Just how many jobs did Romney create?

[paulitician]

Many more than Obamy's "Jobs Czar" GE CEO Jeffrey Immelt has.

 

[Meister]

The U.S. Small Business Administration has seen lots of small businesses come and, unfortunately, go. According to the SBA, over 50% of small businesses fail in the first five years.
Why Small Businesses Fail: SBA

 

[paulitician]

GE CEO and "Jobs Czar" Jeffrey Immelt, sure has created a whole lot of jobs huh?...The problem is,they were all created in foreign nations like China. WTG Obama! Fucked another one up.

 

[JamesInFlorida]

Let's say you purchase 4-5 companies that produce radios (random product I chose), and consolidate them into 1 company that radios. You then liquidate most of the assets, and make the "new" company, more profitable (by expanding the market, cutting back on costs, using the good aspects of each of the 4-5 companies, hiring your own people to run it, etc.). Finally you sell that company for a profit (sometimes very large)-you technically created jobs at that one company-but you also ended many jobs at the 4-5 original companies.

I'm not saying this should be made illegal by any means, but it certainly can be immoral in certain situations.

OK. So let's say that one company that you created from the 4/5 invests in new machinery, making their product faster and cheaper to produce... and new technology that makes their radios unique in the market. And let's then say that company sees a massive increase in sales.... so they then need more workers... and those who were employed in the 4/5 now find they can get better jobs, at higher pay, and learn new skills....

Both scenarios happen.

But VC companies do not go into businesses to close them down. That is always the least profitable - and therefore the least attractive outcome.

Of course both scenarios can happen, it's why I said in "certain situations".

VC don't go into companies to shut them down-they go in to make a profit. This means shutting them down isn't necessarily out of the discussion (if it benefits them). The company's capital may profitable enough to purchase the company and liquid certain capital and assets-while keeping others. Because while you may lose some money in the short run-you're making it up in the long term by consolidating it with the other companies.

Let's say hypothetically a VC purchases a company and shuts the company down, most people ask how could you possibly make a profit with that? Easy (in some cases). You're purchasing their market/customers/capital/potential/information/etc.

I'm not painting all VCs like this, but a lot of them are. They put profits first (like almost any non-NFP does).

As a side note-where did you learn what VCs do? I'm just curious really. Have you ever dealt with them any capacity before?

 

[JamesInFlorida]

I think people should understand the type of business that Bain is in. If I'm correct they invest in upstart companies and companies that have red flags, If both of these types of companies succeed, the rewards are great, if not they can hurt. They all are risk investments, and if left alone or handled by another company, the outcomes would probably not change. I don't think you can put the blame on any one person, or even on Bain. Some companies succeed and the majority fail in this country.
It looks like those that want Romney to fail are only counting the companies that fail and so does the employment of those companies. The ones that succeed seems not to be counted in the mix.
I'm not a Romney fan, but I do understand how Bain and companies like Bain work....the rewards and the failures.

Not every private-equity investment firm works in the way you mention. And ones that do don't solely act in that manner.

 

[JoeB131]

Here's the key thing, though. Romney's argument is that at Bain, he was a job creator.

But Bain only created jobs if Bain could make a profit.

If Bain could make a profit firing people and selling off the assets, they did that.

If they could make a profit leaving the government on the hook for a bailout while they collected gobs of money, they did that, too. (See GS Steel, where they Pension fund required a 44 Million dollar federal bailout while the Bain Vultures pocketed millions.)

If they could make a profit while leaving investors with worthless paper, they did that. (See AmPad, where the stock dropped to 11 cents a share and they declared bankruptcy with 400 million in debt.)

If they could make a tidy profit defrauding the government, like Damon Medical did and paid a record fine of 108 million, they did that, too.

 

[Procrustes Stretched]

He says 100,000.

I say he's lying.

Anyone know if he created any jobs at all, and if so how many?

better question: How many American jobs did Willard Mitt Romney ship overseas?

Willard Mitt Romney

 

[Charles_Main]

He says 100,000.

I say he's lying.

Anyone know if he created any jobs at all, and if so how many?

So you seriously need Private Equity explained to you? Bain Provided Capital to many non Publicly Traded Companies looking to expand, Survive hard times, or start up. 80% of their Investments were considered successful. Companies grew, People were Hired.

Why can't you understand that.

People from Both sides of the isle say Bain is a Great example of Private Equity helping Businesses Grow and be Prosperous. Every Fact checker so far says the Out sourcing, and Raiding Charges are Baseless, and unfair.

I can't believe I used to think you were ok Ravi. You have become so blatantly dishonest. Pretty sad.

 

[paulitician]

More than your Dear Leader and his 'Jobs Czar' GE CEO Jeffrey Immelt have. Immelt is the best Jobs Czar China ever had for God's sake.

 

[Charles_Main]

Here's the key thing, though. Romney's argument is that at Bain, he was a job creator.

But Bain only created jobs if Bain could make a profit.

If Bain could make a profit firing people and selling off the assets, they did that.

and 9 Times out of 10 if they did that, the company was going to go under anyways.

They Bought interests in companys Hoping they would do well so they would make a long term Profit income off it, if they failed Bain Re cooped as much of it's investors money as it could out of the remains.

It smacks of Ignorance to think that Private Equity is in the Business of looking for Companies to buy and Break apart and sell off. The Big Money is in Success not Failure.

That's why Everyone but you far left loons and die hard Obama Supporters says this entire line of Attack is BOGUS.

 

[Procrustes Stretched]

Democrats say Romney tax returns could clarify Bain departure date - latimes.com

Democrats, Republicans, and everyone else can agree on one thing: If Romney releases his tax returns and board minutes we can settle this Bain-gate and move on.

"Either Mitt Romney misrepresented his tenure at Bain to the SEC or he misrepresented it to the voters of Massachusetts," said Ben LaBolt, an Obama campaign spokesman, on Fox News. "If he released more documents, like further tax returns, we would know the extent of his involvement at Bain during this period. If he released board minutes, we'd know the extent of his involvement at Bain."


The tax returns issue could prove a thorny one for Romney, who was booed at a GOP debate in South Carolina earlier this year after he equivocated on whether he would release the returns. His 2011 returns, released in January, showed that Romney and wife Ann paid $3 million in taxes in 2010 on $21.7 million in income, a tax rate of 13.9%, much lower than the 35% marginal rate.

 

[JoeB131]

Here's the key thing, though. Romney's argument is that at Bain, he was a job creator.

But Bain only created jobs if Bain could make a profit.

If Bain could make a profit firing people and selling off the assets, they did that.

and 9 Times out of 10 if they did that, the company was going to go under anyways.

They Bought interests in companys Hoping they would do well so they would make a long term Profit income off it, if they failed Bain Re cooped as much of it's investors money as it could out of the remains.

It smacks of Ignorance to think that Private Equity is in the Business of looking for Companies to buy and Break apart and sell off. The Big Money is in Success not Failure.

That's why Everyone but you far left loons and die hard Obama Supporters says this entire line of Attack is BOGUS.

Well, they can say that, but out here in the work for a living world, that shit don't resonate.

"HOney, I got laid off today, but it's all good, the investors made their money back".

Nobody ever says this.

 

[Stephanie]

So....nothing but deflection. That must mean no one knows.

how many have you created is what I want to know?

 

[EriktheRed]