Romney Made $20,000 On Every Laid-Off Worker

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    Jun 16, 2012 2:48 PM GMT

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    Why Does Mitt Romney Like Firing People? Because He Made $20,000 On Every Laid-Off Worker

    June 15th, 2012 10:35 pm Axel Tonconogy from the National Memo

    (FACTS ARE SUCH STUBBORN THINGS AND SO GLARINGLY AGAINST A VOTE FOR ROMNEY IF YOU ARE A MIDDLE CLASS CITIZEN)


    Mitt Romney would prefer for you to recall just one number regarding his record at Bain Capital. That would be 100,000 — the number of jobs that the Republican candidate claims he created during 15 years at the private equity firm.

    But now there is a more interesting, plausible and relevant number: $20,000. That’s how much money Romney is estimated to have made from each worker laid off during Bain’s many corporate takeovers.

    In fairness, Romney’s goal at Bain was never to create jobs but to reap the biggest returns for their valued investors. Judging by that metric, he did exceedingly well, as even Bill Clinton accidentally admitted when discussing Romney’s “sterling” business career. And of course, Romney’s fortune, estimated somewhere between $190 million and 250 million, attests to that assessment.

    But over the course of the Romney’s years at Bain Capital, at least five of the companies he took over eventually went bankrupt, while still rewarding Bain investors handsomely:


    • American Pad & Paper: Bain invested $5 million in the Ohio paper company in 1992, and reportedly collected $100 million in dividends on that investment. But AMPAD went bankrupt in 2000, resulting in 385 employees losing their jobs.

    • Dade Behring: Bain invested $415 million in a leveraged buyout in 1994, borrowed an additional $421 million, and ultimately walked away with $1.78 billion. Dade filed for bankruptcy in 2002, and laid off 2,000 employees.

    • DDI Corporation: Bain reportedly invested $46.3 million in the electronic parts manufacturer 1997, earning $85.5 million in profits plus $10 million more in management fees. When the company went bankrupt several years later, 2,100 workers were laid off.


    • GS Industries: In 1993, Bain invested $60 million in the Kansas City steel maker, borrowed a lot of money, and then took $65 million in dividends. But GS eventually went bankrupt in 2002, and 750 workers lost their jobs and pensions.

    • Stage Stores: Bain invested $5 million to purchase the Houston-based retailer and took it public in the mid-’90s, reaping $100 million from stock offerings. In 200o, following Romney’s departure from Bain, Stage filed for bankruptcy and 5,795 workers were reportedly dismissed.

    While it is true that some of those companies went under after Romney had left Bain, the job growth for which he now seeks credit also occurred after his departure in 1999. But the bankruptcies — and the bust-out scenario that helped Bain to profit anyway — are not news. What AOL’s Daily Finance has contributed to the Bain debate is a simple calculation: Bain Capital booked $1.995 billion in profits from the layoffs of 11,030 workers at various firms. And by that scoring, Romney earned roughly $20,000 himself for each of those fired employees. Nice work if you can get it (or take it away from someone else)

    WHY IN HELL WOULD ANY MIDDLE CLASS PERSON VOTE FOR THIS ROBBER BARRON ??
  • roadbikeRob

    Posts: 14371

    Jun 16, 2012 2:53 PM GMT
    Evidently, Mitt Romney is a two faced opportunist whose previous actions in the private sector prove that he cannot be trusted to look out for the best interests of all the American people. How sad.
  • CuriousJockAZ

    Posts: 19136

    Jun 16, 2012 2:58 PM GMT
    RLD, you really ARE a piece of work. Talk about a misleading piece of crap. icon_rolleyes.gif
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    Jun 16, 2012 2:59 PM GMT
    "I like being able to fire people."

    Now we know why.
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    Jun 17, 2012 10:58 PM GMT
    CuriousJockAZ saidRLD, you really ARE a piece of work. Talk about a misleading piece of crap. icon_rolleyes.gif




    Why not show where the article is wrong rather than just 'throwing darts' ?
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    Jun 17, 2012 11:11 PM GMT
    CuriousJockAZ saidRLD, you really ARE a piece of work. Talk about a misleading piece of crap. icon_rolleyes.gif

    It is so false, that either the author is clueless, or more likely, knows it is false and relies on clueless, mindless followers who are extremely ignorant.

