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Friday, October 28, 2016

The central thesis of Mitt Romney’s presidential campaign is the argument that his business experience has left him uniquely well-prepared to run the American economy and spur job growth.

“In the business I had, we invested in over 100 different businesses and net-net, taking out the ones where we lost jobs and those that we added, those businesses have now added over 100,000 jobs,” Romney has said.

Although fact checkers have debunked Romney’s 100,000 jobs claim, it is true that some of the companies that Bain invested in — such as Staples and The Sports Authority — have prospered. Many others have not. In fact, according to The Wall Street Journal, 22 percent of the businesses that Bain invested in during Romney’s tenure went bankrupt within 8 years

Here are 6 of the companies that suffered major job losses under Bain’s leadership:

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Copyright 2012 The National Memo
  • chattenx

    Mitt Romney has shown beyond a shadow of doubt that he can make money at all costs. He may not claim that he has been good to the middle income worker or for that matter from his statements he’s probably the worst for the work force. His claims that he can work for bettering the lot of the average is a lot of hot air. Obama is the one we should stick with if we are to improve the alround economy of this country

  • What would have happened if FDR were a one term president?
    Sure, some would say we would have been better off.
    I say the country would have been in deep poo-poo.
    Romney is a vulture.
    It can be argued that vultures have their place…but certainly not at the top of the food chain.
    Obama needs another 4 years to complete his ideas for a better America.

  • kenshade

    Mitt Romney can make a profit but that is not what America needs right now. We need to get our Mfg. base started again by bringing back jobs that were out sourced to other countries or replace them with new businesses. We can concentrate on the profits after we get the jobs back. We don’t need a President that is going to load our businesses up with a lot of debt and then take the cash out of them and send them into bankruptcy while the jobs are out sourced. Romney’s Bain Capitol had the job of not creating jobs but of creating wealth for it’s investors. There is a difference.

    • 1olderbutwiser1

      The American consumer pays little attention to your needs, they want best value for their money spent. Start new businesses to compete with foreign workers? You must have rocks in your head!!!! First thing an American worker wants to do is form a union, then go on disability for “bad back” or some other phony claim, and he can find low-life lawyer who can even coach him through the whole process for a percentage…..American workers who are unemployed just need to accept their reality… free rides…..and Shakespeare said it best about the lawyers.

      • Letseducateourkidsfirst

        What a sad, cynical, and poor misrepresentation of your fellow Americans. If your life sucks, so be it! The younger generation out there is filled with hopes and dreams of a better future and are, for the most part, willing and eager to work hard for it. People with your attitude who have stopped trying need to listen to the old proverb, “its time to lead, follow, or GET OUT OF THE WAY”!

    • mynewusenm

      If, God forbid, Romney becomes president he will do what the Koch’s and other huge benefactors want in return for supporting his campaign. We have to realize, for example, why Koch, among others, gave so much (Koch alone pledged $200 million to Romney’s campaign) and it wasn’t because they love Romney. Men like that want control and returns on their investments.

  • It has been disclosed that upper management at the now bankrupt American Airlines had hired Bain to help them bust the unions. We are currently in bankruptcy court……it will be interesting to see how many jobs will be ‘stimulated’ with Bain’s involvement?!!

    Romney….Please go back to collecting your un-employment (dividend) checks and leave us hard-working middle-Americans alone! You don’t care what happens to us and our families….it’s insulting to watch you pretend to.

    • 1olderbutwiser1

      There’s a dfference between unemployment and a negotiated settlement, the unemployment is caused by your dependency on another to provide for you in life, a negotiated settlement is brought about by your providing for and showing the path to success for others who may follow you. Enormous difference.

      The only honest politician out there is Ron Paul, and look at all the lazy bum Americans who are too lazy to even vote for him. Americans can look in the mirror to see their problem, rather than the politicians who run successfully. Vote for Ron Paul, even as a write-in, he’s the only one who will retore the middle class. and the poor???? As Jesus said, “the poor will always be with us” He did not say, “champion the poor”.

