Welcome to DU! The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards. Join the community: Create a free account Support DU (and get rid of ads!): Become a Star Member Latest Breaking News General Discussion The DU Lounge All Forums Issue Forums Culture Forums Alliance Forums Region Forums Support Forums Help & Search

NNN0LHI

(67,190 posts)
Mon Jan 16, 2012, 12:18 PM Jan 2012

Why the Bain Capital Controversy Is So Damaging to GOP Chances This Fall

http://www.huffingtonpost.com/robert-creamer/why-the-bain-capital-cont_b_1208678.html

1/16/12 10:22 AM ET

<snip>1). First and most important, attacks on Romney's history at Bain are not "attacks on free enterprise" -- or being "anti-business." They are important for what they communicate about Mitt Romney and his values and the contrast that it poses with President Obama.

Barack Obama - like Mitt Romney -- earned a degree at Harvard -- and all of the opportunities that afforded. But when he graduated from law school, Obama went to work helping workers in the shadow of closed -down steel mills. Romney made millions for himself closing down steel mills.

The point is not just that workers were laid off, or jobs were outsourced -- though they were. The point is not whether some of the ventures Romney funded succeeded and others failed. The point is that the impact of Romney's business activity on the lives of ordinary people was incidental to his one and only goal: making huge sums of money for himself and a small group of his partners and investors. snip

The point of the Bain story is that Romney would do whatever he could legally do to make money for himself and his crew. The effect of his decisions on the lives of ordinary people -- or even the businesses in which they invested -- was simply irrelevant. If shifting jobs overseas would make him and his friends more money - fine. If Bain could make millions by loading up a business with debt and bleeding it of cash -- that was fine too -- even if it meant that the business itself was ultimately forced to close. If buying a business and chopping it up into parts for resale would make him more money -- so be it.

11 replies = new reply since forum marked as read
Highlight: NoneDon't highlight anything 5 newestHighlight 5 most recent replies

Hassin Bin Sober

(26,330 posts)
2. Yep. Some devastating ads can be made juxtaposing his career and the banking industry.
Mon Jan 16, 2012, 12:28 PM
Jan 2012

Or the Mafia.

"fuck you, pay me"

"Heads I win, tails you lose"

How many companies did he bankrupt while draining equity from the corpse? Mobsters call it a bust-out.

Why should we trust a guy who used bankruptcy as a money making scheme?

The ads will write themselves.

I wonder if the owners of Good Fellas material would let the campaign borrow some footage?


The "bust-out" scene:

JDPriestly

(57,936 posts)
7. +10000
Tue Jan 17, 2012, 01:08 PM
Jan 2012

I'll have to watch that again. Good film. Tells the story of our time.

Sometimes I think that our country has been taken over by the Mafia.

LeftinOH

(5,356 posts)
4. Expect the Democratic campaign to *not* utilize this to full advantage.
Mon Jan 16, 2012, 12:29 PM
Jan 2012

Any efforts to get out the truth about Rmoney's "vulture capitalist" history will come from the bloggers and rogue activists, not from the top.

Tumbulu

(6,291 posts)
5. Yes, that is an excellent point and this style of vulture capitalism
Mon Jan 16, 2012, 12:30 PM
Jan 2012

does not represent what old fashioned centrists and conservatives hold as "good" .

The "get what you can" greed vs "grow a business to sustain it's workers and community model" .....I have a very small business that was once a bit larger. Most small business people subscribe to the later worker/community model, only a few to Romney's model. My customers in Japan are all of the community model as well.

Vulture capitalism should be outlawed or so heavily taxed that it is not an attractive option for these types.

PRETZEL

(3,245 posts)
9. Personally, this is going to make great super PAC material
Tue Jan 17, 2012, 01:30 PM
Jan 2012

I don't think the President should go directly after R-money on his direct involvement with Bain. However, this is going to be the first time that I can remember where the nature of venture capitalism and how they make money off the backs of the workforce should be highlighted.

Case in point and since it's the one company that alot of people are talking about is KBToys. What (at least I think anyway) should be highlighted is that Bain only put up 18 million on a 305 million deal while at the same time, outsourced jobs, closed stores, placed the employee pension into government control and then after a couple of years took 85million out of the company for investor profits. If my math's right, that's a 500% return on investment, not a reinvestment into the company to reduce debt.

patrice

(47,992 posts)
10. Melting iceberg reveals conflict, if not within 1%, perhaps then within top 5-10%, for:against
Tue Jan 17, 2012, 04:16 PM
Jan 2012

the ponzi scheme known as Wall Street.

Some more classic conservatives, not Neo-cons, probably oppose the various forms of Bain Capital on the grounds that it isn't REAL capital and it IS bad business to gamble so heavily up-front, nothing but short term profits, rather than invest in long-term America. The bad business practices are probably parasitic/threatening to better more authentically conservative business practices.

PurityOfEssence

(13,150 posts)
11. It would be quite fitting if they just don't see the problem.
Tue Jan 17, 2012, 04:39 PM
Jan 2012

Oh, the irony: believing their own propaganda that people really crave capitalism and success that they overlook systematic off-shoring and raptor opportunism could be their downfall. They might just be standing there, slack-jawed in wonderment at what the big deal is with the peasants...

Personally, I--as many of you do--see this as a pretty much fatal blow to Romney, even if only pursued by the flaccid and apologetic rhetoric of this administration. In the face of serious personal derision, it should stop him dead.

Latest Discussions»General Discussion»Why the Bain Capital Cont...