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Just read a great article on Romney's time at Bain Capital.  I had skimmed the stories about Romney and Bain, and I guess I though he was like the equivalent of Gordon Gecko - taking over troubled companies, then slashing jobs and yanking any cash out of the soon to be bankrupt company.

The article explain that was not what Romney did while at Bain.

It was worse. Much worse.

Join me below the orange bug.

No, Romney took healthy companies and sucked the life out of them.

Pete Kotz explains -

His formula was simple: Bain would purchase a firm with little money down, then begin extracting huge management fees and paying Romney and his investors enormous dividends.

The result was that previously profitable companies were now burdened with debt.

During his race Senator Kennedy in 1994, he blithely fired all the workers in company in Indiana.  Made them reapply for a 50% cut in pay.  They went on strike and then the Kennedy campaign made commercials using the striking workers.  The commercials had an impact - Romney lost big - getting only 41% of the vote.

But did he learn?


He seemed incapable of noticing that his brand of "creative destruction" left a lot of human wreckage in its wake. Or that voters might see him as more scumbag than saint.
I have had a long day, and urge you to read the article online.


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Comment Preferences

  •  Tip Jar (21+ / 0-)

    "I think 2008 is going to be a good year." Senator Barack Obama - Des Moines, Iowa, January 1st, 2008

    by PoconoPCDoctor on Wed Apr 18, 2012 at 06:48:26 PM PDT

  •  Parasite is a good description (4+ / 0-)

    Because Mr Swiss Mitt

    is certainly NO Economic Patriot

    Here's what happens after Mitt comes to town:

    link to video

    What is necessary to change a person is to change his awareness of himself.
    -- Maslow ...... my list.

    by jamess on Wed Apr 18, 2012 at 07:01:06 PM PDT

  •  But, but...he's got business experience! (1+ / 0-)
    Recommended by:
    Mary Mike

    "We the People of the United States...." -U.S. Constitution

    by elwior on Wed Apr 18, 2012 at 07:01:24 PM PDT

  •  Thank you (2+ / 0-)
    Recommended by:
    elwior, OrangeMike

    for posting the link.  It is a great article.

    -approaching Curmudgeonry with pleasure

    by Calfacon on Wed Apr 18, 2012 at 07:14:42 PM PDT

  •  Parasitic organisms unwittingly commit suicide (2+ / 0-)
    Recommended by:
    JeffW, elwior

    when they bleed the host to death.

    Doesn't the 1% understand this?

  •  Romney insults wolves (1+ / 0-)
    Recommended by:

    when he compares his predatory investorship to them.

    Bain Capital does not "kill off the weak and infirm" - it targets and kills the strong and otherwise healthy. That's not wolf tactics - that's Sunday-hunter tactics: go into the woods with all the technical advantages at your disposal, and pick off the best-looking rack of antlers you can find. Then leave the rest of the animal to rot.

    If it's
    Not your body,
    Then it's
    Not your choice
    And it's
    None of your damn business!

    by TheOtherMaven on Wed Apr 18, 2012 at 08:58:12 PM PDT

  •  I don't he would view parasite as something (1+ / 0-)
    Recommended by:

    he'd be ashamed of being if he saw your headline. In the world of the GOP, being a parasite is actually a good thing.

  •  This is a serious piece... (0+ / 0-)

       One truly wonders. Will he really be a the R nominee?
    Let us assume, to be prudent, its still 50-50, at best.
        Its very hard to believe that the R's will ever nominate Mr. Romney. They don't like him. Its strange. He does not fit in. The R's are way too day to day  and tactical. They are playing folk. They will do any hack thing. 'The man must be bait?'
    'Nobody could be this bad.'
    If he does not have the nomination threshold of votes in hand by the convention? Bet, it will go to a 3rd vote. From there anything goes. Even Mr. Trump might jump. For, truth be told, he is far better, richer and far more savvy than Mr. Romney.

  •  Cons are creatures of habit. (1+ / 0-)
    Recommended by:

    Not all creatures of habit are cons, but all cons are creatures of habit.  That's why they do the same thing, run the same scam, over and over again.  Also, being creatures of habit, they recognize the behavior in others and take advantage of it. Creatures of habit are easy prey because their behavior is easy to predict.
    Another way to say it is that creatures of habit are instinct-driven.  That is, their behavior is invariable, not just because habits are hard to break, but because instincts are not necessarily connected to the cognitive brain where experience has an effect.
    In most people, cognition or thought serves as an over-ride, but apparently not in the instinct-driven. So, they don't learn from their mistakes and do the same thing over and over again, making failure their familiar.
    They can call it creative destruction.  Indeed, they can call it anything they want. They can even come up with a rationale for why "failure by design" is a good thing (shores up the bottom line), but in the great scheme of things, the economy as a whole, these behaviors are ultimately disastrous.  Things wear out, but when they are designed to fail, they perpetrate a fraud and fraud undermines exchange and trade.

