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Romney's new ad
Mitt Romney's campaign is responding to the Obama campaign's criticism of Romney's Bain record with a 60-second web ad talking about a Bain deal that went well and created jobs: their investment in Steel Dynamics, which is now worth more than $6 billion and employes over six thousand workers.

The ad does a good job of selling Steel Dynamics as a success story, but it glosses over at least three important points:

  1. Bain Capital sold its stake in Steel Dynamics 13 years ago, in 1999. It helped get the company off the ground, but can't take credit for turning it into the company that it is today.
  2. Bain isn't the only reason Steel Dynamics got off the ground: The company sought and received $37 million in subsidies from state and local officials in Indiana.
  3. Steel Dynamics is in the same industry as GST Steel ... but the two companies have nothing to do with each other.

The bottom-line is that Bain made more than $80 million on the Steel Dynamics deal more than a decade ago. Yes, it got $37 million in public subsidies, but there are still people on the job. That's a good thing, but it has nothing to do with the central question raised by the Obama campaign's ad, which is this: Why did Mitt Romney make millions even when his investments failed?

GST Steel, the company at the center of the first Obama campaign ad on Romney's Bain record, is just one example of such an investment, but it goes straight to the heart of the Bain criticism—criticism that Romney has not addressed, and probably will not address.

The issue isn't that GST collapsed or that its workers lost their jobs. It's that Romney and Bain Capital made enormous profits on the deal despite the failure of the company. They loaded it up with debt, bankrupting the company and destroying its pension fund, walking away with millions—leaving employees out of work and taxpayers on the hook for the pension fund guarantees.

Nobody expects every single business to be a success, but how is Mitt Romney's business motto—tails I win, heads you lose—compatible with free enterprise? If a company he invests in fails, shouldn't he share in that failure? Isn't that one of the most basic rules of our economic system? Yet with Mitt Romney's business model, that rule did not apply to him, and he's never explained why. And changing the topic by talking about Steel Dynamics doesn't put the question to rest.

Originally posted to The Jed Report on Mon May 14, 2012 at 02:10 PM PDT.

Also republished by Daily Kos.

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Comment Preferences

  •  My personal theory is that Romney has no idea how (25+ / 0-)

    to create jobs.

    He only knows how to create wealth and that, my friends, is a different thing altogether.

  •  Obama needs to keep the pressure on. (17+ / 0-)

    This needs to be a key issue.  Was Romney a job creator or job destoyer.  And even if it is a draw, Obama wins because Romney's entire critique is that he can create jobs where Obama cannot.  All we need is some doubt.  Meanwhile, Obama does ads with the graph showing 22 or more months of job creation and 4.2 M jobs (or more as months go on) created.

    Don't let up.  Pound Romney on this.  Make it so the media cannot ignore the issue.

    I'm from the Elizabeth Warren and Darcy Burner Wing of the Democratic Party!

    by TomP on Mon May 14, 2012 at 02:17:11 PM PDT

    •  he needs to do it because no one else will (0+ / 0-)

      Since the myth of "job creators" sprang up in the wake of the measurable failure of "trickle down", people like rMoney are sacrosanct to the corp media. The tough questions won't be asked by them.  They'll allow mitten to sweep things under the rug.  In fact, they'll abet his narrative building by following right along when he changes the subject.  They won't challenge the "job creator" myth at all.  They won't ask where jobs are being created with tax breaks. They won't acknowledge the existence of vulture capitalism at any level.  They won't challenge the banking system, which leads to the proliferation of the bain type companies, even in the face of massive losses by those banks.  People like rMoney and jamie dimon are sacred cows who must never be questioned, so the Obama campaign and labor unions must do journalism's work for it.  Somehow it's got to hit the mainstream and we can't rely on our "comfort the comfortable and afflict the afflicted" journalism model to do it for us.  They won't.

      A learning experience is one of those things that says, 'You know that thing you just did? Don't do that.' Douglas Adams

      by dougymi on Tue May 15, 2012 at 08:11:06 AM PDT

      [ Parent ]

    •  Really TomP - the MEDIA - ignore Bain issue(s) (0+ / 0-)

      Never happen................


