Monday, May 21, 2012

More Fiscal Magic from Bain Capital

I reported not too long ago about three companies that had the benefit of Mitt Romney's economic wizardry at Bain Capital, a sorry story if ever there was one.  Here's some more information, providing more detail about one of Romney's victims at Bain, the American Pad and Paper company, or Ampad:

"Ampad, an ultimately bankrupt company backed by Bain ...laid off all 250 workers at an Indiana factory it purchased in 1994 and added debt to its rolls for years after.

The company went into bankruptcy in 2000, holding a debt load of more than $400 million. Bain's return on its $5 million investment was $100 million.

Out of a debt load of $170 million owed to unsecured creditors, Ampad ended up paying out less than $330,000, the filings show.

That amounts to two-tenths of a cent for every dollar owed in that case."

There's more at the link as well as here, at Daily Kos, which helpfully makes the following point:

"Mitt Romney's Bain Capital took $20 profit for every dollar invested in Ampad. Creditors got $0.002."

If Obama and the Democrats do not make this THE central issue of this campaign, they are total failures as politicians.  Here, written small, and twenty years early, is the exact recipe for what caused the collapse of the American economy under the leadership of the last Republican president.  Mitt Romney is a poster child for the savaging of our economy by the hyper-rich, and it takes one hell of a lot of nerve for the Republicans to foist him, of all people, off on us as the solution to our problems.

If the Democrats can't make this simple fact clear, we are all doomed.

Update:  I want to offer you the following comment, from Buzzfeed:

"...according to a 2002 interview with former managing director of Bain Capital Marc Wolpow, Romney was directly responsible for Ampad’s layoffs...Wolpow said Romney was responsible for the business plan carried out by Bain in Indiana.”Mitt's employees executed that transaction,” he said. “We carried out the business plan. He was CEO of the firm.”

I am reprinting this because the current tactic which Republicans seem to be trying on is to claim that Romney was on a "leave of absence" or no longer active in the firm of which he was still President, whenever anything bad took place.  Given the squealing from the right whenever anyone brings up Bain Capital, the Republicans know perfectly well that Romney's career there reveals him to be a rapacious, sociopathic parasite, and they sure as hell don't want anyone looking into it.

7 comments:

Poll P. said...

Thanks for putting it all in one place. As for the Dems effectively utilizing the evidence, I have little hope. They'll be too cowed by the Rightists shouting them down. And by taking Jeremiah Wright off the table, the Right has precluded the Dems using Romney's cult-religion as an issue that needs to be examined.

Grung_e_Gene said...

I think Barack Obama will continue hammering away at Romney's Vulture Capitalist Method of firing workers to fatten his off-shore bank accounts.

Even Jim Cramer! declared Romney to be a job-destroying silver-spoon up his butt elitist.

IT's got no downside, despite what Cory Booker or some othe rDemocrats may say...

Green Eagle said...

On that subject, I believe Cory Booker should never receive another penny from the Democratic Party or any Democrat as long as he lives, and we should all work to drive him out of politics as soon as possible.

We have enough problems without nurturing a man who is nothing but another bought off Republican liar and pretending that he is a good Democrat, just because he is black.

Magpie said...

“And by taking Jeremiah Wright off the table, the Right has precluded the Dems using Romney's cult-religion as an issue that needs to be examined.”

There’s probably a feeling that it can’t be examined without the Republicans instantly screeching “religious freedom” and seeking to appeal to those evangelicals who may not vote for Romney because he’s a Mormon. That group would never vote for Obama anyway, so best not give them collateral encouragement to identify, at any level, with Romney.

The Wright thing is about Republican racism, not about religion.

Romney the job exterminator. Romney the corporate parasite. Romney the soulless reed bending with the political breeze in whichever direction suits him on the day…
That’ll be the line of attack.

Cardinal44 said...

Just saw an article about how playing up Bain essentially is a GOP plan to make the public forget Bush and how his Republican administration savaged the economy.

Green Eagle said...

Great strategy there. Make them forget that the last Republican administration caused a depression by reminding them that the guy they're running this time is a sociopathic bully.

Anonymous said...

we see what lack of expereince has done. I'll go with the guy who likes profits not the one who likes to tax them.