Big Bain Backfire

[Toro]

Is there an economic or political term for the process of a corporation or trust. whatever, buying a company that is surviving and making a small profit, but then taking that company and in effect, gutting it for profit and tax writeoffs and then closing the plant?

That business got Romnied.

OK that's funny.

 

[JoeB131]

Ignoring you, Sniper.... The grownups are talking.

 

[Toro]

Joe? You there, Joe?




'The Kansas City plant was itself dying. At its 1970 height it employed 4,500; by the late 1980s it was down to 1,000. A year before acquisition, Armco had laid off another 75. Its equipment was old; it faced fierce competition at home and abroad.

B.C. Huselton, a vice president of the business at the time, tells me that in 1990 the Armco CEO held a meeting. "He told us, 'Look, we either try to sell it, or we've got to shut it down.'" Armco had shut down another Kansas City facility, Union Wire Rope, only a few years before.'

http://online.wsj.com/article/SB10001424052702303360504577410573651845802.html




Child's play.

Next up, Bain's "obscene profit."

 

[SniperFire]

Ignoring you, Sniper.

Translation: 'I want to make baseless claims and accusations which I cannot backup because I live the Liberal Lie."

 

[Toro]

Ignoring you, Sniper.... The grownups are talking.

If I had just been as epically pwnd as you were there, I'd probably ignore him too.

So tell us about those obscene profits?

 

[JoeB131]

Ignoring you, Sniper.... The grownups are talking.

If I had just been as epically pwnd as you were there, I'd probably ignore him too.

So tell us about those obscene profits?

You mean the 12 million dollars Bain made while the Federal Government had to shovel out 44 million to bail out the pension fund. That obscene profit.

Please, please, please, keep putting up RawMoney's 'successes".

Because that worked so well for him against Ted kennedy.

 

[Toro]

Ignoring you, Sniper.... The grownups are talking.

If I had just been as epically pwnd as you were there, I'd probably ignore him too.

So tell us about those obscene profits?

You mean the 12 million dollars Bain made while the Federal Government had to shovel out 44 million to bail out the pension fund. That obscene profit.

Please, please, please, keep putting up RawMoney's 'successes".

Because that worked so well for him against Ted kennedy.

Let me explain how this works to you, bozo.

Most of Bain's investors are universities, pension funds, hospitals and families. These are known as Limited Partners, or LPs. Most of that "obscene profit" went to them. Bain took 30% of the profit after all expenses. But let's say expenses were $0, just to make class warfare warriors like you happy. So Bain's cut was $3.6 million. That is divided amongst the Bain partners. To make this easy, let's say there were 10 partners who got a cut of this, though there were probably more. That's $360,000 each - over 8 years. Which means that each partner was paid $45,000 a year for this deal.

Hardly obscene.

 

[MeBelle]

Because it wasn't... and trying to pretend that the systematic looting of GST was a "mercy killing" is dishonest.

Fact is, people lost their jobs, debtors lost their money, the Government had to bail out the pension fund.

Bain made an obscene profit.

Period.

Link?

 

[skookerasbil]

Epilogue of the 2012 election = lots of the k00ks jumping off big buildings. And there are favorites for some reason, like the Green Buliding at MIT, home of lots of confused nutters. Google it sometime around mid-November.

 

[JoeB131]

Let me explain how this works to you, bozo.

Most of Bain's investors are universities, pension funds, hospitals and families. These are known as Limited Partners, or LPs. Most of that "obscene profit" went to them. Bain took 30% of the profit after all expenses. But let's say expenses were $0, just to make class warfare warriors like you happy. So Bain's cut was $3.6 million. That is divided amongst the Bain partners. To make this easy, let's say there were 10 partners who got a cut of this, though there were probably more. That's $360,000 each - over 8 years. Which means that each partner was paid $45,000 a year for this deal.

Hardly obscene.

