Mitt Romney, American Parasite

His years at Bain represent everything you hate about capitalism

<p>Mitt Romney, American Parasite</p>
Courtesy DonkeyHotey

James Sanderson had encountered a rare moment of industrial harmony.

It was the early 1990s, and the 750 men and women at Georgetown Steel were pumping out wire rods at peak performance. They had an abiding trust in management's ability to run a smart company. That allegiance was rewarded with fat profit-sharing checks. In the basement-wage economy of Georgetown, South Carolina, Sanderson and his co-workers were blue-collar aristocracy.

"We were doing very good," says Sanderson, president of Steelworkers Local 7898. "The plant was making money, and we had good profit-sharing checks, and everything was going well."

The smartest guys in the room: Members of Bain Capital with Romney, center, who managed to destroy four of his 10 biggest moneymakers
Bain Capital, 1984
The smartest guys in the room: Members of Bain Capital with Romney, center, who managed to destroy four of his 10 biggest moneymakers
David Foster, a union official at Kansas City&rsquo;s Armco steel mill, says Bain drove the mill into the ground by placing its own interests above customers&rsquo;.
Jayme Halbritter
David Foster, a union official at Kansas City’s Armco steel mill, says Bain drove the mill into the ground by placing its own interests above customers’.
A Bain partner told author Josh Kosman that higher-ups frequently discussed cutting workers. Job growth &ldquo;was never part of the plan.&rdquo;
Lyric Cabral
A Bain partner told author Josh Kosman that higher-ups frequently discussed cutting workers. Job growth “was never part of the plan.”

What he didn't know was that it was about to end. Hundreds of miles to the north, in Boston, a future presidential candidate was sizing up Georgetown's books.

At the time, Mitt Romney had been running Bain Capital since 1984, minting a reputation as a prince of private investment. A future prospectus by Deutsche Bank would reveal that by the time he left in 1999, Bain had averaged a shimmering 88 percent annual return on investment. Romney would use that success to launch his political career.

His specialty was flipping companies—or what he often calls "creative destruction." It's the age-old theory that the new must constantly attack the old to bring efficiency to the economy, even if some companies are destroyed along the way. In other words, people like Romney are the wolves, culling the herd of the weak and infirm.

His formula was simple: Bain would purchase a firm with little money down, then begin extracting huge management fees and paying Romney and his investors enormous dividends.

The result was that previously profitable companies were now burdened with debt. But much like the Enron boys, Romney's battery of MBAs fancied themselves the smartest guys in the room. It didn't matter if a company manufactured bicycles or contact lenses; they were certain they could run it better than anyone else.

Bain would slash costs, jettison workers, reposition product lines, and merge its new companies with other firms. With luck, they'd be able to dump the firm in a few years for millions more than they'd paid for it.

But the beauty of Romney's thesis was that it really didn't matter if the company succeeded. Because he was yanking out cash early and often, he would profit even if his targets collapsed.

Which was precisely the fate awaiting Georgetown Steel.

When Bain purchased the mill, Sanderson says, change was immediate. Equipment upgrades stopped. Maintenance became an afterthought. Managers were replaced by people who knew nothing about steel. The union's profit-sharing plan was sliced twice in the first year—then whacked altogether.

"When Bain Capital took over, it seemed like everything was being neglected in our plant," Sanderson says. "Nothing was being invested in our plant. We didn't have the necessary time to maintain our equipment. They had people here that didn't know what they were doing. It was like they were taking money from us and putting it somewhere else."

History would prove him correct. While Georgetown was beginning its descent to bankruptcy, Romney was helping himself to the company's treasury.

The Working Man's Villain

He should have known better. The year before Romney purchased Georgetown, he mounted his career in politics, setting his sights on the biggest target in Massachusetts: the U.S. Senate seat held by Ted Kennedy.

There were early signs that he might topple the Kennedy dynasty. Much like today, Romney was pitching himself as a commander of the economy, a man with the mastery to create jobs. Yet he suffered an affliction common to those atop the financial food chain: He assumed that what was good for him was good for all. Call it trickle-down blindness.

In the midst of that 1994 campaign, one of Romney's companies, American Pad & Paper, bought a plant in Marion, Indiana. At the time, it was prosperous enough to be running three shifts.

Bain's first move was to fire all 258 workers, then invite them to reapply for their jobs at lower wages and a 50 percent cut in health care benefits.

"They came in and said, 'You're all fired,'" employee Randy Johnson told the Los Angeles Times. "'If you want to work for us, here's an application.' We had insurance until the end of the week. That was it. It was brutal."

But instead of reapplying, the workers went on strike. They also decided the good people of Massachusetts should know what kind of man wanted to be their senator. Suddenly, Indiana accents were showing up in Kennedy TV ads, offering tales of Romney's villainy. He was sketched as a corporate Lucifer, one who wouldn't blink at crushing little people if it meant prettying his portfolio.