      PLEASE Stop Mitt (the Pitts) Romney from stealing the Presidential Election!

      by laserhaas on Tue May 15, 2012 at 08:24:54 AM PDT

      [ Parent ]

  •  Details Details Details. (4+ / 0-)
    Recommended by:
    JMoore, judyms9, annieli, msmacgyver
    •  Only problem is that the public can't/won't (5+ / 0-)

      absorb details, but if you let them know it was taxpayer money--subsidies--that let said company succeed, folks get that.  Bang away at how so much success depends on taxpayers, not on Romney's skill in playing taxpayers and the system for personal wealth which ends up outside the US, patriot that he is.

      Romney went to France instead of serving in our military, got rich chop-shopping US businesses and eliminating US jobs, off-shored his money in the Cayman Island"s, and now tells us to "Believe in America."

      by judyms9 on Tue May 15, 2012 at 06:27:03 AM PDT

      [ Parent ]

      •  I agree that voters will pay attention (2+ / 0-)
        Recommended by:
        jalenth, Laconic Lib

        to Romney's getting rich by receiving "corporate welfare".  

        (Diary link)

        http://articles.latimes.com/...

        The story of Bain and Steel Dynamics illustrates how Romney, during his business career, made avid use of public-private partnerships, something that many conservatives consider to be "corporate welfare." It is a commitment that carried over into his term as governor of Massachusetts, when he offered similar incentives to lure businesses to his state.

        Yet as he seeks the GOP presidential nomination, he emphasizes government's adverse effects on economic growth.

        "Fundamentally, what happens in America that creates jobs is not government. It has its role. But by and large, it gets in the way of creating jobs," he said during a debate Saturday sponsored by ABC News and Yahoo.

        When someone is impatient and says, "I haven't got all day," I always wonder, How can that be? How can you not have all day? George Carlin

        by msmacgyver on Tue May 15, 2012 at 07:07:04 AM PDT

        [ Parent ]

      •  Amen Judy - even when the facts are public records (2+ / 0-)
        Recommended by:
        Laconic Lib, judyms9

        They don't Get It!

        I don't know which is worse.

        The fact that Bain Capital & Goldman Sachs attorneys' confessed to lying under oath and intentional fraud on the courts while destroying a public company; while also having their very OWN hand picked US Attorney from a Bain/ Sachs law firm (Colm Connolly DE - from MNAT)

        OR

        The fact that our "purported" esteemed MSM Press entities such as this continuously assist the fleecing of America by this propagandist rhetoric erroneious.

        No. 1 - not even the King of Bain documentary (from a Romney camp former No Less) dared to mention the REAL money Off Shore (100% owned by Mitt) - of SanKaty in Bermuda.

        No 2. - No one is mentioning the fact of Mitt's "Custom" made campaign finance filing in 2008

        No. 3 - NO ONE is mentioning the preferential FRAUD of Bain, Kay Bee Michael Glazer - how Mr. Glazer was a director at Stage Stores (Co Debtor Liquidity Solutions) - in 2001 with director Jack Bush (Dallas TX) and that Barry Gold worked for the directors (and Mitt Romney OWNED Stage - NOT Bain - as Mitt held over 800,000 controlling shares). Where Barry Gold hired his secret partner (Paul Traub) in Stage Stores and got Caught - forcing Traub to file a Supplemental

        http://petters-fraud.com/...

        No. 4  How then Bain [Capital] (got to be careful here - there are 200 (+) Bain entities) = how Bain then managed to get their (and Goldman Sachs) law firm (MNAT) to (illicitly) be the eToys law firm where Traub was the eToys creditors attorney (and also secretly partners with Barry Gold in Asset Disposition Advisors) - and then MNAT, Traub and Barry Gold asked for and Rec'd permission to Destroy Books n Records in the eToys case

        http://petters-fraud.com/...

