Bain Capital closing Illinois Plant

[kaz]

Bain was a parasite, not a vital organ

Parasites don't save the host, dumb ass. Stop being such a Mormon. If you want to see a parasite, look in the mirror...

 

[kaz]

Dated: Friday 10 August 2012 11.15 EDT

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

Nothing to see here.

True, there is nothing to be seen in anything you post. But I digress.

It does not take a spin to see that Bain Capital is the same Bain Capital it was during Romney's participation [if Romney remains a recipient - even if he only takes a cut of their profits - one can't argue he is not continuing to participate].

Corporate raiders are good for the economy, so his supporting that is a badge of honor.

I like though how it's fine to be a lifetime government hack leading the government, no conflict there. But capitalists have to renounce capitalism. That's a conflict.

 

[Katzndogz]

Romney isn't at Bain, hasn't been at Bain for years.

Why Romney can't save the Sensata workers - The Term Sheet: Fortune's deals blog Term Sheet

What the protesters want is for Mitt Romney to intervene on their behalf, leveraging both his national profile and his relationship with Bain Capital executives. And, in theory, it makes sense. After all, what presidential candidate wouldn't want to help save 170 American manufacturing jobs? Particularly someone who talks about getting tough with China?
But it simply isn't going to happen.
For the uninitiated, here's a quick backgrounder: Late last year, a Bain-owned company called Sensata Technologies (ST) agreed to buy an auto-sensor manufacturing unit from Honeywell (HON). From the outset, Sensata said that it planned to move the jobs overseas at year-end 2012, since the majority of its auto-sensor business is in Asia. In fact, Sensdata didn't even buy the manufacturing facility from Honeywell. It leased it, with Honeywell expected to hang a for-sale sign when Sensata moves out in a few months.

What the Sensata workers really should spend their time on is pressuring state pension funds that invest with Bain (or which will be asked to invest on Bain's new fund later this year). Make a broader economic case about how keeping 170 Freeporters employed is better for the state -- and, by extension, its public pensioners -- than is making a few extra dollars on Sensata.
Kind of like the pressure applied by certain Permira shareholders a few years back when it looked to shut down a Hugo Boss facility in Ohio. After all, there is no reason why Sensata, if it wanted, couldn't simply buy the Freeport building from Honeywell and keep it open.

This is turning out to be just another democrat lie.

 

[Wry Catcher]

Dated: Friday 10 August 2012 11.15 EDT

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

Nothing to see here.

True, there is nothing to be seen in anything you post. But I digress.

It does not take a spin to see that Bain Capital is the same Bain Capital it was during Romney's participation [if Romney remains a recipient - even if he only takes a cut of their profits - one can't argue he is not continuing to participate].

Corporate raiders are good for the economy, so his supporting that is a badge of honor.

I like though how it's fine to be a lifetime government hack leading the government, no conflict there. But capitalists have to renounce capitalism. That's a conflict.

Explain how corporate raiding is good for the economy. BTW, many of those you suggest are renouncing capitalism are simply trying to save capitalism from capitalists (Romeny and other plutocrats).

 

[naturegirl]

He''s the guy who worked at GS Steel until Romney and his vultures at Bain ran the place into the ground. He lost his pension and his insurance and his wife died of cancer.

But they're only the "little people", they don't fucking count in your universe.

They do in mine.

But I've really come to expect that kind of shit from Mormons, who see the universe divided between "Saints" and "Gentiles"...

What a freakin' liar!! His wife had her own insurance, the freaking plant closed in 2001 and she died in 2006. But hey, don't let the facts get in the way of those wonderful Illinois taxes. Why would anyone want to live in a Hell Hole like Chicago and pay those ridiculous taxes. Oh I know, government assistance is a way of life. Businesses are packing up and leaving to neighboring states. Smart move those Illinois politicians made.

[/url]

Okay, whatever you say... Deliverance Country.

His wife had inadequate insurance from a part time company, but she lost that job because she couldnt' work. The shere stupidity of linking health care to work. (You only get to live as long as someone can make money off of you.)

She'd have faired a lot better if they still had her husband's good insurance.

This is a sensitive issue to me, because in 2007, I ran up a lot of medical bills, and in 2008, I was let go despite outstanding performance reviews and having seniority on others.

I know a lot of Joe Soptics, unfortunately. Just average working people trying to get by when the Bain's of teh world are running roughshod over their lives.

You know what?? You better stay put in mega tax land, it's jerks like you we love to hear squeal!! The sheer (note spelling) stupidity of your way of thinking makes us Georgia folks glad you live in another dimension.

Poor, poor Joey always the victim!!

