Federal Deposit Insurance Corporation bailed out Bain Capital

[rdean]

Romney Attack Ad of 1994 - YouTube

Maybe he's just against government when it helps working men and women.

------------------------------------------------

Mitt didn't oppose TARP. But he did oppose saving millions of middle class jobs associated with the auto industry.

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Special report: Romney's steel skeleton in the Bain closet | Reuters

Less than a decade later, the mill was padlocked and some 750 people lost their jobs. Workers were denied the severance pay and health insurance they'd been promised, and their pension benefits were cut by as much as $400 a month.

What's more, a federal government insurance agency had to pony up $44 million to bail out the company's underfunded pension plan. Nevertheless, Bain profited on the deal, receiving $12 million on its $8 million initial investment and at least $4.5 million in consulting fees.

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When you start going through Bain companies, it seems company after company recieved some kind of Government dole. Bailouts, incentives. Who made more? Bain from the Government or the American people from Bain?

 

[Moonglow]

gotta love those chum loving sharks with sterling reputations.

 

[SniperFire]

It will be fun watching Libtard heads explode in November!

 

[The T]

No, Bain Did Not Get a ‘Bailout’

The Pension Benefit Guaranty Corporation is a similar organization: It charges pension funds a fee and guarantees pension benefits in the event that a fund becomes insolvent. That was the case with GS Technologies, a failed steel mill in which Bain was a major shareholder. When the company collapsed in 2001 (after Romney had left Bain, incidentally), its pension fund was severely underfunded, and the PBGC ponied up $44 million to make sure that pension checks got cut. Which is to say, the PBGC did what the PBGC was there to do. The PBGC is a less well-run organization than the FDIC, and its standards probably ought to be higher than they are, but those facts do not tell us anything about Bain’s investment in GS Technologies.

One might argue that the PBGC creates a moral hazard, encouraging managements to intentionally underfund pensions while offloading the risk onto the federal agency, but it would be difficult to make the case that this describes Bain’s actions in the GS Technologies case. Simply put, the U.S. steel industry got wiped out by lean and wily foreign competitors in those years: Half of the U.S. steel industry went belly-up around the turn of the century. Bain had both good luck and bad luck with its steel investments. Some of the firms thrived, and some did not. That is the nature of investing, which is another word for risk-taking.

If anything, Romney’s record in the Bain turnaround looks even better on closer examination — money was clawed back from no-account executives, and ownership of the firm was transferred to the general partners from the senior partners who led the company to disaster. Whatever else it was, it was nothing like a “bailout.”

 

[SniperFire]

http://www.nationalreview.com/exchequer/287927/no-bain-did-not-get-bailout

Another rdean fail thread, then?

Imagine that/

 

[Moonglow]

no bail-out? Well then what do you call it when you blow someones pension and refuse to pay it back with corporate funds?

 

[blastoff]

Bain could turn out to be their bane.

 

[rdean]

In 1991, when Bain was on the brink of bankruptcy, the company was forgiven millions by the FDIC.

That is the very definition of "bail out".

I post this info because it's important to understand where Romney is actually coming from. Ignorant right wing turds won't bother to learn anything. They are simply too damaged from the indoctrination.

 

[PredFan]

Another rdean fail thread.

 

[CrusaderFrank]

Why is the government guaranteeing private pensions?

 

[The T]

why is the government guaranteeing private pensions?

^^This

 

[CrusaderFrank]

Deany, do you know what the FDIC is?

 

[Soggy in NOLA]

What would our days be like without a rdean fail thread?

 

[The T]

What would our days be like without a rdean fail thread?

A few less yuk-yuks...but hey? There are more flounders on the docks floppin'.

 

[Dr.Drock]

Why are democrats complaining about Bain?

Don't they know Bain gives way more bribes to to democrats than republicans?

It's not even close.

 

[CrusaderFrank]

What would our days be like without a rdean fail thread?

USMB loves Deany because he so funny especially when he think he's being serious

 

[Conservative]

research is your friend Rderp, you should try it.

Bain & Company - Wikipedia, the free encyclopedia

Facing financial duress, Bain Capital partner Mitt Romney was asked to rejoin and lead Bain & Co. as interim CEO. Bringing along two lieutenants 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,[10] which by that time had been seized by the FDIC and placed in Chapter 7 liquidation.

The Boston Globe pointed out that:

"Over several weeks, Romney managed negotiations with the banks and among the partners... The moment came when negotiations produced a package in which Bill Bain and the founding partners would give up control of the firm, turning back $30 million they had taken from the ESOP and $100 million in notes they held against the firm."

Romney’s plan involved "a complicated restructuring of the firm's stock-ownership plan, real-estate holdings, bank loans, and money still owed to partners".[11] To avoid the financial crisis that a buyout would have triggered, the group of founding partners agreed to return about $100M cash and forgive outstanding debt.[6]

looks like what actually happened is Romney got the partners to return a shitload of money.

I post this info because it's important to understand where Romney is actually coming from. Ignorant left wing turds won't bother to learn anything. They are simply too damaged from the indoctrination.

 

[BreezeWood]

No, Bain Did Not Get a

Bain had both good luck and bad luck with its steel investments.

Special report: Romney's steel skeleton in the Bain closet | Reuters

Nevertheless, Bain profited on the deal, receiving $12 million on its $8 million initial investment and at least $4.5 million in consulting fees.

Bain had both good luck and bad luck ...

The point is either way Bain (Romney) insured itself to make a profit irregardless the outcome to the enterprise.

 

[Soggy in NOLA]

No, Bain Did Not Get a

Bain had both good luck and bad luck with its steel investments.

Special report: Romney's steel skeleton in the Bain closet | Reuters

Nevertheless, Bain profited on the deal, receiving $12 million on its $8 million initial investment and at least $4.5 million in consulting fees.

Bain had both good luck and bad luck ...

The point is either way Bain (Romney) insured itself to make a profit irregardless the outcome to the enterprise.

So?

 

[Conservative]

Romney Attack Ad of 1994 - YouTube

Maybe he's just against government when it helps working men and women.

------------------------------------------------

Mitt didn't oppose TARP. But he did oppose saving millions of middle class jobs associated with the auto industry.

-----------------------------------------------

Special report: Romney's steel skeleton in the Bain closet | Reuters

Less than a decade later, the mill was padlocked and some 750 people lost their jobs. Workers were denied the severance pay and health insurance they'd been promised, and their pension benefits were cut by as much as $400 a month.

What's more, a federal government insurance agency had to pony up $44 million to bail out the company's underfunded pension plan. Nevertheless, Bain profited on the deal, receiving $12 million on its $8 million initial investment and at least $4.5 million in consulting fees.

----------------------------------------------

When you start going through Bain companies, it seems company after company recieved some kind of Government dole. Bailouts, incentives. Who made more? Bain from the Government or the American people from Bain?

BTW, dipshit, it was BAIN & COMPANY that Romney saved by renegotiating debt, talking the partners out of control, and talking the partners into returning hundreds of millions of dollars... NOT Bain Capital.

So, not only are you a liar, you're stupid as well.