xlnt ?: When did Mitt know that we'd pick up the tab for Bain's pensions?
.......................Bain Capital's profit model depended in part on the ability to, after sucking all of the good "juice" from a company, declare bankruptcy and thus void all of the companies contracts -- including its pension obligations.
This is about as cruel as it gets in commerce. And the questions to ask Mitt Romney are: When did he know that this was what he could do through Bain Capital, and when did he decide to do it?
Think about it: you have workers who put in 40 years or more working for a company, whose plans for retirement are bound up in the expectation of its honoring its commitments, and then you pull the rug out from underneath them. This is so ugly, in fact, then when it happens the government will in some cases take over a portion of that pension obligation.
That, of course, means that an unscrupulous -- not "corrupt," but merely unscrupulous -- businessman can bankrupt a company and void its pension obligations, secure in the knowledge that the workers won't really bear the full brunt of its actions. Instead, the financial pain will be spread out among the public. In similar circumstances, ones where criminal law does apply, we have another name for this sort of action: "insurance fraud." But a big corporation can get away with things in a bankruptcy court that an individual can't get away with in normal life.
More:
http://www.dailykos.com/story/2012/01/12/1054048/-When-did-Mitt-know-that-wed-pick-up-the-tab-for-Bains-pensions?via=siderec
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