Bain Capital Benefited From "Corporate Welfare"

[J.E.D]

"oops"


Mitt Romney no stranger to tax breaks, subsidies - Los Angeles Times

The story of Bain and Steel Dynamics illustrates how Romney, during his business career, made avid use of public-private partnerships, something that many conservatives consider to be "corporate welfare." It is a commitment that carried over into his term as governor of Massachusetts, when he offered similar incentives to lure businesses to his state.

Yet as he seeks the GOP presidential nomination, he emphasizes government's adverse effects on economic growth.

"Fundamentally, what happens in America that creates jobs is not government. It has its role. But by and large, it gets in the way of creating jobs," he said during a debate Saturday sponsored by ABC News and Yahoo.

Bain Capital began looking at investing in the steel start-up in late 1993. At the time, Steel Dynamics was weighing where to locate its first plant, based in part on which region offered the best tax incentives. In June 1994, Bain put $18.2 million into Steel Dynamics, making it the largest domestic equity holder. It sold its stake five years later for $104 million, a return of more than $85 million.

As Bain made its investment, the state and county pledged $37 million in subsidies and grants for the $385-million plant project. The county also levied a new income tax to finance infrastructure improvements to benefit the steel mill over the heated objections of some county residents.

"I'm very pro-business, but I'm not pro-business-welfare," said DeKalb County resident Suzanne Beaman, 58, who fought the incentives. Steel Dynamics "would have done fine without our tax dollars, I have no doubt."

 

[PoliticalChic]

"oops"


Mitt Romney no stranger to tax breaks, subsidies - Los Angeles Times

The story of Bain and Steel Dynamics illustrates how Romney, during his business career, made avid use of public-private partnerships, something that many conservatives consider to be "corporate welfare." It is a commitment that carried over into his term as governor of Massachusetts, when he offered similar incentives to lure businesses to his state.

Yet as he seeks the GOP presidential nomination, he emphasizes government's adverse effects on economic growth.

"Fundamentally, what happens in America that creates jobs is not government. It has its role. But by and large, it gets in the way of creating jobs," he said during a debate Saturday sponsored by ABC News and Yahoo.

Bain Capital began looking at investing in the steel start-up in late 1993. At the time, Steel Dynamics was weighing where to locate its first plant, based in part on which region offered the best tax incentives. In June 1994, Bain put $18.2 million into Steel Dynamics, making it the largest domestic equity holder. It sold its stake five years later for $104 million, a return of more than $85 million.

As Bain made its investment, the state and county pledged $37 million in subsidies and grants for the $385-million plant project. The county also levied a new income tax to finance infrastructure improvements to benefit the steel mill over the heated objections of some county residents.

"I'm very pro-business, but I'm not pro-business-welfare," said DeKalb County resident Suzanne Beaman, 58, who fought the incentives. Steel Dynamics "would have done fine without our tax dollars, I have no doubt."

Joey....there's business, and then there's business.

Check this out:

1. “On March 3, 2007 USA Today ran a piece on then-Senator Obama regarding two stocks in his portfolio. Obama was running for President and his critics were stating that the Senator may have been involved in insider trading, cronyism, using his position for personal gain, etc. Basically the media ran this story for a day, and then kissed it goodbye. Could you imagine the outrage if these same set of circumstances involved a Republican running for President?” Obama the Investor

2. And, from the original AP story: WASHINGTON — Democratic presidential candidate Barack Obama said Wednesday he was not aware he had invested in two companies backed by some of his top donors and said he had done nothing to aid their business with the government. The Illinois senator faced questions about more than $50,000 in investments he made right after taking office in 2005 in two speculative companies, AVI Biopharma and Skyterra Communications.

3. Obama purchased $5,000 in shares for AVI, which was developing a drug to treat avian flu. Two weeks after buying the stock, as the disease was spreading in Asia, Obama pushed for more federal funding to fight the disease, but he said he did not discuss the matter with any company officials.

