Bain Capital closing Illinois Plant

[freedombecki]

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?

This is not about my contributions but this is.

Speaking of contributions, if a fund is designated to go to a specified project, that's its only honest use. The Congress designated stimulus funds to go to employment of American workers. Unfortunately Obama is using it as his personal piggy bank to reward his campaign donors, and he should have a good spanking for that.

It's criminal to misuse foundation funds for other than their donor's designated purpose, and it's the same for Congressional earmarks designated to go to helping out American workers have better jobs and not to special interests who are especially interested in using the funds to line their pockets, not for enriching American workers who need work at good jobs. That's why it's a misuse of funds. So far, the government has spent $300,000 per job. No wonder it's not reaching American workers. It goes out of country first.

 

[uscitizen]

Or the fact that taxes have increased in Illinois?

Illinois Increases Tax Rates for 2011 through 2025

Taxes increased because revenue went down because Bush let Wall Street run a derivatives Ponzi scheme that destroyed the world economy.

Taxes increased because the state san't afford

ILL like most states with financial problems is drowning in debt, and increased costs from public employee pensions and increased Medicare cost idiot

Hmm I think you might mean medicaid. The state does not pay for Medicare.
idiot.

Who pays for Medicare?Insurance
Medicare is funded by the Social Security Administration. Which means it's funded by taxpayers: We all pay 1.45% of our earnings into FICA - Federal Insurance Contributions Act, if you're into deciphering acronyms - which go toward Medicare. Employers pay another 1.45%, bringing the total to 2.9%. (If you're self-employed, you must cough up the entire 2.9%.) The Medicare deduction on your paycheck might say FICA-HI. The HI refers to Health Insurance, and it's your premium cost for all Medicare coverage.

Who pays for Medicare? - Ultimate Guide to Retirement

 

[eflatminor]

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.

You are right, questioning is good. Bain had and has a STERLING reputation among capital firms. They didn't make every investment successful, but they have a fantastic track record in an industry where failure is commonplace.

The guys bitching here are not questioning how good a VC Romney was, they're suggesting that the sometimes tough decisions Bain and other shareholder's made makes them somehow evil or bad. As though shareholders should not be making decisions that are in their own best interest!

I ask you guys angry at Bain, what do you suggest other than shareholders making decisions that are in the best interest of the company they own? What are you saying, if a company is not competing effectively, they should NOT take the steps they believe necessary to grow profitably? What is your alternative?

 

[freedombecki]

Except - AGAIN - that is not the modus operandi of Bain Capital. Bain Capital's modus operandi was to 1.) help businesses grow, and 2.) fix businesses by applying the Bain Principles developed at the consulting firm Bain & Co.

Most of the businesses that Bain Capital has invested in have either been fixed or have grown. Most of the businesses that Bain Capital have invested in have not collapsed under the weight of debt, nor have they done draconian things to its workers. To say it is the "modus opperendi" of Bain is to bankrupt companies is a blatant lie.

Here are the facts about Bain and KB Toys, much worse than 'Vulture' Capitalism - Democratic Underground



Romney Still Reaps Huge Profits From Bain's Vulture Capitalism | The Nation





How Mitt Romney Drove Companies Bankrupt, Raided Pension Funds and Paid Himself Handsomely

Romney pioneered the strategy of having a company Bain took over in a leveraged buyout borrow even more money to pay himself a dividend. So now the company is staggering under a huge load of debt and in many cases they can not keep up with the payments. In 1994, Bain bought medical equipment manufacturer Baxter International. After a merger with another company, it became known as Dade Behring. Bain then reduced R&D investment because Bain’s game plan was to only hold the company for five years or so. So why invest for the long haul? The money borrowed from banks for the LBO was usually for five to eight years with small monthly payments and a big balloon payment at the end. About five years after Bain had acquired Dade, it was looking to get out. But not before it drained even more money from Dade and placed the company and its workers in even more jeopardy. …

How Mitt Romney Drove Companies Bankrupt, Raided Pension Funds and Paid Himself Handsomely

The facts? did you by chance notice where you got those "FACT" from Democratic Underground

"Democratic Underground?" oh...

 

[Chris]

Bain Capital being investigated for tax evasion

ALBANY, N.Y. — New York’s attorney general is investigating tax strategies of some of the nation’s largest private equity firms, including Bain Capital, founded by Republican presidential nominee Mitt Romney, an official familiar with the probe said Sunday.

