Bain Capital closing Illinois Plant

[JoeB131]

I would hope that the resume was already done. Bain doesn't buy strong companies, only the ones that are destined to fail if no intervention is at hand.

So what you are admitting is that Bain is a vulture, then?

Stupid quote of the day so far, Joe. Where would the companies be today without the help of Bain? I tell you, a failed company.....a company that could only be found in history.
Sheeesh

Sorry, I don't buy that.

GS STeel was around for 100 years before Bain got their hooks into them. So was AmPad, which did survive it's encounter with Bain and is thriving today.... after Bain looted it.

Bain is not what Romney is portraying it as. It was there to loot and harvest. Romney was a real life Gordon Gekko.

 

[JoeB131]

Yeah. like he did to Staples! Oh, wait..
Or to Guitar Center! No, that's not right...

Dude, you couldn't buy a clue if you won the lottery.

actually, Staples didn't really start to grow until AFTER Bain sold it to the current owners. They were the ones who came up with the "Easy Button" campaign that put it on the map.

 

[JoeB131]

One of the most heavily regulated markets in the country failing is the fault of the industry, and we need more regulation. Got it.

Actually, Clinton forced banks to lend to sub prime buyers, government funded them with ultra low rates using printed money, the price went artificially high because buyers who couldn't make the payments were bidding up the price of real estate, when there was an economic blip the multitudes who couldn't afford the houses in the first place started defaulting ...

... which is how the free market failed. You're a rocket scientist you are.

Now you see, no one in the banking industry is actually blaming the CRA or calling for it's repeal.

That's just another "dog whistle" for the racist white voter.

It was them welfare people buying houses with food stamps.

 

[Trajan]

He is going to be tied to it because he used to run/work for Bain. Either way it sucks.

Well, if you're a

and cannot think for yourself, sure...

 

[Toro]

If Romney points to his business acumen as a selling point to his ability to "create jobs" for the American public, and he has, it is not unfair to criticize him when the history of his company has been just the opposite, even if, as you're claiming, only in a small way.

For those who have lost because of Romney and Bain, I would suggest that they don't feel that their livelihoods are as small a concern, or merely a moot academic point.

It is fair to criticize Romney and Bain for a handful of deals that went awry. It is unfair to criticize it as a normal way of doing business. That is flat out wrong. Bain purchased 270 companies under Romney, yet the politically motivated left repeats the same four or five over and over and over again, and tries to portray it as a normal course of business. Hey, all's fair in love and politics, but be prepared for being called out as dishonest when you do it. I mean, if this is a normal course of business, surely you can find more than a half dozen of the 270 deals done under Romney, right?

It seems the juries are out even among the sources you cite, and again, they are studies or statements of the industry in general, not Bain Capital in particular.

Actually, the jury is NOT still out. Re-read what you posted. It in no way confirms that private equity is "vulture capitalism" as you contend.

The research also indicates that private equity LBOs are associated with lower employment growth than comparable companies. However, uncertainty remains about the employment effect--in part because, as one study found, target companies had lower employment growth before being acquired.

"Lower employment growth" - which is BTW qualified in the next sentence - is not looting, plundering and firing employees at will. You guys are making that claim, so you back it up.

 

[freedombecki]

Most of you rethugs on here are disgusting fuking individuals.

Rooting for companies like Bain to take over and move American jobs overseas at the cost of jobs for American workers makes you people slime sucking fuk heads.

You all should lose your jobs. That is if you even work. Which by the number of posts many of you have, the idea of you all working is laughable.

Another example of stimulus outsourcing is Japanese wind energy firm Eurus Energy, whose U.S. subsidiary, Eurus Energy America, received $91 million in stimulus funds to build a wind farm in Texas, according to a 2010 report from American University. That wind farm reportedly was built with wind turbines manufactured by another Japanese company – Mitsubishi.

“Eurus Energy America, the U.S. subsidiary of a Japanese firm, received $91 million in stimulus money for its Bull Creek wind farm in Texas. The farm consists of 180 Mitsubishi turbines,” the American University report said.

