“…Romney has tempered his claims about the jobs he created at Bain over the years. In his unsuccessful 1994 Senate campaign, Romney said he helped create 10,000 jobs, which was challenged by his opponents. In his campaign for his party’s 2012 nomination, Romney has avoided such specific claims. “Sometimes I was successful and helped create jobs, other times I was not,” Romney said in announcing his candidacy on June 2 in Stratham, New Hampshire….”
When I first started this piece, it was to prove that Newt was right and the far right was wrong. Well, I delved deeper and deeper into the subject, and do not like what I have found. Newt is very very very very very right. First, we do not know how many jobs Mitt created. The stats are not there. The jobs that were there were often created overseas as lower paying jobs. The URLs are scrubbed. Sources are wiped, and something is really dirty here.
- Why did Bain get away with buying Clear Channel in 2007 or so if Mitt was running for POTUS. Just his previous connection to the company should have prevented the acquisition of the company that syndicates Rush Limbaugh.
- Is there a connection between Bain Capital and China as in jobs, etc? I bring up Bain capital because, contrary to the discussion that Romney left years ago, he still has ties to the company, including a major million buck donation to a PAC that was there one day and gone the next.
- Why is Romney not being questioned as one of the inventors of the very practices that helped crash our economy? Not only was he a top corporate raider, but he invented the process.
- Is the Bain – China connection relevant?
- Is Bain – Iran relevant?
- There is no actual number accounting for the jobs created or slashed while Romney was at Bain. It appears only the AFL-CIO seems to be trying to find the numbers, and that was 4 years ago.
- What is Romney’s real record at Bain Capital? We only know what we are told.
Every once in awhile you run into a fascinating little story, online, where sources have been scrubbed, fake sites propped up, and aggregators. All I did was Google “Bain Capital job creation”. What I found was misleading, scrubbed sites, URL no longer there, and numerous attempts to prop an article up, and Google bomb something unfavorable, pushing the piece far lower in a Google search.
The WPost article is critical to this discussion. I suspect this is what Newt was using, not the LA Times puff–peace. This is now making me quite suspicious. I’ve heard, over the years, that Romney helped only himself and his partners. That jobs were lost, businesses ruined and lives destroyed. Problem is, I can only find what is basically a fairly favorable article. If you listen to FOX, Romney is a saint and Gingrich is a socialist.
“…Cost-cutting became a mantra inside the company. After his employer, DuPont, was bought by Dade, William T. Mowrey, a field engineer, said his generous pension plan was replaced by a 401(k); his salary was cut by $1 an hour, costing him $2,000 a year in income. When he filed for overtime, he said, his new bosses refused to pay it. “They were just trying to milk as much out of us as they could,” he said.
Mr. Mowrey, now 54, quit. Many workers, like Mr. Shoemaker, the Dade employee in Westwood, and his wife, a temporary employee at the same plant, did not leave on their own terms. When they lost their jobs in 1997, they had to abandon plans to buy their first home together. “It created a lot of stress,” said Mr. Shoemaker, 59, who had earned more than $80,000 a year.
For some, the emotional effects of the layoffs outweighed the financial repercussions. Soon after Dade bought the DuPont unit, it closed a plant in Puerto Rico; all but a few of its nearly 300 workers were laid off…”
Once upon a time, Mitt Romney was considered a corporate raider. He had a very bad reputation as a job slasher. Today, our libertarian fawning pundits consider that an asset. So, when Newt Gingrich made a remark about Romney’s slash-burn tactics, Newt is now being accused of going to the left. From what I can tell, it was about making money, which is fine. It was NOT about creating jobs.
Evidently the dirty little secret we need to investigate is the number of AMERICAN jobs lost and created.
“…”When I listen to Mitt Romney these days, he talks about creating jobs. My experience at Dade during those Bain Capital years was that it was strictly an investment, not to create jobs,” said Michael Rumbin, a vice president of technology management at Dade during the Bain years whose position was eliminated in 2000.
“No one came from Bain and said, ‘How can we hire more people?’ ” Rumbin said. “It was, ‘How do we turn our investment around and make a lot of money?’ Which they did.”…
They are praising the way Bain would go in, buy a company, save jobs, and (cue the angelic music) everyone would live happily after after. They made a lot of money, and a lot of people lost their jobs. The worst of it, was the way Bain created a way of leveraging a company’s debt.
Romney talks a good game about Bain being about job creation. It was not.
“...Bain managers said their mission was clear. “I never thought of what I do for a living as job creation,” said Marc B. Walpow, a former managing partner at Bain who worked closely with Romney for nine years before forming his own firm. “The primary goal of private equity is to create wealth for your investors.”…”
“…That was true in the case of GS Industries, the 10th-biggest Bain investment in the Romney years. Bain formed GSI in the early 1990s by spending $24 million to acquire and merge steel companies with plants in Missouri, South Carolina and other states.
Company managers cut jobs and benefits almost immediately. Meanwhile, Bain and other investors received management fees from GSI and a $65-million dividend in the first years after the acquisition, according to interviews with company employees.
In 1999, as economic challenges mounted, GSI sought a federal loan guarantee intended to help steel companies compete internationally. The loan deal was approved, but in 2001, before it could be used, the company went bankrupt, two years after Romney left Bain.
More than 700 workers were fired, losing not only their jobs but health insurance, severance and a chunk of their pension benefits. GSI retirees also lost their health insurance and other benefits. Bain partners received about $50 million on their initial investment, a 100% gain….”
The Pink Flamingo has been saying, for months, that Mitt is the very person the Obama people want to run against. There are some economic dealings here that cannot stand the light of day. PACs are being opened/closed with huge checks being donated to his campaign, then they close up. The money is coming from Bain associates, quite often.
“…When this happens, expect the Obama campaign to absolutely trash Romney’s work at Bain Capital. Every TV ad will smash the firm as being “soulless,” “greedy,” and “cruel.” They will be accused of laying off thousands of hardworking middle Americans and shipping jobs overseas. In short, by election day 2012, the term “bain capital” will be in the same level of infamy as goldman sachs and lehman brothers…”
I have spent 90 minutes Googling “Bain Capital American Jobs Lost” and “Saved”. The numbers are NOT there. It has been scrubbed. I had to do a specific Google, from 1/1/2007 to 12/31/2008 to come up with some additional sources.