Well, depends... I think that it's obscene if you're a GST steelworker who is eating Alpo right now because Bain looted your pension fund, yeah...

$45,000 is close to the average salary in this country, so yeah, I'd call that a pretty obscene profit...

 

[SniperFire]

Let me explain how this works to you, bozo.

Most of Bain's investors are universities, pension funds, hospitals and families. These are known as Limited Partners, or LPs. Most of that "obscene profit" went to them. Bain took 30% of the profit after all expenses. But let's say expenses were $0, just to make class warfare warriors like you happy. So Bain's cut was $3.6 million. That is divided amongst the Bain partners. To make this easy, let's say there were 10 partners who got a cut of this, though there were probably more. That's $360,000 each - over 8 years. Which means that each partner was paid $45,000 a year for this deal.

Hardly obscene.

because Bain looted your pension fund, yeah...

Looting a pension fund is of course illegal, unless you are talking about the Federal gubmint and SS.

But this is your big opportunity to explain to us how Bain looted the GST pension fund.

Go!

 

[Toro]

Let me explain how this works to you, bozo.

Most of Bain's investors are universities, pension funds, hospitals and families. These are known as Limited Partners, or LPs. Most of that "obscene profit" went to them. Bain took 30% of the profit after all expenses. But let's say expenses were $0, just to make class warfare warriors like you happy. So Bain's cut was $3.6 million. That is divided amongst the Bain partners. To make this easy, let's say there were 10 partners who got a cut of this, though there were probably more. That's $360,000 each - over 8 years. Which means that each partner was paid $45,000 a year for this deal.

Hardly obscene.

Well, depends... I think that it's obscene if you're a GST steelworker who is eating Alpo right now because Bain looted your pension fund, yeah...

$45,000 is close to the average salary in this country, so yeah, I'd call that a pretty obscene profit...

Given your anti-capitalist rantings, that doesn't surprise me.

 

[JoeB131]

Let me explain how this works to you, bozo.

Most of Bain's investors are universities, pension funds, hospitals and families. These are known as Limited Partners, or LPs. Most of that "obscene profit" went to them. Bain took 30% of the profit after all expenses. But let's say expenses were $0, just to make class warfare warriors like you happy. So Bain's cut was $3.6 million. That is divided amongst the Bain partners. To make this easy, let's say there were 10 partners who got a cut of this, though there were probably more. That's $360,000 each - over 8 years. Which means that each partner was paid $45,000 a year for this deal.

Hardly obscene.

Well, depends... I think that it's obscene if you're a GST steelworker who is eating Alpo right now because Bain looted your pension fund, yeah...

$45,000 is close to the average salary in this country, so yeah, I'd call that a pretty obscene profit...

Given your anti-capitalist rantings, that doesn't surprise me.

Given the bad behavior of capitalists, why should it surprise everyone.

It's like you guys crashed the economy, fucked up everyone's life, and you don't understand why people are angry.

You get your panties in a wad when I make cracks about baseball bats, but the fact is, I don't think your sort will get the point any other way.

 

[naturegirl]

Well, depends... I think that it's obscene if you're a GST steelworker who is eating Alpo right now because Bain looted your pension fund, yeah...

$45,000 is close to the average salary in this country, so yeah, I'd call that a pretty obscene profit...

Given your anti-capitalist rantings, that doesn't surprise me.

Given the bad behavior of capitalists, why should it surprise everyone.

It's like you guys crashed the economy, fucked up everyone's life, and you don't understand why people are angry.

You get your panties in a wad when I make cracks about baseball bats, but the fact is, I don't think your sort will get the point any other way.

Meanwhile back at the Capitol............Dems are spending lots and lots and lots of taxpayer money. Bain uses private investors money, the ones people put their 401ks in.

Joe, your argument ain't doin' so well. If I were you I'd quit before you embarrass yourself anymore.