Eurus told American University that the wind farm was actually built by British firm RES Americas and is now being run by EnXco, an American subsidiary of the French energy firm EDF Energies Nouvelles.

“Illustrating the often international nature of deals in the U.S. wind industry, a company executive told the Watchdog Institute that his company used RES Americas, a British firm, as the general contractor to build its facility. Eurus is now employing EnXco, a subsidiary of French renewable energy firm EDF Energies Nouvelles, to operate the farm,” the report said.

Another example of the Obama administration funding foreign companies is a $337 million loan guarantee from the Department of Energy’s green energy lending program.

That loan went to California energy firm Sempra Energy for a solar power array in Arizona. However, according to a Feb. 4, 2011 New York Times report, Sempra Energy bought its solar panels from the Chinese firm Suntech.

The project, known as Mesquite Solar 1, reportedly used 800,000 of the Chinese solar panels.

Perhaps the best-known example of Obama administration funding of foreign companies is its $500-million loan guarantee to Finnish automaker Fisker Automotive. That loan, part of the Energy Department’s electric vehicle lending program, was made to help Fisker establish a U.S. manufacturing presence.

However, the company never established an American factory, choosing instead to shutter its U.S. operations and continue building cars in Finland

Obama Administration Outsourced Jobs with Stimulus Funding | CNSNews.com

Three-eighths of a billion in Stimulus money to employ Americans was outsourced to the Chinese instead of creating American high-paying executive jobs?

Half a billion to the Finns given rather than to American employees?

What was Barack Hussein Obama thinking about when he ordered this, since he has such a tendency to micromanage for his campaign donors?

The American worker?

I'm tired of Obama using money earmarked for American workers to family and foreigners. That's two more F's on his report card.

 

[depotoo]

Dated: Friday 10 August 2012 11.15 EDT

Romney hasn't been at Bain for how long now?

Nothing to see here.

still his company with his attitude towards working people.

of which two of the current exec's ardently support Obama-

But Obama has outdone Romney on his own turf, collecting $76,600 from Bain Capital employees through September — and he needed only three donors to do it.

something else interesting in this article-

Obama has brought in more money from employees of banks, hedge funds and other financial service companies than all of the GOP candidates combined, according to a Washington Post analysis of contribution data.

Obama still flush with cash from financial sector despite frosty relations - The Washington Post
now, I wonder why that is...

 

[Barb]

Dated: Friday 10 August 2012 11.15 EDT

Romney hasn't been at Bain for how long now?

Nothing to see here.

still his company with his attitude towards working people.

of which two of the current exec's ardently support Obama-

But Obama has outdone Romney on his own turf, collecting $76,600 from Bain Capital employees through September — and he needed only three donors to do it.

something else interesting in this article-

Obama has brought in more money from employees of banks, hedge funds and other financial service companies than all of the GOP candidates combined, according to a Washington Post analysis of contribution data.

Obama still flush with cash from financial sector despite frosty relations - The Washington Post
now, I wonder why that is...

because business always hedges its bets. They give less to the dems, but its common practice to give to both sides.

 

[Barb]

Most of you rethugs on here are disgusting fuking individuals.

Rooting for companies like Bain to take over and move American jobs overseas at the cost of jobs for American workers makes you people slime sucking fuk heads.

You all should lose your jobs. That is if you even work. Which by the number of posts many of you have, the idea of you all working is laughable.

Another example of stimulus outsourcing is Japanese wind energy firm Eurus Energy, whose U.S. subsidiary, Eurus Energy America, received $91 million in stimulus funds to build a wind farm in Texas, according to a 2010 report from American University. That wind farm reportedly was built with wind turbines manufactured by another Japanese company – Mitsubishi.

“Eurus Energy America, the U.S. subsidiary of a Japanese firm, received $91 million in stimulus money for its Bull Creek wind farm in Texas. The farm consists of 180 Mitsubishi turbines,” the American University report said.

Eurus told American University that the wind farm was actually built by British firm RES Americas and is now being run by EnXco, an American subsidiary of the French energy firm EDF Energies Nouvelles.