Needless to say, this wasn't a proper leading man's role for a labor state like Massachusetts. Taking just 41 percent of the vote, Romney was pounded in the election. Meanwhile, the Marion plant closed just six months after Bain's purchase. The jobs were shipped to Mexico.

Yet Romney didn't learn his lesson. He seemed incapable of noticing that his brand of "creative destruction" left a lot of human wreckage in its wake. Or that voters might see him as more scumbag than saint.

Just a few months after being hammered by Kennedy, he set fire to another company.

The Price of Incompetence

The move was classic Bain. Before buying Georgetown, Romney had purchased the Armco steel mill in Kansas City, Missouri, which had been in business for more than 100 years.

"We were setting a lot of records for production at that time," says employee Steve Morrow. "We were making a lot of money because we were getting profit sharing."

Bain combined Armco with the mill in Georgetown and foundries in Tempe, Arizona, and Duluth, Minnesota, to form the newly christened GS Industries.

Romney purchased Armco with just $8 million down and borrowed the rest of the $75 million price tag. Then he issued bonds—basically IOUs—to borrow even more to pay himself and his investors $36 million.

Within a year, he'd already made four times his initial investment while barely lifting a finger. But he'd also run up a staggering $378 million in debt on GSI's tab.

Steel is an infamously cyclical business, a worldwide commodity prone to the same wild price fluctuations as oil. The Kansas City plant forged parts for equipment used in mining gold and copper, leaving it susceptible to the instability of those markets as well.

Yet the smartest guys in the room thought they could run the plant better than the people setting production records.

"They were getting rid of old managers and hiring new managers that didn't have any steel experience," Morrow says. "Some of the guys were nice guys and everything, but they didn't have a clue what was going on."

Many of the new supervisors were ex-military, people who believed that grown men and women are best motivated by punishment. Before Bain, says Morrow, "everybody got along."

Afterward? "They wanted to run the plant like a disciplinary environment. They wanted to discipline people for getting hurt on the job. They wanted to put us in an environment like a war, where we were always fighting with them."

Romney was charging GSI $900,000 a year in management fees to run the company. The Kansas City mill received $900,000 worth of ineptitude in return.

Although Bain borrowed $97 million to retool the plant so it could also produce wire rods, it left the rest of the facility to rot.

To save costs, Bain went miserly on everything from maintenance to spare parts and earplugs. Equipment deteriorated. Because the new managers didn't know how to repair it, "they'd want to rent a new piece of equipment out instead of maintaining what we had," Morrow says. The waste and inefficiency was breathtaking.

Bain's plan all along was to streamline the company into greater profitability, then reap the rewards with a public stock offering. But the exact opposite was happening. Even Roger Regelbrugge, whom Bain installed as CEO, knew the debt was crushing GSI from within, according to Reuters. If a public offering didn't materialize, the company would collapse.

Steel was about to enter a periodic downturn. Countries around the world were locked in a war of tariffs and government-subsidized production, creating a glut and driving down prices. Romney's strategy of the flip was never meant to endure difficult times.

Workers saw the end coming; they were particularly worried that Bain was badly underfunding their pension plan. So they went on strike in 1997, bringing a traditional Rust Belt flair to the festivities by littering the streets with nails and gunning bottle rockets at security guards.

When it was all over, the steelworkers union agreed to wage and vacation cuts in exchange for extra health and pension safeguards should the plant close.

Yet GSI was now hemorrhaging money, says David Foster, the union official who negotiated the deal. He claims that Bain cursed the company by placing its own interests above those of customers or long-term stability.

"Like a lot of private equity firms, Bain managed the company for financial results, not production results," Foster says. "It didn't invest in maintenance or immediate customer needs. All that came second to meeting monthly financial goals."

It would take a few more years of bleeding, but GSI eventually fell to bankruptcy.

The Kansas City mill closed for good; 750 people lost their jobs. Worse, Romney had shorted their pension fund by $44 million. The feds were forced to cover the difference, while workers saw their benefits slashed in bankruptcy court.

The battered Georgetown plant and the foundries in Arizona and Minnesota ultimately were bought out of bankruptcy by new companies. Their workforces were halved.

Still, Romney walked away unbruised. All that debt was technically GSI's, not Bain's. Because he'd repaid himself and his investors just months after the purchase, Romney pocketed millions for running the company into the ground.

"They were clever and ruthless enough to pay their own investors back at a really high return rate," Foster says.

This was the beauty of Romney's racket. Even if he killed a company—and he tended to kill them fairly often—he still made out, leaving others to take the hit.

