FORT WAYNE, Ind. - As depicted in a campaign ad for President Obama, Mitt Romney and Bain Capital’s single-minded pursuit of riches led to bankruptcy and hundreds of layoffs at a Kansas City steel mill. In a dueling ad for Romney, Bain’s seed money for a start-up steel mill in Indiana created thousands of good-paying jobs.
One industry, two deals, opposite outcomes.
Comments
I'm guessing a good part of the material for the attack Romney ads is furnished by the DNC. Let's contrast to Obama who has no record of investing or creating or cutting jobs. Because he never did a thing without taxpayer money. The stimulus saved jobs you say? Maybe and onlly temporarirly - and only in union shops to pay back supporters.
Some say that Obama did nothing without taxpayer money. But both of these Romney examples were at least partially driven by tax money.
The president truly believes the voters are stupid. What else can explain his highlighting of the Bain Capital failures, when the successes are so plentiful? They take risks, and sometimes they lose. But it is private money being put at risk, unlike the president's venture stint into the "green energy" industry. Here, the workers lost their jobs, and the tax payers lost their money. Maybe their are enough simple minded voters to be swayed by this.
"Bain invested $8 million in 1993 in what had been a plodding, old-line mill that was hemorrhaging jobs and losing business to cheaper imports." Yes, it's a risky business trying to save failing companies. If we treated heart surgeons the same way for not saving every patient then we wouldn't have people willing to do that work. If a company could be saved, Bain would do it. Yes, the motivation was to make money for Bain and investors.
How much does a steel industry analyst make for analyzing? Where are the results of that labor? Regarding that money that went to Bain as a result of the Kansas deal, either 8 or 12 million, how does that amount compare to the kind of compensation workers in that company received for similar amounts of time worked? Likely they made pennies on the dollar compared to the financial crowd. What we are seeing in this picture is a vast network of people who have worked out ways to sit at comfortable desks and make buckets of money for work which is predatory and virtually nothing more than a poker game. Even the insiders, who are championing the game, say that sometimes it works, sometimes it doesn't. Why does that kind of poker playing warrant stratospheric pay levels? The mantra is that it creates jobs. Clearly it only creates jobs some of the time. And even when it does, couldn't the excess compensation being sucked up by finance be doled out in more ethical ways? The good thing about a Romney candidacy is that we can have a broad conversation about the extent to which capitalism has been perverted, and has become very sick. We have too many people who are using the legal loopholes in american capitalism as leverage to create personal wealth at the expense of social fabric.
Ethical ways?????? You mean they should give YOU money, just because!!!!!.Jealousy will eventually eat you up......... There are always people that are smarter, better looking, richer, poorer, good teeth, bad teeth, thick hair, beautiful eyes. Get on with life, play the hand you are delt and be grateful you put your feet on the floor every morning.
Clearly a firm grip on the meaning of ethical.
mini-mills
Excellent article