more articulate when he's talking about sucking the life force out of American companies than he ever was giving speeches for his Presidential campaign.


i249.photobucket.com

Knows something about sucking the Life Force.
2012-09-27 08:47:38 AM
2 votes:
Romney didn't seem all phony in that video. It was as if Romney was being his true self, just like on that "47%" video.
vpb [TotalFark]
2012-09-27 08:23:00 AM
2 votes:

ghare: WhyteRaven74: Well, so much for Mitt having good news today...

I don't see this story anywhere else


It's almost as if it came from a journalist who wanted to be first with the story instead of from a spin machine that releases the story to multiple blogs simultaneously to get a "message" out.
2012-09-27 07:47:01 AM
2 votes:

Bonkthat_Again: It's bad enough bottomfeeders exist in society. It's batshiat insane one of them is running for POTUS.


Getting dumbass crackers in the south to vote straight-ticket republican against their best interest has got to be high on the list of greatest marketing scams.
2012-09-27 07:38:21 AM
2 votes:
Not really all that controversial. This is private equity in a nutshell. The only part that is "shocking" is Romney running on his Bain record as proof that he can create jobs. That is NOT the goal of a private equity firm. It is to extract profits and management fees, with the hope that the business will be on better footing at the end. Jobs being created is a nice by-product, but definitely not the focus.
2012-09-27 06:03:59 AM
2 votes:
It's bad enough bottomfeeders exist in society. It's batshiat insane one of them is running for POTUS.
2012-09-27 10:42:19 AM
1 votes:

unexplained bacon: phenn: unexplained bacon: third party people need to promote their guy better.

Yes. Yes, we absolutely do.

Unfortunately, it has turned into quite the money game. Some states require more petition signatures of third-party candidates than Pubs or Dems (by quite a large number) so, it's not the easiest thing in the world to do.

But, you're right. Supporters need to dig a little deeper and spend a little more time spreading the gospel. Perhaps next cycle.

go to his site copy and paste some of his policy proposals to forums like this....nothing huge, just little clips for easy digestion...preferably on topic.

/just a suggestion


Here is the overview.

What I like about him is he's anti-war, Patriot Act, NDAA, deficit spending, drug war, federal income tax, TSA and Federal Reserve.

He is pro- marriage equality, small business and civil liberty.

Would love to see him in the debate but that's another tough nut to crack.
2012-09-27 10:34:30 AM
1 votes:

phenn: unexplained bacon: third party people need to promote their guy better.

Yes. Yes, we absolutely do.

Unfortunately, it has turned into quite the money game. Some states require more petition signatures of third-party candidates than Pubs or Dems (by quite a large number) so, it's not the easiest thing in the world to do.

But, you're right. Supporters need to dig a little deeper and spend a little more time spreading the gospel. Perhaps next cycle.


go to his site copy and paste some of his policy proposals to forums like this....nothing huge, just little clips for easy digestion...preferably on topic.

/just a suggestion
vpb [TotalFark]
2012-09-27 10:17:50 AM
1 votes:

phenn: DarnoKonrad: VRaptor117: Meh, this is not new information. The only mildly eyebrow-raising part is the use of the word "harvest", but that is not going to shock anyone, not at this point.

It doesn't need to "shock." It just needs a few more Republicans to say "fark it, I'm sitting this election out."

Or take a look at Gary Johnson. Whatever's clever.

Seriously, we need to stop considering the two majors the only game in town. There's options.


Well, if you are going to lose anyway, a protest vote makes sense.
2012-09-27 10:14:27 AM
1 votes:

DarnoKonrad: VRaptor117: Meh, this is not new information. The only mildly eyebrow-raising part is the use of the word "harvest", but that is not going to shock anyone, not at this point.

It doesn't need to "shock." It just needs a few more Republicans to say "fark it, I'm sitting this election out."


Or take a look at Gary Johnson. Whatever's clever.

Seriously, we need to stop considering the two majors the only game in town. There's options.
2012-09-27 09:50:50 AM
1 votes:
This is how bringing in an investment company
like Romneys killed employee moral at friends company.

1.) Replace entire management, HR and bring in contract IT (to monitor employee email and phone)
2.) Set in place an incompetent manager between Equity managers and employees. (The dumb manager will take the blame when house of cards falls)
3.) Sell off the company gym equipment
4.) Change company health plan to a much higher deductible less coverage
5.) Move company 401K to a company that charges 2x higher fees
6.) Fire 1/2 accounting department, 1/2 RD, 1/2 engineering department
7.) Change health insurance plane again deductible now $5,000 per family
While telling employees in conference calls its Obamas fault 3 years before any new health laws in place.
8.) Move 401K again to Goldman Sachs, fees wipe out so much money Sachs recommends they may be better served at a smaller money 401k management company
9. Instill a cut throat and backstabbing mentality
where a family owned, work with pride company existed.
10. Sell company patents and every asset not nailed down
11. Sell company, Rince, Repeat
2012-09-27 08:49:35 AM
1 votes:

Bontesla: Can someone sum it up for me? I can't watch it yet.