“Illustrating the often international nature of deals in the U.S. wind industry, a company executive told the Watchdog Institute that his company used RES Americas, a British firm, as the general contractor to build its facility. Eurus is now employing EnXco, a subsidiary of French renewable energy firm EDF Energies Nouvelles, to operate the farm,” the report said.

Another example of the Obama administration funding foreign companies is a $337 million loan guarantee from the Department of Energy’s green energy lending program.

That loan went to California energy firm Sempra Energy for a solar power array in Arizona. However, according to a Feb. 4, 2011 New York Times report, Sempra Energy bought its solar panels from the Chinese firm Suntech.

The project, known as Mesquite Solar 1, reportedly used 800,000 of the Chinese solar panels.

Perhaps the best-known example of Obama administration funding of foreign companies is its $500-million loan guarantee to Finnish automaker Fisker Automotive. That loan, part of the Energy Department’s electric vehicle lending program, was made to help Fisker establish a U.S. manufacturing presence.

However, the company never established an American factory, choosing instead to shutter its U.S. operations and continue building cars in Finland

Obama Administration Outsourced Jobs with Stimulus Funding | CNSNews.com

Three-eighths of a billion in Stimulus money to employ Americans was outsourced to the Chinese instead of creating American high-paying executive jobs?

Half a billion to the Finns given rather than to American employees?

What was Barack Hussein Obama thinking about when he ordered this, since he has such a tendency to micromanage for his campaign donors?

The American worker?

I'm tired of Obama using money earmarked for American workers to family and foreigners. That's two more F's on his report card.

3 / 8 of ONE billion out of 787 billion, oh, the humanity. It wasn't just our recession, that shit was global, and there were some dues to pay to complementary industries.

That you count endeavors at work here which merely purchased needed SUPPLIES elsewhere...that's kind of sad. Did we have industries that made those supplies? Remember, our manufacturing moved to low wage labor platforms in droves over the last few decades.

here's a fun fact from their "about us" section:

CNSNews.com has a full staff of credentialed journalists at its world headquarters in Alexandria, Virginia, staffs full time news bureaus in Jerusalem and the Pacific Rim, and works with credentialed correspondents in London, Paris, Moscow and Nairobi.

hmmmm

CNSNews.com is not funded by the government like NPR. CNSNews.com is not funded by the government like PBS.

CNSNews.com relies on individuals like you to help us report the news the liberal media distort and ignore. Please make a tax-deductible gift to CNSNews.com today.

Did you send them a contribution?

 

[Barb]

If Romney points to his business acumen as a selling point to his ability to "create jobs" for the American public, and he has, it is not unfair to criticize him when the history of his company has been just the opposite, even if, as you're claiming, only in a small way.

For those who have lost because of Romney and Bain, I would suggest that they don't feel that their livelihoods are as small a concern, or merely a moot academic point.

It is fair to criticize Romney and Bain for a handful of deals that went awry. It is unfair to criticize it as a normal way of doing business. That is flat out wrong. Bain purchased 270 companies under Romney, yet the politically motivated left repeats the same four or five over and over and over again, and tries to portray it as a normal course of business. Hey, all's fair in love and politics, but be prepared for being called out as dishonest when you do it. I mean, if this is a normal course of business, surely you can find more than a half dozen of the 270 deals done under Romney, right?

It seems the juries are out even among the sources you cite, and again, they are studies or statements of the industry in general, not Bain Capital in particular.

Actually, the jury is NOT still out. Re-read what you posted. It in no way confirms that private equity is "vulture capitalism" as you contend.

The research also indicates that private equity LBOs are associated with lower employment growth than comparable companies. However, uncertainty remains about the employment effect--in part because, as one study found, target companies had lower employment growth before being acquired.

"Lower employment growth" - which is BTW qualified in the next sentence - is not looting, plundering and firing employees at will. You guys are making that claim, so you back it up.

The fact remains that he's done it enough to get attention, and not just to "four or five companies," and I didn't indict the whole of venture capitalism, I specifically concentrated on vulture capitalism as ROMNEY's Bain Capital conducted it.

