Showing posts with label Bain Capital. Show all posts
Showing posts with label Bain Capital. Show all posts

Tuesday, July 17, 2012

Everything Old is New Again

Back in 2008, John McCain did an in-depth research on his contender Mitt Romney and now we can find it on line.

I also have attached a video of Mitt Romney saying, in his own words, that he worked at Bain Capital for 25 years.  He created that company in 1977, which means that he was with Bain Capital until 2002 and not 1999 as he is so desperately trying to make us believe.

This man is not fit to be an American, much less an American President!






The video:


Sunday, July 15, 2012

Mirror, Mirror on the Wall... Street

Friday, July 13 the Presidential hopeful, Mitt Romney, took to the airwaves in a futile attempt to “get the records straight” demanding an apology from President Obama for publicly unmasking Romney for his self-claim assertions that he is a “job creator.” Romney is demanding an apology from President Obama for saying the truth, regardless that so far he has repeated lies after lies about President Obama and we are yet to see, read or hear an apology from him. He believes he is too grand to provide an apology.

Romney is claiming that he left, and this he has repeated incessantly, on February 1999. He claims that is the year he left Bain Capital to be in charge of the Utah Olympics. While it is true that he was in charge of the Olympics, what is not true is that he left the company for good and made no decisions about the company after that date. Several documents have surfaced that proves otherwise and list him as CEO, President and Managing Director of Bain Capital during 2000 and 2001. Mitt Romney have said that while he was in Utah overseeing the Olympics he had to travel to attend board meetings and while this is normal, after all he was the owner of that company, what it is not normal is for him to think that anyone is going to believe that as such, he had no saying on the decisions or the course the company was going to take. That it’s inconceivable and if true, a greatly irresponsible behavior towards his investments and that of the investors that placed their trust on Mitt Romney as the owner of that company. If true, is that the kind of President America needs? A President that will not lead but blindly delegate and that will assume no responsibility if anything goes wrong? I don’t think so, we had a president like that before: Ronald Reagan, but at least when Reagan pulled that one off he had Alzheimer.


I honestly believe that his refusal to show his tax returns from 2000 and 2001 is because we will see that he listed Bain Capital as his employer. Nothing else remains to be known but that fact, we all now he off-shores his money, that he has Swiss accounts and a stash of money hidden in the Cayman Islands. We all know he outsources jobs and encourage other American companies to do the same. All there is left for us to know and for him to hide is that he lied about Bain Capital and the his Tax Returns will provide the irrefutable proof that he has not been truthful and expose him as the liar he truly is.



From 1999 to 2002, Bain Capital bought, drove to the ground and destroyed many companies.  During that time thousand of workers were laid-off and hundreds of jobs were outsourced to China and India while making millions of dollars in the process. Business is business and we can’t criticize him for that. However, Mitt Romney should take responsibility for being a great contributor to the demise of the economy, for being a job creator overseas but definitively not in America. He made his bed, let him lay on it instead of desperately trying to disengage from that particular period. Romney's involvement with Bain during that period will debunk his rhetoric as “a job creator.” He is no “job creator” at least not in America; here he is a job destroyer.

 

For those that still believe that Mitt Romney is a good candidate, we just have to evaluate where most of his investments are, according to his Public FinancialDisclosure Report, signed in 2011, where we can see that he has several million dollars invested in Goldman Sachs and Bank of America among others. We can conclude that, without a doubt, Mitt Romney will remove all regulations from the banking industry. Those regulations on Wall Street are not helping him make more money and that is all he truly cares about. Deregulating Wall Street will serve him well as he truly is a Wall Street guy not because he is rich, but because he is a big component of Wall Street and its collapse.

I can’t comprehend how regular folks out there can back this guy up… a man that all of his life has worked at destroying this country not giving a damn to move it forward and caring only on how much more money he can make. I wonder what deals will he make and what treaties will he sign with China that will allow him to increase his wealth even more at the expense of the American people and the country.




Sources:  

