Romney's Profit from Bain's Buyouts: Up to $20,000 Per Laid-off Worker ~ Daily Finance

[mzmolly]

The excerpt below, is from an older article, though it's worthy of repeating.

Full story:

http://www.dailyfinance.com/2012/06/15/romneys-profit-from-bains-buyouts-up-to-20-000-per-laid-off/

• American Pad & Paper: Bain invested $5 million in the small paper company in 1992, and reportedly collected $100 million in dividends on that investment. AMPAD went bankrupt in 2000, laying off 385 employees.

• Dade Behring: Bain Capital invested $415 million in a leveraged buyout in 1994, borrowed an additional $421 million, and ultimately walked away with $1.78 billion. Dade filed for bankruptcy in 2002, and 2,000 workers lost their jobs.

• DDI Corporation: Bain Capital reportedly invested $46.3 million in 1997, reaping $85.5 million in profits and an additional $10 million in management fees. When the company later went bankrupt, 2,100 workers were laid off.

• GS International: In a somewhat less profitable transaction, Bain Capital invested $60 million in 1993 and received $65 million in dividends. This company, too, went bankrupt in 2002, and 750 workers lost their jobs.

• Stage Stores: Bain invested $5 million to purchase the company and took it public in the mid-'90s, reaping $100 million from stock offerings. Stage filed for bankruptcy in 2000, and 5,795 workers reportedly were laid off.

And so on...

One wonders how many *47%-ers Rmoney created for personal profit?

*Unemployment
*Food Stamps
*Subsidized housing
*Subsidized Medical care

Additionally,

Bain made billions ... it purchased at least five companies that subsequently ended up in bankruptcy even as Bain walked away with eye-popping profits:

Romney and his elitist buddies, generate a 'dependent class' and bitch because we have one. The very people who convince some in the middle class, that the US has a problem with people not taking 'personal responsibility' are destroying the middle class, and putting people in a position to need help from the government.

Isn't it ironic that the upper class, convinces the middle class that the dependent class (which they help create for profit) is the problem?

[justiceischeap]

1. This should become a social media meme. nt

[mzmolly]

2. Thanks.

And/or a campaign ad? I think that some voters would be very turned off by Rmoney, if they considered this angle.

[snagglepuss]

9. Definitely should be an ad. Those four examples speak volumes.

[Evergreen Emerald]

3. How does the Romney family sleep at night?

They are buying boats and cars and houses using someone's pension fund. Some is suffering ...Someone who worked hard their whole life...is suffering because he took their pensions.

[Angry Dragon]

5. When you do not give a damn it is easy to sleep

Willard has ALWAYS felt privileged and he will never change
His parents did a very poor job of giving him guidance
I think he was babied because he was the baby of the family

[mzmolly]

7. Food for thought.

http://thecontributor.com/romney-adds-more-evidence-maybe-hes-just-sociopath-file

[Tigress DEM]

12. Shiver.

[Angry Dragon]

4. Willard is a PREDATOR

[City Lights]

6. But, but, but, he's got a 5-point plan for fixing the economy!

His plan has five points, so he must know what he's doing!

He is a vulture.

[renate]

8. If I could spend a year's worth of Rs on this, I would

This is the kind of thing that put Romney's rapaciousness, and the damage he does, in terms that anybody can understand. A family's life destroyed so that Romney, personally, can put another $20,000 in the bank... it both reduces a human life to money and shows how relatively little Romney even gets for it (compared both to what that job meant to the family and to his worth as a multimillionaire).

[ProfessionalLeftist]

10. It's not ironic...

...it's their modus operandi, as it is for all abusive personalities or entities -- blame the victims for what the abusive person or entity has done to them. This is a ruse they've been peddling for years ie: "people are poor because they're lazy and don't take responsibility".

[mzmolly]

13. THAT is an excellent analogy.

[Tigress DEM]

11. Romney and his elitist buddies, generate a 'dependent class' and bitch because we have one. WOW.

MZMolly,

That one sentence is REALLY powerful. Thanks.

Appreciate all the detail, but that line sums it up so concisely, warning you in advance, I'm gonna steal it and use it a lot.


You really DO rock!

Cheers!

Tig

[mzmolly]

14. Thank you Tigress DEM.

You rock too!

I'm glad I made some sense.

[Uncle Joe]

15. Kicked and recommended.

Thanks for the thread, mzmolly.

[mzmolly]

17. Thank YOU

Uncle Joe.

[Uncle Joe]

19. You

got that right mzmolly.

[mzmolly]

20. .

[femrap]

16. David Stockman

has a new book out....here's an except about Bain:

http://www.thedailybeast.com/newsweek/2012/10/14/david-stockman-mitt-romney-and-the-bain-drain.html

Mi$$ just rolled up the companies, loaded them w/ debt and took huge mgt. fees....did an IPO and POOF....next thing the company was bankrupt and everyone was out of a job.

Ain't Wall Street just grand?! Puke

[mzmolly]

18. Sounds like an excellent book.

Thanks for the link.

[renate]

21. I am just dumbfounded that someone like Romney could become president

after the unemployment of the Great Recession, that someone who CAUSED unemployment as a way, maybe even his MAIN way, of becoming fabulously wealthy could even be considered an acceptable President of the United States is just ... baffling. And maddening.

[mzmolly]

22. Kicking because I hope the President touches on Rmoney personally profiting from exporting

American jobs, tonight.