As CEO of Bain Capital, Mitt Romney became rich by grabbing wealth, destroying jobs and sticking others with the bill. The fact, Wall Street Mitt the Twit Romney “is one of the greatest and most irresponsible debt creators of all time. In the past few decades, in fact, Romney has piled more debt onto more unsuspecting companies, written more gigantic checks that other people have to cover, than perhaps all but a handful of people on planet Earth.” Given that, why he’s critical of the federal debt is a great mystery solved by the article in the link below.
Posts Tagged ‘Bain Capital’
Posted in corruption, Economics, Economics, recession, income redistribution, Politics, Recessions, the Rigged Game, wealth redistribution, tagged Bain Capital, Debt, mitt romney, rolling stone, Wall Street on Jam10000000amWed, 10 Oct 2012 09:33:09 +000012 10, 2010 | Leave a Comment »
Posted in Economics, Economics, recession, income redistribution, Politics, tagged Bain Capital, China, income redistribution, Sensata Technologies, Tom Gaulrapp on Jpm9000000pmMon, 24 Sep 2012 18:38:05 +000012 10, 2010 | Leave a Comment »
“Being told to train his replacement was humiliating and surreal, but Tom Gaulrapp said the worst part was when the plant’s US flag was taken down before the Chinese engineers arrived.
Gaulrapp decided it was time to take a stand against outsourcing and the man he blames for the loss of his job: Republican White House hopeful Mitt Romney, who founded the private equity firm that owns the Freeport, Illinois auto parts plant.”
Click on the link below for the complete story.
Posted in corruption, Economics, income redistribution, the Rigged Game, tagged Bain Capital, Illinois, mitt romney, outsource, outsourcing, Sensata Plant on Jpm8000000pmFri, 10 Aug 2012 12:31:11 +000012 10, 2010 | Leave a Comment »
“The shock of losing a precious job in a town afflicted by high unemployment is always hard. A foundation for a stable family life and secure home instantly disappears, replaced with a future filled with fears over health insurance, missed mortgage payments and the potential for a slip below the breadline.
But for Bonnie Borman – and 170 other men and women in Freeport,Illinois – there is a brutal twist to the torture. Borman, 52, and the other workers of a soon-to-be-shuttered car parts plant are personally training the Chinese workers who will replace them.”
The difference between the compensation Borman receives from working in the Sensata Plant and the lower compensation her Chinese trainee garners will go into the pockets of the 1 percent via higher corporate profits, rising dividends and advancing share prices. Say Borman earns $50,000 a year and her Chinese replacement gets $5,000. The difference is $45,000. That money is redistributed from Borman to the 1 percent. That’s a nice scam.
Click the link below for the complete story.
Posted in corruption, culture, Economics, Economics, recession, income redistribution, Politics, Recessions, the Rigged Game, wealth redistribution, tagged agreements, Bain Capital, Barack Obama, Free trade, income redistribution, Joseph Stiglitz, mitt romney, off shoring, Paul Krugman, treaties on Jam7000000amTue, 17 Jul 2012 10:41:00 +000012 10, 2010 | Leave a Comment »
Based on his background as CEO, sole director and sole shareholder of Bain Capital, Mitt Romney says he can manage the US economy better than President Barack Obama. But as president, it appears that Wall Street Mitt intends to run the terribly weak economy into the ground even more by wiping out jobs and pensions and shifting production of goods and services overseas if his business experience is any indication of his intentions.
As CEO of Bain, Mitt redistributed income from working Americans to his 1 percent self by shifting jobs overseas. Wall Street Mitt pocketed the difference between the former old wages here and the new lesser wages there. As president one can assume Mitt intends to redistribute income from working Americans to his fellow 1 percenters by pushing legislation that redistributes more income from the 99 to the 1 percent.
An editorial in the Guardian newspaper said it best.