FTV:
Bain Capital is an investment partnership which was formed to invest in start-up companies and ongoing companies then to take an active hand in managing them and hopefully, five to either years later, to harvest them at a significant profit. (break in video). The fund was formed on Septermber 30th of last year. It's been about ten months then. It was formed with $37 million in invested cash....... (video goes on, with general investment information not of it damning)

The rest is filler
vpb [TotalFark]
2012-09-27 08:36:55 AM
1 votes:

Amdam: I don't get what's particularly damaging about that video.

/serious


I think the use of the word "harvest" is the issue. It carries connotations of a destructive process like "reaping". It makes you think of a giant corporate combine mowing down companies like corn.

For some reason some PR genius in the 90's came up with the idea that "harvest" would carry connotations of natural goodness or something. It didn't really catch on for obvious reasons.

I remember seeing an organ donation advocate talking about "harvesting organs" from brain dead patients back in the 90's. It was so creepy it made me want to oppose her, and I agreed with her.
2012-09-27 08:36:36 AM
1 votes:

vpb: farkityfarker: There's not really anything here that we didn't already know.

No, but it's Romney's own words. It's not really even that bad. If I didn't know what sort of "harvesting" they did, I would have just thought he was talking about selling them at a profit.


When I hear Mitt using the term "harvesting" I get a mental picture of the economy waking up in a bathtub full of ice with stitches in its back.

/You mean I had four kidneys?
i.imgur.com
2012-09-27 08:21:49 AM
1 votes:

theorellior: It really is amazing how much more polished, natural and flowing his speech patterns are in this video, compared to his stump speeches and public appearances.


Because in campaign stump speeches he has to talk about people and not his preferred subject - Money.
2012-09-27 08:16:24 AM
1 votes:

soporific: Stories like this will contribute to the rare undecided perhaps choosing Obama over Romney. They might also depress turnout of likely Romney voters. Alone, this video might not have had much impact.


As you said, it also reminds voters of how Romney views business. The debates are coming up which will give Romney an opportunity to tout his business acumen. It video show how Romney sees companies and the livelihoods they support; they care commodities to him. This video rebuts the claims Romney will be making during the debate (more proof that Obama has a time machine).
2012-09-27 08:14:28 AM
1 votes:

Amdam: I don't get what's particularly damaging about that video.

/serious


Agreed, or to be more accurate, I don't see what's new that's damaging. In the video he looks like a slimy investment banker. And guess what? We ALL already know he's a slimy investment banker. I guess it serves as a good reminder to those Americans who have short attention spans (which is most voters at this point).
2012-09-27 08:05:49 AM
1 votes:

Lost Thought 00: Every day we don't talk about unemployment, Romney loses. He only has a couple more weeks to dramatically change the race


All Romney can say about employment is that it hasn't improved enough since Bush left it in ruins. Not the most ringing endorsement for another Republican candidate. Then there's Romney's own record. His state was 47th in employment as governor and of course his well known hobby of shipping American jobs to China. I'm not sure talking about unemployment is going to help him much.
2012-09-27 08:04:52 AM
1 votes:
It's funny how it's almost nothing but business-school buzzwords. There's almost nothing of substance in there. And yes, Romney seems much more confident and on-message there than he ever has in his campaign.
I think it's because in the campaign, he has to appear relatable, approachable, accessible. Whereas in the Bain video, he specifically has to be aloof.
No one is going to invest millions of dollars in the guy they want to have a beer with.
2012-09-27 07:50:17 AM
1 votes:
farm9.staticflickr.com
2012-09-27 07:48:02 AM
1 votes:

Close2TheEdge: Not really all that controversial. This is private equity in a nutshell. The only part that is "shocking" is Romney running on his Bain record as proof that he can create jobs. That is NOT the goal of a private equity firm. It is to extract profits and management fees, with the hope that the business will be on better footing at the end. Jobs being created is a nice by-product, but definitely not the focus.


This is what "harvest" means

Only in this case, Bain is an investment capital firm. So instead of funding innovation or growing a new business, they suphon money off an existing business to buy another business then leverage against the worth of the company, file bankruptcy, wash, rinse, repeat.

SO I can see why many find this damning in the sense of Mitt's "business experience." Honestly, I don't know that he did anything but invest, though. Which is interesting in it's own way.
2012-09-27 07:40:02 AM
1 votes:

Close2TheEdge: Not really all that controversial. This is private equity in a nutshell. The only part that is "shocking" is Romney running on his Bain record as proof that he can create jobs. That is NOT the goal of a private equity firm. It is to extract profits and management fees, with the hope that the business will be on better footing at the end. Jobs being created is a nice by-product, but definitely not the focus.


unlikely.
 
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