        No. 5 - Then, at the obvious detriment of their Court approved clients (eToys & their creditors) Traub, MNAT and Gold sold that federal estate by collusion & conspiracy to defraud eToys - to their (SECRET) UNdisclosed (even to this very day) Client - Bain / Kay Bee where Bain got PAID to take eToys as MNAT, Traub and Gold drafted the confirm PLAN of eToys that Gold (the Plan Administrator could sell and settle issues under $1 million W/O the need for court approval.) - The only permission Barry Gold needed to SETTLE Liquidity Solutions (Co Debtor Stage Store) claims - was the Administrator needed the Creditors permission. That is to say the eToys illicit CEO - Barry Gold (Frank Nitti) needed the Creditors  Paul Traub (Al Capone's) permission to settle issues so that all the "5 Family's could nefariously seize and devour an entire federal estate as their own bank robbed.

        Finally, After Barry Gold testified = Under Penalty of Perjury - that the eToys PLAN was drafted in EXTENSIVE arm's length/ good faith negotiations between Debtor & Creditors (between Barry (Nitti) Gold and his secret partner Paul (Capone) Traub) - they all went with MNAT into the Bankruptcy case of Kay Bee Toys. Where Michael Glazer paid himself and Bain about $100 Million before filing Kay Bee's bankruptcy and

        MNAT represents Bain

        And Paul Traub asked for the court's permission to be the one to Prosecute Bain & Glazer

        Fact Finding MSM media may arse!


        PLEASE Stop Mitt (the Pitts) Romney from stealing the Presidential Election!

        by laserhaas on Tue May 15, 2012 at 08:25:49 AM PDT

        [ Parent ]

  •  GOP-Privatize the Profit, Socialize the Loss/Risk (10+ / 0-)

    Dress it up any way you like.  It's what Romney did with Bain, it's what W did with his baseball team and his oil company.  

    It's the Republican game plan and always has been.  Enrich the powerful 1% by stealing from the 99% who actually produce products, not just paper wealth.

    I think that Republicanism is revealing itself as a personality disorder, not so much an ideology." -- Naomi Klein

    by AllanTBG on Mon May 14, 2012 at 02:25:17 PM PDT

  •  The reason Romney made money (20+ / 0-)

    even when they invested in losing companies is that they didn't invest unless they were in a position to dictate terms that guaranteed they couldn't lose.

    It's called loan sharking when Vinnie the Tuna does it.

    In theory, there is no difference between theory and practice; but in practice, there always is a difference. - Yogi Berra En théorie, il n'y a aucune différence entre théorie et pratique, mais en pratique, il y a toujours une différence. - Yogi Berra

    by blue aardvark on Mon May 14, 2012 at 02:35:42 PM PDT

    •  Heads I Win......Tails You Lose. (5+ / 0-)
    •  It is way worse than you can imagine - blue. (2+ / 0-)
      Recommended by:
      blue aardvark, Laconic Lib

      Let us just take the Kay Bee Toys case.

      Michael Glazer (CEO of Kay Bee) - was also at Stage Stores with Mitt Romney (owned 800,000 + control shares)
      also at Stage (Co Debtor Liquidity Solutions) is Jack Bush of Dallas Texas (CEO of Bain's IdeaForest and at Bain's Jumbo Sports too)
      Also at Stage Stores - Barry Gold worked for the Directors (Jack Bush, Michael Glazer and Mitt)

      Then Barry Gold hires Paul Traub (Gold's secret partner)
      this is in 2000/ 2001

      Then, MNAT, (Goldman Sachs & Bain's) attorney in DE - becomes (inexplicably/ illegally) eToys Debtor's counsel.

      Paul Traub becomes eToys creditors counsel.

      MNAT & Traub then hire Barry Gold as eToys CEO

      Sell eToys (their clients billion dollar assets) to Bain/ KB (their SECRET client) - for LESS THAN pennies on the dollar

      and when Bain had to cough up tens of millions of dollars
      to buy the assets of eToys - Liquidity Solutions (C0 Debtor with Stage Stores) - bought up the claims.

      Then Barry Gold settled those claims withOUT the court's permission - he only needed the Creditors permission (Paul Traub his SECRET partner)

      Then, Michael Glazer pays himself and Bain around $100 million dollars and files Bankruptcy on Kay Bee.