“For a candidate who has made his own business background exhibit A in the argument that he could run the US economy better than his opponent, Mitt Romney has a case to answer over his involvement with Bain Capital. He plainly did not “leave” the private equity firm in 1999, if a series of filings to the Securities and Exchange Commission show him listed as the sole shareholder, sole director, CEO and president two years later. Instead of denying he had anything to do with the firm that helped other companies outsource jobs overseas, lay off steel workers and wipe out their pensions, Mr Romney could lay the matter to rest by publishing his tax returns and the minutes of Bain Capital meetings for that period.”
The Guardian goes on to ask a simple question; “But none of that means it is particularly clever for Barack Obama to keep on attacking Mr Romney over his asset-stripping days. It’s fine for his electoral base, but what about the independents he also needs to swing behind him? What these American voters will want to know in November is what Mr Obama has done to turn the jobs figures around.”
A point well taken since Obama has avoided taking the advice on these matters from people who always seem to be correct in their economic remedies, people like Nobel Prize economists Joseph Stiglitz and Paul Krugman. Neither of these two, however, have identified the culprit for the weak US economy. That, of course, is the redistribution of income and wealth that has been legislatively enacted over the last thirty years.
Right now 99 percent of the US population earn about 73 percent of the total US income compared to roughly 92 percent 30 years ago. That means the 99 percent have less money to burn, which depresses wages and job creation. Free trade treaties are a primary culprit in the redistribution process.
Meanwhile, the 1 percent have increase their share from 8 to 27 percent over the same time through their political control of congress, and, of course, their presidents, including Obama. They use their money to purchase legislation to ship jobs overseas and deregulation, thereby redistributing more income from working Americans to themselves. In this way, the 1 percent have stolen 93 percent of total US income growth since 2009.
Click the link below for the rest of the story.
Here are some of the jobs Mitt Romney Destroyed to Redistribute Income from Working People into His Already Fat Wallet
Posted in Economics, income redistribution, Politics, the Rigged Game, wealth redistribution, tagged Bain Capital, income redistribution, mitt romney, wealth redistribution on Jpm7000000pmFri, 13 Jul 2012 12:33:04 +000012 10, 2010 | Leave a Comment »
Wall Street Mitt Romney destroyed a ton of jobs as CEO of Bain Capital. He shipped them off to foreign countries where labor costs were extremely low. Romney shoveled the difference between the old wages here in the US and the new lower wages overseas into his pockets. That’s how he got rich; destroying American jobs and redistributing income from working people to himself.
Romney has claimed that he left Bain in 1999. But SEC filings show that he was CEO of that company until 2002. He lied, in other words. By the way, Romney was the sole shareholder of Bain Capital in 2002. He stole incomes from thousands of people.
Below are some examples from when he was CEO of Bain.
“GS Industries – 750 Jobs Lost: In a series of ads earlier this year, the Obama campaign hit Romney over Bain Capital’s purchase of GS Industries, a steel company that closed its Kansas City plant and eliminated 750 jobs in February 2001. The Romney campaign responded by claiming that Romney had left Bain Capital well before 2001, and was therefore not tied to the collapse of the GS. Bain Capital and its executives, including Mitt Romney, earned at least $12 million on the initial investment.”
“KB Toys – Up to 3,500 Jobs Lost: During the primary season, Newt Gingrich’s 30 minute documentary on Romney and Bain Capital spent a significant amount of time focused on KB Toys, a retail chain bought by Bain in 2000. At the time, the Romney campaign, with an assist from fact-checking groups like PolitiFact, pointed to the calendar. As these new filings show, Romney was still very much at Bain Capital when they purchased KB Toys, and profited mightily when the company took out crippling loans to pay Bain Capital an $83 million dividend.”
“Dade International – 1,700 Jobs Lost: Months after Romney claims to have left the company, Bain Capital received a $242 million bounty for its stake in the medical supply company. Romney profited substantially from the deal. In 2002, Dade International filed for bankruptcy, costing more than 1,700 people their jobs. At the time, Romney was the 100 percent owner of Bain Capital, the new documents show.”