The Parasitic Capitalist

On the campaign trail, Romney describes his work at Bain as resurrecting distressed companies. In this version, he's the white knight lifting troubled firms from the precipice of failure.

Not true.

Private equity companies like Bain rarely buy anything but profitable firms for one compelling reason: The patient must be healthy enough to be force-fed all that debt. So it's something of a misnomer for Republican opponents to slur him as a "vulture capitalist."

"Romney is not a vulture capitalist, as Rick Perry says, since vultures eat dead carcasses," notes Josh Kosman, who has written about the private equity business for 15 years. He's "more of a parasitic capitalist, since he destroys profitable businesses."

Judging by the title of his book—The Buyout of America: How Private Equity Is Destroying Jobs and Killing the American Economy—it's safe to assume that Kosman is no fan of the industry. But he concedes that the business isn't inherently wicked.

The game works like this: Big-money investors write checks to people like Romney, who pool that money to buy or invest in other companies. Internal company documents show that a year before Romney left Bain in 1999, one of his funds had reached a massive $10 billion.

Although Bain requires a $1 million minimum for a seat at the table, its investors don't just come from the wealthiest 1 percent. They also include college endowments and teachers' pension funds.

Jon Burgstone, a professor at the University of California, Berkeley's Center for Entrepreneurship & Technology, sees private equity as essential to the economy. He might be a member of President Obama's National Finance Committee, but he's still an admirer of Bain.

"Generally, private equity companies invest in larger firms that need reorganization or in smaller companies that need growth capital," he says. And their management can usually benefit from "very bright Bain consultants."

That feeling is shared by Steven Kaplan, among the foremost scholars in the field. The University of Chicago finance professor says that, statistically speaking, firms like Bain improve a company's cash flow while providing investors with a better return than the stock market.

There's no question that Romney had a gift for minting money. In 1986, he bought medical-equipment manufacturer Calumet Coach for just $1 million, later flipping it for $34 million. He made 16 times his initial investment in the Gartner Group, a technology-research firm.

In what was perhaps his crowning achievement, he bought the money-losing Wesley Jessen VisionCare for $6 million in 1994. Seven years later, it was sold for a dazzling $300 million.

Kaplan argues that critics rarely mention these success stories, preferring to "cherry-pick" deals that paint Romney as unmerciful and gluttonous. "I think it's quite unfair," he says. "He was extremely successful at Bain, generating returns for his investors. Bain Capital had a tremendous track record. When you invest in dozens of companies, some of those deals don't work out."

But if critics are quick to disregard Romney's triumphs, defenders are equally swift to rationalize his catastrophes. They'll note that for all of Romney's bankruptcies, most were rescued by new companies and survive today. It's the final dollar tally that matters.

Yet they seem strangely incurious about the ruin he has delivered across the country. Take Kansas City, for example.

The Armco plant closing involved more than the torching of 750 jobs, Morrow says. Contractors and suppliers collapsed. Workers' children and widows lost health care and pension benefits. And while Bain received millions in tax breaks—paid for by the very people left holding the bag—Romney walked away millions richer.

So one might forgive everyday Americans for feeling they're on the wrong end of a rigged game, one where the wealthy always win—no matter how inept—and the little guy is left to hack through the debris.

Bain is a private company, meaning it has no obligation to reveal its practices. It has never made public a list of companies it has purchased (nor would Bain or the Romney campaign comment for this story).

So in January, The Wall Street Journal did its best to piece together Romney's track record, reviewing 77 investments made under his direction. It turned out that nearly one in three of the companies experienced severe financial trouble. One in five wound up in bankruptcy.

The more telling figure: Of Romney's 10 biggest moneymakers, he ultimately destroyed four of them, leaving bankruptcy judges to clean up the mess.

As Foster sees it, Romney was an early pioneer of gaming the system. It would take another decade before large banks used many of the same principles to detonate the mortgage industry.

"The great irony is that his entire management experience at Bain Capital is buying companies and loading them up with debt and then looting the balance sheet," Foster says. "It's the very model that drove the American economy off the cliff then left other people to manage the wreckage."

The Job Assassin

Renee Fry doesn't recognize the tin man she sees on TV, the candidate so congenitally wooden that he makes Al Gore seem like Flavor Flav. She was Romney's deputy chief of staff when he was governor of Massachusetts. The guy she served was warm and considerate, quick to distill data and seize the big picture.

"I'm lucky because I know him from the day-to-day Mitt," Fry says. "He liked going out and talking to people and learning from people. The Mitt I know had a real appreciation for people."

But if Romney played the friendly politician, kindness wasn't his specialty at Bain. Rewarding CEOs with huge bonuses, he was generous to ranking executives. Yet he tended to treat those below his pay grade as little more than machinery.

Romney has claimed to have created 100,000 jobs at Bain and says that providing work for Americans was a primary company goal.