      MNAT represents Bain in the preferential fraud
      AND
      Paul Traub (working for KB creditors in that case too) -had the UNmitigated gall to ask for (and receive) permission to be the one to Prosecute Bain & Michael Glazer (while Barry Gold thru Paul Traub & His company Asset Disposition Advisors ALSO worked the KB bankruptcy case)

      All PUBLIC Docket records

      But they are NEVER investigated and prosecuted
      BECAUSE

      A MNAT partner was made the Delaware US Attorney (Colm Connolly)
      http://www.justice.gov/...

      Who refused to investigate or prosecute the case from 2001 to 2008.

      That is how BAIN - REALLY makes its money

      Federal Fraud & Federal Corruption.
      Getting PAID to steal from federal estates.


      PLEASE Stop Mitt (the Pitts) Romney from stealing the Presidential Election!

      by laserhaas on Tue May 15, 2012 at 08:37:21 AM PDT

      [ Parent ]

  •  Thanks JL for the quick update... (3+ / 0-)
    Recommended by:
    JMoore, tb mare, Laconic Lib

    on this developing story. It will be interesting to watch this PR battle play out. The fact that Bain sold this company 13 years ago is relevant.


    The important and difficult job is never to find the right answers, it is to find the right question. For there are few things as useless–if not dangerous–as the right answer to the wrong question. -- P. Drucker

    by The Angry Architect on Mon May 14, 2012 at 02:38:19 PM PDT

  •  The Romney ad fails to mention (12+ / 0-)

    1. The layoffs at Steel Dynamics during Bush's years due to GOP policies

    2. Steel Dynamics got $96 mil in government subsidies that Romney is against but arguably helped pay the $85 mil Bain got out of the company
    http://middleclasspoliticaleconomist.blogspot.ca/...
    The same month Bain invested $18.2 million in the company, June 1994, state and local governments in Indiana approved a $77.84 million incentive package after months of negotiations with the company (Fort Wayne Journal Gazette June 23, 1994, via Nexis, h/t Phil Mattera).

    The Steel Dynamics subsidy story doesn't end there, however. Four years later, while still owned by Bain Capital, the company got $18 million in local tax incentives for a structural steel mill in Whitley County, Indiana

    3. Obama Stimulus Gives STLD a Boost
    http://www.marketintelligencecenter.com/...

    4. "A substantial amount of Steel Dynamics’ finished products find their way to the automotive industry".
    http://www.industrytoday.com/...

    So without the large government subsidies that Romney is against, without the Obama stimulus money that contrary to Romney, helped Steel Dynamics and without the auto bailout Romney was against the gov't giving them (when Bain itself declined to invest in the auto industry), all the jobs Romney is touting at Steel Dynamics would not like exist.

  •  now a counter-ad needs to happen with these points (4+ / 0-)
    Bain Capital sold its stake in Steel Dynamics 13 years ago, in 1999. It helped get the company off the ground, but can't take credit for turning it into the company that it is today.
    Bain isn't the only reason Steel Dynamics got off the ground: The company sought and received $37 million in subsidies from state and local officials in Indiana.
    Steel Dynamics is in the same industry as GST Steel ... but the two companies have nothing to do with each other.

    slutty voter for a "dangerous president"; Präsidentenelf-maßschach; Warning-Some Snark Above"Nous sommes un groupuscule" (-9.50; -7.03) "Sciant terra viam monstrare." 政治委员, 政委!

    by annieli on Mon May 14, 2012 at 03:15:57 PM PDT

  •  I think The Situation from MTV Jersey Shore runs (7+ / 0-)

    Romney Campaign. Its the only explanation.

    "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 May 14, 2012 at 03:16:55 PM PDT

  •  Props for distilling the essence: (10+ / 0-)
    Why did Mitt Romney make millions even when his investments failed?
    Another point.  The difference between what Pres. Obama did for the auto companies and what Bain did is that Pres. Obama took dying companies and healed them while Bain took healthy companies and killed them.  

    We must, indeed, all hang together, or assuredly we shall all hang separately. B. Franklin

    by Observerinvancouver on Mon May 14, 2012 at 09:54:59 PM PDT

  •  Respect! (1+ / 1-)
    Recommended by:
    JMoore
    Hidden by:
    Tomtech

    I'd have more respect up for him if he did this: http://youtu.be/...