4. Obama also had more than $50,000 in shares of Skyterra, a company that had just received federal permission to create a nationwide wireless network that combined satellite and land-based communications systems. Among the company’s top investors were donors who raised more than $150,000 for Obama’s political committees, the New York Times reported Wednesday.

5. Obama said he didn’t invest in a qualified blind trust because it wouldn’t enable him to limit which companies he invested in, such as those in the tobacco industry and other areas that he did not want to support. USATODAY.com - Obama faces questions on his investments

6. Obama with coincidental investment connections. Obama who was an upside down borrower on his condo. Obama who just got a little “boneheaded” advice from convicted felon Tony Rezko when he bought his mansion in Chicago. Obama the Investor

7. Skyterra doesn’t ring a bell? Well, how about under its new name: LightSquared? “Reston-based satellite company SkyTerra Communications Inc. re-emerged July 20 as LightSquared,…” SkyTerra, now LightSquared, enters the national 4G race - Washington Business Journal

8. “The liberal Daily Beast reports on a broadband project backed by a frequent Obama White House visitor and donor that has Pentagon officials concerned over potential military GPS interference. The Obama FCC took the lead in intervening on the donor, billionaire hedge fund manager Philip Falcone’s, behalf and granting his company called “LightSquared” one of those coveted Obama waivers from existing law. Then Obama officials reportedly pressured a general to alter his testimony about the company’s impact on military satellite transmissions.” Michelle Malkin » LightSquared: The next Obama pay-for-play morass?

9. The liberal Daily Beast reports: “Now the Pentagon has been raising concerns about a new wireless project by a satellite broadband company in Virginia called LightSquared, whose majority owner is an investment fund run by Democratic donor Philip Falcone. Gen. Shelton was originally scheduled to testify Aug. 3 to a House committee that the project would interfere with the military’s sensitive Global Positioning Satellite capabilities, which control automated driving directions and missile targeting, among other things.” Michelle Malkin » LightSquared: The next Obama pay-for-play morass?

10. Hope and Change? Or "business" as usual?

You votin' for this crook?

 

[The Rabbi]

So Bain looked at where taxes were lower and decided to locate the business there?
Really? This is newsworthy?
The Left must be pissing themselves.

 

[Lakhota]

 

[Artevelde]

What an obsession with Bain? Is this the best Obama's supporters have to offer? Pretty pathetic.

 

[The Rabbi]

What an obsession with Bain? Is this the best Obama's supporters have to offer? Pretty pathetic.

Pretty soon the Obama campaign will be releasing Bain's personnel policies, offering criticisms and suggestions as to why it should have been better.

The Obama campaign is in total rout. They don't even know who their friends are.

 

[bripat9643]

When the government is handing out money, any business that turns it down is foolish. However, that doesn't make the policy of handing out money smart.

"oops"


Mitt Romney no stranger to tax breaks, subsidies - Los Angeles Times

The story of Bain and Steel Dynamics illustrates how Romney, during his business career, made avid use of public-private partnerships, something that many conservatives consider to be "corporate welfare." It is a commitment that carried over into his term as governor of Massachusetts, when he offered similar incentives to lure businesses to his state.

Yet as he seeks the GOP presidential nomination, he emphasizes government's adverse effects on economic growth.

"Fundamentally, what happens in America that creates jobs is not government. It has its role. But by and large, it gets in the way of creating jobs," he said during a debate Saturday sponsored by ABC News and Yahoo.

Bain Capital began looking at investing in the steel start-up in late 1993. At the time, Steel Dynamics was weighing where to locate its first plant, based in part on which region offered the best tax incentives. In June 1994, Bain put $18.2 million into Steel Dynamics, making it the largest domestic equity holder. It sold its stake five years later for $104 million, a return of more than $85 million.

As Bain made its investment, the state and county pledged $37 million in subsidies and grants for the $385-million plant project. The county also levied a new income tax to finance infrastructure improvements to benefit the steel mill over the heated objections of some county residents.

"I'm very pro-business, but I'm not pro-business-welfare," said DeKalb County resident Suzanne Beaman, 58, who fought the incentives. Steel Dynamics "would have done fine without our tax dollars, I have no doubt."