Romney's Bain: A Miami story from TBT

TBT Link

I found this in my local paper and thought I would share it with ATS. I did not find it in search so please move it if this is not the right place. Thanks and enjoy...

MIAMI — Off a gritty bend in the Miami River, a few miles from a warehouse where he recently touted his job-creation plans, there's a complex of buildings that bear witness to a time when Mitt Romney's private equity firm laid off hundreds of workers, shuttered a profitable factory and made out with hundreds of millions of dollars.

It started in 1995, when Romney's Bain Capital targeted the company that became Dade Behring, which made blood-testing machines and performed animal research at its Miami campus.

Bain borrowed heavily to buy the company and closed a factory in Puerto Rico to improve the bottom line. About 400 lost jobs there. Then in 1997, Bain shuttered Dade Behring's Miami operations, costing another 850 jobs and a $30 million payroll in the community.

Before growing debt consumed the company, Bain executed its exit strategy and made $242 million.

"What bothers me most is that Romney's campaign says he was a creator of jobs," said Cindy Hewitt, a Miami resident who was a human resources manager at Dade Behring. "I didn't see that in any way, shape or form. He didn't create jobs. He slashed and burned jobs."

Romney's time at Bain is the backbone of his run for president, the business experience he says is severely lacking in President Barack Obama. He portrays himself as a turnaround specialist, taking poor-performing companies and making them efficient and profitable. He claims to have created 100,000 jobs.

But the Miami experience illustrates the other side of Romney's line of work, a messier reality that has exposed Romney to attacks from rivals seeking the Republican nomination.

Even comedian Stephen Colbert has gotten in the act, running a South Carolina ad that shows a cartoon Romney feeding Dade Behring into a wood-chipper that spits out money.

Next week, the GOP campaign shifts to Florida and already Romney is on the defensive with a TV ad that touts his Bain successes while condemning attacks on the "free market." GOP rival Newt Gingrich says Romney "looted" companies like Dade Behring.

"The Bain model," Gingrich said in a debate Monday night, "is to go in at a very low price, borrow an immense amount of money, pay Bain an immense amount of money and leave. I'll let you decide if that's really good capitalism. I think that's exploitation."

Please go to the link and read the article if you haven't already. It's very interesting knowledge of this candidate that is trying to run our country.

Do you really want a bully who buys companies to lay off the workforce running our great nation?

Vote Paul for the People!!!

Vote Robme for corporations, big government, sheeple, lobbyists, and banks... (Rothschild/Rockefeller AKA NWO Illuminati?)

Bill Maher ~ "There is nothing wrong with our country, we just want it back"

But what do I know...

Excellent post, but will the redneck war-wongers in SC even care about this? Probably not. This is just one of many stories about the serial flip-flopper Mitt Romney.


Go Ron Go!

reply to post by freedom12


Thanks for your kind words. I'm just getting really tired of the puppets and really wish anyone in any office would have to subject themselves to lie detector while speaking to the public. There has to be a way to get people to tell the truth if they are going to be speaking for a whole nation. Sheeple clapping at every word of their leader does not impress me when it's those sheeple that he's taking advantage of.

Speaking to my dad, who I recently got to be a ATS member, he said this has been going on since he was in Vietnam. Even as I research old news articles, the complaints are the same. The sad part is decades later we are still dealing with the same issues, but more intense.

I have been a Paul supporter since he was an independent, and even registered as one...

People like Robme need to loose their shirt and walk the mile before they can tell me what's best for me and my family.

~ Paul for the People ~

The model that Bain used was more than likely an LBO, or Leveraged Buyout, to take over the company and to put the company into debt while paying off the brokerage huge fees and the CEO's a "bonus".
Practically the entire manufacturing base of the country has been destroyed in this very manner.