  •  Make money even when you fail? (7+ / 0-)

    It's not the free enterprise we grew up learning about, but it's certainly the free enterprise that brought us down in 2008.

    And Mitt not only had a role in creating and profiting from that, he's proud of it and wants to keep it going.

    And that's why this diary is important--it's where the message of this diary inevitably leads.

    Which leads to the next thing--what's the plan to get back to an economic society that benefits everyone instead of the very few?

    Citizens United: "All people have free speech, but some people have more free speech than others."

    by NCJan on Tue May 15, 2012 at 06:11:04 AM PDT

  •  this is so simple for a sound bite and (7+ / 0-)

    Obama will use it in the debates:

    "Governor, nobody's angry about you making investments in companies. People are angry that you PROFIT from investments that fail. An INVESTMENT means if it makes money, YOU make money. If it loses money, YOU lose money. But just like your friends on Wall Street, there's a different rule for you. When your investments FAIL, you still make money. Often at the government expense. That's fair. That's not right. We need the SAME RULES for everybody."
  •  It's been very telling (6+ / 0-)

    how the traditional media has bent over backwards to help Mitt Romney and his campaign play not just the GOP's usual games with the public in a Presidential race, but to set a standard for a whole new level of thumbing the scales.

    Instead of the Village, maybe we should start calling them all PolitiFact Nation.
    Mitt Romney is the most blatant liar I've ever seen run for President. No ifs, ands, or buts.

    He lies about everything, even shit that isn't important, even shit he doesn't have to lie about.

    It's been pretty breathtaking, and I've been a political junkie watching the media give handjobs to the GOP elite and rabble alike for decades.

    Mitt Romney's 2012 campaign has been almost entirely based on lies. Big lies. Blatant Lies. Obvious lies.

    No "kinder and gentler America".
    No "Compassionate conservatism".

    But blatant lies and open austerity pimping.

    This might be the most black and white national election, in every sense, we have ever seen.

    Usually, the GOP is all about muddying the waters. Creating just enough doubt to get them to %50.1.

    Not these days.

    Now, they lie. Like "hey, did you know that shit actually tastes like chocolate, you should eat some now!" level of dishonesty.

    And they are, per usual, getting a pass.

    But it's more than that.

    The Romney campaign is getting a pass, but also help in pushing the party line in ways that usually require the water to be murky and muddy enough to play the 'we can't know where the truth lies, probably somewhere in the middle, as both sides do it too" game.

    I am from the Elizabeth Warren wing of the Democratic Party

    by LeftHandedMan on Tue May 15, 2012 at 06:13:06 AM PDT

    •  It truly is incredible (4+ / 0-)

      His entire campaign is built around, "I'm not Barack Obama."  While it's the one thing he's actually been consistent about, it's wrong in two ways.  That's right, EVEN THAT'S KIND OF A LIE.

      (1) He agrees (or has agreed) with Obama on virtually all policy, just not the practical implementation of that policy, and (2) Barack Obama's implementations are more consistent and reasonable.

    •  Romney's lying is an extension of (2+ / 0-)
      Recommended by:
      laserhaas, Laconic Lib

      his deeply held, fundamental religious belief.    

      Mitt Romney is the most blatant liar I've ever seen run for President. No ifs, ands, or buts.
      http://www.mormonwiki.org/...
      Lying for the Lord refers to the practice of lying to protect the image of and belief in the Mormon religion, a practice which Mormonism itself fosters in various ways. From Joseph Smith's denial of having more than one wife, to polygamous Mormon missionaries telling European investigators that reports about polygamy in Utah were lies put out by "anti-Mormons" and disgruntled ex-members, to Gordon B. Hinckley's dishonest equivocation on national television over Mormon doctrine, Mormonism's history seems replete with examples of lying. Common members see such examples as situations where lying is justified. For the Mormon, loyalty and the welfare of the church are more important than the principle of honesty, and plausible denials and deception by omission are warranted by an opportunity to have the Mormon organization seen in the best possible light. continued...