      • If you are going to use quotes from the Bible you should use the whole quote not just part of it to make it seem aas if it agrees with the point you are trying to make. The Bible says Deuteronomy 15:11 There will always be poor people in the land. Therefore I command you to be openhanded toward your brothers and toward the poor and needy in your land.. The part that you left out makes your last comment about being ” champion of the poor” a lie

      • mynewusenm

        I am not a christian but I know your bible. You make it sound like Jesus was saying ‘there they are, they will always be with us so know them and stay away’. What Jesus are you being misinformed by?

        Your first paragraph doesn’t make sense either. Employment should be a negotiated settlement where one needs a pay check to support his, and his family’s, life and the other wants a body to perform work the employer is not planning on doing himself. So many of the unemployed are not that way because they choose to be, unlike what many on the conservative right say.

        Of course “There’s a dfference between unemployment and a negotiated settlement”. There is generally no negotiation when people are told they are fired and turned into the unemployed by the employer. Romney turned many people into the unemployed because, as he said, “it is just good business”.

        That was fun, :-).

      • Letseducateourkidsfirst

        GOOD GRIEF! Now you want to twist scripture into saying that Jesus ignored poor people. And Ron Paul, I hate to tell you, left the good ship REALITY a long time ago. Your blind faith in unrestricted free enterprise does not give you a good set of lenses to look at the world you live in. Take a more thorough look at Scripture and read some things like the parable of the talents, of Christ’s response to the person who brought him a coin and was complaining about taxes. Christ was a champion of ALL of us without regard to wealth. Remember what he said to the wealthy young ruler who desired eternal life and had been faithful to the law and the prophets? “Go sell what you have and give your riches to the poor, then come and follow me” Jesus tells us to “love our neighbor as ourself” then went on to explain that our “neighbor” is the person we encounter (of whatever race, creed, color or ethnic background) who is in real trouble.
        Yes, Jesus did say “the poor will always be with us”. I interpret that to mean that there is no institutional fix for the world’s problems. We, each of us and our society will be ultimately judged by the way we respond to those we encounter who need help. Jesus said it this way, “When you have done it for the least of these, you have done it to me”.

        • 1olderbutwiser1

          All people in America have the system which can make them vastly wealthy. Those who don’t do so, and begrudge those who do…..are happy to use government as a whipping boy. As Obama does. The money stolen from taxpayers to “help the poor” has produced dysfunctional families in poverty, incredibly low moral standards, and horrendous government debt. America was blessed by God as a place where people can rise to whatever the heights of their dreams may be and with only moderate taxation still provide ample sustenance for the poor. America today is certainly not as our founding fathers provided to be. Spoiling the underclass can only lead to the downfall of our nation, through excessive taxation and regulation, thusly championing the perpetual underachievers being an excuse to punish those of superior intellect and abilities. Most families of any means at all, do not practice multiplying like rabbits simply because sex feels good, but rather as a means to procreate sensibly.

          I hope you are not assuming unionized wisconsin schoolteachers are going to make your kids into examples of genius. Their main goal, as they have openly stated, is to be paid as much as possible while doing as little as possible, while driving the populace into debt. The debts are now so high, the kids will all be grown up and working (hopefully employable) before anything other than interest will be paid on the debt. So the goal now is to have education debts from kindergarten still due at 100% of dollar values still due to be paid when they enter the workforce….and they never even signed for the loan. Here in Pennsylvania we now have a bill ending property taxes of any type permanently in this state. House bill 1776. Long past due. Maybe we will now get quality teachers. One school district here recently had all their students fail a statewide test… the teachers and school board got together and lowered the standards to save face. What a group of incompetent ninnies. Yes, the parents have voiced discontent, but the union will release no details. Time for a change…… “lets educate our kids first”

          • Not wise, just believe in right wing media. School tests have been upgraded consistently to make sure kids fail. I doubt 99 % of us could pass them.

          • flyguygirl

            Pyramid theory: What’s at the top filters to the bottom, not vice versa. Truism: Power corrupts.