“DDi Corporation – 275 Jobs Lost: In 1996, the circuit board manufacturer was bought by a group of investors, with Bain Capital in the lead, for more than $40 million. By December 1999, DDi closed a Colorado plant and fired 275 workers. Bain Capital, with Romney still listed as Chairman and CEO, then proceeded to take DDi public, raising $170 million during the company’s IPO in 2000. Over the next few months, Bain began selling off its stock, raising almost $100 million, more than doubling its investment. The stock plummeted shortly thereafter.”
Posted in Economics, income redistribution, Politics, the Rigged Game, Uncategorized, tagged 1 percent, 99 percent, Bain Capital, Free trade, liar, mitt romney, outsourcing, parasite on Jam7000000amThu, 12 Jul 2012 08:45:15 +000012 10, 2010 | Leave a Comment »
The Boston Globe reports this morning that Mitt Romney stayed on as CEO of Bain Capital three years longer than he claims. That means he shipped three years worth of jobs, tens of thousands of jobs, overseas more than he previously had claimed. Romney says he left Bain Capital in 1999. Records list him as Bain’s CEO in 2002. What a lying son-of-a-bitch.
No wonder Wall Street Mitt Romney supports free trade treaties. They allowed him to ship jobs 0f the 99 percent overseas, then stuff the difference between the old higher wages here and the new lower wages there into his fat wallet. The Globe also reports that Romney was the sole shareholder in Bain. Destroying jobs, redistributing the income of the 99 percent to his fat wallet, that’s how he made his millions. That makes Romney the ultimate parasite. It also makes him the ultimate liar.
Click on the links below to see the complete story.
Why did Wall Street Mitt ship tens of thousands of jobs overseas? Easy answer. So that he could redistribute the income of tens of thousands of working Americans to himself and become a multimillionaire. The difference between the old, higher, wages here and the new, lower, wages there went directly into his pockets, as well as the pockets of his rich investors. For each job shipped overseas, that income scheme continues year after year after year. That’s precisely how Wall Street works and gets rich. It’s a complete income redistribution scam. Our economy is a rigged game. So is our government. Our government has been completely corrupted by Big Money, which has become big with income redistributed from the pockets of the 99 to the 1 percent. Now our corrupted government is aiding and abetting this scam.
Check out the story below from the Washington Post. It’s about Wall Street Mitt, our wannabe Job-Exporter-In-Chief.
CNBC personality Jim Cramer provided an opinion Sunday morning that won’t be endorsed by Republican presumptive presidential nominee Mitt Romney, calling his time at Bain Capital as one more about firing than hiring people.
Appearing on Meet The Press in the roundtable segment, the Mad Money host differed with David Gregory’s perspective that Romney had a “real area of strength” over President Barack Obama on the economy. Gregory based his view on a recent ad from the Romney campaign that mentioned how the former Massachusetts governor would approve of the controversial Keystone pipeline if he was president.
“Romney is known as a job destoryer, not a creator,” Cramer said. “I just don’t think that this will stick, I think Bain sticks. I think the idea that you bring in Bain, which is what happened, in the 80′s. They fire people and that’s how they get prosperity for the rich.”
Mitt Romney–A firm Believer in Outsourcing to Redistribute Income From Working Americans to the One Percent
Posted in corruption, Economics, Economics, recession, free trade, income redistribution, Mitt Romney, Politics, the Rigged Game, trade, wealth redistribution, tagged Bain Capital, China, mitt romney, olympics, outsourcing, pins on Jam5000000amThu, 03 May 2012 09:29:29 +000012 10, 2010 | Leave a Comment »
In the video below, Mitt Romney brags about commissioning the making of pro-American “We Stand United” pins as a sign of patriotism and coming together in the face of disaster after 9-11. He said people waited for blocks and up to an hour to buy the pins. What he didn’t say is that he had the pins made in China. Mitt is big on outsourcing jobs.