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Romney and his lie that he's a job creator

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posted on Jan, 9 2012 @ 08:08 PM
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'Job creation' vs. Romney's locust capitalism

Apparently they liked what they saw. Soon after, in October 1993, Bain Capital, co-founded by Mitt Romney, became majority shareholder in a steel mill that had been operating since 1888.

It was a gamble. The old mill, renamed GS Technologies, needed expensive updating, and demand for its products was susceptible to cycles in the mining industry and commodities markets.

Less than a decade later, the mill was padlocked and some 750 people lost their jobs. Workers were denied the severance pay and health insurance they'd been promised, and their pension benefits were cut by as much as $400 (258 pounds) a month.

What's more, a federal government insurance agency had to pony up $44 million to bail out the company's underfunded pension plan. Nevertheless, Bain profited on the deal, receiving $12 million on its $8 million initial investment and at least $4.5 million in consulting fees.


And this other one :

Romney was the chief executive officer of Bain Capital in 1992 when the company purchased American Pad & Paper, or Ampad, and oversaw the management of that company and others.

Ampad went bankrupt in 2000, and investors netted over $100 million from the deal, according to the Boston Globe.


And this other one :

By the time the Harvard M.B.A.’s from Bain were finished, sales at the medical company, Dade International, had more than doubled. The business acquired two of its rivals. And Mr. Romney’s firm collected $242 million, a return eight times its investment.

But an examination of the Dade deal, which Mr. Romney approved and presided over, shows the unintended human costs and messy financial consequences behind the brand of capitalism that he practiced for 15 years.

At Bain Capital’s direction, Dade quadrupled the money it owed creditors and vendors. It took steps that propelled the business toward bankruptcy. And in waves of layoffs, it cut loose 1,700 workers in the United States... .


Romney is a CRONY CAPITALIST... surprised?
edit on 9-1-2012 by Vitchilo because: (no reason given)

edit on 9-1-2012 by Vitchilo because: (no reason given)




posted on Jan, 9 2012 @ 08:15 PM
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From what I understand, Bain Capital was an investment group that didn't actually believe in business and capitalistic management. Their driving philosophy was one of averages.....nothing more.

In other words, the more they got their hands on and formed it to their liking, the better the odds of financial return.

We all know that businesses fail. Sad but true. But if these companies were driven to the ground because the management knew there would be some "government welfare" to bail them out, I have a problem with that.



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