      When someone is impatient and says, "I haven't got all day," I always wonder, How can that be? How can you not have all day? George Carlin

      by msmacgyver on Tue May 15, 2012 at 07:23:20 AM PDT

      [ Parent ]

      •  WOW - msmmacgyver - even I did not believe that (1+ / 0-)
        Recommended by:
        msmacgyver

        at first look

        INCREDIBLE


        PLEASE Stop Mitt (the Pitts) Romney from stealing the Presidential Election!

        by laserhaas on Tue May 15, 2012 at 08:41:07 AM PDT

        [ Parent ]

        •  This was a link given in a HuffPo comment (2+ / 0-)
          Recommended by:
          Laconic Lib, laserhaas

          and I've been re-posting it on DK.

          I do think it's OK to "go there", meaning talk about Mormonism.  It's an integral part of Romney's life and just as other candidates profess their religious beliefs, I think it's fair game.

          If you read through the Wiki entry, you'll find that Lying for the Lord is almost second nature for Mormons, particularly those who work as missionaries.  The story of Joseph Smith lying about his polygamy is a perfect example of how doing "God's Work" is really about doing whatever works for the person who is lying.

          I think Romney is unaware of how many lies he actually tells on a regular basis.  I also think part of his robotic delivery is about his needing to filter his answers through his internal system of not telling the truth.

          When someone is impatient and says, "I haven't got all day," I always wonder, How can that be? How can you not have all day? George Carlin

          by msmacgyver on Tue May 15, 2012 at 09:44:33 AM PDT

          [ Parent ]

          •  I've talked to many national reporters lately. (1+ / 0-)
            Recommended by:
            msmacgyver

            They all ask me why I don't publish more on the Mormon issue.

            I agree that it is germane - Especially since 1 reporter pointed out the fact that "maybe" the FBI in Los Angeles threatened me - is because it is Mormon based.

            Minorities did sue the FBI in L.A. for discrimination and the head of the Wilshire FBI resigned and went to become Chief Security of the Mormon church.

            However, I have such overwhelming, irrefutable and profuse evidence on Mitt, Bain & Sachs - I think going there for me would give more B's the ability to obfuscate justice even more.

            But

            I will quote you and this often.
            If that is okay with you>


            PLEASE Stop Mitt (the Pitts) Romney from stealing the Presidential Election!

            by laserhaas on Tue May 15, 2012 at 10:45:03 AM PDT

            [ Parent ]

            •  As I said, the link to Wiki entry was (1+ / 0-)
              Recommended by:
              laserhaas

              published in a HuffPo comment, so I can't really take credit for connecting the dots; however, since I read the entry, I believe I'm better able to analyze Romney's almost pathological lying.

              I think that if you have the opportunity to "go there", you might want to remind your readers that you are aware of Article 6 of the Constitution...

              http://www.usconstitution.net/...

              Article 6 - Debts, Supremacy, Oaths

              snip...

              The Senators and Representatives before mentioned, and the Members of the several State Legislatures, and all executive and judicial Officers, both of the United States and of the several States, shall be bound by Oath or Affirmation, to support this Constitution; but no religious Test shall ever be required as a Qualification to any Office or public Trust under the United States.

              I'm 60ish and old enough to remember the hoops JFK needed to jump through because of his religion and I am horrified that the Religious Right has managed to dominate the political conversation; however, the Religious Right has changed the rules and Mormonism is as much a part of their presidential candidate's psyche as was GW Bush's "Born Again" claim.

              In other words, Go For It!
               

              When someone is impatient and says, "I haven't got all day," I always wonder, How can that be? How can you not have all day? George Carlin

              by msmacgyver on Tue May 15, 2012 at 11:09:47 AM PDT

              [ Parent ]

              •  Thanks for this additional Link and Info.... (1+ / 0-)
                Recommended by:
                msmacgyver


                PLEASE Stop Mitt (the Pitts) Romney from stealing the Presidential Election!

                by laserhaas on Tue May 15, 2012 at 11:12:01 AM PDT

                [ Parent ]

                •  You're welcome and I read some of (1+ / 0-)
                  Recommended by:
                  laserhaas

                  your Citizens Against Bankruptsy Fraud blog.  Here's a link to and excerpt from NYT re Romney's retirement package.  It's a lengthy article but worth the time.  

