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Mitt Romney cut jobs in two key early primary states
Back in the late 1980s and early 1990s, when Mitt Romney was running Bain Capital, and the key primary states of New Hampshire and South Carolina were not yet on his radar in an "I'm running for office, for pete's sake" kind of way, Bain combined the Holson Co. and Burnes of Boston, creating Holson Burnes, a maker of photo albums and picture frames. As the Associated Press reports, Holson Burnes then proceeded to open and shut a plant in South Carolina and to do the same in New Hampshire. Each time, it created, then cut, jobs. In South Carolina, at least, it cut those jobs after having extracted big incentives from the government to open the plant.

But despite the job loss and the plants closed, this wasn't a failure—for Bain, at least:

For Bain, the plan was a financial success: Holson Burnes raised $24 million from its initial public offering on the over-the-counter trading market, with Bain executives retaining the majority of the company's shares. Bain, in the end, reaped more than double the return on its initial investment. But workers were left jobless just as the local economy began to slump.

To create ever-more profit for Bain, Holson Burnes shipped jobs overseas:

By 1992, the company manufactured nearly 75 percent of its photo frames overseas, according to documents filed with the Securities and Exchange Commission. One of the company's clock-making divisions also shipped work overseas from a Rhode Island plant.

Because that's how it worked. Romney may claim that "buying things, taking them apart, closing them down" wasn't how he worked at Bain, but are American workers better off if his version of keeping a business open resulted in the jobs being just as gone as if he had closed it down?

Originally posted to Daily Kos Labor on Mon Dec 19, 2011 at 03:30 PM PST.

Also republished by Daily Kos.

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Comment Preferences

    •  He won't implode (7+ / 0-)

      He'll be the nominee, but if Obama's team can't cut this guy to shreds by July, they never deserved a second term.

      •  True. Romney is indeed any easy target (5+ / 0-)

        You're right if the Obama team can't destroy him, which i have no doubt that is their intended goal, they ought to back it up and go home.

        •  I don't think its a question of Romney (1+ / 0-)
          Recommended by:
          samddobermann

          being good or bad.  What the Occupy Movement has done is changed the subject line from electoral politics and is talking about the way corporations are destroying lives around the world through greed.  It's the conversation that is changing... and that is what is important to focus on.  To turn this into a good or bad thing about Obama vs Romney is not cutting it here.  Understanding how the changes of capitalism has affected lives (destroyed people's lives)  and how we can change the way of business (new ways, cooperatives, working owned factories, etc) is the conversation that Obama is not going to have.  It is one we need to have and we need to come up with solutions to enpowering workers.  We need to create a politics of economic democracy and worker control.  Electoral politics need to be taken to a new level.

          Pass new laws to end media monopolization now.

          by john from vermont on Tue Dec 20, 2011 at 02:09:24 PM PST

          [ Parent ]

  •  The GOP field is really weak if no one uses this (6+ / 0-)
    Recommended by:
    theKgirls, Supavash, ColoTim, NYFM, annieli, Matt Z

    against Willard.

    He can lose NH and SC over this if his opponents weren't clowns

    "Rick Perry talks a lot and he's not very bright. And that's a combination I like in Republicans." --- James Carville

    by LaurenMonica on Mon Dec 19, 2011 at 04:45:38 PM PST

    •  fuck it. Leave it for the general. (3+ / 0-)
      Recommended by:
      NYFM, annieli, Matt Z

      I'd like to see him lose SC then! And didn't that poll show Obama up in SC not too long ago?

      Just sayin.

      I've become re-radicalized. Thanks a lot you bunch of oligarchical fascist sons-of-bitches. But once again, I have no choice. Bring it the fuck on.

      by mdmslle on Mon Dec 19, 2011 at 06:50:03 PM PST

      [ Parent ]

    •  Only if they don't discover Huntsman (1+ / 0-)
      Recommended by:
      Matt Z

      Huntsman's sane and reasonable and would present a real challenge to Obama.  Mitt will be crushed just like the rest of them. All except Huntsman.