    1. The article looks only at the bankruptcies, while the evidence clearly shows that 80% of the companies Bain invested in were successful.
    http://www.realjock.com/gayforums/2048036/

    2. Those who believe the article are clueless as to how successful PE companies work: Bain Capitalism 101 - How does a rapacious company get repeat business?
    http://online.wsj.com/article/SB10001424052702303360504577412403839709854.html

    3. The point made on GS Industries in the steel industry is so false in a number of respects, it is humorous that they would continue to peddle the BS. But when you have idiots automatically believing the false facts and cannot apply logic, why try to be truthful? Obama ad against Romney regarding GST Steel - Truth shows the exact opposite of Team Obama intent
    http://www.realjock.com/gayforums/2385839/

    4. Many of the more astute Democrats including Pres Clinton, Cory Booker, and Ed Rendell, have encouraged the Obama campaign to drop this theme. Most people don't buy it. But a few still will. They will buy anything.
  • KissTheSky

    Posts: 1981

    Jun 18, 2012 12:11 AM GMT
    I would love to hear Romney attempt to square this behavior with his religion, which he claims to be so dedicated to. In what religion is it okay to destroy other people's lives in order to enrich your own? (And we're not talking one or two lives ruined, we're talking about thousands -- the numbers don't lie.)
    Of course the media won't ask Romney questions like this because he's bullied them into believing his religion is off limits -- except as a pass for why gay people should not be extended civil rights equality.
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    Jun 18, 2012 12:28 AM GMT
    KissTheSky saidI would love to hear Romney attempt to square this behavior with his religion, which he claims to be so dedicated to. In what religion is it okay to destroy other people's lives in order to enrich your own? (And we're not talking one or two lives ruined, we're talking about thousands -- the numbers don't lie.)
    Of course the media won't ask Romney questions like this because he's bullied them into believing his religion is off limits -- except as a pass for why gay people should not be extended civil rights equality.

    Perhaps in your defense, you wrote this having read only the OP, and because you don't understand Bain's history or Private Equity in general, you believed the OP. I provided specific links or you can do your own research and you will see that your question is based on fundamentally false assumptions. On the balance, Bain has had a net positive effect. When Bain returns a profit for company principals such as Romney, it also returns a profit for fund investors which include pension funds that provide security for middle Americans and help them retire in some dignity.

    You might also be interested to know that when the Obama Administration took over Chrysler, it put the UAW in a favorable position ahead of other "evil speculators", which consisted of pension funds including the Indiana Public Employees Pension fund, specifically the fund managing the pensions of retired teachers, police, and firefighters. Did you know they were screwed? Their union did not have the ability to help the Democrats as much as the UAW. Do your own research. You can find it via google.

    Up to you. You can check out facts for yourself, or you can believe spoon-fed slogans.
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    Jun 18, 2012 2:06 AM GMT
    KissTheSky saidI would love to hear Romney attempt to square this behavior with his religion, which he claims to be so dedicated to. In what religion is it okay to destroy other people's lives in order to enrich your own? (And we're not talking one or two lives ruined, we're talking about thousands -- the numbers don't lie.)
    Of course the media won't ask Romney questions like this because he's bullied them into believing his religion is off limits -- except as a pass for why gay people should not be extended civil rights equality.



    I'm with you !!!


    In reading SoCals response above to your statement, he accuses the writer of this article of only dealing with the bankrupt Corps under Bain Corp. to come up with the figures, then castigates the article as one sided and way off base. Then he proceeds to do what he accused the writer of and promotes prmarily the Corps that Bain Corp didn't force to bankruptcy and parsel out for sale, he promotes only their success, which does not mitigate the losses of those who lost their jobs because of Bain. So again we have the typical Repub rhetoric of doing the same thing they accuse others of.

    Any way you look at it, Bain Corp profited off workers and their families losses and Romney became very very rich at those workers expense. Old man SoCal is a partisan with extreme 'tunnel vision', he can only see one way, no compromise, no room for consideration, republicans are right, no ifs ands or buts about it and all must move their way because anything else is 'socialism', fascism or some other ism. LOL.

