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The Obammunist Falls into Bain Trap by Voicing Worker Support
Obama has fallen into the Bain trap that Romney, master strategist, has set for him. I could post what Obama said, but I would rather post what I heard. What I heard was Obama criticizing all capital and capitalism and quoting from Marx, “…while the miser is merely a capitalist gone mad, the capitalist is a rational miser.” Anyone who quotes Marx is a Soviet style communist who is out to murder us all just like Stalin planned.
A couple of online and broadcast Obama advertisements feature workers who got fired from companies controlled by Bain. These losers talk about, boo hoo, how they lost their jobs when Bain capital bought the companies they worked at. If they were such good workers, why didn’t they just get other jobs?
And while Romney was no longer fully in control of Bain in 1994 when the layoffs happened at AMPAD, he took a leave in 1992, these investments exemplify the type of success Bain had at other companies during his tenure. We should salute the success Romney had at Bain, but ignore the company's failings. The fact that Obama thinks that pointing out the downside of venture capital is “fair and balanced” should trouble us all.
Romney was, in fact, a co-founder of Bain. While the amount of influence Romney had in the takeover of SCM by AMPAD is unclear, the success is unquestioned: 350 layoffs and the taking $102 million in profits by Bain.
The Obammunist continues his attacks on capitalism by saying that workers count as much as investors, “Obama concluded that being president ‘means I have to think about those workers in that video just as much as I am thinking about folks who have been much more successful.’ ” What!? One sure sign of communism is thinking about workers at all!
Cory Booker, Mayor of Newark, New Jersey stung Obama by saying that Obama’s discussion of Bain and venture capitalism was “nauseating.” What is nauseating is that after all the help Wall Street gave Obama for the 2008 election, he is now criticizing Bain Capital, one of our shining lights.
Another shining example is how Bain helped the medical industry by investing in Dade Behring.
Dade Behring, which, saddled with debt, wound up shuttering two medical technologies facilities in Miami. Some 850 jobs were lost, while Bain walked away with $242-million - an 800 percent return on its investment.
Under Bain’s stewardship at Dade Behring, Romney’s firm received millions in tax cuts while laying off hundreds. Bain “…in 1997 received a $3-million federal tax breaks aimed to promoting job creation in Puerto Rico. It also received a $4.1-million tax exemption from Puerto Rick in 1997 in the name of job creation. Dade ceased its operations in Puerto Rico in the first quarter of 1998.” Way to go Bain! Taking tax cuts and then laying off 300 workers. That’s the way to create jobs!
They also helped the struggling U.S. steel workers by investing in GS Industries: …the steel manufacturer went on to cut more than 1,750 jobs, shuttered a division that had been around for 100 years and eventually sank into bankruptcy…Bain Capital spent $24.5 million to acquire GS Industries in 1993...made $58.4 million off its investment in GS Industries, according to the prospectus.
That’s a good amount of work: 1,750 jobs lost at a 100 year old company and a $30 million dollar profit. Only communists could hate that.
Two other Bain success of note include Stage Stores and Details.
• 1988: Bain put $10 million down to buy Stage Stores, and in the mid-'90s took it public, collecting $184 million from stock offerings. Stage filed for bankruptcy in 2000.
• 1997: Bain invested $41 million when buying Details, and collected at least $70 million from stock offerings. The company filed for bankruptcy in 2003.
People complain about Romney’s role at Bain, but his job was to make money, and make money he did. He is still making millions at Bain and has earned around $200 million from the firm. If a wealthy investment capitalist makes money, what's the big deal if hundreds of people lose their jobs? I don't care, and neither should you.
President Obama is under the delusion that the American people want to punish success like he does. However, people see how successful Bain is and salutes them. In fact, Americans can’t wait for Bain to take over their company and lay them off too.