    When economic analysts refer to the importance of confidence in making an economy run smoothly, they've got a valid point.  What seems to be missed at the current time is that a horde of middlemen has managed to destroy confidence at all levels. There's an irony there that con men destroy what they count on to thrive.

    Calling conservatives cons is appropriate because their stock in trade is basically deception.  Deception, as we know from observing other creatures, such as the killdeer or even the pitcher plant, is a matter of instinct and very basic. All it involves is doing the opposite of the normal response to a prompt. Fear seems to trigger it.  So, instead of heading for the nest, the perception of threat will prompt a bird to fly in the opposite direction.
    Humans, having been gifted with speech, simply prevaricate and say the opposite of what is real.  And then, if they happen to be creatures of habit, lying becomes the norm.

    "Once a lair, always a liar."  But, that's probably only true of the instinct-driven, creature of habit.
    How can one tell?  I suspect that self-defeating lies are a clue.  We assume that the lie is self-protective, so a self-defeating or deprecating story must be true, but that's not necessarily so.  If the deception is instinctive and instinct misinterprets information, then it's not a matter of truth, but of instinct not having served the individual well. The basic instincts, relying on the primary senses (sight, sound, smell, taste and touch) are easily dulled and deceived.  Things "look" good, for example, but often turn out to be poison -- i.e. the instinct to touch poison ivy has to be restrained.

    That liars tell stories that put themselves into an unfavorable light is probably one of the hardest things to comprehend. Willard's Seamus story is probably a good example.  Why does he tell it over and over again?  Because it gets him credibility for his other lies.

    The instinct-driven are very good at sussing out other people's weaknesses, including their adherence to the truth.  Think about it.  An habitual liar considers truth-telling a weakness in that it leaves people vulnerable to being attacked. Which is why Dubya's people honed in on John Kerry's medals for bravery under fire. The truth was that Kerry felt those medals had not been properly earned because the military action was not proper/moral to begin with. So, the liars attacked him for his truth-telling.

    That's abusive and hard to defend against.  That's why other people have to step up and call out the liars.
    What's the point of the Obama ate dog story?  It's my guess they're expecting him to come out and say that, yes, he did it, but it was disgusting.  And that, of course, would mean they'd tricked him into insulting people who served him strange food, thereby turning his strength (being adaptable) into a weakness.  Adaptability is, of course, perceived as a weakness by the instinct-driven creatures of habit.

    People to Wall Street: "LET OUR MONEY GO"

    by hannah on Thu Apr 19, 2012 at 02:16:28 AM PDT

  •  Bain Captial - One Hit Wonder Romney! (1+ / 0-)
    Recommended by:

    If he and his posse were so successful stealing pension funds of the factory workers along with paper clips in the front office, where is stage two success for Willard?
    Like if he really thinks he is so great outside Bain, why hasn't he proved it.  He is sitting on 240 million and he does not have a clue about how to make it grow to billion?
    Am I missing something here?

    just because man invented God, does not mean that God does not exist

    by MikeMcShea on Thu Apr 19, 2012 at 03:51:29 AM PDT

    •  Romney is a one-trick pony (1+ / 0-)
      Recommended by:

      By that I mean that Romney learned one vulture-capitalist trick very well: how to swoop down on a healthy company, pick its bones clean, and then leave.

      Romney was not smart enough, or creative enough, after Bain Capital, to start another company that created something brand new or innovative.

      Romney was not a Steve Jobs: an entrepreneur who created the Macintosh, the Ipod, the Ipad, Itunes, etc. Jobs not only created new products but created new industries.

      So Romney is a one-trick pony. After Bain Capital, the most creative thing he could do is become a politician—hardly the most innovative choice he could have made.

    •  He's not a financial genius (0+ / 0-)

      He's a rainmaker. He's the guy who introduces people to people.

      "A cynical, mercenary, demagogic press will produce in time a people as base as itself." - Joseph Pulitzer

      by CFAmick on Thu Apr 19, 2012 at 08:42:41 AM PDT

      [ Parent ]

  •  I thought everyone knew this already (0+ / 0-)

    Team Obama needs to work harder to get this message out.

    "A cynical, mercenary, demagogic press will produce in time a people as base as itself." - Joseph Pulitzer

    by CFAmick on Thu Apr 19, 2012 at 08:47:37 AM PDT

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