    With people like him who lead the repub party and vote for them, is it any wonder our government cannot function. Reagans Ideas of compromise in todays Repub party would be considered heresy. This mess created by the far right Tbag types and Christan Fundi's will impload if some of them don't see the light very soon.
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    Jun 18, 2012 2:10 AM GMT
    realifedad said
    KissTheSky saidI would love to hear Romney attempt to square this behavior with his religion, which he claims to be so dedicated to. In what religion is it okay to destroy other people's lives in order to enrich your own? (And we're not talking one or two lives ruined, we're talking about thousands -- the numbers don't lie.)
    Of course the media won't ask Romney questions like this because he's bullied them into believing his religion is off limits -- except as a pass for why gay people should not be extended civil rights equality.



    I'm with you !!!


    In reading SoCals response above to your statement, he accuses the writer of this article of only dealing with the bankrupt Corps under Bain Corp. to come up with the figures, then castigates the article as one sided and way off base. Then he proceeds to do what he accused the writer of and promotes prmarily the Corps that Bain Corp didn't force to bankruptcy and parsel out for sale, he promotes only their success, which does not mitigate the losses of those who lost their jobs because of Bain. So again we have the typical Repub rhetoric of doing the same thing they accuse others of.

    Any way you look at it, Bain Corp profited off workers and their families losses and Romney became very very rich at those workers expense. Old man SoCal is a partisan with extreme 'tunnel vision', he can only see one way, no compromise, no room for consideration, republicans are right, no ifs ands or buts about it and all must move their way because anything else is 'socialism', fascism or some other ism. LOL.

    With people like him who lead the repub party and vote for them, is it any wonder our government cannot function. Reagans Ideas of compromise in todays Repub party would be considered heresy. This mess created by the far right Tbag types and Christan Fundi's will impload if some of them don't see the light very soon.

    Incoherent nonsense.
  • musclmed

    Posts: 3284

    Jun 18, 2012 4:42 AM GMT
    It is simple . A company that goes under EVERYONE LOOSES A JOB.

    If a venture capital group buys a failing company and restructures it, its a new lease on life.

    So anyone with jobs afterwards has a saved job.
  • rnch

    Posts: 11524

    Jun 18, 2012 10:12 AM GMT
    realifedad said
    CuriousJockAZ saidRLD, you really ARE a piece of work. Talk about a misleading piece of crap. icon_rolleyes.gif




    Why not show where the article is wrong rather than just 'throwing darts' ?




    because (badly, innacurately) "throwing darts" is ALL he has icon_question.gif




    icon_lol.gif
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    Jun 18, 2012 11:27 AM GMT
    socalfitness said
    CuriousJockAZ saidRLD, you really ARE a piece of work. Talk about a misleading piece of crap. icon_rolleyes.gif

    It is so false, that either the author is clueless, or more likely, knows it is false and relies on clueless, mindless followers who are extremely ignorant.

    1. The article looks only at the bankruptcies, while the evidence clearly shows that 80% of the companies Bain invested in were successful.
    http://www.realjock.com/gayforums/2048036/

    2. Those who believe the article are clueless as to how successful PE companies work: Bain Capitalism 101 - How does a rapacious company get repeat business?
    http://online.wsj.com/article/SB10001424052702303360504577412403839709854.html

    3. The point made on GS Industries in the steel industry is so false in a number of respects, it is humorous that they would continue to peddle the BS. But when you have idiots automatically believing the false facts and cannot apply logic, why try to be truthful? Obama ad against Romney regarding GST Steel - Truth shows the exact opposite of Team Obama intent
    http://www.realjock.com/gayforums/2385839/

    4. Many of the more astute Democrats including Pres Clinton, Cory Booker, and Ed Rendell, have encouraged the Obama campaign to drop this theme. Most people don't buy it. But a few still will. They will buy anything.


    This.
  • GQjock

    Posts: 11649

    Jun 18, 2012 1:51 PM GMT
    also ... there was a recent story

    The amount that Mrs Romney CLAIMED on her taxes for Dressage for her horses was more than most Americans Make in a Year

    Mrs Romney ..... can you repeat the words of President Clinton?

