A ‘Conservative’ vision for America – ‘Romney’s Profit from Bain’s Buyouts: Up to $20,000 Per Laid-off Worker’
If a CEO of a private equity investment firm becomes President of the United States, look at your employer and ask yourself – ‘Do you feel lucky punk. Well do you’?
Because that CEO President has experience in creating wealth for investors. Not paychecks for employees.
And THAT is how legislation will be written by Conservatives.
Corporations and wealthy millionares and billionares are funding their elections.
They WILL expect a return on that investment.
Wealth for a few MIGHT, MIGHT trickle down to jobs.
While it sounds ugly, private-equity investment firms do not create jobs. They create profits/wealth for their investors.
And the ugly truth is that if/when a company goes bankrupt, a private equity investment firm will find a way to make a profit for itself, NOT the employees of the company.
Because that’s it’s purpose.
So when Mitt Romney says he knows how to create jobs, you can only look at his record as Governor of Massachusetts.
‘Bain Capital booked $1.995 billion in profits from the layoffs of 11,030 workers at various firms. And by that scoring, Romney earned roughly $20,000 himself for each of those fired employees’.
From : http://www.nationalmemo.com/why-does-mitt-romney-like-firing-people-because-he-made-20000-on-every-laid-off-worker/
• ‘American Pad & Paper: Bain invested $5 million in the small paper company in 1992, and reportedly collected $100 million in dividends on that investment. AMPAD went bankrupt in 2000, laying off 385 employees’.
• ‘Dade Behring: Bain Capital invested $415 million in a leveraged buyout in 1994, borrowed an additional $421 million, and ultimately walked away with $1.78 billion. Dade filed for bankruptcy in 2002, and 2,000 workers lost their jobs’.
• ‘DDI Corporation: Bain Capital reportedly invested $46.3 million in 1997, reaping $85.5 million in profits and an additional $10 million in management fees. When the company later went bankrupt, 2,100 workers were laid off’.
• ‘GS International: In a somewhat less profitable transaction, Bain Capital invested $60 million in 1993 and received $65 million in dividends. This company, too, went bankrupt in 2002, and 750 workers lost their jobs’.
• ‘Stage Stores: Bain invested $5 million to purchase the company and took it public in the mid-’90s, reaping $100 million from stock offerings. Stage filed for bankruptcy in 2000, and 5,795 workers reportedly were laid off’.
‘Massachusetts ranked 50th out of the 50 states in job growth during Romney’s first year in office, and things improved very little thereafter. By the end of his term, Massachusetts was still 47th, ranking above only rustbelt states Michigan and Ohio and Hurricane Katrina-wracked Louisiana. While jobs were growing nationwide at more than 5%, Massachusetts limped along at a bare 0.9% growth rate’.
From : http://www.dailyfinance.com/2012/06/15/romneys-profit-from-bains-buyouts-up-to-20-000-per-laid-off/