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

Themselves.

And I remember KB Toys as being a pretty darned good toy store, with much competiton from the Toys R' Us company.
After they closed, the Toys R 'Us store didn't seem to have any incentive to compete by offering really good toys for kids or making them affordable.

Romney is a scumbag. We already know that.
Now the rest of the nation will know!!

Thanks for this analytical article.

I was able to find the relevent facts using my secret research tool (which a few of us refer to in our own coded nomenclature as the 'Google') during the second half of the Giant/NO game. By using elaborate search code words like 'KB Toys, and 'Bain' and our even more secret research portal 'Wikipedia' I was able to find the objective facts of this secret material that remains outside of the reach of the media in about 15 very long minutes. I was able to combine that with my own personal academic training including JR High studies on Vultures and the Lion King.

can you get it to someone at MSNBC (Rachel?) or at Current to Keith Olbermann?

Oh, and don't use the word "pirate" -- I fear it's too romanticized in this day and age. It's my understanding this is what the mob does -- gangsters and mobsters. In fact, I wonder if they could be prosecuted under RICO (I can dream, can't I?)

"I was able to find the relevent facts using my secret research tool (which a few of us refer to in our own coded nomenclature as the 'Google') during the second half of the Giant/NO game"

But how can you expect talking heads who are paid millions and have a research staff at their fingertips to do the same?

He left Bain in '99 and supposedly was playing with the Olympics. Now this doesn't mean he didn't have some relationship with Bain afterwards (and that's murky from all I've read). He could weasel from this one saying he no longer was part of Bain and this was guilt by association. Staples and Sports Authority are far more relevant targets, but it would be interesting to learn more about Mitten's relationship with Bain after he left "active employ".

2) He continued as an equity partner and continued to receive profits from Bain

Because the private equity business continued to thrive, this deal brought him millions of dollars in income each year. As a result of his business career, by 2007, Romney and his wife had a net worth of between $190 and $250 million, most of it held in blind trusts. An additional blind trust existed in the name of the Romneys' children and grandchildren that was valued at between $70 and $100 million as of 2007. The couple's net worth remained in the same range as of 2011, and was still held in blind trusts.

3) The actions taken at Bain were well publicized and he has never made any public statements to distance himself from any of their actions. Given the fact that he uses his roll with Bain as a major asset in being able to lead the country because he 'knows how to add jobs' it is not our burden to to draw lines which Bain acquisitions he agrees with but the burden is with him. Until he states publicly that he doesn't agree with Bain then the burden is on him to clarify not for us to excuse. Let Romney hold a press conference and explain what Bain actions he does disagree with.

If he wants to run on the Bain brand then its in his court to say what part of the brand he disagrees with, not us.

He left as a stockholder in the company...yes a lot of 'em, but he wasn't in the decision making capacity in this deal. He didn't create Vulture Capitalism or the "culture"...he and Bain took advantage of lax regulation and even more lax enforcement. Moral? That's a question each person decides for themselves...but he wasn't culpable in this corporate demolition other than to benefit as a stockholder.

As we're seeing Mittens wears his Bain experience as a badge of honor...why would he denounce the company doing what its investors expected? In the greedy environment prior to the crash of '08 anything that made money was good...and no one wanted to know the details.

Don't get me wrong...I think Mitten's corporate "leadership" and Bain's immorality should be a centerpiece of President Obama's re-election. Spotlight those who were directly affected by decisions made directly by Mittens. Guilt by association only works after you've made a direct connection. There's plenty of dirt in his tenure and I'm sure Mr. Axelrod and Mr. Plouffe have large 8 x 12 binders bulging with these stories ready to roll in the summer and fall...

Cheers...

as a vested partner:

1) Romney negotiated to continue to receive profits from Bain after he left;



This is not guilt by 'association' this is guilt by taking the profits of the deal and putting it into his pocket.

However it goes beyond that;

2) Romney isn't just the guy who carried out trades, he is the guy who created the blueprint



Even if he didn't profit from it, which he did, or it wasn't his company that did it, which it was, you could still tie him to it for using the Romney model. In this case the Romney model WAS used by HIS company and HE did receive profits from it.