        • wayneonly

          Letseducatekidsfirst, you make some good points. But there is a some larger problems that needs to be addressed. And the largest problem is what Congress (both Republicans and Democrats) seem to see as THEIR mission. Congress has taken as their mission the enrichment of themselves and big banks and big business. They no longer care about the middle class and the poor. They have made legislation BIG BUSINESS, both for themselves and their “big money” contributors.

          What should be the REAL obligation of government? Should it be the enrichment of the “defense based military complex”? Should it be the enrichment of the oil companies, the big banks, or multinational conglomerates? I DON’T THINK SO? Government should be concerned with the improvement of education of kids and adults, the protection of the environment, the health and safety of ALL Americans, the building and maintenance of our infrastructure, and the protection of our national business climate. Government should build a strong defense, but should not try to be the “police of the world”.

          Congress (both Republican and Democrat) have (with the help of the voter) has set themselves up as the PERMANENT POLITICAL PARTY. They believe they are the “elite” class and are “entitled” to special privileges and are “above the law(s)” that govern the rest of us. They are no longer responsible to the voter, but instead are obligated to their “big money” campaign contributors. And we (the voter) have contributed to this problem by voting them into office term after term without checking their voting record OR their financial dealings while in office. We need to be smarter voters.

          The first step to correcting the way Congress views voters and getting their attention is to vote EVERY incumbent Congressperson out as they come up for reelection. This has a threefold affect as it shows Congress that the American people are “fed up” and will not stand for “business as usual”. Secondly, because it costs “big money” more to get a nonincumbent candidate elected, it becomes less cost effective to “buy” votes in Congress. Thirdly, with new candidates each term, “big money” has less time to influence and “corrupt” that Congressperson. This will help to get “big money” out of Congress.

          But the voter needs to go further. Instead of sending “new” Congresspeople to Congress with the “empty promises” that most candidates give to the voter in order to get elected, we need to send them to Congress with OUR agenda. They need to have a clear idea of what we (the voter) expect of them. And if they don’t perform, they need to know that they will not be going back. Maybe then we will get Congresspeople who are responsive to the voter and might be worthy of a second term. Lord knows, we don’t have such Congresspeople in the Congress now.

          There is another thing that we (the consumer) need to address. That is our ambiguity about what we buy and where it is made. We no longer have to worry about industrial espionage by foreign businesses. Our American companies are shipping our technologies and jobs overseas to take advantage of cheep labor markets. We (the consumer) can halt (or at least) slow down this practice if we just refuse to buy these products. We are the largest consumer nation, yet we are in danger of loosing our technology and manufacturing base simply because we want the latest and cheapest products. So we don’t support our American based businesses, we support the business of countries who do not practice “fair” labor or “fair” market practices. It is time that Americans decided to BUY AMERICAN made products. Make G.E, Apple, Microsoft, and other technology and manufacturing companies bring back jobs to America instead of shipping them to Asian countries with slave labor conditions and compensation. If we expect patriotic manufacturing and technology companies, we need to become patriotic consumers.

          • Sometimes firing everone seems to be a good thought but the consequences is you get assholes like Mitty Boy or Ronney Paul or forbid a jerk like Santorum or Sanitorum.

          • wayneonly

            Herb, I agree that none of the Republican candidates are even remotely qualified to be President, nor am I fond of President Obama’s current policies. But he is the lesser of two evils. No, my focus (and I feel the voters should be) on changing Congress, because that is where the legislation that allows big banks and big business to control government is enacted (or not enacted) whichever is dictated by big money. We (the voter) have to change the way CONGRESS views us and their duty to us. Right now they feel they have no duty to the voter and hold us in contempt because we are so easily fooled. Who we have in the White House is less important than who we have in Congress.

          • rickm1945

            I,agree with you, we do need a more informed /educated voting public. although most have no clue where to look for information about voting records, etc. Would be nice if somebody would put up a reliable site with all the links to find information about present congressional members as well as the candidates.

          • wayneonly

            Rickm, if you will type Congressional voting or financial records in your search box (yahoo, google, bing) you should be able to find sights that give you either voting or financial records, whichever you are looking for.