He cites Domino's, Sports Authority, and Staples, companies that added jobs after Bain bought in.

But Bain bought Domino's just months before Romney left to run the Salt Lake City Olympics, meaning someone else created those jobs. And he didn't manage Staples or Sports Authority; Bain was a minority investor.

By Romney's logic, any large investor—say, the Texas teachers' pension fund—also creates hundreds of thousands of jobs. The boast is so foolish that his campaign has since backed away from it.

Even Kaplan admits that private equity firms rarely create jobs. Workers are seen as costs, and costs are the enemy. According to Kosman, Romney was in truth among the most heinous job-killers of them all.

While writing his book, Kosman conducted an interview with a Bain managing partner. The man told him that when Bain was about to buy a company, its partners would hold a meeting. "He said that about half the time [they] would talk about cutting workers," Kosman says. "They would never talk about adding workers. He said that job growth was never part of the plan."

That claim was buttressed by the Associated Press, which studied 45 companies bought by Bain during Romney's first decade. It found that 4,000 workers lost their jobs. The real figure is likely thousands higher, since the analysis didn't account for bankruptcies and factory and store closings.

An example of Romney's cold-blooded approach is his 1994 purchase of Dade International, an Illinois medical-equipment company. He soon merged it with two similar firms, a move that tripled sales.

Once again, he couldn't help but raid the vault, peeling away $100 million for himself and investors at the same time Dade was laying off 1,700 American workers.

After Bain closed a Dade plant in Puerto Rico, human-resources manager Cindy Hewitt was asked to lure a dozen of those employees to work in the company's Miami factory.

But that plant soon closed as well. Although Romney was gobbling up millions, Bain still wanted those laid-off employees to repay their moving costs.

"They were treated horribly," Hewitt told The New York Times. "There was absolutely no concern for the employees. It was truly and completely profit-focused."

Yet Bain's molestation wasn't complete. It was trying to sell Dade but didn't like the offers it received on the open market. So it created an artificial market of its own.

In 1999, it forced Dade to borrow $242 million, which was used to buy back company stock from Bain, Dade executives, and their banker, Goldman Sachs.

Bain was again extracting profits with borrowed money. It had pushed Dade's debt to a bracing $2 billion. To help pay for the deal, the company laid off another 367 workers.

But that debt proved too much for Dade's shoulders to carry. Three years later, the company was bankrupt.

Kosman calls it standard Romney operating procedure. To pump short-term earnings, he would essentially "starve a company," whacking not just employees, but also customer-service and research-and-development funding—the ingredients of long-term prosperity.

"I think they're one of the worst, at least during Romney's time," Kosman says. "They were very aggressive about dividends. They were very aggressive about borrowing the most money they could. He's very driven to be the best he could be, and that was to be as cutthroat as he could be. But in the process, he hurt a lot of companies and cost a lot of jobs, maybe tens of thousands of jobs."

Kosman says it's telling that Romney never cites companies he actually managed as evidence of his job-building skills.

"If Romney had some stories to tell, he'd use those stories," he says. "I think it's very interesting that he's not telling those stories because I think they don't exist."

The Welfare Queen

Romney's economic views were on stark parade during this year's Michigan primary. He ripped President Obama for bailing out the auto industry and argued that it should have been dealt with in his favorite resting place: bankruptcy court.

He was particularly incensed that the president rescued workers' pension funds before covering Wall Street's bad loans.

But his faith in the free market wobbles when his friends need rescuing. Romney just as vigorously defends the $10 billion government bailout of Goldman Sachs, his investment partner at Bain.

After all, Romney frequently assumed the role of welfare queen himself.

In 1988, he bought South Carolina photo-album maker Holson Burnes. In exchange for the firm's promise to build a new factory, the people of Gaffney, South Carolina, gave Bain $5 million in bonds and $200,000 in utility upgrades.

The plant closed just four years later. The 100 jobs there were later shipped to Mexico.

At GSI, he dumped $44 million in pension shortfalls on the federal government. And when he bought mattress maker Sealy in 1997, he took $600,000 in welfare to move the firm from Ohio to North Carolina.

Even a company Romney cites as one of his greatest achievements—Steel Dynamics, where he was a minority investor—was practically launched by corporate welfare. Indiana taxpayers gave the firm $77 million to open a plant. Residents of DeKalb County actually had their income taxes raised solely to help Romney and his friends.

Tad DeHaven calls it "theft and redistribution."

He's no yammering Trotskyite; DeHaven is a former budget adviser to Republican U.S. senators Jeff Sessions of Alabama and Tom Coburn of Oklahoma. Yet he notes that firms like Bain often get governments to subsidize their raiding parties.