Speaking of honesty, it would be more forthcoming of you to stop truncating our conversation to suit your slant on it, just saying.

Dollars To Donuts: Why Dunkin' Employees Hate Mitt Romney | The New Republic

In fact, there was another reason for Romney to be familiar with Dunkin’ Donuts: It’s arguably one of Bain Capital’s success stories (by their reckoning, anyway). And while Romney was gone from Bain Capital by the time it purchased this New England staple in 2005, his campaign has become a target for slighted employees who want higher wages, benefits, and better working conditions.

And these Dunkin’ employees are not alone. Dozens of workers from other Bain-owned companies across the country like Burlington Coat Factory, Baskin Robbins, and Toys ‘R’ Us joined a handful of Dunkin’ employees this week in Tampa at a rally to decry the dehumanizing impact of Bain-style capitalism. At a Dunkin’ employee pancake breakfast in Dorchester, Massachusetts this past Saturday, I spoke with a handful of these current and former Dunkin’ Donut employees who are wicked friggin’ pissed at Mitt—and ready to go tell him all about it.

Admittedly, the timing is problematic, as a P.R. rep for Bain was happy to inform me: The company has cut itself loose from Dunkin’, having just sold off the last of its shares a matter of weeks ago (it went public in July 2011), completing the private equity cycle of life. After growing the stock price, while hanging the company with $1.25 billion in debt, Bain sold its stake in the company on August 15, making a tidy $600 million. But one of the event organizers insisted to me that Bain’s sale of its stake does nothing to diminish their critique of Bain’s brand of management.

The conversation about Bain, though, isn’t just about the finer points of the company’s management strategy. Yes, it’s partially about Romney’s legacy there and what that says about his leadership abilities, but intentionally or not, it has also become a vehicle for a larger conversation about the state of the American worker. Of the 50 largest employers of low-wage workers, 92 percent were profitable last year, and 75 percent have higher revenues than they did before the recession. Half of all low-wage workers are employed in the food services industry. And despite higher revenues, almost 60 percent of these jobs pay less than $10 per hour at a time when the purchasing power of today’s minimum wage is 30 percent lower than it was in 1968. And, if we zero in on Massachusetts, Fitzpatrick and co.’s gripes seem even more justified: Massachusetts has the eighth highest minimum wage in the country at eight dollars an hour (the federal minimum is $7.25), but that still means that a full-time worker only makes $16,640.

Obviously such statistics can’t be attributed to a single company. But by touting his record on job creation, Romney has opened the door to a closer critique of the type of jobs he’s created—which, these Dunkin’ employees feel, should be a bigger concern to Democrats than the jobs Romney may have outsourced. In a sense, this is a revival of the themes of the devastating SCM and AmPad ads that Ted Kennedy ran in his 1994 campaign against Romney, where workers described being laid off, then reapplying for their jobs with slashed benefits.

But the thrust of the critique pushed by the workers remains: More attention should be paid to the types of jobs they think a Romney economy would create, not just the jobs lost in Bain takeovers. It’s hard to outsource a job making coffee, but it’s easy to make that job a lot worse.

 

[Trajan]

If you're working somewhere and find out that Bain bought your company; you're next move should be to brush up on the resume. This is what they do if it makes economic sense to do so; jobs, tradition, the community etc... be damned.

I would hope that the resume was already done. Bain doesn't buy strong companies, only the ones that are destined to fail if no intervention is at hand.

So what you are admitting is that Bain is a vulture, then?

Shithouse sophistry fail......

 

[Trajan]

So what you are admitting is that Bain is a vulture, then?

Stupid quote of the day so far, Joe. Where would the companies be today without the help of Bain? I tell you, a failed company.....a company that could only be found in history.
Sheeesh

Sorry, I don't buy that.

GS STeel was around for 100 years before Bain got their hooks into them. So was AmPad, which did survive it's encounter with Bain and is thriving today.... after Bain looted it.

Bain is not what Romney is portraying it as. It was there to loot and harvest. Romney was a real life Gordon Gekko.