 

[JoeB131]

Bain was a parasite, not a vital organ

Parasites don't save the host, dumb ass. Stop being such a Mormon. If you want to see a parasite, look in the mirror...

Let's see, I work for a company, have found them 450,000 in savings in the last 4 years, improved processes, don't take a dime from teh government.

Bain takes huge amounts in tax breaks and subsidies from the government, and they still end up destroying jobs.

 

[JoeB131]

You know what?? You better stay put in mega tax land, it's jerks like you we love to hear squeal!! The sheer (note spelling) stupidity of your way of thinking makes us Georgia folks glad you live in another dimension.

Poor, poor Joey always the victim!!

Yup, because you live on your big estate with the swimming pool... just like the Clampetts...

 

[kaz]

Explain how corporate raiding is good for the economy

Because corporate raiders only go after companies who have significant amounts of underperforming assets. If the company can be saved, they streamline it and sell off the waste. It makes the company more efficient and saves the remaining jobs. The company left then makes the market they are in more competitive. There is no profit in doing that to a healthy company who ... by definition ... are already utilizing their assets.

It's like lions stalking a herd of wildebeests, they don't go after the healthy young males, they go after the sicker, slower ones. And that in turn helps the herd as the laggards don't slow it down so much. In all this discussion you never got that?

BTW, many of those you suggest are renouncing capitalism are simply trying to save capitalism from capitalists (Romeny and other plutocrats).

You're a moron

 

[Conservative]

What does this have to do with Romney????

Believe in America,
Invest in China.

already debunked as faked photo.

 

[JoeB131]

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?

 

[kaz]

Bain takes huge amounts in tax breaks and subsidies from the government, and they still end up destroying jobs.

Riddle me this, Mormon Man. How do you make money by eliminating a job that ... makes money?

 

[naturegirl]

You know what?? You better stay put in mega tax land, it's jerks like you we love to hear squeal!! The sheer (note spelling) stupidity of your way of thinking makes us Georgia folks glad you live in another dimension.

Poor, poor Joey always the victim!!

Yup, because you live on your big estate with the swimming pool... just like the Clampetts...

That would be cement pond to you, you know you damn idiots from Chicago know it all. I'd stay out of those dark alleys, they're getting to you.

 

[Conservative]

'I'm sick to my stomach': anger builds in Illinois at Bain's latest outsourcing plan | Business | guardian.co.uk

Shipping jobs to China....The Dollar Rules Again!

Setting Romney aside from Bain, being he hasn't been there in several years. Has anyone looked to see how successful this company was operating?

here's a quick backgrounder: Late last year, a Bain-owned company called Sensata Technologies (ST) agreed to buy an auto-sensor manufacturing unit from Honeywell (HON). From the outset, Sensata said that it planned to move the jobs overseas at year-end 2012, since the majority of its auto-sensor business is in Asia. In fact, Sensdata didn't even buy the manufacturing facility from Honeywell. It leased it, with Honeywell expected to hang a for-sale sign when Sensata moves out in a few months.

To be sure, this is a horrible situation for the Sensata employees – the vast majority of whom have not yet found other employment (Honeywell hired just a small number of folks to work in its other Freeport facilities). After all, Sensata has never suggested that the plant was unprofitable. It simply thinks the effort would be more profitable elsewhere.

Unfortunately, the workers are barking up the wrong tree with Romney.

Remember, this is the guy whose campaign got into a well-publicized scuffle over whether he really stopped making decisions for Bain Capital in 1999 or 2002 (for the record, it was 1999). How could he possibly open himself up to legitimate charges of influencing Bain's behavior in 2012? Even if one argues it's the right thing to do for the workers, it's not the politically feasible thing to do (and, if anything, Romney tries to be a pragmatist in such matters).

Moreover, there is little guarantee that a Romney plea would even save the jobs. Yes, he has friends and former colleagues on the Sensata board, including chairman Paul Edgerley. But they have fiduciary responsibilities to their own investors, and Sensata has made it clear that the best financial move is to shutter Freeport. In addition, Bain could have future fundraising trouble if Romney is elected president. After all, who wants to invest in a private equity firm that seems to make decisions based on a politician's best interests?

What the Sensata workers really should spend their time on is pressuring state pension funds that invest with Bain (or which will be asked to invest on Bain's new fund later this year). Make a broader economic case about how keeping 170 Freeporters employed is better for the state -- and, by extension, its public pensioners -- than is making a few extra dollars on Sensata.

Why Romney can't save the Sensata workers - The Term Sheet: Fortune's deals blog Term Sheet

So, the move was in the works prior to Senesta actually buying the auto-sensor manufacturing unit from Honeywell... meaning prior to Bain's involvement.