Mother Jones - The Mystery of Romney's Exit from Bain

Mother Jones - Stericycle 13D 1999

The Washington Post - Cash, Advice on Tap at Romney's Old Firm

U.S. Securities and Exchange Commission

msnbc news

abc News

Thursday, June 28, 2012

In Union Lies the Strength


I continue scrutinizing Mitt Romney’s views on some of the issues on his page, anyone can find them on his website. The issue that caught my attention was his stand on Labor; particularly because we all know he is not a “job creator” rather he is more like a “job killer” so I was very interested in finding out what his “views” are on the subject.
Surprisingly, Mitt Romney’s opinion on the issue is too long. I will split my comments to make it easier on the reader and myself. This is the first of three posts on the issue of Labor.
It comes to no surprise that he is against unions. To mitigate his dislike for unions he elaborates on the past glories and accomplishments for the benefit of the American worker that unions have achieved in the past. But for Mitt Romney Unions are damaging businesses and they need to be eliminated or changed to be beneficial to corporations. For a man that has made a career increasing the wealth of Corporations at the expense of regular people and shows little or no remorse for the thousands of workers that lost their jobs while he filled the pockets of Bain Capital nothing but disdain towards Unions is to be expected.
On his site, if you read carefully, you will be able to understand what is what Mitt Romney wants to protect. He says on his page, and I quote, “But today, the effects of unionization have changed in ways that need to be recognized. Too often, unions drive up costs and introduce rigidities that harm competitiveness and frustrate innovation.” What he means by this is that Unions will not allow companies to abuse workers, to make them work in an unsafe environment and that unions demand that worker gets compensated fairly for the work they do. That is what companies have been striving for, pay less, offer less or no benefits and not be responsible for providing a safe environment where they have to spend money to secure the worker or provide them with the safety gear necessary to protect them, after all… that cost money and we all know corporations couldn’t care less for the workers, all it matters is the shareholders’ profits.
He goes on to blame Unions for manufacturing jobs disappearing from this country. As if outsourcing had nothing to do with it! He claims that most Americans believe that Unions in reality hurt the American worker. I hope this is not true. The only way the American worker can fight injustices, discrimination, unfairness and harassment in the workplace is through the Union. The only reason we have a 40-hour week, days off, vacations paid, health insurance and all the perks that we enjoy today and take for granted is thanks to the Unions. If we lose Unions in this country, and now that Corporations are “people” we will go back to the days when we had no rights, no one to defend us, or the money to pay for our legal representation. Slowly but surely the Right wants us to go back in time, a time when they had slaves but no responsibility. After all, even slave owners would take care of a sick slave – not out of the kindness of their heart, but as a protection for their investment; as a worker we will not even get that, we will be easily replaceable.
He has the audacity to accuse President Obama for “returning the favor” to Unions in exchange for the “several hundred million dollars” that Unions donated during his 2008 campaign. Taking him on his own word, who is making monetary donations in sums never heard of before during any other political campaign? We all know the answer, the Koch brothers and Citizens United. Never has a Union or a person donated $400 million dollars to a single candidate as they did during the Wisconsin recall elections. Does anyone truly believes that they are donating these fortunes so the working class can have jobs? Does anyone here is so naïve as to believe that Mitt Romney, the Koch brothers or Citizens United care at all for the middle class? Their long-time record says otherwise.
Romney talks with indignation about the American Automobile industry bailout. How dared President Obama bailed them out? Mitt Romney, once again does not care for the worker but the shareholders and creditors, in other words the 1% of this country. About the bailout he says: “Part of this entailed preferential treatment of the United Auto Workers [UAW], at the expense of other stakeholders and creditors – INCREDIBLY, the UAW was given a majority ownership stake in Chrysler.” We don’t hear the same indignation for bailing out the Bank industry and Wall Street after all they are NOT blue-collar workers and I am sure in Mitt Romney’s eyes they deserved to be saved, they deserved every penny. The bailout money received by the Automobile Industry, especially GM did give preferential treatment to their retired workers that were at risk of losing their pensions; second UAW though an agent independent from the Union had been paying for the GM workers’ health insurance since 2005, the workers in order to help save the company, were not getting vacation pay, holidays or overtime. I guess that any sacrifice a blue-collar worker did counts for nothing, blue-collar workers are nothing to Mitt Romney, only white-collar workers matters for him.

Mitt Romney closes the subject of the bailout saying that other companies are now worrying about the “caprice at the hands of government.” Those poor, suffering corporations are breaking Mitt Romney’s heart! The unemployed? They should do the same he suggested to students with little or no income: shop around and settle for less… I guess he believes that unless you are wealthy, you do not need money or a good and rewarding job, you must settle and be happy that at least you are lucky enough “to have a job.”




Interesting reading about Unions in the United States:


An Eclectic List of Events in U.S. Labor History



Friday, June 15, 2012

For Sale

Mitt Romney doesn’t waste any opportunity to claim that while he was the governor of Massachusetts he brought down the unemployment rate.  He keeps mentioning that during his reign, I am sorry, his governance of Massachusetts thrived and everything was peachy.  For that reason, I decided to research how much truth there was to those claims and see for myself what the unemployment rate was in Massachusetts compared to the rest of the nation. 

I was not expecting what I found.  It really took me by surprise.  I know he is a lair, but this information is easily obtainable to anyone who looks for it and the chart that I am providing is easy to re-create if you have basic knowledge of how to use excel.  It turns out that Romney’s “success” was no better than that of the nation.   We must take into consideration that the nation’s rate is an average of every state; it also reflects any natural disaster that has taken place in any of the states that affects the unemployment rates.  From 2003 to 2007 there were at least 10 natural disasters that affected the national unemployment rate, which didn’t affect Massachusetts.
I often wonder why Mitt Romney served only one term as governor and didn’t seek re-election.  After the research I did today, I came to only one conclusion:  Simply put, he walked away before the shit hit the fan.  In other words, he knew that the unregulated banking expenditures and the uncontrolled mismanagement of the Bush administration were going to bring chaos to every state and ultimately the country, and he was going to fail miserably at trying to weather the storm that was approaching.  Mitt Romney is an expert at bringing revenue to big corporations at the expense of the working class and small businesses; I think it’s safe to say we all know that.  What he has no experience at is taking a corporation that is bankrupt and make it wealthy again.  As proven record of his capabilities Romney always brings up his years at Bain Capital, the proverbial big fish that swallowed all the small fish it could find not the other way around.  Most of the companies acquired by Bain Capital were successful small companies that Romney drove to the ground to liquidate and produce the big revenues for Bain Capital, not once did he acquire a company that was failing and made it successful… Romney has no idea how to accomplish that huge task.  It amazes me to see that there are so many Americans that believe that he can take this country out of the recession it is in now.   Romney will not bring us out of the recession, instead he will drive this country to the ground; the question is… who will he sell us to?   


** data obtained from http://data.bls.gov