Hello, you don't remember The bottom falling out of the steel industry?

so, you are only 16

 

[Trajan]

If Romney points to his business acumen as a selling point to his ability to "create jobs" for the American public, and he has, it is not unfair to criticize him when the history of his company has been just the opposite, even if, as you're claiming, only in a small way.

For those who have lost because of Romney and Bain, I would suggest that they don't feel that their livelihoods are as small a concern, or merely a moot academic point.

It is fair to criticize Romney and Bain for a handful of deals that went awry. It is unfair to criticize it as a normal way of doing business. That is flat out wrong. Bain purchased 270 companies under Romney, yet the politically motivated left repeats the same four or five over and over and over again, and tries to portray it as a normal course of business. Hey, all's fair in love and politics, but be prepared for being called out as dishonest when you do it. I mean, if this is a normal course of business, surely you can find more than a half dozen of the 270 deals done under Romney, right?



Actually, the jury is NOT still out. Re-read what you posted. It in no way confirms that private equity is "vulture capitalism" as you contend.



"Lower employment growth" - which is BTW qualified in the next sentence - is not looting, plundering and firing employees at will. You guys are making that claim, so you back it up.

The fact remains that he's done it enough to get attention, and not just to "four or five companies," and I didn't indict the whole of venture capitalism, I specifically concentrated on vulture capitalism as ROMNEY's Bain Capital conducted it.

Speaking of honesty, it would be more forthcoming of you to stop truncating our conversation to suit your slant on it, just saying.

Dollars To Donuts: Why Dunkin' Employees Hate Mitt Romney | The New Republic

The conversation about Bain, though, isn’t just about the finer points of the company’s management strategy. Yes, it’s partially about Romney’s legacy there and what that says about his leadership abilities, but intentionally or not, it has also become a vehicle for a larger conversation about the state of the American worker. Of the 50 largest employers of low-wage workers, 92 percent were profitable last year, and 75 percent have higher revenues than they did before the recession. Half of all low-wage workers are employed in the food services industry. And despite higher revenues, almost 60 percent of these jobs pay less than $10 per hour at a time when the purchasing power of today’s minimum wage is 30 percent lower than it was in 1968. And, if we zero in on Massachusetts, Fitzpatrick and co.’s gripes seem even more justified: Massachusetts has the eighth highest minimum wage in the country at eight dollars an hour (the federal minimum is $7.25), but that still means that a full-time worker only makes $16,640.

Obviously such statistics can’t be attributed to a single company. But by touting his record on job creation, Romney has opened the door to a closer critique of the type of jobs he’s created—which, these Dunkin’ employees feel, should be a bigger concern to Democrats than the jobs Romney may have outsourced. In a sense, this is a revival of the themes of the devastating SCM and AmPad ads that Ted Kennedy ran in his 1994 campaign against Romney, where workers described being laid off, then reapplying for their jobs with slashed benefits.

But the thrust of the critique pushed by the workers remains: More attention should be paid to the types of jobs they think a Romney economy would create, not just the jobs lost in Bain takeovers. It’s hard to outsource a job making coffee, but it’s easy to make that job a lot worse.

The fact remains that he's done it enough to get attention, and not just to "four or five companies," and I didn't indict the whole of venture capitalism, I specifically concentrated on vulture capitalism as ROMNEY's Bain Capital conducted it.

Let me Translation that for everyone, barb says- I know squat about what romneys biz was and how they work, or I am a cut rate hack.......

 

[eflatminor]

I think the OP and several others are missing the point. If a plant in Illinois is being closed, it's because the owners of the business believe it's in their interest to do so. It's their business, it's their choice.

My question is why do you believe you should have any say whatsoever as to how a business is run, when you don't own that business?

They are closet fascists, that's all.

It would appear so...But I want to ask the question of the OP and his supporters. Again, tell me why do you believe you should have any say whatsoever as to how a business is run, when you don't own that business?

Seriously guys, I am out of line here? What makes you think anyone that doesn't own a company should have the right to determine the fate of that company?

In other words, if the fate of a particular company working in conjunction with Bain or any other entity succeeds or fails, how are the choices the shareholders of that company made any of your business?