 

[Toro]

Well, depends... I think that it's obscene if you're a GST steelworker who is eating Alpo right now because Bain looted your pension fund, yeah...

$45,000 is close to the average salary in this country, so yeah, I'd call that a pretty obscene profit...

Given your anti-capitalist rantings, that doesn't surprise me.

Given the bad behavior of capitalists, why should it surprise everyone.

It's like you guys crashed the economy, fucked up everyone's life, and you don't understand why people are angry.

You get your panties in a wad when I make cracks about baseball bats, but the fact is, I don't think your sort will get the point any other way.

What's that Karl? I didn't hear what you were saying. I was too busy counting my money.

Anyways, I'm waiting to hear you explain how Bain looted the pension fund.

 

[zeke]

I am sure Mittens has a "plan" to "fix the economy."

He just isn't sure what it is yet.

Maybe if all the very rich people get a bigger tax cut.
Yea, that will fix it.

And if all the bad bad BAD guvmint regulations get scrapped.
Yea, that will fix it.

And if all the people getting welfare no longer get welfare.
Yea, that will fix it.

And if all the people that don't have health care through their jobs, stay on the current plan of using the emergency rooms for health care.
Yea, that will fix it.

And if all those abortions of potential rethugs is not happening,
That will fix the econony.

The list goes on.

And some of you thought we needed jobs to fix the economy.

Wrong again. We just need to liquidate the failing companies and let Bain run the rest.
Then all will be well.

The end.

 

[bripat9643]

If I had just been as epically pwnd as you were there, I'd probably ignore him too.

So tell us about those obscene profits?

You mean the 12 million dollars Bain made while the Federal Government had to shovel out 44 million to bail out the pension fund. That obscene profit.

Please, please, please, keep putting up RawMoney's 'successes".

Because that worked so well for him against Ted kennedy.

Let me explain how this works to you, bozo.

Most of Bain's investors are universities, pension funds, hospitals and families. These are known as Limited Partners, or LPs. Most of that "obscene profit" went to them. Bain took 30% of the profit after all expenses. But let's say expenses were $0, just to make class warfare warriors like you happy. So Bain's cut was $3.6 million. That is divided amongst the Bain partners. To make this easy, let's say there were 10 partners who got a cut of this, though there were probably more. That's $360,000 each - over 8 years. Which means that each partner was paid $45,000 a year for this deal.

Hardly obscene.

Of course, the pension fund was underfunded and the company was headed for bankruptcy before Bain bought it, but that won't stop the drones from making Bain into the villain.

 

[zeke]

Of course, the pension fund was underfunded and the company was headed for bankruptcy before Bain bought it, but that won't stop the drones from making Bain into the villain.

And of course, Bain bought the company to save it. Right?

Or did they buy it to suck what ever equity was left, put the rest of the burden on the guvmint and pocket a nice chuck of money for "saving" the company.

Just makes me wonder why Bain bought this company if they were not going to save the jobs and, as you all say, the company was already broke. How the hell did Bain make the money they did.

Voodoo economics I tell you.

 

[SniperFire]

Of course, the pension fund was underfunded and the company was headed for bankruptcy before Bain bought it, but that won't stop the drones from making Bain into the villain.

And of course, Bain bought the company to save it. Right?

Yes. They were successful in saving such dead-turd companies 78% of the time.


Amazing track record, would you not agree?

 

[zeke]

They were successful in saving such dead-turd companies 78% of the time.

If only Mittens had been more involved in this company, I am sure he could have saved it.

Which company will Mittens use his liquidation experience on IF he gets elected? There has got to be some "turds" as you call them for Mittens to shut down.

I just don't see how that will fix the economy. You know, with President deciding which company fails and which succeeds.

I thought you all hated Obama for that same thing.

But at least Mittens has experiecne buying them up and closing them down. Just what we need.
Experience in closing companies.

After 4 years of a Mittens presidency, there would be plenty more failed companies for Bain to buy up and shut down.