    • Kolenekeo C. Darwin Kaeo

      NOOOoooooooo … its Romney’s dividends is where he’s making $$$$ .. just so you understand .. in a “Business Brokering” Firm, (Bain Capitol is NOT) they purchase businesses that’s failing and, to increase their market share by, bringing in investors, Marketing Co., hiring new upper management people while sitting around with the Board of Directors and, corporate heads of the company, pilfering what’s left to dissolve what can be saved with the corporation … removing the waste or lower non-performing departments … cutting their losses along with everyone else directly under them and sell off to other companies, while raising capitol and post a gain while restructuring and posting an increase for the short term of what’s left enabling increased market share based, on future gains while they’re actually taking the company apart. After a few months to 3 yrs, if the company doesn’t increase profitability they, begin to completely sell it off while, claiming the tax credits, gaining so so much on the dividends as, those on the bottom of the corporate ladder suffers more to find other employment elsewhere or sit on unemployment for at least 6 months and, ….. get this … upper management and investors walk away with more profitability in their pockets .. and if its a very large corporation … dissolving of the company assets such as; Stock Options, 401k, Health care, depleting unemployment insurance to minimize loss of too much overhead, company stocks etc., comes at a price where, tax payers (through taxation and credits) are responsible for the loss. Yet, guys like Mitt walks away claiming to be exceptional Business people ….. this alone is a useless waste suffered by tax payers, we should not be responsible for their greed.

      They’re take … Dividends .. tax credits … what funds allowances from Stock Options, 401k/retirement including other assets is where they made their $$$. Other funds left are then filed as a loss to the company gaining additional funds through tax credits.

      This is scary folks.

      Do you want that type of leader as our president …. “F” … NO ….

  • Hal

    It is not just those companies where jobs were lost. It is also the suppliers, investors, etc. who lost jobs and money because they could not collect what was owed to them from those companies that Bain took down.

  • Who in their right mind would vote for Willard “Mitt” Romney- from his BS ” religion” it’s a CULT– to his vulture capatalism-he even duct out of the war- he’s a fn COWARD-someone else took HIS place while he was a Vietnam era “chardonay chauffer in France for some Mormon cultist elite asshole. Screw these people they have done enough damage to this economy. Tax these fat assed Republicans back to the stone age. Make them paytheir fair share for the system that helped them get rich.

  • jebediah123

    What I completely fail to understand is why the companies that send jobs to communist countries are not looked upon as TRAITORS to the American people. Tens of thousands of American lives were given up in wars against communism—–North Korea, Vietnam both of which were backed by China and Russia.

    The “cold war” against international communism which consummed billions of American tax payer dollars. And now American companies send our jobs to China and Vietnam (which still have communist governments.) Why haven’t these businesses been looked upon as traitors to the American people?

    • 1AmericanHoney27

      Jebediah123…. I feel as U do. It reminds me of the bitches of the Vietnam era that ran to Canada because they were too lame & low classed to fight with true Americans. President Jimmy Carter giving amnesty to the Assholes. Had these defamatory actions never been approved in the beginning then out sourcing wouldn’t be taken so lightly today…. We as a people must take back control of our nation so that it may once again the wonderful nation the world once envied.

      • leaningtotheleft

        Those who “ran” to Canada had more guts in one hand than the bushes, cheneys and people like them who “legally dodged the draft. I wish I had been smart or brave enough to be one one of them instead of doing my “duty” and leaving my dignity behind forever. Yes I was drafted and did my time of two years and have regretted it every day since.