The feds take $100 billion a year from everyday taxpayers and send it straight to companies like Romney's, says DeHaven, who now works for the Cato Institute, a conservative think tank.

But like most good Republicans, he's reticent to single out the candidate for criticism. "It depends on what he knew and Bain's involvement in obtaining subsidies," DeHaven says. "I don't know if it makes him a hypocrite or not, but he should answer questions about it."

The President of Russia

Those answers won't be forthcoming. Romney refuses to discuss most of the companies he purchased at Bain, nor will he release his tax records from those years. As a result, voters are left to make their own call on his catalog of creative destruction—and what he might be like as president.

Romney has professed his admiration for Ronald Reagan. But judging by his business history, the president he most resembles is Vladimir Putin. Romney has devoted his life to ensuring that every last penny rises to a few hands at the top. And like Putin, he has never shown much concern for the countrymen he tramples along the way.

"The word 'oligarchy' comes to mind," says Michael Keating when asked to envision a Romney presidency.

Keating is a former business consultant and executive at Bertelsmann, a multinational investment firm that operates in 63 countries. He asserts that men like Romney "hide their antisocial actions behind a rhetoric of free-market capitalist platitudes. But in the end, it's all about the bottom line—and only their own bottom line . . ."

"I don't think Romney is so much dangerous as he is unimaginative," Keating adds. "And in the world we live in, that amounts to the same thing."

pete.kotz@villagevoicemedia.com

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182 comments
Richard1980
Richard1980

Romney's current supporters, many of whom distrusted him up until he clinched the nomination, think they're defending capitalism. But what Romney represents isn't the real capitalism of Henry Ford, Andrew Carnage or David Sarnoff, whatever flaws those men may have had, it's closer to the likes of Ken Lay or Bernie Madoff. Romney is a much bigger threat to the free enterprise system than Obama could ever be. This totally misses the point on Mitt Romney and Bain. All CEOs are legally obligated to lay off workers if it's in the interests of their shareholders, but what Romney did was much, much worse. Bain's business model wouldn't have worked without the use of corporate bankruptcy as an "escape valve" so they could keep their profits and impose their losses on unwitting creditors. If Romney had to pay back all the creditors that Bain stiffed, he and his family would have qualified for food stamps. http://www.protopage.com/bestsigs http://www.protopage.com/green-coffee-bean-max http://www.protopage.com/buy-electronic-cigarettes-online http://www.protopage.com/cure-toenail-fungus http://www.protopage.com/zigaretten-kaufen-online

hross2923
hross2923

This is the scariest thing that could happen to our Presidency! Only time will tell? I am for impeaching him if he gets into office? Are there anyone else with me?

marthaannwheeler
marthaannwheeler

a cold hearted snake....and he thinks he is going to be president

brads_406
brads_406 like.author.displayName 1 Like

ROMNEY ... IS A COLD BLOODED GREEDY REPUBLICAN... PERIOD..

 

car_del99
car_del99 like.author.displayName like.author.displayName 2 Like

So , in other words , Romney is like a virus in a computer , once he gets inside he destroys it from within..

 

car_del99
car_del99 like.author.displayName 1 Like

Romney is to business... as cancer is to a person...

 

JCSF
JCSF like.author.displayName 1 Like

Peak Capitalism, like Peak Oil, is now on the horizon and heading toward us. The central mechanism which the 1% use to increase their cash holdings is to gain temporary control of an object (property, corporation, government, etc) and then attach debt to that object, pocket most of the value of that debt as cash into their account, then release control of the object. The end result of this is that every object on the planet becomes burdened with debt beyond its value. All objects, even the most unexpected, eventually become available to this mechanism through ‘programs’, such as programs to allow unqualified properties to get a mortgage, or programs to get unqualified nations an international loan. As long as huge numbers of new consumers arrive into the economy each year, the (false) pretenses of this mechanism are still believeable to the players. But with a period of zero growth in the developed world upon us, the facade is melting.

paulpine44
paulpine44

I recently worked as an executive for a company that was owned by a PE firm - not Bain, but with many personal connections to Bain and one that appears to operate similarly.

 

This article does a good job outlining how these PE firms tend to work.  In my experience:

 

1)  With the money of its investor pals, the firm purchases a company in whatever condition (it may be a profitable company or a struggling company, depending).  The investors want a return quickly - usually within 3-5 years - so there is little incentive for long-term decision-making.  And as anyone who has ever run a company can tell you, you can do plenty in the short term that destroys the long term.