    I Feel Your Pain

    ROFL
  • CuriousJockAZ

    Posts: 19136

    Jun 18, 2012 2:04 PM GMT
    GQjock said

    The amount that Mrs Romney CLAIMED on her taxes for Dressage for her horses was more than most Americans Make in a Year



    It always cracks me up the see these kind of comments. Like being rich is now something to demonize. The Romney's are wealthy --- GET OVER IT! icon_rolleyes.gif
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    Jun 18, 2012 2:10 PM GMT
    socalfitness said
    realifedad said
    KissTheSky saidI would love to hear Romney attempt to square this behavior with his religion, which he claims to be so dedicated to. In what religion is it okay to destroy other people's lives in order to enrich your own? (And we're not talking one or two lives ruined, we're talking about thousands -- the numbers don't lie.)
    Of course the media won't ask Romney questions like this because he's bullied them into believing his religion is off limits -- except as a pass for why gay people should not be extended civil rights equality.



    I'm with you !!!


    In reading SoCals response above to your statement, he accuses the writer of this article of only dealing with the bankrupt Corps under Bain Corp. to come up with the figures, then castigates the article as one sided and way off base. Then he proceeds to do what he accused the writer of and promotes prmarily the Corps that Bain Corp didn't force to bankruptcy and parsel out for sale, he promotes only their success, which does not mitigate the losses of those who lost their jobs because of Bain. So again we have the typical Repub rhetoric of doing the same thing they accuse others of.

    Any way you look at it, Bain Corp profited off workers and their families losses and Romney became very very rich at those workers expense. Old man SoCal is a partisan with extreme 'tunnel vision', he can only see one way, no compromise, no room for consideration, republicans are right, no ifs ands or buts about it and all must move their way because anything else is 'socialism', fascism or some other ism. LOL.

    With people like him who lead the repub party and vote for them, is it any wonder our government cannot function. Reagans Ideas of compromise in todays Repub party would be considered heresy. This mess created by the far right Tbag types and Christan Fundi's will impload if some of them don't see the light very soon.



    Incoherent nonsense.


    ----------------------------------------------------------------------------------------


    SoCal, you get the points quite well and you know it, that's why you left your response with just another dart thrown.

    Can't you do better than that, or am I right, your just doing the same damn thing you accuse others of. There's no way for you and your Partisan hacks to get around the FACT that Romney brought many a company down FOR PROFITS not for the good of anyone or anything.

    ROMNEY TO LARGE DEGREE IS RICH OFF OF OTHER'S DEMISE !!!

    Do you really want to deny the obvious ?
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    Jun 18, 2012 2:31 PM GMT
    realifedad saidSoCal, you get the points quite well and you know it, that's why you left your response with just another dart thrown.

    Can't you do better than that, or am I right, your just doing the same damn thing you accuse others of. There's no way for you and your Partisan hacks to get around the FACT that Romney brought many a company down FOR PROFITS not for the good of anyone or anything.

    ROMNEY TO LARGE DEGREE IS RICH OFF OF OTHER'S DEMISE !!!

    Do you really want to deny the obvious ?


    You could quite easily say the opposite. Private equity, depending on the firm - and Bain does both, will buy companies, turn them around and/or grow them. In many of the cases cited here - they were turnarounds in industries in transition. They also invested considerable amounts of money. But take for instance the GS Industries - this is an outright lie given that the company while going bankrupt, lived on. Bankruptcy also suggests reorganization. Bain has also for instance had firms pushed into technical bankruptcy by those who buy the debt of firms at discounts in order to take over the company.

    So your attempt to cherry pick firms that failed is frankly deceptive. I mean there's a reason that Staples isn't on that list of yours... You could equally say for several of these companies that if it weren't for Bain the jobs would have gone away a lot sooner. This is something that big government types don't seem to understand. Market economies require failure so that new growth can occur.
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    Jun 18, 2012 2:32 PM GMT
    realifedad said
    socalfitness said
    realifedad said
    KissTheSky saidI would love to hear Romney attempt to square this behavior with his religion, which he claims to be so dedicated to. In what religion is it okay to destroy other people's lives in order to enrich your own? (And we're not talking one or two lives ruined, we're talking about thousands -- the numbers don't lie.)
    Of course the media won't ask Romney questions like this because he's bullied them into believing his religion is off limits -- except as a pass for why gay people should not be extended civil rights equality.