  • 1olderbutwiser1

    Time to face reality, America. The average American getting a job thinks the “company” should pay in labor costs for one person working 40 hours a week, the entire cost for the whole family of that worker for housing, food, cars, clothing, vacations, holidays, medical costs for any and all medical problems for a whole family, education, and retirement for ( however many) years and they should be able to do the same thing every day for 30 years or so, never be inconvenienced by any need for farther education or moving… company can do that. But because the competitor, the government can do it by selling out our children and grandchildren with endless debt and publicly abhor the (rich). Americans are simply spoiled human beings, undoubtedly the most spoiled in history, and reality is going to dawn with the next election. Everybody uses debt to make them appear better off than they really are. Superficial renderings. These bankruptcy laws need to change to make it that whenever you go bankrupt, you lose it all, not just a “restructuring” where everybody you deal with takes a beating. The reality is, you are either good for the money, or you’re not. Don’t hide your shortcomings by having others carry the burden of your incompetence with their loss. Debt repayment must become an absolute factor in credit worthiness. If Romney could make the government live within it’s means, and the constitution he would swear to uphold, he is the man. Promises by Obama were those of a community organizer who did his best to divide and conquer, Romney uses brains to bring about success or failure. If he really likes to fire people, he has millions of government people to dump out. If he’s elected, I hope he carries through. Overbearing government has proven to be the deathknell for free enterprise.

    • johninPCFL

      So in your mind Romney’s $400MM trust fund inheritance now worth $250MM poves he’s a GOOD money manager?

    • leaningtotheleft

      Are you a complete ass or what? Do you think for one minute YOU could compete with a person earning a few bucks a day and maintain the lifestyle you apparently have.? Probably some jerk who has had everything handed to him in life but don’t want anyone else to be able to earn their piece of the American pie.

  • 1olderbutwiser1

    Yeah, let’s bring everyone down to your level, especially if they have been successsful in their endeavors. They played by the same rules as you played by, and they won, you lost. You want to use government as a whipping boy so you can feel better about yourself. Wow, what a loser.

  • Ya you helped tausend to fall of a Cliff you FLIP FLApper

  • SpadesareSpades

    Bain did some traditional venture capital investing where they were not in charge of managing. Staples and Sports Authority were in that category. But when Romney was given control of the equity investing entity is where The Romknee hit it big time by stripping, layoffs, and immediate huge returns from millions and millions of big bank brothers borrowed money. When Rombomb and his boys had their fill they left to wallow in wealth. The abandoned companies were saddled to pay off the debt – some made it due to smarter moves than Rombomb and his coterie had abilities to fathom. But most of the debt-swamped companies were so weighed down with Rombomb diabelerie that they went under. Remember that Romsong had two careers with different tunes in the Bain game.


  • GaryStein

    The new math:

    Romney: “Corporations are people” + Romney: “I like to fire people” = Bain Capital.

  • peteserb

    As usual the memo shows it’s bias towards the left. Many of Bain Capitols investments did fail. But the Memo fails to mention that many of these failed after Romney left. Some more than eight years later. While the Memo tends to blame Romney one should know that the steel company that went bankrupt was one of fortytwo that failed that year. So it wasn’t Romney or Bain capitol. it was a period where union intervention initiated the failures. However statistics fail to back up the Memo’s leftist agenda and must be reported with a leftist slant.

    • johninPCFL

      Yeah. The $12.8MM that Bain took out loans for in the company’s name to pay back their initial $8MM purchase didn’t hurt the company at all. The $100s of millions in “management fees” Bain collected in place of a few $million in paid managers was money WELL spent.

    • jnap

      Yes, but Bain Capital still made a massive amount of money even though the company went bankrupt. I would like to know of some company Bain invested in that lost money for Bain.

  • Being a corp raider / using leveraged buy outs does NOT prepare anyone to be US President Under Mitts Bain workers , investors & stock holders lost big But Bain made 100’s of millions Thats NO way to run gov’t Mitt is a coward – would not stand up to Rushs vile comments about a young law student Calling her a SLUT and saying she has so much sex She can not walk Dirty sexist pig yet Mitt would not even condemn that . Mitt is a WIMP will not stand up to Iran or terrorists. Mitt will take his orders from Tea Bagger Congress .. Cantor and Ryan
    WE must NOT let that happen or whats left of the Middle class is doomed

  • bigspender7

    A picture worth a thousand words. Romney/Bain get rich – plant works get shafted.