 

[Toro]

Speaking of honesty, it would be more forthcoming of you to stop truncating our conversation to suit your slant on it, just saying.

Dollars To Donuts: Why Dunkin' Employees Hate Mitt Romney | The New Republic

And yet, here you are, posting a hatchet article about a company that has absolutely nothing to do with Mitt Romney.

I can list any of the older private equity firms - KKR, Apollo, Carlyle, Blackstone, etc. - and find a handful of companies for each of them that went down in flames. I agree with some of the criticisms - that they sometimes put on too much debt or they take out too much in fees - but "vulture capitalism" generally does NOT represent what these private equity firms do, and that includes Bain.

 

[Toro]

Stupid quote of the day so far, Joe. Where would the companies be today without the help of Bain? I tell you, a failed company.....a company that could only be found in history.
Sheeesh

Sorry, I don't buy that.

GS STeel was around for 100 years before Bain got their hooks into them. So was AmPad, which did survive it's encounter with Bain and is thriving today.... after Bain looted it.

Bain is not what Romney is portraying it as. It was there to loot and harvest. Romney was a real life Gordon Gekko.

Hello, you don't remember The bottom falling out of the steel industry?

so, you are only 16

That, and GS Steel was a troubled company when Bain purchased it. JoeAmpad knows this but continues to repeat the lies.

 

[Trajan]

If Romney points to his business acumen as a selling point to his ability to "create jobs" for the American public, and he has, it is not unfair to criticize him when the history of his company has been just the opposite, even if, as you're claiming, only in a small way.

For those who have lost because of Romney and Bain, I would suggest that they don't feel that their livelihoods are as small a concern, or merely a moot academic point.

It is fair to criticize Romney and Bain for a handful of deals that went awry. It is unfair to criticize it as a normal way of doing business. That is flat out wrong. Bain purchased 270 companies under Romney, yet the politically motivated left repeats the same four or five over and over and over again, and tries to portray it as a normal course of business. Hey, all's fair in love and politics, but be prepared for being called out as dishonest when you do it. I mean, if this is a normal course of business, surely you can find more than a half dozen of the 270 deals done under Romney, right?

It seems the juries are out even among the sources you cite, and again, they are studies or statements of the industry in general, not Bain Capital in particular.

Actually, the jury is NOT still out. Re-read what you posted. It in no way confirms that private equity is "vulture capitalism" as you contend.

The research also indicates that private equity LBOs are associated with lower employment growth than comparable companies. However, uncertainty remains about the employment effect--in part because, as one study found, target companies had lower employment growth before being acquired.

"Lower employment growth" - which is BTW qualified in the next sentence - is not looting, plundering and firing employees at will. You guys are making that claim, so you back it up.

let me add-


Among the findings: 22% either filed for bankruptcy reorganization or closed their doors by the end of the eighth year after Bain first invested, sometimes with substantial job losses. An additional 8% ran into so much trouble that all of the money Bain invested was lost.

more at-

Romney at Bain Capital: Big Gains, Some Busts - WSJ.com

 

[Shelzin]

They are closet fascists, that's all.

It would appear so...But I want to ask the question of the OP and his supporters. Again, tell me why do you believe you should have any say whatsoever as to how a business is run, when you don't own that business?

Seriously guys, I am out of line here? What makes you think anyone that doesn't own a company should have the right to determine the fate of that company?

In other words, if the fate of a particular company working in conjunction with Bain or any other entity succeeds or fails, how are the choices the shareholders of that company made any of your business?

No sir... You are not out of line.

However... It is everyone's business about how he would run the country. He says he would be a better president because of his business background. Well... That's his business background. So it's absolutely valid to question it.

 

[Chris]

"This is a man without a core, a man without substance, a man that will say anything to become president of the United States."

Republican Rudy Giuliani on Romney

 

[Chris]

Romney represents capital's desire for the higher returns through cheaper labor costs.

Capital does not care about externalities like patriotism or morality; if it can get higher returns stabbing the American worker in the back in favor of sweatshop labor, than so be it.