    I'm with you !!!


    In reading SoCals response above to your statement, he accuses the writer of this article of only dealing with the bankrupt Corps under Bain Corp. to come up with the figures, then castigates the article as one sided and way off base. Then he proceeds to do what he accused the writer of and promotes prmarily the Corps that Bain Corp didn't force to bankruptcy and parsel out for sale, he promotes only their success, which does not mitigate the losses of those who lost their jobs because of Bain. So again we have the typical Repub rhetoric of doing the same thing they accuse others of.

    Any way you look at it, Bain Corp profited off workers and their families losses and Romney became very very rich at those workers expense. Old man SoCal is a partisan with extreme 'tunnel vision', he can only see one way, no compromise, no room for consideration, republicans are right, no ifs ands or buts about it and all must move their way because anything else is 'socialism', fascism or some other ism. LOL.

    With people like him who lead the repub party and vote for them, is it any wonder our government cannot function. Reagans Ideas of compromise in todays Repub party would be considered heresy. This mess created by the far right Tbag types and Christan Fundi's will impload if some of them don't see the light very soon.



    Incoherent nonsense.


    ----------------------------------------------------------------------------------------


    SoCal, you get the points quite well and you know it, that's why you left your response with just another dart thrown.

    Can't you do better than that, or am I right, your just doing the same damn thing you accuse others of. There's no way for you and your Partisan hacks to get around the FACT that Romney brought many a company down FOR PROFITS not for the good of anyone or anything.

    ROMNEY TO LARGE DEGREE IS RICH OFF OF OTHER'S DEMISE !!!

    Do you really want to deny the obvious ?

    Already did with links to facts, specific numbers. You are just unable or unwilling to comprehend so I don't waste time. I only responded to the thread so others would see the article in the OP for what it is.
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    Jun 18, 2012 2:35 PM GMT
    riddler78 said
    realifedad saidSoCal, you get the points quite well and you know it, that's why you left your response with just another dart thrown.

    Can't you do better than that, or am I right, your just doing the same damn thing you accuse others of. There's no way for you and your Partisan hacks to get around the FACT that Romney brought many a company down FOR PROFITS not for the good of anyone or anything.

    ROMNEY TO LARGE DEGREE IS RICH OFF OF OTHER'S DEMISE !!!

    Do you really want to deny the obvious ?


    You could quite easily say the opposite. Private equity, depending on the firm - and Bain does both, will buy companies, turn them around and/or grow them. In many of the cases cited here - they were turnarounds in industries in transition. They also invested considerable amounts of money. But take for instance the GS Industries - this is an outright lie given that the company while going bankrupt, lived on. Bankruptcy also suggests reorganization. Bain has also for instance had firms pushed into technical bankruptcy by those who buy the debt of firms at discounts in order to take over the company.

    So your attempt to cherry pick firms that failed is frankly deceptive. I mean there's a reason that Staples isn't on that list of yours... You could equally say for several of these companies that if it weren't for Bain the jobs would have gone away a lot sooner. This is something that big government types don't seem to understand. Market economies require failure so that new growth can occur.

    The cherry picking in the article was from the approx 20% that did eventually fail. Even there they had to grossly misrepresent or lie about the facts, e.g. GST, to try and make a case.
  • CuriousJockAZ

    Posts: 19136

    Jun 18, 2012 2:42 PM GMT
    realifedad said
    ROMNEY TO LARGE DEGREE IS RICH OFF OF OTHER'S DEMISE !!!

    Do you really want to deny the obvious ?



    Simply put...YES!!!! icon_lol.gif
  • GQjock

    Posts: 11649

    Jun 18, 2012 2:44 PM GMT
    CuriousJockAZ said
    GQjock said

    The amount that Mrs Romney CLAIMED on her taxes for Dressage for her horses was more than most Americans Make in a Year



    It always cracks me up the see these kind of comments. Like being rich is now something to demonize. The Romney's are wealthy --- GET OVER IT! icon_rolleyes.gif


    Nothing to GET over
    Its a TRUE statement ..... Romney himself brought this up with his telling the American public that his wife drives her own car and that they "Struggled"
    in the past