Mitt Romney an "American Parasite"

A friend of mine recently commented that though they were not a republican Mitt Romney's business sense can not be denied as evident by his track record. Perhaps some of his financial orginization savvy would be "good for the country"

I recently read this excellent article and it sheds some light into his…success at Bain and how he would ultimately run the country.

It was the early 1990s, and the 750 men and women at Georgetown Steel were pumping out wire rods at peak performance… "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."

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 of steel. The union's profit-sharing plan was sliced twice in the first year — then whacked altogether.

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

www.sfweekly.com...

This article is a good read - it explains Romney's brand of "capitilism" called "creative destruction" and how it is nothing more than identifying working healthy companies - borrowing money to pay for them , then jacking up the management fees absorbently (causing the company they purchased to actually pay Bain) then they would cut minimize workers, equipment, and eventually bankrupt the company or send the manufacturing over seas.

Though the middle class who worked at these purchased company/plants were obsolete - Bain had already turned a crazy profit for the shareholders.

Like the mentality of "flipping houses" that bankrupted the mortgage market, this is what Romney would do to America.

Successful companies are rarely 'For Sale'. rarely as in almost never.

actually, companies that are suffering and not competitive are the ones that are sold.

just thought I'd mention this, which appears obvious to me.

Romney makes perfect sense if you want to chop shop this country and sell it piece meal to china and all or other debitors.. I mean thats basically what Romney did for a living.


and dont get me wrong, Obama is the worst choice, but its like having to Chose from a Break in or a Car Jacking, doesn't really matter in the end your still screwed.

reply to post by femalepharoe


S@F and posted to FB. Here is what I had to say:

Interesting, but are people still falling for the msm and their depraved and unconstitutional propaganda to even find the need to dig up more proof against Romney? Romney is continuity of big bailouts and the era of Global military industrial one world nation and forfeiture of human rights and dignities. The end of the Rainforest, our precious Oceans and all aquatic life, in short life exchanged for profit. Have you heard of Dr. Ron Paul?

reply to post by michaelbrux


I think this qoute from the article explains it,

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.

Say for instance you have a company , it is doing well - HEALTHY in the instance that you are not in debt. A larger company comes up and says "look at our company, we can quardruple your profit" but really it means I will quadruple MY profit by killing you.

If you read the 5 page article, you would see the history of Bain purchasing profitable companies who employed 1000 of workers and within 4 years they would be in bankruptcy.

reply to post by femalepharoe


Romney and his "Kind" are nothing but leeches on the underbelly of society.

Calling themselves, Ironically, "Job Creators", all they know how to do, is DESTROY wealth while making obsene profits that they did NOTHING to earn.

The "Man" can scarcely be called such.... he is but an Animal, wearing human skin.




Good thread, btw... S+F

reply to post by michaelbrux


Successful companies are sold all the time. There are a lot of variables such as changes in partnerships, retirement, shareholder actions and many other things that can push a good company to be sold.

What really needs to be said is that successful companies are rarely "parted out" to make profit. Romney and Bain were looking for a quick buck instead of a steady stream of income if they kept the business intact.

reply to post by michaelbrux


Healthy companies are often bought out, when corporate raiders use leveraged buyouts. They are at the mercy of the banks and those banks are under the control of those same Wall Street raiders.

If you want to talk about parasites, here are a few.

Franklin Raines-Chairman of Fannie Mae when it collapsed. Raines works for the Obama Campaign as his Chief Economic Advisor.

Tim Howard, CFO of Fannie Mae-forced out for manipulating the books to show a stable pattern of earnings. Now Obama's Chief Economic Advisor under Franklin Raines.

Jim Johnson-Executive of Lehman Brothers who was forced out as CEO of Fannie Mae for hiding his salary. Johnson was hired as a Senior Obama Finance Advisor and was selected to run Obama's Vice Presidential Search Committee.