  • aboutime

    Venture capitalists have a primary goal of turning big profits. Romney didn’t give a damn if he created or destroyed jobs regardless of his assertions. His only goal was to make profits for Bain and its stockholders, all else is incidental.

  • You remember when Bain drove Solyndra into the ground? What? That wasn’t Bain, but Barack Obama? My bad.

    Well then, how about when Bain fired those 10’s of thousands from GM? Now that was really ugly. What – that wasn’t Bain, either? Was that Obama again? Go figure!

    Damn – we need to keep that Obama guy away from the cash drawer. If we don’t watch him, he could throw away trillions of our money. He already has? Wow – that sucks.

  • 1olderbutwiser1

    Think of the socialist whimper of refusing to be competitive. Everything has to be fixed so if you are lower intellect, you should be rewarded more than a person of higher intellect.

    Efficiency is everything in business. Those of the lot who believe the Obama saga of “each to his needs” or something similar to that. have never headed any company dealing in a competitive market. Perhaps if you were a company owner, or a CEO or similar position, you should only employ people with very large families to keep, who need a large compensation package for doing far less than another person would do. Government regulations in America such as this are impoverishing us en masse. Sensible family planning may not be the leading cause of poverty, but is often a precursor. Everybody wants union payscales and union benefits, so to speak…..but look at all the foreign products we buy…..because an American product is overpriced. in a globally competitive market.

    If you look at odd names on industrial machinery, it’s often made by GM in another country. they avoid our wage and compensation packages, and have more workers who work for far less, and are very good workers. You know, if we could export our attornies to these other countries, and have all the weird sicknesses and bad backs, etc. as a substantial parts of their workforces, and more holidays and vacation packages, maybe even export our union leaders as well, we could probably get a substantial increase in our own earnings, without having unions, or laws protecting our workers. But let no one fool you, many workers in other countries do 2 or 3 times what American workers may do in the same time frame. Labor is competitive as ever…….so is executive work nowadays.Don’t forget, though, we have 75% employed who are doing well……unless they have overextended their credit, which is on they themselves.

    Get on youtube and see some of these foreign factories,,,,they were built for efficiency, and they do a marvelous job. Our government taxes our corporations heavily, there is virtually no way they can modernize to compete with the foreignors. Open your eyes and mind, we re seeing the decline of our nation by a gluttenous government. You, however, prefer to think of this decline as being due to people being successful.

    Take the richest 5,000 people’s total worth….how long would it take the government to burn thru their entire lifetime efforts? Maybe a few weeks. Then, back to borrowing from the Chinese.

    • Jimmie1151

      So much hot air. Real wages have been frozen since 1969 and the American work force is working 25% more than they did thirty years ago. americans are the hardest workers on earth. People have had to rely on credit to keep up with costs because the business are hoarding all the profits for themselves. The big businesses rely on tax payer educated work force, tax payer roads, rails, docks, airports, transmission lines, and the most expensive, free, taxpayer funded, international military security, in human history. This massive corporate burden on society: cost of extraction, production, distribution and disposal, is done by imposing the negative costs to the working people while transferring all the wealth to the top ( the greatest since the nineteenth century).
      Individual taxes income 41.5%
      Payroll taxes are 40%
      Corporate income taxes are only 8.9%( when actually collected)
      Socialism is when the people control the means of production and socialist Norway and Switzerland have the highest standard of living and longest life spans on earth. Fascism is when the means of production controls the government ( regressive’s ignore this) and the reactionary, deconstructionist, right wing Republican’s are wholly owned subsidiaries of the corporation. And , for your information, the biggest borrowing, in the U.S. is not from the Chinese, it is from the citizens of the United States of America.

  • 1older..unemployment is really called unemployment INSURANCE. You know, like when a failing business buys insurance on their building, and then burns it down, collects the pay-out, and retires to Fla, only the unemployed don’t suffer the same fate, for they don’t have huge lobbyists fighting for them, so they wake up everyday dreading that some politician hasn’t lied to the citizens and had their “pay-out” cut off.