Epic FAIL thread

 

[eflatminor]

'I'm sick to my stomach': anger builds in Illinois at Bain's latest outsourcing plan | Business | guardian.co.uk

Shipping jobs to China....The Dollar Rules Again!

Can we assume you have invested YOUR money into this operation because you believe it has a better chance of competing with a US based operation?

Oh? No?

Then why are you bitching about other people's property? Do you believe you should determine how a business is run, when you don't own that business?

 

[JoeB131]

Bain takes huge amounts in tax breaks and subsidies from the government, and they still end up destroying jobs.

Riddle me this, Mormon Man. How do you make money by eliminating a job that ... makes money?

Now that's a good question. How do you do that?

Well, first, you borrow a bunch of money against that companies assets. Then you pay yourself a HUGE bonus, management fees, dividends, and so on.

In turn, the company itself is responsible for making the payments on those loans, not the guys who took it out to buy it.

For instance, Bain issued 125 million in bonds in 1994, and paid itself a 36 million dollar bonus. Eventually the debt for GS Steel grew to 500 million. They filed for bankruptcy and cancelled health insurance, severance pay and pensions. The federal government had to step in and prop up the pension fund for the tune of 44 million.

But it was okay, they were only "Gentiles". They aren't even getting into the Good heaven.

 

[kaz]

Now that's a good question. How do you do that?

Well, first, you borrow a bunch of money against that companies assets. Then you pay yourself a HUGE bonus, management fees, dividends, and so on.

In turn, the company itself is responsible for making the payments on those loans, not the guys who took it out to buy it.

No lender would allow you to do that, they would have debt covenants preventing it. You have no clue at all what you're talking about.

 

[JoeB131]

Now that's a good question. How do you do that?

Well, first, you borrow a bunch of money against that companies assets. Then you pay yourself a HUGE bonus, management fees, dividends, and so on.

In turn, the company itself is responsible for making the payments on those loans, not the guys who took it out to buy it.

No lender would allow you to do that, they would have debt covenants preventing it. You have no clue at all what you're talking about.

But they do that all the time... and that's exactly what happened at GS Steel.

Again, banking is risk. They knew that when they loaned the money, if there was a bankruptcy, they'd get to sell the assets. It's GS STeel that went bankrupt, Bain was just a facilitator.

Kind of like no one comes back and talks to your realtor for his commission when they foreclose on your house.

 

[kaz]

Now that's a good question. How do you do that?

Well, first, you borrow a bunch of money against that companies assets. Then you pay yourself a HUGE bonus, management fees, dividends, and so on.

In turn, the company itself is responsible for making the payments on those loans, not the guys who took it out to buy it.

No lender would allow you to do that, they would have debt covenants preventing it. You have no clue at all what you're talking about.

But they do that all the time... and that's exactly what happened at GS Steel.

Again, banking is risk. They knew that when they loaned the money, if there was a bankruptcy, they'd get to sell the assets. It's GS STeel that went bankrupt, Bain was just a facilitator.

Kind of like no one comes back and talks to your realtor for his commission when they foreclose on your house.

Yeah, they don't. I am a MBA in finance and I spent a big chunk of my career in NY, first working for financial institutions and then doing management consulting for financial institutions. I also spent a bunch of years at GE Capital. You on the other hand are pulling it out of your ass.

Debt holders have extensive covenants which severely restrict what is done with money lent for exactly that reason. What you are talking about are the most basic restrictions they would start with much less something they'd omit. And Virginia, they are even more careful with VCs because they are by definition going into risky situations. No debt holder would allow what you propose.

 

[Wry Catcher]

Explain how corporate raiding is good for the economy

Because corporate raiders only go after companies who have significant amounts of underperforming assets. If the company can be saved, they streamline it and sell off the waste. It makes the company more efficient and saves the remaining jobs. The company left then makes the market they are in more competitive. There is no profit in doing that to a healthy company who ... by definition ... are already utilizing their assets.

It's like lions stalking a herd of wildebeests, they don't go after the healthy young males, they go after the sicker, slower ones. And that in turn helps the herd as the laggards don't slow it down so much. In all this discussion you never got that?

BTW, many of those you suggest are renouncing capitalism are simply trying to save capitalism from capitalists (Romeny and other plutocrats).

You're a moron

And you're an asshole, but that is beside the point.

Your analogy is weak, for human being are not wildebeests. When a factory town loses the factory the ramifications for the entire community go deep.

 

[Full-Auto]

'I'm sick to my stomach': anger builds in Illinois at Bain's latest outsourcing plan | Business | guardian.co.uk

Shipping jobs to China....The Dollar Rules Again!

Couldnt happen to a nicer state...........