Attorney General Eric Schneiderman is examining whether the firms have abused a tax strategy to avoid paying hundreds of millions of dollars in taxes, said the official, who spoke on the condition of anonymity because of the sensitivity of the probe. The practice involves converting some fees collected for managing accounts into fund investments, resulting in a lower tax rate.

http://www.nytimes.com/2012/09/02/b...iny-of-finance-firms.html?pagewanted=all&_r=0

 

[Chris]

[ame=http://www.youtube.com/watch?v=oLo0Jwj03JU]Stage - YouTube[/ame]

 

[Meister]

Bain Capital being investigated for tax evasion

ALBANY, N.Y. — New York’s attorney general is investigating tax strategies of some of the nation’s largest private equity firms, including Bain Capital, founded by Republican presidential nominee Mitt Romney, an official familiar with the probe said Sunday.

Attorney General Eric Schneiderman is examining whether the firms have abused a tax strategy to avoid paying hundreds of millions of dollars in taxes, said the official, who spoke on the condition of anonymity because of the sensitivity of the probe. The practice involves converting some fees collected for managing accounts into fund investments, resulting in a lower tax rate.

http://www.nytimes.com/2012/09/02/b...iny-of-finance-firms.html?pagewanted=all&_r=0

Chris, you sure look like a disengenuouse hack when you have to resort to the troll posts like you're doing. How long ago did Romney Bain? What is the date of this article?

See how easy you are?

 

[Chris]

Romney's Son of Boss fraud

In his key role as chairman of the Marriott board's audit committee, Romney approved the firm's reporting of fictional tax losses exceeding $70 million generated by its Son of Boss transaction.

 

[Chris]

Romney's AMPAD fraud

American Pad and Paper. Romney and Bain Capital bought it from Mead Company, when it had total debts of $11 million. By the time they sold it, the company had $400 million in debt -- and Bain had earned $100 million off the deals, between fees it charged the company for managing it and for buying other companies, and profits from selling the company's stock after they took it public (for yet another fee). Bain was later sued by stockholders for fraud in overstating the value of the company.

 

[Chris]

Romney's KB Toys fraud

Bain Capital 'purchased' KB for the respectable price of $ 305 million dollars on December 8, 2000.

Bain Capital only offered $ 18 million in cash, the rest was leaveraged debt put on the company.

Sixteen months after the buyout, Bain Capital paid itself $85 million in dividends in early 2002.

January 14, 2004, K·B Toys filed for Chapter 11 bankruptcy protection and closed 365 stores.

Three years later the rest of the 156 stores were closed down.

http://en.wikipedia.org/wiki/KB_Toys

 

[eflatminor]

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

This is exactly what I'm talking about. A company exists to produce a profit. Why else would anyone invest in it? If labor costs can be reduced without adversely effecting the ability to compete, OF COURSE one would seek to lower them, though it's hardly the only area in which efficiency and competitiveness must be considered.

What does Comrade Chris recommend in place of the "desire for higher returns"?

Capital does not care about externalities like patriotism

What in the hell is unpatriotic about seeking profit?

or morality

How in the hell is it moral to produce less of a return for investors that could otherwise be realized? From the shareholder's point of view, to do so is not only immoral, it's illegal. The board of directors of a company have a fiduciary responsibility to produce the maximum return they can.

; if it can get higher returns stabbing the American worker in the back in favor of sweatshop labor, than so be it.

Hyperbole, nothing new there.

Someone gets laid off because cheaper labor can be obtained elsewhere. Should we outlaw this? Should you get to decide which companies can be competitive and which can't? Again, if you don't own the company, why is it your business?

 

[Chris]

Romney's Medicare Fraud....

In 1989, Romney led Bain Capital's purchase of Damon Corp., a medical testing company, and took a seat on the Board of Directors to better manage it. During Romney's four years, Bain tripled its investment, and Romney personally made $473,000 -- while Damon plumped its profits with Medicare fraud (running thousands of medical tests doctors didn't want, and billing Medicare for them). The company pled guilty to crimes committed during his tenure and paid a record fine of $119 million. Company President Joseph Isola pleaded no contest to fraud, and a vice president was also convicted.

Romney claims he "uncovered" the fraudulent claims and "took corrective action," but court records show that he did not notify prosecutors or stop the fraudulent billing. He just asked company lawyers what changes they could make to avoid prosecution, after the feds' LABSCAM prosecution targeted a different medical testing firm. The cheating continued, prosecutors say, until the day Bain sold the company to Corning. Furthermore, Damon Corp. was required to list in various SEC filings any significant legal risks it faced. Romney made no mention of the fraud he "uncovered," even though it led to a $119 million fine, the largest in history. Damon Corp. is another Bain acquisition that later went bankrupt, killing over a thousand jobs -- but not before Bain made $7.4 million in profit.

