Skip to main content

Bain Capital has received a lot of negative press lately from President Barack Obama's reelection campaign as it's the corporation once run by current Republican presidential candidate Mitt Romney.

As it turns out Romney made a killing from his time as CEO of Bain, but he was far from a job creator. Through his work, thousands of people lost their jobs. The corporation uses a "Corporate Reform" model that looks a lot like the current model being used by billionaire-backed Astroturf groups claiming it will fix schools.
 

Cross-posted at GapersBlock- Mechanics.

Bain's a private equity firm that specialized in "leveraged buyouts."

According to Slate.com:

Leveraged buyouts, which are what private equity firms do, load companies with debt, extract value for middlemen, and displace workers.
The company profits off of lowering the standard of living for workers It cuts middle-class jobs and funnels wealth upwards, much like the way education is being done in Chicago.

In Chicago, during a claimed financial crisis, the Chicago Board of Education hired more middle management at six figure salaries, sold off operations to political insiders , fired large swaths of experienced and therefore pricy labor and replaced them with neophytes who stay on the job just long enough to be utterly burned out.

This is may be a way to make unscrupulous stockholders happy, but it's no way to run a school system.

One instance where the connection was crystal clear was a school run under Bain outside of Salt Lake City, Utah where students died due to cuts to services.

This is not a coincidence; companies like Corporate Reformer Bain Capital have a shared ideology with Corporate Education Reformers like Michelle Rhee's Student's First and Stand for Children.

One might ask why a Corporate Reform model would be employed in public policy?

... most of the policy proposals Stand For Children supports are lifted right out of the ALEC playbook.
ALEC, of course the American Legislative Exchange Commission, which is described as a "collaboration between multinational corporations and conservative state legislators."

Bain itself was so impressed with the parallel approach to corporate education reform that it gave $1 million dollars to Stand for Children in Massachusetts.

That $1 million in revenue could have been used to maybe -- lay off less teachers--but instead it was used to fund an organization whose goal is to further destabilize the schools in America.

What's the end game of Bain, and for that matter Stand for Children?

They are creating a race to the bottom. They want a steady supply of new teaching recruits each year who get paid peanuts and are too afraid to speak up for themselves and the children they serve.

This is not how we give America's children the schools they deserve.

EMAIL TO A FRIEND X
Your Email has been sent.
You must add at least one tag to this diary before publishing it.

Add keywords that describe this diary. Separate multiple keywords with commas.
Tagging tips - Search For Tags - Browse For Tags

?

More Tagging tips:

A tag is a way to search for this diary. If someone is searching for "Barack Obama," is this a diary they'd be trying to find?

Use a person's full name, without any title. Senator Obama may become President Obama, and Michelle Obama might run for office.

If your diary covers an election or elected official, use election tags, which are generally the state abbreviation followed by the office. CA-01 is the first district House seat. CA-Sen covers both senate races. NY-GOV covers the New York governor's race.

Tags do not compound: that is, "education reform" is a completely different tag from "education". A tag like "reform" alone is probably not meaningful.

Consider if one or more of these tags fits your diary: Civil Rights, Community, Congress, Culture, Economy, Education, Elections, Energy, Environment, Health Care, International, Labor, Law, Media, Meta, National Security, Science, Transportation, or White House. If your diary is specific to a state, consider adding the state (California, Texas, etc). Keep in mind, though, that there are many wonderful and important diaries that don't fit in any of these tags. Don't worry if yours doesn't.

You can add a private note to this diary when hotlisting it:
Are you sure you want to remove this diary from your hotlist?
Are you sure you want to remove your recommendation? You can only recommend a diary once, so you will not be able to re-recommend it afterwards.
Rescue this diary, and add a note:
Are you sure you want to remove this diary from Rescue?
Choose where to republish this diary. The diary will be added to the queue for that group. Publish it from the queue to make it appear.

You must be a member of a group to use this feature.

Add a quick update to your diary without changing the diary itself:
Are you sure you want to remove this diary?
(The diary will be removed from the site and returned to your drafts for further editing.)
(The diary will be removed.)
Are you sure you want to save these changes to the published diary?

Comment Preferences

Subscribe or Donate to support Daily Kos.

Click here for the mobile view of the site