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

                  12/11: In what would be the final deal of his private equity career, he negotiated a retirement agreement with his former partners that has paid him a share of Bain’s profits ever since, bringing the Romney family millions of dollars in income each year and bolstering the fortune that has helped finance Mr. Romney’s political aspirations.

                  When someone is impatient and says, "I haven't got all day," I always wonder, How can that be? How can you not have all day? George Carlin

                  by msmacgyver on Tue May 15, 2012 at 11:20:50 AM PDT

                  [ Parent ]

  •  "I know how the economy works" -- Willard (2+ / 0-)
    Recommended by:
    tb mare, Laconic Lib

    Should be read as, "take money from poor people to prop up an environmentally dangerous corporation, sell it, take credit for all its actual workers and manager's success.  That's on a good day."  What a piece of crap.

  •  "You win some, you lose some" (2+ / 0-)
    Recommended by:
    Amber6541, Laconic Lib

    That's Willard's response?

    That's Willard's message?

    That's why he wants you to elect him President in 2012?

    Really?

    Citizens United: "All people have free speech, but some people have more free speech than others."

    by NCJan on Tue May 15, 2012 at 06:21:18 AM PDT

  •  Bad framing (3+ / 0-)
    Recommended by:
    judyms9, tb mare, Amber6541

    I don't believe most people really care that he made money even if they company failed.  That sounds like he is just a smart investor, dictating the terms of his investment so he can't lose and most people won't really have a problem with that.  If SD needed the money, they had to agree to whatever terms Bain gave them.

    But that's not what the issue with Romney and Bain is. The real issue is their "vulture capital" business model.  They would find a struggling company with assets, max out credit lines, grab every government subsidy and loan guarantee they can find, sell off equipment, and take transaction fees for every little thing - if after that the company somehow managed to survive while also paying Bain's huge management fees then   Bain makes out like bandits. If the company can't survive, they raid the pension funds, sell everything off, and default on government-backed loans, while also making out like Bandits.

    These aren't experts coming in to turn things around, they're vultures coming in for the kill.  If the target company happens to survive that's just extra.  And that's what people don't like about them.  They're not bringing in Steel experts to improve the product, or put efficiencies into the production line or top salesmen to increase market share, they're just bean counters without any interest in the investment other than how much money they can make, people and their jobs be damned.

    [Terrorists] are a dime a dozen, they are all over the world and for every one we lock up there will be three to take his place. --Digby

    by rabel on Tue May 15, 2012 at 06:28:47 AM PDT

    •  Voters will most certainly care about this (2+ / 0-)
      Recommended by:
      laserhaas, rabel

      when they learn Romney and Bain pocketed tens of millions of dollars from some of these companies while having US taxpayers on the hook for the pension plans.

      Even most of my Republican friends don't care for this.   In all fairness to my friends they are somewhat embarrassed to admit to being Republicans these days and instead have resorted to calling themselves Libertarians.

    •  Bad Framing (1+ / 0-)
      Recommended by:
      rabel

      I agree Rabel w/ what you're saying but we need to simplify it even more. I live in the Alabama part of PA and the Rs here don't understand what a "subsidy" is or what a "loan guarantee" is. I think anytime the word subsidy is used, we should be calling it a "government handout" or "taxpayer dollars" instead.  Also we should say that the government would step in & bail the investor out if the takeover didn't work, instead of using the words "loan guarantee". I know it's wordy but there are so many people out there that don't know"bank speak".
      Perhaps a chop shop analogy would work for explaining what Romney did since most of the people around my part of PA work @ Harley & they'd understand that..

      Just sayin.  

      The more I'm around people, the more I like my cats

      by southpaw2015 on Tue May 15, 2012 at 08:57:04 AM PDT

      [ Parent ]

  •  Tails you win - Heads I lose (2+ / 0-)
    Recommended by:
    judyms9, Amber6541

    It was always a win - win for the Barber of Cranbrook.

