The Rmoney Record At Bain

[bluesbassman]

Yeah, I guess he's a job creator. As long as your job description is a 1%er.

This is especially infuriating to me as I worked for a company in the late eighties that had this same thing happen to it. Founded in 1897 and family owned until it was bought by a company like Bain, this firm had over 150 employees, some of whom had worked there their entire lives. The company had a very respectable for the time annual gross sales of over $25 million. Within three years, these vultures had gutted the company's inventory, acquired $30 million in debt, put every employee out on the street, and filed for bankruptcy.

What's your economic plan for America again Mitt?



Graphic from: http://www.romneygekko.com/mitt/

[zbdent]

1. I've wondered what the real "sucess rate" story is from Bain under Rmoney ...

like ... we always hear about "Staples" ... and maybe one or two other "successes".

But, like the fact that there were a bunch of (U.S.) auto makers in the early days, there are probably only a small number of successes from the Bain investments who survived long after Bain took the profits, and a large number of non-Rmoney/non-Bain credited FAILURES.

We NEVER hear about those deceased companies.

[bluesbassman]

4. Bain is a "strip & flip" shop. Maximizing investor profits is the goal.

Their goal is not to create viable job producing companies, just profit. If a company or two along the way could actually turn a profit while they were leveraging it to the max then I suppose they'd make a go of it, but that usually takes too much time. Quicker return on investment to leverage, strip, and fold.

[Yo_Mama_Been_Loggin]

2. Job cremator

And it's not often I agree with Gingrich or Governor Goodhair.

[napkinz]

3. who this guy?

Last edited Sun May 13, 2012, 09:23 PM - Edit history (1)

[bluesbassman]

5. Great graphics.

[napkinz]

6. Mitt Romney, American Parasite

His years at Bain represent everything you hate about capitalism

It was the early 1990s, and the 750 men and women at Georgetown Steel were pumping out wire rods at peak performance. They had an abiding trust in management's ability to run a smart company. That allegiance was rewarded with fat profit-sharing checks. In the basement-wage economy of Georgetown, South Carolina, Sanderson and his co-workers were blue-collar aristocracy.

"We were doing very good," says Sanderson, president of Steelworkers Local 7898. "The plant was making money, and we had good profit-sharing checks, and everything was going well."

What he didn't know was that it was about to end. Hundreds of miles to the north, in Boston, a future presidential candidate was sizing up Georgetown's books.

At the time, Mitt Romney had been running Bain Capital since 1984, minting a reputation as a prince of private investment. A future prospectus by Deutsche Bank would reveal that by the time he left in 1999, Bain had averaged a shimmering 88 percent annual return on investment. Romney would use that success to launch his political career. ...

http://www.villagevoice.com/2012-04-18/news/Mitt-Romney-american-parasite/

[bluesbassman]

7. Fantastic article.

Capitalism's dark side, and Romney is Emperor Palpatine.