    •  SC is too stupid to vote for Obama (1+ / 0-)
      Recommended by:
      NYFM

      I live here, and most folks here just do NOT get it.  Our unemployment rate is the second highest in the country, yet for some reason we still elected a Republican governor - one who is currently "in trouble" for her lack of transparency.  Why is she in trouble for that? Because she RAN ON GOVERNMENT TRANSPARENCY!

      See? We South Carolinians vote against our best interests.  Sheesh.  Whoever the R candidate is will be the winner in SC in 2012, regardless of what the polls currently say.  Wish I were wrong...

      We can have democracy in this country, or we can have great wealth concentrated in the hands of a few, but we can't have both. ~ Supreme Court Justice Louis D. Brandeis

      by kellius on Tue Dec 20, 2011 at 02:55:05 PM PST

      [ Parent ]

  •  Bain: The bane of Romney's existence (3+ / 0-)
    Recommended by:
    ColoTim, annieli, Matt Z

    If Bain had created anywhere near as many jobs as it has destroyed, don't you think Team Romney would have those numbers readily available for the media, and don't you think Romney would be boasting about those numbers ad nauseum?

    And where are the companies that Bain supposedly made stronger located?  Are we to assume that those companies are all located in the U.S.?  Bain is a multinatio­nal
    corporatio­n with global offices in London, Luxembourg­­, Munich, Mumbai, Hong Kong, Shanghai, and Tokyo. Is Romney continuing to profit via his retirement package off of foreign companies that are in direct competitio­n with American companies that provide American jobs?

    Wouldn't that raise a serious issue of conflict of interests for an individual seeking the office of the presidency­? Don't you think voters might be interested in knowing that Romney continues to make millions of dollars from a company that is investing in companies and workers abroad?

    This is Romney's weakspot.  We need to shine the light on Bain.  Here's a NY Times article from Monday on the subject:

    http://www.nytimes.com/...

  •  Plastic Mitt can't run on his political record (3+ / 0-)
    Recommended by:
    mdmslle, annieli, Matt Z

    (RomneyCare), and his business background consists of firing people and bankrupting companies at a profit.  

    It's not surprising that no matter how long he talks, he never actually gets around to saying anything.

    "He's the one, who likes all our pretty songs. And he likes to sing along. And he likes to shoot his gun. But he knows not what it means" - Kurt Cobain

    by Jeff Y on Tue Dec 20, 2011 at 01:35:44 PM PST

  •  How much in government incentives did (6+ / 0-)

    Bain get for opening those plants?  Did they receive tax incentives that never paid off for those states or localities?

  •  Bad luck when your former employer (1+ / 0-)
    Recommended by:
    samddobermann

    Is the new Batman villain...

    The object of persecution is persecution. The object of torture is torture. The object of power is power. --George Orwell

    by jgkojak on Tue Dec 20, 2011 at 01:52:17 PM PST

  •  2012 will be FUN! (3+ / 0-)
    Recommended by:
    annieli, Matt Z, kellius

    Mitt is only more "electable" because everyone else is complete idiot.

    He's a terrible campaigner.

    He's prone to making damaging comments.

    His team is sub-par for this level of the game.

    He has NO charisma.

    He represents DIRECTLY everything 77% of Americans are angry about.

    He's got "enthusiasm issues" within his own party.(This is fixable depending on who his VP is).

    He is without conviction.

    He's 100% beatable. He's not ABLE to fool many. There's just too much easy to broadcast duplicity. He will implode. He'll panic. He'll do something and say something stupid (again) before the primary is over and it will get worse if he makes it to the general.

    But OK rethugs. He's "electable". No, he's the "most electable you've got". That's NOT the same thing.

    I've become re-radicalized. Thanks a lot you bunch of oligarchical fascist sons-of-bitches. But once again, I have no choice. Bring it the fuck on.

    by mdmslle on Tue Dec 20, 2011 at 01:52:49 PM PST

    •  His VP will be Susanna-oops I forgot her last name (1+ / 0-)
      Recommended by:
      mdmslle

      She is Governor of NM, a tea party favorite, grizzly who ran on the unstated "She's Hispanic" and one of ours.

      NM is a majority Hispanic state. We have been majority minority since at least '81 when I came.

      We are only saved from total destruction by a Democratic legislature.