 

2)  The PE firm immediately begins earning "management fees," whether they are active in the business or not, and whether the company's performance improves or not.  This money comes out of the company, which is to say that money that we might have invested in product development or customer service or marketing is instead first going to the pockets of our owners.  The PE firm often brings in their management consultant pals who also earn exorbitant fees; I can say from experience that there are few things more enjoyable than having a 26-year-old business school grad who knows nothing about your industry tell you how to run your business.  Also note that a PE firm with a broad portfolio cannot possibly be expert in all the industries in which it competes, and so the success of these businesses is often in spite of the PE firm, not because of it.  (That clearly doesn't stop Mitt from taking credit himself.)

 

3)  As soon as the PE firm can flip the company, it usually does so.  Again, the sale is often based on numbers that are propped up for the short-term.  The skeptic will ask, How can the PE firm find buyers if everyone presumably knows the game?  The answer: You'd be amazed how stupid some MBAs are, and a sale requires a single sucker.

 

In the end, the PE firm and its investor pals get paid a ton of money, while jobs are often lost and companies weakened.  Needless to say, this is a great system if you're one of the very few making money... and a horrible system for everyone else involved and for the economy at large.

 

Is this the kind of "management style" we seek?  Because it's the future of our nation we're talking about now.

pangolinx
pangolinx like.author.displayName like.author.displayName 2 Like

So it looks like Mitt Romney created the Rust Belt ruining dozens of viable companies and putting thousands of american workers out of jobs. Why should this asshole be allowed to walk free much less be president?

C Bald 71182
C Bald 71182 like.author.displayName 1 Like

Useyourheadnow... You are a phucking retard sympathizer for the devil that is "etch-a-sketch" Romney! He, thru Bain, crippled American steel production!! No wonder 99% of all building steel comes from China now. You probably sit behind a cubicle drumming to a keyboard all day...you obviously know nothing of labor you arrogant sycophant! I live and breath skilled labor and have seen first hand what he did to GST in Kansas City because thats where I live and work! So... Open your blind ass eyes and realize a candidate who made millions in the private sector while destroying THOUSANDS of lives is NOT the answer to this countries problems, he will only make matters worse!

Wvsarafan
Wvsarafan like.author.displayName 1 Like

He should be in federal prison.

Sue
Sue

To John Kessler, who reacted to my tale of wealthy senior citzens who tried to give their Social Security checks back to the government: I fully agree that SS should be kept as an entitlement for all, no matter how wealthy. You are right that is would soon become a different sort of program if SS were doled out on a needs basis. My point is that many wealthy senior cirizen I knew finally ended up having their checks automatically directed to the cause or charity of their choice, usually in addition to whatever other philanthropic giving they were doing. The poin ti they realized they had far more than they would ever need, More of the wealthy should be so aware and stop ging money in the tons of millions to manipulate elections, which is how Romney will be elected if he is elected. Romney, the parasitical president (and worse)! And we had better start thinking about that as a real possiblilty

John Kessler
John Kessler

I'd like an example of a manager who went to prison for not firing unproductive workers. Plus, where did it say these fired workers were all incompetent or unproductive? In fact they seemed perfectly capable of doing their jobs and making money for their companies before Baine came along and broke things.

John Kessler
John Kessler like.author.displayName 1 Like

Social Security is a benefit all should receive regardless of wealth or need. The reason is that it is an insurance program that all workers pay into so we all can receive benefits when we need them or when we reach the appropriate age. Excluding wealthy people from receiving benefits is the first step towards converting Social Security into a welfare program. Once that happens it would become easy to justify benefit cuts.

Jay Grosflam
Jay Grosflam

No, it is called republicanism - redistribution = tax cuts for the 1%.

Angela Garcia as NeonMosfet
Angela Garcia as NeonMosfet

No. That's called Communism. Or the old, " Can't you share with your brother?" We already know the answer to that which is called Cain Killed Abel. The more things change, the more they stay the same. Angela Garcia as NeonMosfet

Latitude3527
Latitude3527

If you want to learn a little about Mor(m)onism, read "Banner Under Heaven".... The Mor(m)on "religion" is a hate-based theologic miss-mash of extra-terrestrial and earthbound fundamentalist beliefs, and, like most other organized religions in the US relies on inculcating fear and guilt from cradle to grave. The last thing we need is a Mor(m)on President who, as a Bishop in the church, has vowed to obey directives from the President of the Mor(m)on church (who claims to have a direct conduit from god and literally uses this fallacy to control church members) over all other laws of the land, including the US Constitution.

Ken Struck
Ken Struck

Gutting stockholder equity, robbing pension plans, shipping jobs overseas, is not creating job. MItt took the money and hid it in the Caymen Islands among other places.

TribalStyleMarketing
TribalStyleMarketing

Wow, clearly I went into the wrong profession!