3) Romney has promoted his candidacy by association to Bain and the Olympics and being Governor. If he is going to take all of the successes for Bain (and I am willing to accept that there were many) then he also has to accept the problems as well, atleast until he denounces them. The same would be true for his time as Governor.

I loved K B Toys. Damn good journalism, grantcart.

I just assumed that Toys R Us had killed them.

We had a KB Toys store in town for a few years, I loved going there for kids toys instead of the few other mass retailers available here. Then they just up and left... never knew why. The building they were in is now a Goodwill store. I like that store too, for clothing, but I'm glad I don't have kids at the toy age any more.

They got along fine - both of them - until KB went tits up. WalMart has a mission to kill Toys R Us by underselling until the competition is destroyed. Toys R Us has never operated that way. Besides, they had a different market. It's like the difference between a farmers' market and a mega-grocery store. There was stuff you could get at KB that Toys R Us would never carry, and far more selection at Toys R Us than KB could possibly house. The difference was as stark as Old Navy and Victoria's Secret.

They've killed a lot of businesses in this country. I had a favorite menswear shop that always had good shoes at a reasonable price, and carried the wider sizes I needed. In our small town, they couldn't differentiate on quality and keep affordable, so it was bye-bye.

Of course, a lot of upscale grocery stores are trying to get into the same high-end gourmet stuff that the farmers markets have been selling, so I fear for them as well.

The Toys R Us used to have its own exit from the main freeway. They reworked it in a manner that not only made it more sane, but also relegated the Toys R Us to "you have to know how to get there" status. Meanwhile, WalMart wants to build a "mini" store on the lot previously occupied by a Chevy dealer and plans on putting in an 8 story parking garage to accommodate the lack of space - with high intensity lights and it will be open 24x7. The locals aren't exactly pleased with this idea. It also requires cutting down a huge stand of old and very tall pine trees - the only buffer between the mall (and proposed WalMart) and the houses. The only reason they're doing that is to drive Toys R Us out of the West Shore.

On the plus side, Toys R Us pulled a big "FUCK YOU WALMART!" and just built a HUGE store not far from the only WalMart within 10 miles. The old one is kind of dated anyway. Now THAT is clever! It's a high traffic area and the spot they picked (an old Lexus lot) has easy access as opposed to the WalMart that's just down the road. Smart move. Smart move.

I went to the mall just a few years ago at Christmastime to go to the KB Toys store where it was located, when I cam upon the huge hole left in the place where their store used to be, and I was shocked to see it gone.

I had no idea that Mitt was behind it.
I have bought toys for poor children for 38 years, and I have donated to the Marine Corps' "Toys For Tots" program for 33 years.
So, I was really mystified about what had happened to KB Toys.
Now I know . . . Mitt hates kids.

Christmas is all about children.
And yet without receiving a toy gift on Christmas, poor children don't have that feeling of that day being a special day for them.

nt

Wow - I didn't know all that. Thanks for this post!!!

FYI, you might be interested in this ad released in SC by Stephen Colbert's Super Pac today:

http://www.colbertsuperpac.com/episodeiv-anewhope/

about the filthy rich romney.

Asshole.

A group of kids walking towards a toy store... A mitt Romney lookalike dressed as Snidely Whiplash pulls a chain that rolls down a huge steel door that says "out of business!" ... as the children begin to cry, Romney is pushing a wheelbarrow out the side that is full of cash and toys.

All the while during the ad clips of quotes from news articles show how Romney and Bain cashed and trashed American companies. At the end of the ad is a link to a simple webpage with the succint but powerful information grantcart expertly posted here.

that dates you... god how i miss Rockey and Bullwinkle

I had made the same point in conversation on Friday: vultures perform a useful role in the ecocycle. Corporate raiders like Mitt are about looting the airplane of its parts before parachuting to safety.

Amazing investigative reporting grantcart, this is a true eye opener to their authoritarian piracy.

It's beyond the pale.

Romney is done.

Very, very helpful.

My question is why can't the mass media explain things this way? Why does it always have to be played out so childishly with the "he said, she said" aspects but minimal reporting of facts?

Great job, grantcart.

K&R