The Romney Record at Bain. . . .

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    The following is a link to an article that looks into Mitt Romney's record while he was CEO of Bain Capital. The article starts off with the following first paragraph:

    Mitt Romney’s pitch is that he’s a “businessman” who understands the “real economy,” in contrast to President Obama who Romney says “doesn’t understand how the economy works.” During a presidential debate in November, Romney reminded the audience of the source of his “real economy” experience: “I worked at one company, Bain, for 25 years.” That quote has now been replayed thousands of times in Romney television ads in Iowa, New Hampshire, and Florida and has been viewed more than 168,000 times on YouTube.
    Here's the link to the the entire article: The Romney Record at Bain: Bankruptcies, Bailouts and Mass Layoffs

    You all already know that I will not be voting for Mitt Romney this fall. I sincerely do not believe that he holds the moral and ethical capabilities of being President of the United States. (I won't get into his intellectual capabilities. Mitt Romney seems plenty smart.)
  2. 160 Comments so far...

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    I wonder how his activities at Bain have contributed to the US? How many thrown on the unemployment line were unable to find other employment and needed the extensions of unemployment compensation? How much those bankrupt companies have cost us in wages lost, taxes lost, jobs lost? Romney has shown himself to be very expensive for us who have had to support those that Bain crushed.

    There was never an issue with me to vote for the man. I wish others would understand how much he has already hurt the US in his positions at Bain.
    mediajunkie650, BCgradnurse, Ted, and 1 other like this.
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    It kind of crazy right now.....Romney's method....cutting costs, maximizing profit which includes laying off lots of workers, and work those you have left hard, and brainstorm ways to be more productive so you don't have to hire those people back when business picks up is exactly what we're seeing right now.

    The latest list of Fortune 500 companies tells the story of companies with huge profits without the need to hire laid off workers. Why should they hire the workers when they don't have to? (I'm not vilifying the rich here, I'm stating the facts. I'm not criticizing either, to be competitive in world markets, one has to be productive.)

    I don't see Romney's methods working for the unemployed, and I see more government workers being laid off, which is also what we are seeing.....and he will hand out breaks to private industry offsetting any cuts he makes and since they don't feel the need to hire workers those breaks will fatten their already fat pockets (as evidenced by the latest Fortune 500 reports)...ok maybe this time I'm "vilifying the rich".
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    It has been clear for some time that his work at Bain in no way qualifies him for the presidency. In fact, should he employ the same tactics in government, the middle and lower classes will be on their own while the government pursues a pathway of wealth for a few.
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    azhiker96 likes this.
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    Bain formed GSI in the early 1990s by spending $24 million to acquire and merge steel companies with plants in Missouri, South Carolina and other states.

    Company managers cut jobs and benefits almost immediately. Meanwhile, Bain and other investors received management fees from GSI and a $65-million dividend in the first years after the acquisition, according to interviews with company employees.

    In 1999, as economic challenges mounted, GSI sought a federal loan guarantee intended to help steel companies compete internationally. The loan deal was approved, but in 2001, before it could be used, the company went bankrupt, two years after Romney left Bain.

    More than 700 workers were fired, losing not only their jobs but health insurance, severance and a chunk of their pension benefits. GSI retirees also lost their health insurance and other benefits. Bain partners received about $50 million on their initial investment, a 100% gain.

    http://www.latimes.com/news/nationwo...0,343872.story
    Last edit by herring_RN on May 14, '12 : Reason: Add information
    mediajunkie650, Ted, and aknottedyarn like this.
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    Quote from herring_RN
    More than 700 workers were fired, losing not only their jobs but health insurance, severance and a chunk of their pension benefits. GSI retirees also lost their health insurance and other benefits. Bain partners received about $50 million on their initial investment, a 100% gain.
    To be fair that's a success story. Bain's job was to take failing companies and turn them around. They turned around a lot of companies and made a lot of money for a lot of people.

    That's capitalism. Should unsuccessful unprofitable companies keep employees on their payroll just to be benevolent?

    What Romney doesn't get is that his "I won't apologize for being successful stance" doesn't take into account the human cost and he should drop it and take another angle because it makes him look unsympathetic.
    mediajunkie650, Ted, tewdles, and 1 other like this.
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    Tweety, I agree about the success story as related to Bain. The problem for me is that Bain is a venture capital firm. Their job is to create wealth not to build business...they are not always the same thing.

    The office of the POTUS is not all about building and creating wealth.

    As a business man Romney is successful. As a politician he is fickle and cannot be trusted to stand today for what he said last month.
    mediajunkie650, Ted, BCgradnurse, and 3 others like this.
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    As a business man Romney is successful. As a politician he is fickle and cannot be trusted to stand today for what he said last month.
    Ain't that the truth! It seems that Romney has made an art-form out of lying.

    I will also add that when Romney was CEO of Bain, he was successful in making a whole lot of hard-working people miserable. But at least the partners & investors of Bain made some $$$$$.

    What a freaked out world we live in. . . . . Blech!
    Last edit by Ted on May 15, '12
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    I edited down.
    Political talk makes my brain hurt.


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