Cynthia Sue Timko
Cynthia Sue Timko

Romney claims to be a good Mormon. Now I am not picking on Mormons---admittedly I don't know a lot about the faith, but I do believe it is a sort of Christianity or a sort of offshoot.He doesn't talk about it much, but I wonder how his personal morality comes into all of this as HE, himself,interprets its moral code. Is it OK to make a ton of money on the backs of others? Of course I have the same question about many very wealthy right wing milionaires and billionaires who claim they want to preserve the American Christian (White?) way of life by being parasites, making "investments" such as Romney did as a parasite, or many others taking government subsidies (oil, gas, corn, name it) to increase sheer wealth, while giving nothing back, indeed removing that money from their country, our country, to where it is safe from legal taxation for the commonweal.

Jeannie Clarke
Jeannie Clarke

Good questions, Cynthia. But why just question the motives of "right wing millionaires and billionaires"? Wealth isn't reserved for just the 'right wing'. Don't forget all the left wing millionaires and billionaires who claim they "want to pay more" but never seem to be willing to write the check. Additionally, don't be fooled into thinking wealth is reserved for the right. Odrama isn't selling all those $50,000 per ticket/plate dinners to 'the right wing'.

Cynthia Sue Timko
Cynthia Sue Timko

Of course I feel the same way about any (m)(b)illionaire, left or right, who is obviously parasitical, but I wonder if you know anyone who is wealthy and tried to refuse their Social Security checks, for example? I have, having spent many years working with retiree volunteers. The government won't take the money back. So they give it away. When I went to work in 2008 for my Congressional candidate, now my U.S. House Representive (I'm proud to say), I had no idea he was so wealthy, let alone how much money he gave away in his passion for the best education possible for everyone. I gradually learned of it as I got to know the office staff who had known him for some time. He was the youngest ever Secretary of Education in Colorado before he ran for Congress. He would walk to the office from his small aprtment which he shared with his partner, and I don't know what he drives when he drives, but I am told it is something small and unobtrusive, something I might drive on my lowly budget. The day he picked me up so we could go knocking on doors, it was no Mercedes he was driving, that much I know Through my involvement with election campaigns, I have learned through whispers and rumours that some of the Dems I have worked for were very quietly wealthy and just as quiet about their true philanthropic activities. I have no doubt that the same is true of some on the right. My wealthy retired Senior Citizen volunteers were very quiet about it. I was often astounded at the kind of wealth they had, as well as what they were giving away. As a matter of fact, one of the wealthiest was a dyed in the wool Repub (but not right wing extremist--far from it), was the first to tell me how many people he knew who tried to refuse Social Security. I don't put Mitt Romney the Koch brothers or Donald Trump in his category. My volunteer made them look small, and rather Scroogish by comparison, literally. And Obama has to do something, as do his wealthy supporters, (a sad, sad fact since the Citizens United case) often well known for their philanthopy, to offset the PAC money being raised by Rove and others from mostly unknown donors.

Manny T
Manny T

I love how this article ignores everything even Obama's team member says about Romney. Of course he did everything to get money for the shareholders. He has an absolute LEGAL obligation to do that. If he kept on a few deadweight employees because he was feeling nice and it was revealed to the SEC that he could have dumped a few to make profits better he would be in prison for willfully deflating company value (which people have made a fortune on before) If you own a publicly traded company and don't do everything possible to increase shareholder value and further do things that you know will definitely hurt shareholder value, you will be imprisoned and/or fined. No ifs ands or buts about it. Furthermore, as 'bad' as some of this may look, I look at what Obama has done and think 'Well we already know what the worse option looks like' and remember why I won't be voting for the 8+%, downgraded credit rating president who STILL hasn't pass a budget despite having total control of government for 2 years. Good job, dummy.

Mateo3527
Mateo3527

Typical racist reply. Republicons are greedy loud mouths. if you want to know more about Romney, read "Under the Banner of Heaven". Don't wait for the movie Ron Howard is making; it may be too late.

Cynthia Sue Timko
Cynthia Sue Timko like.author.displayName 1 Like

Manny,Obama never had control of Congress except on paper. Remember fake filibusters? Remember Sen. McConnells designating the primary role of the Republican Party to absolutely ruin the President's term right from the beginning? Obama was naive in thinking he could negotiate with the Repubs. That was his major weakness. I think he has learned his lesson......Look what happened to the "grand bargain" he and John Boehner supposed had worked out. The Teabagger put so much negative pressure on Boehner that even that became impossible, though raising the debt ceiling has been pretty automatic through many presidents through decades.

Ted Gonzo
Ted Gonzo

Cory Booker should read this Village Voice article to know the real Mitt Romney.

jovan1984
jovan1984

The GOP has always been job killers across South Carolina. It is 2012 and the state is still voting for these fascists!

SC needs to finally wake up from its 36-year slumber and vote for anyone but GOP for a change!

Angela Garcia as NeonMosfet
Angela Garcia as NeonMosfet

Mitt pretended to be Delilah. If we turn from ours and join his, he will be Delilah.

