Mitt Romney, job creator or corporate raider?

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Now that Mitt Romney is the front runner in the race to be the GOP’s presidential nominee, his Republican rivals are piling on with attacks.
Mitt touts himself as a super-capitalist who “created” 100,000 jobs while he was CEO of Bain Capital. Wikipedia describes Bain as:

“a Boston-headquartered alternative asset management and financial services company that specializes in private equity, venture capital, credit and public market investments…. Beginning in 1989, the firm, which began as a venture capital source investing in start-up companies, adjusted its strategy to focus on leveraged buyouts and growth capital investments in more mature companies.”

In 1977, after graduating cum laude with an MBA and a J.D. from Harvard University, Mitt began working for Bain & Company, a management consulting firm in Boston, and became vice president a year later. In 1984, Romney left Bain & Company to co-found the spin-off private equity investment firm, Bain Capital, which began with fewer than 10 employees. Romney headed Bain Capital as its general partner and CEO for 14 years. (Read more here).
Here is how Wikipedia describes Romney’s time at Bain:

“In 1991, Mitt Romney temporarily left Bain Capital to rejoin and lead Bain & Co. as interim CEO. Bringing along two executives from Bain Capital, Romney began a traveling campaign to rally employees at all Bain offices globally. Romney also negotiated a complex settlement between the Bain partnership and the firm’s lenders, including a $10 million reduction in the $38 million Bain owed the Bank of New England. Although in the role for just one year before returning to Bain Capital, Romney’s work had three profound impacts on the firm. First, ownership was officially shifted from the owners to the firm’s 70 general partners. Second, transparency in the firm’s finances increased dramatically (e.g. partners were able to know each other’s salaries). Third, Bill Bain relinquished ownership in the firm that carried his name. Within a year, Bain & Company bounced back to profitability without major partner defections and the groundwork was laid for a period of steady growth.”

But Rick Perry says what Romney practiced at Bain was “vulture capitalism” instead of venture capitalism. Though she’s not running, Sarah Palin too says criticism of Romney‘s record at Bain Capital is fair game and that voters should get “proof” of the 100,000 jobs Romney said he had helped create while he headed the private equity firm. Sarah’s husband, Todd, recently endorsed Newt Gingrich.
Here’s a video created by WinningOurFuture.com, which claims the video is “Not authorized by any candidate or candidate’s committee.” However if you go on its website, you’ll see that’s it’s a pro-Newt Gingrich SuperPAC.

Assuming this video is true, it’s a case of a pot calling a kettle black because Newt not only can’t claim to be a “job creator,” he actually contributed to the tanking of the U.S. economy. After he left Congress, between 2001 and 2010, Newt was a consultant to the government-sponsored home mortgage company Freddie Mac, netting a total $1.6 million in remuneration. Freddie Mac, together with its twin, the similarly cutsey-named Fannie Mae, recklessly extended mortgage loans to people who were unqualified. In so doing, Freddie and Fannie contributed much to the housing bubble and the disastrous bursting of that bubble which began America’s plunge into the Great Recession in 2008.
Newt is going after Mitt with a viciousness that verges on a personal vendetta. So much for Ronald Reagan’s 11th Commandment: “Thou shalt not attack a fellow Republican.” Earlier in the Iowa campaign, Newt had also declared that he would not vote for Ron Paul should the latter become the GOP nominee.
~Eowyn

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0 responses to “Mitt Romney, job creator or corporate raider?

  1. The people that are employed Staples, Sports Authority, Dominoes Pizza and many others owe their jobs to Romney.

     
  2. Bain Capital is also the primary owner of Clear Channel, the mega-radio broadcaster for Rush Limbaugh, Glenn Beck, etc. The article with links is here.
    https://www.infowars.com/bain-capital-owns-clear-channel-rush-limbaugh-sean-hannity-glenn-beck-michael-savage-etc/

     
    • Just got the info at Activist…liked your source better LTG (more
      complete and had documentation) It sure answered my concerns
      about a growing incongruity…follow the money.

       
  3. Thank you, Dr.Eowyn, for this informative post. Newt should not run a “negative” campaign as he put it, even though some of the other candidates are doing so, including Mitt. Newt should not fall into that pit, and yet, he is falling into it. I am afraid of Mitt, most especially, I am wondering what god he worships, since Mormonism does not embrance the Triune God. All I can say is, God help us!

     
  4. This is a load of hogwash. And anyone who believes it; might as well vote for the big O

     
  5. ps I am not saying I am voting for Romney. I haven’t made up my mind, but all these charges by other republican candidates are wrong. What a way to get a nomination.

     
  6. Newt and Romney are BIRDS of a FEATHER, and America doesn’t need either one of the scumbags, we already have one that FOOLED the people and these two WILL do the same thing. They BOTH have lived all their lives on other people’s misfortune and they will do worse if elected! Romney is owned by Big Corporation that’s wants to liquidate smaller Corporations and Gingrich is owned by Socialist media mogul Rupert Murdoch. And even Murdoch says Newt has too much baggage! The reason that the politicans become corrupt is because they are NOT afraid of the people because they know that the American people are TOO lazy to do ANYTHING about them being crooks! If we would HANG a FEW they MIGHT get better, if not, hang a few more! These BASTARDS are supposed to work for us, when they change sides, just like the Constitution says, KICK THEIR ASSES OUT! Semper Fi.

     
  7. Another hold-your-nose-and-vote-for-the-RINO election coming up…

     
  8. Little wonder the Obamanistas want Mittens RINOmney to be the repube nominee.
    With this, along with RomneyCare and a few other things, they, along with their MSM dog-washers, are going to clobber Mitt in the GE.
    If you thought what they did to John McRino back in ’08 was bad, that was mild compared to what Romney is in for should he win the nomination, and many of the sheeple will fall for it.
    -Dave

     

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