    •  Cut, cut, cut, but not those subsidies that (1+ / 0-)
      Recommended by:
      Amber6541

      vulture capitalism exists on.

      Romney went to France instead of serving in our military, got rich chop-shopping US businesses and eliminating US jobs, off-shored his money in the Cayman Island"s, and now tells us to "Believe in America."

      by judyms9 on Tue May 15, 2012 at 06:38:44 AM PDT

      [ Parent ]

  •  "Surprise! Surprise!" ala' Gomer Pyle. Of course (1+ / 0-)
    Recommended by:
    Amber6541

    Romney ignores the bottom line of the problems.  He's uber-rich. He doesn't play by the same rules the rest of us have to live by.

  •  i wish obama campaign reads article and uses it .. (2+ / 0-)
    Recommended by:
    Amber6541, laserhaas

    i wish the obama campaign reads this articles and uses these questions in media interactions .... the Romney camp would have no response to these questions

  •  The obfuscation and lying by Romney has begun. (2+ / 0-)
    Recommended by:
    Amber6541, laserhaas

    “The object in life is not to be on the side of the majority, but to escape finding oneself in the ranks of the insane.” — Marcus Aurelius

    by LamontCranston on Tue May 15, 2012 at 06:38:58 AM PDT

  •  So put up the response ad! (1+ / 0-)
    Recommended by:
    Amber6541
  •  Nice quick explanation on what the counter ad (1+ / 0-)
    Recommended by:
    Amber6541

    fails to address.  I didn't know about the state subsidies and I think more should be said about the actual owners/managers of these companies who pulled it together after the damage had been done.  My bank may have given me a business loan even advice but I dare them to take credit for employing the 500 people I recruited, trained, and worried over every payday.

    "...tails I win, heads you lose..." There is something to that.  This sort of thinking may work on Wall Street but it's no way to govern a country and whenever I hear someone say he's such a great businessman they don't know the details: saddling a company with debt and once the money has been transferred leaving the taxpayer with a very costly responsibility.  Someone needs to turn that into a soundbite so everyone gets it.

  •  That's a lame rebuttal video. (2+ / 0-)
    Recommended by:
    Amber6541, tekno2600
  •  Where are your tax returns, Mitt? eom (3+ / 0-)
    Recommended by:
    a2nite, dougymi, laserhaas

    www.tapestryofbronze.com

    by chloris creator on Tue May 15, 2012 at 07:06:08 AM PDT

  •  Another argument that could be made (0+ / 0-)

    would be that without Bain the company would be even larger and more successful than it is now.

    That is the argument that Romney is making against President Obama and the economy.

  •  Romney's a "Turn around specialist." He bankrupts (0+ / 0-)

    profitable companies and makes money for himself more often than he helps unprofitable companies. But, he could easily set the record straight. Just tell us:

    1. How many companies did he take over?
    2. What were their incomes, assets, and jobs pre-takeover?
    3. What were these numbers post-takeover?
    4. How much money did you make on the deals?

    There is no way he will tell us any of this. Therefore, he really can't run as a job creator. If Americans want a president with a history of slashing jobs to enrich himself, Mitt's the man.

    Just doing my part to piss off right wing nuts, one smart ass comment at a time.

    by tekno2600 on Tue May 15, 2012 at 08:45:19 AM PDT

  •  You've framed this very well Jed. n/t (0+ / 0-)
  •  what can romney say? nothing! (0+ / 0-)

    if he comments on what President Obama's ad about how romney destroyed the steel mill in KCMO, now that Obama has let that cat out of the bag, whatever romney says will be immediately scrutinized in the light of the public glare and he will be seen as a liar which will condemn him. if he says nothing, then he is left with the perception of being a corporate vulture which is exactly the aim of The President's ad.
    either way, romney loses on this one. it was a well timed, beautifully executed punch to romney's campaign and has done lots of harm to romney's ambitions. i think it will be one of the lasting issues in this race. romney's bad karmic actions have come back to bite him squarely in his butt. he deserves bad karma for using bad karma against the poor steel workers he threw out onto the street in KC

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