Angela Garcia as NeonMosfet

Cynthia Sue Timko
Cynthia Sue Timko

If President Obama is "required" to explain his faith and relationship with a Liberation Theology pastor (God sometimes "damned" the Israelites in the Bible--look it up-- it's all over the Old Testament---- for their wrondoings in order to set them straight and make themselves an example to the world) through one of his best speeches ever, 45 minutes on race 4 years ago, and explaining what the Trinity Church did and did not do for him, than I don't think it is out of bounds to ask Romney the same thing about his faith. Obama did not bring up race as a campaign issue. It was a subject forced on him. And he openly and brilliantly spoke on the issue. Can Romney do the same? Ordinarily, I would not ask him too. It's his own business. But I gather from his book, Dreams from My Father, that Obama spent his teen years learning somethiing about himself, sometimes the (very) hard way, and taking it seriously. It helped to make him the man he is. What did Mitt do? Prankster? HAH! Sounds a little like George W. redux.

Angela Garcia as NeonMosfet
Angela Garcia as NeonMosfet

Ever notice how much he looks like a scene from " The Outer Limits" in the photo above. " There is nothing wrong with your computer. Do not attempt to reboot. We have gained control of your media. We can turn your life into a dull blur, or extinguish it with crystal sharp clarity. For the next sixty years, sit quietly an mute. WE shall control all you see and hear."

Angela Garcia as NeonMosfet

Cynthia Sue Timko
Cynthia Sue Timko

Ya know, you're right! Spooky

Angela Garcia as NeonMosfet
Angela Garcia as NeonMosfet

I know. It's like that episode, where the space aliens come down. They need our newly dead to have bodies, in which to move

Angela Garcia as NeonMosfet

kimroc1
kimroc1

What exactly does Mittastrophe stand for? Oh...silly me...he stands for jobs, bullying and $$$! He even defended JP Morgan Chase's CEO J. Dimon and praised Meg Whitman as she laid off 30k people. If people want to vote against their own self interest and put this man in office...then so be it. We already had a POTUS who ran the debt up, had a privatized war and host of other things. Mittastrophe's henchmen are going after the President's religion. But doesn't want anyone to question his religion? Morminism? I can go there, but I'm not. I'm voting for the man we have in there....at least Obama-cares.

Cynthia Timko
Cynthia Timko

Rumour has it that Romney has a mean streak---pretty vague rumours so far, but I can't get the image out of my head of him grinning as he explained that his dog probably had a better time sitting on top of that car (sh*****g diarrhea) than he would have sitting in the car with the family. Or the newest story about leading hs gang to cut off another students hair against his will. I wonder if Mitt had pets as a child...... I wonder how they fared. That is all off the main subject in the article, but this story makes gives me real pause......Who is this guy? Really?

nurrevir
nurrevir

low affect...lack of empathy...

assault and unlawful restraint of a schoolmateisilence as a rally crowd boos a gay soldier

tie the dog on top of the cartoss the gay staffer inder the bus 'cause he won't ride in a box on top.

knots on the same thread

Journal
Journal

ok, so he is a tool - what is the solution? ban ill though out business decisions?

Eschew Obfuscation
Eschew Obfuscation

There is no mention as to why if Georgetown Steel was doing so well did they sell out to Bain. Apparently GS's management was just as greedy and shortsighted as Bain.

Ramiro Carrasco
Ramiro Carrasco

people suffer mitt gets and gives bonuses morman?conservitive?the only thing people like him worship is ego,money.how is burning people considrd succesful.thats beyond greed.thats pure evil.hes acually got a chance at being potus WOW

Ramiro Carrasco
Ramiro Carrasco

sounds alot like the donald buy drain bankrupt fire people this is succesful?

MRjimvinbur at TOUT
MRjimvinbur at TOUT

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liz_imp
liz_imp

Mitt Romney: vulture capitalist pig, asset-stripper and destroyer of jobs!!! THIS is a presidential candidate?

MRjimvinbur at TOUT
MRjimvinbur at TOUT

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JEV1A
JEV1A

"And we know where the "Smartest Guys in the Room" are Now!

Dana Seilhan
Dana Seilhan

Yeah, great. Ron Paul. The dude who wants to deny freedom to fully 51 percent of the American population. Pass.

Actually, the GOP should just quit nominating people. It's obvious they want Obama to serve a second term or they'd have nominated someone sane and honest by now.

Tom Tudo
Tom Tudo

Whew, yet another selfish and brainless one. Do tell how Dr Paul would "deny freedom" to anyone?

Shepherd2121
Shepherd2121

Mr Paul is a free market ideologue, the most enslaving system ever invented. See my my comment three below here.

 
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