Why Does Mitt Romney Like Firing People ... ?
- From: Raymond <Bluerhymer@xxxxxxx>
- Date: Wed, 20 Jun 2012 14:33:25 -0700 (PDT)
Why Does Mitt Romney Like Firing People ... ?
Romney is not the only businessman who enjoys firing people. Employees
are an expensive part of operating a business and CEOs look at
employees as a burden. Most would like to return to a plantation
system using slaves and children in their factories and plants. Romney
will do his best to make that scenario possible should he be elected.
He's not a bad guy. It's just capitalism working at its best. Even the
pyramid builders were conscious of feeding too many employees with no
"The economic anarchy of capitalist society as it exists today is, in
my opinion, the real source of the evil. We see before us a huge
community of producers the members of which are unceasingly striving
to deprive each other of the fruits of their collective labor—not by
force, but on the whole in faithful compliance with legally
established rules. In this respect, it is important to realize that
the means of production—that is to say, the entire productive capacity
that is needed for producing consumer goods as well as additional
capital goods—may legally be, and for the most part are, the private
property of individuals.
Private capital tends to become concentrated in few hands, partly
because of competition among the capitalists, and partly because
technological development and the increasing division of labor
encourage the formation of larger units of production at the expense
of smaller ones. The result of these developments is an oligarchy of
private capital the enormous power of which cannot be effectively
checked even by a democratically organized political society. This is
true since the members of legislative bodies are selected by political
parties, largely financed or otherwise influenced by private
capitalists who, for all practical purposes, separate the electorate
from the legislature. The consequence is that the representatives of
the people do not in fact sufficiently protect the interests of the
underprivileged sections of the population.
Moreover, under existing conditions, private capitalists inevitably
control, directly or indirectly, the main sources of information
(press, radio, education). It is thus extremely difficult, and indeed
in most cases quite impossible, for the individual citizen to come to
objective conclusions and to make intelligent use of his political
--- Albert Einstein
Mitt Romney eliminated thousands of jobs in his tenure at Bain
Capital. which was considered good business by Wall Street.
Why Does Mitt Romney Like Firing People? Because He Made $20,000 On
Every Laid-Off Worker
Mitt Romney would prefer for you to recall just one number regarding
his record at Bain Capital. That would be 100,000 — the number of jobs
that the Republican candidate claims he created during 15 years at
the private equity firm.
But now there is a more interesting, plausible and relevant number:
$20,000. That’s how much money Romney is estimated to have made from
each worker laid off during Bain’s many corporate takeovers.
In fairness, Romney’s goal at Bain was never to create jobs but to
reap the biggest returns for their valued investors. Judging by that
metric, he did exceedingly well, as even Bill Clinton accidentally
admitted when discussing Romney’s “sterling” business career. And of
course, Romney’s fortune, estimated somewhere between $190 million and
250 million, attests to that assessment.
But over the course of the Romney’s years at Bain Capital, at least
five of the companies he took over eventually went bankrupt, while
still rewarding Bain investors handsomely:
• American Pad & Paper: Bain invested $5 million in the Ohio paper
company in 1992, and reportedly collected $100 million in dividends on
that investment. But AMPAD went bankrupt in 2000, resulting in 385
employees losing their jobs.
• Dade Behring: Bain invested $415 million in a leveraged buyout in
1994, borrowed an additional $421 million, and ultimately walked away
with $1.78 billion. Dade filed for bankruptcy in 2002, and laid off
• DDI Corporation: Bain reportedly invested $46.3 million in the
electronic parts manufacturer 1997, earning $85.5 million in profits
plus $10 million more in management fees. When the company went
bankrupt several years later, 2,100 workers were laid off.
• GS Industries: In 1993, Bain invested $60 million in the Kansas City
steel maker, borrowed a lot of money, and then took $65 million in
dividends. But GS eventually went bankrupt in 2002, and 750 workers
lost their jobs and pensions.
• Stage Stores: Bain invested $5 million to purchase the Houston-based
retailer and took it public in the mid-’90s, reaping $100 million from
stock offerings. In 200o, following Romney’s departure from Bain,
Stage filed for bankruptcy and 5,795 workers were reportedly
While it is true that some of those companies went under after Romney
had left Bain, the job growth for which he now seeks credit also
occurred after his departure in 1999. But the bankruptcies — and the
bust-out scenario that helped Bain to profit anyway — are not news.
What AOL’s Daily Finance has contributed to the Bain debate is a
simple calculation: Bain Capital booked $1.995 billion in profits
from the layoffs of 11,030 workers at various firms. And by that
scoring, Romney earned roughly $20,000 himself for each of those fired
employees. Nice work if you can get it (or take it away from someone
Tags: Bain Capital, front.page.blog.post, jobs, laid off workers, Mitt
Romney, Occupy Wall Street, private equity, Romney, Unemployment
Republicans are now criticizing the Mitt Romney's tenure at Bain
Capital, the greatest privacy-destroying force known to man. What
matters is what he did at Bain Capital. ... profit, putting a lot of
people out of work and destroying a lot of lives.
Should Romney's record as the head of Bain Capital be an issue ...?
Yes, his ability to create or destroy jobs at Bain is a window into
how he will run the country. Romney made this an issue all by himself.
He just doesn't want to be questioned about it. Naturally! It could
hurt him and his devoted wealthy royal subjects.
Vote your conscience, Consider the younger people who will inherit our
mistakes. Romney is no friend of the Middle Class that built America.
However, he is a worthy man for the job of raising the wealth of at
least one percent of a dying Republic.
Your vote will reveal what kind of American you really are. Will you
invest in America and its needs in the infrastructure and in education
or do your best to see that the very wealthy continue to live better
than our friends and hard working neighbors.?
Invest in a future to be proud of. The world is watching our
political decisions. Obama is their choice. Romney is a scary unknown
who wants to bomb Iran on Jan. 20, 2013.
Haven't we had enough war to last us for a generation at least?
Come Home America.