Mitt Romney's Skeleton Closet -- political scandals, quotes and character

 

[whitehall]

It's not Romney's Bain Capital anymore than it's Obama's communist party.

 

[Shelzin]

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.

You are right, questioning is good. Bain had and has a STERLING reputation among capital firms. They didn't make every investment successful, but they have a fantastic track record in an industry where failure is commonplace.

The guys bitching here are not questioning how good a VC Romney was, they're suggesting that the sometimes tough decisions Bain and other shareholder's made makes them somehow evil or bad. As though shareholders should not be making decisions that are in their own best interest!

I ask you guys angry at Bain, what do you suggest other than shareholders making decisions that are in the best interest of the company they own? What are you saying, if a company is not competing effectively, they should NOT take the steps they believe necessary to grow profitably? What is your alternative?

I don't speak for anyone else here. I don't pretend to.

However... I believe that if a business fails... Then whoever owns it should not be rewarded in any way, shape, or form outside of lesson learned.

 

[Meister]

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.

You are right, questioning is good. Bain had and has a STERLING reputation among capital firms. They didn't make every investment successful, but they have a fantastic track record in an industry where failure is commonplace.

The guys bitching here are not questioning how good a VC Romney was, they're suggesting that the sometimes tough decisions Bain and other shareholder's made makes them somehow evil or bad. As though shareholders should not be making decisions that are in their own best interest!

I ask you guys angry at Bain, what do you suggest other than shareholders making decisions that are in the best interest of the company they own? What are you saying, if a company is not competing effectively, they should NOT take the steps they believe necessary to grow profitably? What is your alternative?

I don't speak for anyone else here. I don't pretend to.

However... I believe that if a business fails... Then whoever owns it should not be rewarded in any way, shape, or form outside of lesson learned.

When you become King, then you can dictate your own laws.

 

[CrusaderFrank]

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.

You sound like a Marxist sock puppet. Clearly, you're too fucking stupid to think of this on your own, you're just repeating whatever Starkey and Greenbeard tell you

 

[Trajan]

Bain Capital being investigated for tax evasion

ALBANY, N.Y. — New York’s attorney general is investigating tax strategies of some of the nation’s largest private equity firms, including Bain Capital, founded by Republican presidential nominee Mitt Romney, an official familiar with the probe said Sunday.

Attorney General Eric Schneiderman is examining whether the firms have abused a tax strategy to avoid paying hundreds of millions of dollars in taxes, said the official, who spoke on the condition of anonymity because of the sensitivity of the probe. The practice involves converting some fees collected for managing accounts into fund investments, resulting in a lower tax rate.

http://www.nytimes.com/2012/09/02/b...iny-of-finance-firms.html?pagewanted=all&_r=0

“The I.R.S. has known that private equity funds have been doing this for 20 years,” he said.

In 2007, the agency began taking a closer look at suspected tax abuses at hedge funds and private equity firms. In a statement at the time, an I.R.S. spokesman said that management fee conversions were among several “areas of possible noncompliance.” But no formal ruling appears to have emerged.


hack....

 

[eflatminor]

However... I believe that if a business fails... Then whoever owns it should not be rewarded in any way, shape, or form outside of lesson learned.

Think about what you've written here. Now imagine I start a business mowing lawns in the neighborhood. I compete against other landscapers but for whatever reason, my business fails. After I close the business, there are still lawnmowers and other assets. Given that I own the failed business, should I not be able sell those assets and keep the money? Must I donate them in order to 'learn my lesson'?

 

[uscitizen]

Interesting how Romneys past business deals are of no importance however Obama's past preacher is or extreme importance.

 

[thereisnospoon]

'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!

This story while tragic for the workers, is misleading and that is an understatement.
First, the main thrust of the story , pinning the closing on Mitt Romney is poor journalism at best. A big lie is more like it.
MItt Romney has ZERO interest in Bain Capital. ZERO. From the UK GUardian story
"Bain bought the firm that was to become Sensata in 2006, when it was the Texan arm of a Dutch company. It then floated it on the stock exchange in 2010, but kept a majority stake. Sensata came to own the Freeport plant at the beginning of 2011 as part of a wider purchase of a car parts business from Honeywell.

Sensata spokesman Jacob Sayer said closing the Freeport plant to cut costs was a key element of the Honeywell deal. "If that had not been part of the strategy, then the deal would not have been so attractive," he said.

Bain is not closing the plant. Mitt Romey has nothing to do with this.
Sensata is closing the plant...
This is a hit piece by the Guardian and you took it and ran with it like a hooked Marlin.