      I'm asking you to believe. Not in my ability to bring about real change in Washington ... *I'm asking you to believe in yours.* Barack Obama

      by samddobermann on Wed Dec 21, 2011 at 03:32:42 AM PST

      [ Parent ]

      •  well THAT would be interesting. (0+ / 0-)

        whether the latino population in NM votes for the Mitt ticket despite the GOP's historical position on immigration.

        I think it would be a tremendous risk for him to place her on the ticket. A woman is bad enough. Sarah was OK because she was a whiiiiite woman and sort of hot looking and from the rugged outback (or something). But a LATINO WOMAN in the VP "one heartbeat away" slot?  That'd be REAL stretch for a candidate who the base ALREADY hates and mistrusts.

        I've become re-radicalized. Thanks a lot you bunch of oligarchical fascist sons-of-bitches. But once again, I have no choice. Bring it the fuck on.

        by mdmslle on Wed Dec 21, 2011 at 07:41:10 AM PST

        [ Parent ]

        •  they would think she will (0+ / 0-)

          bring the Hispanic vote.

          Hey they were willing to put Palin one heartbeat away with the old guy.

          I'm asking you to believe. Not in my ability to bring about real change in Washington ... *I'm asking you to believe in yours.* Barack Obama

          by samddobermann on Sun Dec 25, 2011 at 05:59:51 PM PST

          [ Parent ]

    •  Mitt has several problems. (1+ / 0-)
      Recommended by:
      mdmslle

      1.  Flip-flopper
      2.  Bain Capital
      3. Privitization of medicare
      4. Anti-immigration (latino)
      5, Not trusted by party base

      Those five are enough to kill him.

  •  "Those cuts were indicative of... (2+ / 0-)
    Recommended by:
    Mr MadAsHell, samddobermann

    ...the relatively poor productivity of the workers in those states. Oh, wait...that was the Bain Quarterly overview, not my stump speech. I obviously misspoke."   --Mittens

    Occupy Wall Street AND K Street!!!!

    by Egalitare on Tue Dec 20, 2011 at 01:54:50 PM PST

  •  Of course Romney cut jobs and engaged in (2+ / 0-)
    Recommended by:
    mdmslle, Mayfly

    acts against the interests of working Americans.

    He's a Savvy Businessman who works hard for his success.

    None should begrudge him his wealth.

    /angry snark

    Will you obediently take your seat in Wall Street's Kabuki Theater of the Absurd, to cheer - yet again - your own destruction as the Wall Street actors take to the stage? Not I.

    by Johnathan Ivan on Tue Dec 20, 2011 at 02:24:56 PM PST

    •  Good angry snark--makes me wonder why we don't (1+ / 0-)
      Recommended by:
      Johnathan Ivan

      just legalize burglary.

      As offensive as our adversaries can be, it is always the people on our own side who drive us crazy.

      by Mayfly on Tue Dec 20, 2011 at 02:45:02 PM PST

      [ Parent ]

      •  We have legalized burglary. Just ask (0+ / 0-)

        Obama's Attorney General how all those prosecutions against the 1% fraudsters on Wall Street is progressing.

        He may be a little busy:  Last I heard, the WH was pushing for a "settlement".  Even going so far as to eject an Attorney General who actually dared to try and investigate the full extent of fraud.

        I'm also betting that any settlement won't add to our already huge prison population.  

        Will you obediently take your seat in Wall Street's Kabuki Theater of the Absurd, to cheer - yet again - your own destruction as the Wall Street actors take to the stage? Not I.

        by Johnathan Ivan on Wed Dec 21, 2011 at 07:03:31 AM PST

        [ Parent ]

  •  Romney is no Edward Lewis (0+ / 0-)

    He's more like Philip Stuckey.

  •  but Mitt is Nikki's pick (0+ / 0-)

    every democrat in SC should be coming up with ads to run against Mitt the job killer.

  •  "Hi, I'm Mitt Romney, and I'm from... (0+ / 0-)

    Bohica, Utah."

    "Shoot the wounded, leave the dead, and the devil take the hindmost" is simply too long a title for a political party. Hence, "Republican."

    by Superskepticalman on Tue Dec 27, 2011 at 06:02:37 AM PST

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