The Bain Way: Take millions in job creation tax subsidies, then turn around and lay off hundreds

[kpete]

The Tampa Bay Times reports on yet another example of Mitt Romney's "heads I win, tails you lose" business model: Millions of dollars in tax subsidies given to Bain-owned Dade Behring for creating jobs in Puerto Rico ... after which the company shut down its Puerto Rico operations.

Under Romney's Bain Capital, Dade Behring received millions in tax breaks before it laid off hundreds
The company under Bain's leadership sought and received millions of dollars in tax breaks for creating jobs in Puerto Rico - shortly before closing it's facilities, costing nearly 300 jobs.

The company in 1997 received a $3-million federal tax break aimed to promoting job creation in Puerto Rico. It also received a $4.1-million tax exemption from Puerto Rick in 1997 in the name of job creation. Dade ceased its operations in Puerto Rico in the first quarter of 1998.

Romney says he supports tax incentives at the state level, but note that this involved federal dollars—dollars that went to a Bain-owned company for creating jobs even though the company destroyed the jobs. Adding insult to injury: Romney's firm "earned" $342 million on it's $30 million Dade Behring investment, a profit of more than one thousand percent, even though it ended up firing 850 Floridians.

MORE:
http://www.dailykos.com/story/2012/05/15/1091874/-The-Bain-Way-Take-millions-in-job-creation-tax-subsidies-then-turn-around-and-lay-off-hundreds?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+dailykos%2Findex+%28Daily+Kos%29
http://www.tampabay.com/blogs/the-buzz-florida-politics/content/under-romney-bain-received-millions-tax-breaks-dade-behring-it-laid-hundreds

[Blue_Tires]

1. Hell, I thought that was the way of *every* business?

To take tax breaks for local investment or job creation and just pocket them

[Angry Dragon]

2. Willard is a predator