When Mitt Romney Came To Town — Full, complete version



“Mitt Romney is not a capitalist,” Tyler said. “He is a predatory corporate mugger. If you ever wonder why so many manufacturing jobs are overseas, you need to look no further than Mitt Romney. He can claim thousands of jobs created, only those jobs were created in Mexico and Southeast Asia.” - Rick Tyler, Newt Gingrich campaign adviser.

reply to post by Nite_wing


So we agree that this brand of "capitilsm" is insane?

Maybe Romney could buy China and piece that out. I would vote for him just for that.
If Romney can shed excess baggage in companies, he should be able to do it in the government.
Government is too big, too corrupt and too stupid to change on their own.
Now that 1/2 of the country is sucking on the government nipple, even the citizens are becoming useless.
Thanks Barack!

reply to post by femalepharoe


i remember reading things and seeing movies about this type of thing. profitable relative to whom? other American companies that produced steel or versus the global steel industry.

the company was obviously not well managed or innovative and was vulnerable to these types of leveraged takeovers....i would suspect they are being overly optimistic concerning their long term situation and would have died a slow death in an industry America has not been competitive in for some time.

im not saying mitt romney is not a horrible person, i'm just saying that in this example...this company was treated with the same compassion anyone would have given an injured animal in the wild. if you put it down before it dies, a creature may serve a purpose...if you wait for it to die on its own, it just rots in the sun and is only fit for the furnace.

reply to post by Nite_wing



excess baggage in companies - you mean the people this baggage? :

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

and what happened?

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.

D*mn.

america is not a corporation, it is a form of government designed to serve the people, not sell them car insurance.

and mitt romney is the type of person who is accustomed to people serving him, not the other way around.

america is also not traded on the nyse, so i don't know how mitt romney's business experience can make america better.

for america to prosper it needs selfless individuals who are driven not by money, but a sincere desire to see all americans prosper in every aspect of life, not just monetary.

would you like to see america run like a heartless corporation. are americans insane to actually consider that.

i'm pretty sure everyone has dealt with corporations. no accountability, on hold for 45 mins and once they get your money, they act like they own you.

Originally posted by michaelbrux
Successful companies are rarely 'For Sale'. rarely as in almost never.

actually, companies that are suffering and not competitive are the ones that are sold.

just thought I'd mention this, which appears obvious to me.

In the corporate world everything is for sale.

The suffering and uncompetitive companies are just sold for less.

The article is an interesting read and insight into Mitt.

Derek

Originally posted by femalepharoe
…success at Bain and how he would ultimately run the country.

More accurate of a sentence would be "...success at Bain and how he would ultimately "ruin" the country.

"RUIN" indeed.

Originally posted by Viesczy

In the corporate world everything is for sale.

poetry. Correct

Originally posted by michaelbrux
Successful companies are rarely 'For Sale'. rarely as in almost never.

actually, companies that are suffering and not competitive are the ones that are sold.

just thought I'd mention this, which appears obvious to me.

This is false. L3 Communication is in the buisness of buying up small buisnesses that are the best of what they do in a given industry. You are completely wrong. Big corporations look for successful companies to pull under their wing.

Originally posted by Nite_wing

If you want to talk about parasites, here are a few.

Franklin Raines-Chairman of Fannie Mae when it collapsed. Raines works for the Obama Campaign as his Chief Economic Advisor.

I stopped reading right there since that claim told me what you were...

Additionally, an email hoax falsely claims Raines was made "Chief Economic Advisor" for the Obama presidential campaign.

en.wikipedia.org...

In 2008, someone from the Obama campaign called Raines to get his view as to what was occuring in the mortgage crisis. That is it...he was never even an "Advisor"...let alone "Chief Economic Advisor"...which has been shown to be complete right-wing-email-spam-debunked-BS.

No worries...maybe you can get a job on the Romney campaign convincing folks Bain Capital wasn't a chop shop inspired by Gordan Gecko.