Featured Workers Call Bain Film Inaccurate

Discussion in 'Politics' started by Matthew, Jan 14, 2012.

  1. Matthew
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    Matthew Blue dog all the way!

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    Featured Workers Call Bain Film Inaccurate
    WSJ ^ | JANUARY 14, 2012 | ELIZABETH WILLIAMSON

    Featured Workers Call Bain Film Inaccurate - WSJ.com
    Three former factory workers featured in a film about layoffs at companies bought by Mitt Romney's Bain Capital say they weren't laid off by Bain, as the film implied, but got promotions and raises after Bain bought the plant they worked in...

    Mike Baxley and Tracy and Tommy Jones worked at UniMac, a washing-machine plant in Marianna, Fla., that Bain purchased in 1998. They are three of the seven workers named in the film and the only ones mentioned in the Marianna segment.

    The film presents the workers as saying that after Bain bought the plant, the company cut costs at the expense of product quality and worker welfare, and that they lost their jobs.

    In fact, the company was sold by Bain to Teachers' Private Capital, the private-equity arm of the Ontario Teachers' Pension Plan, in 2005. It was the Canadian purchaser that oversaw the Florida plant's closure and the shift of its operations to Ripon, Wis., in 2006.

    During Bain's ownership, the three employees each received multiple promotions, they said. After the plant closed, Mr. Jones said, he landed a consulting contract with UniMac's parent company, helping to coordinate the move of that plant and another in Florida. He, his wife, Tracy, and Mr. Baxley parlayed that work into Washers-R-Us, a commercial washing-machine sales-and-service business in Marianna...


    (Excerpt) Read more at online.wsj.com ...
     
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  2. Mr. H.
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    More interesting thread title: Teachers' Pension Buys Washing Machine Plant.
    wtf
     
  3. WatertheTree
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    WatertheTree Senior Member

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    I didnt get that either. WTF is any union doing buying any companies?
     
  4. Mr. H.
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    This is why so many pensions are horribly underfunded. You think they'd put the money in safe, secure, conservative instruments. Illinois' TRS is underfunded by $50 billion. That's with a B. Couple that with mismanagement and shadey accounting and it's a recipe for disaster.
     
  5. rdean
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    rdean rddean

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    3 out of how many? Then someone else tried to show another Bain "Success" where they received tens of millions in government money for just one of their companies.

    This is why Mitt won't release his tax returns. In fact, with family from Mexico and his parents living in Canada and him speaking French, I want to see that animal abuser's long for birth certificate.

    Do a search on: bain recieved taxpayer money

    and pick your source.
     
  6. JoeB131
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    JoeB131 Diamond Member

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    The same thing CHurches, and other groups are. Investment.

    Which is kind of the problem. Investment requires immediate return, not long term return, hense why the business community is so chaotic today, always looking for the cheap fix.
     
  7. Charles_Main
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    Charles_Main AR15 Owner

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    3 out of like 6 People featured in that 20 min long Movie of Straight lies.
     
  8. g5000
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    g5000 Diamond Member

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    Where do you think your 401k money goes?
     
  9. JoeB131
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    JoeB131 Diamond Member

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    In 2008, straight down the toilet, although I'm sure someone got rich off that deal.
     
  10. Toro
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    Toro Diamond Member

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    OTPPB invests in directly in private equity investments. Private equity investments have higher returns than most other investments. The difference is that Ontario Teachers invests directly. Most pensions - and most pensions invest in private equity - instead give money to companies like Bain to invest for them.

    And the Ontario Teachers Pension Plan Board is a highly professional organization.
     

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