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Romney's Goal for the Companies Bain Acquired: "Harvest Them at Significant Profit"


Business  (tags: abuse, americans, business, corporate, corruption, dishonesty, economy, Entrepreneurs, ethics, finance, government, investments, labor, law, lies, marketing, news, politics, society )

Kit
- 724 days ago - truth-out.org
Bain Capital wasn't in the business of creating jobs. It was in the business of creating profits. The two goals aren't at all the same -- as Americans whose jobs have been eliminated or whose wages and benefits have been cut know all too well.



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Comments

Carol H. (229)
Friday September 28, 2012, 10:58 am
noted,thank you Kit
 

Laura H. (888)
Friday September 28, 2012, 10:59 am
Thank Kit; I posted this yesterday but it got lost...it needs to be seen and shared.

Mitt Romney is a cold, heartless, greedy bastard.
 

Kit B. (276)
Friday September 28, 2012, 11:03 am
(Photo: Gage Skidmore / Flickr)

Here’s a video of Romney in his early years at Bain, explaining his purpose in acquiring companies was to “harvest them at significant profit.”

No one should be surprised. After all, Bain Capital wasn’t in the business of creating jobs. It was in the business of creating profits.

The two goals aren’t at all the same — as Americans whose jobs have been eliminated or whose wages and benefits have been cut know all too well.

For years, higher corporate profits have come at the expense of fewer jobs and lower wages. Business leaders and financiers have been “harvesting” like mad, leaving most Americans behind in the dirt.

Romney’s main selling point to voters is his so-called “business experience.” Yet America can’t afford this sort of “business experience” in the White House.

To the contrary, we need someone who doesn’t see the economy as profits to be harvested, but as people who need more and better jobs.

In 2012 that person is Barack Obama, not Mitt Romney.
******
By Robert Reich, Robert Reich's Blog | Op-Ed and Video | Truthout |

 

Kit B. (276)
Friday September 28, 2012, 11:04 am

I'm sorry Laura, I hope I didn't step on toes by submitting this.
 

Laura H. (888)
Friday September 28, 2012, 11:19 am
No-not at all Kit! I am happy you posted this-it MUST be seen by as many people as possible!

(I am unable to forward or send personal emails here on Care2 so I can't share the stories I post...it's been that way for over a year and tech support never got back to me :( )

Anyway...
I don't know how Romney can sleep at night. Making money is perfectly fine but what about other people and their lives?
As far as I am concerned his money is dirty.
 

. (0)
Friday September 28, 2012, 11:59 am
Mitt must hate videotape! With all that's come out, there doesn't appear to be a shred of decency to this guy. He is all about making money, and shamelessly if necessary. The idea that he is a 'job creator' or knows how to do this is a myth. His history at Bain and term as governor shows the exact opposite. I'd love to see them confront him with some of these videos at the debates and have him try to explain them. That would be interesting!
 

Kit B. (276)
Friday September 28, 2012, 12:33 pm

I feel for you Laura, I have to go back and forth from FireFox and IE just to get something posted or answer a personal message. I do hope these things are resolved soon. It's been a long time since I was able to even put a picture on any one's profile.

Judy, That's a great idea, let him explain his long held attitudes with his new "shiny" I love everyone campaign spots.
 

Brian M. (165)
Friday September 28, 2012, 1:23 pm
Typical capitalist: harvest the wealth and leave nothing for the workers.
 

Nancy M. (201)
Friday September 28, 2012, 1:40 pm
"For years, higher corporate profits have come at the expense of fewer jobs and lower wages. Business leaders and financiers have been “harvesting” like mad, leaving most Americans behind in the dirt."

I can't believe that people don't want to see this. They'd rather keep giving them all tax breaks on the hope and prayer that they will be given a job. Ain't gonna happen.
 

JL A. (275)
Friday September 28, 2012, 1:42 pm
Thanks Kit for posting--one I had on my list, too!
 

marie c. (168)
Friday September 28, 2012, 4:29 pm
Noted
 

Gysele van Santen (213)
Friday September 28, 2012, 4:38 pm
thnx Kit, noted.
 

Allan Yorkowitz (453)
Friday September 28, 2012, 4:56 pm
I.m sorry Kit, I listened to the same video you did, and I heard a totally different story. You claim Bain Capital was not in the business of creating jobs. Yet, Romney stated Bain was formed to invest in start up companies; to create businesses of opportunities. Is this not investing in job creation?
Of course Bain made money- they were supposed to by investing in start up businesses.
I'm sorry, not all people can go to a bank to get a start up loan.
 

Patricia N. (8)
Friday September 28, 2012, 10:58 pm
I wonder if there is info out there that tells all the history on Bain Capital....which companies they invested and which were successfull and retained or made jobs and which were not and closed down with people losing jobs. From what I've heard there were companies that were closed down.....but Bain took much profit out beforehand. I saw the video and he did say the intention was to "harvest them for much profit." That's capitalism...the pure stuff. There are some companies that work on a co-operative basis with all the workers sharing in the profits. It seems to me that this would be a better, more peaceful and happier way to run a company.
 

John S. (304)
Saturday September 29, 2012, 5:01 am
As a management consultant I would have to disagree, In start up or growth situations, growing a company through increased sales makes sense, In establish business growth is harder to achieved so you look to minimize cost in current operations, and developing new products where growth is more easily achievable. In reality, those opportunities are rarer because they are in development of new products or services that the market wants, and for which other companies are also searching for. The question is, if I reduce a companies workforce by 30% to save 70% of the jobs, have I done good or bad?
Bain Capital took a huge risk investing in companies and as such became part or primary owners, it appears that they were at successful at turning around many of them and not so successful in others. But I am pretty certain no one ever thought of them as corporate raiders.
 

Beverly C. (0)
Saturday September 29, 2012, 12:58 pm
This Was Never A Question For Me, though I have learned quite a bit of other negative info as well in following Romney.
 

Sharon F. (0)
Saturday September 29, 2012, 1:30 pm
Romney has no respect for workers; just lining the pockets of his rich cronies. Obama is working at his job; give him a little more time to clean up the mess left by BushBoy.
 

Christopher Fowler (84)
Saturday September 29, 2012, 2:24 pm
Romney has always been a parasite, not a producer. His own words and history proves it. He is absolutely, unquestionably unqualified to be president, or to even hold ANY political or appointed office in government.
 

Kit B. (276)
Saturday September 29, 2012, 2:56 pm

yes, Patricia there is a lot of information on the growth of Bain as a company and that has been posted on Care2 as well. I would suggest you check out some articles at Mother Jones, by both Matt Taibbi and Tim Dickinson, these may not be popular among republicans but they are factual.
 

Hartson Doak (33)
Saturday September 29, 2012, 7:43 pm
Bain took failing companies and leveraged them to strip out any monies that he could. Wait till Romney gets his hands on a WHOLE country.
 

Michael Carney (209)
Monday October 1, 2012, 9:53 pm
Mitt should be in jail, not running for President...
 

Jacqueline Moore (29)
Thursday October 4, 2012, 9:57 am
He scares me! After reading the Rolling Stone article he scares me more then ever....
 
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