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FreakinDJ

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Member since: 2002
Number of posts: 14,666

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Romney's Bain made millions as S.C. steelmaker went bankrupt

David Wren | Myrtle Beach Sun News

MYRTLE BEACH, S.C. — Boston-based Bain Capital LLC more than doubled its money on GS Industries Inc. — the former parent company of Georgetown Steel — under Mitt Romney's leadership in the 1990s, even as the steel manufacturer went on to cut more than 1,750 jobs, shuttered a division that had been around for 100 years and eventually sank into bankruptcy.

Bain Capital spent $24.5 million to acquire GS Industries in 1993, according to an investment prospectus for the company that was obtained by the Los Angeles Times and reviewed by McClatchy Newspapers. By the end of that decade, Bain Capital estimated its partners had made $58.4 million off its investment in GS Industries, according to the prospectus.

Bain Capital's partners also earned multimillion-dollar dividends from GS Industries and annual management fees of about $900,000. But by the time GS Industries filed for bankruptcy protection in 2001, it owed $553.9 million in debts against assets valued at $395.2 million.

Romney - who founded Bain Capital, one of the earliest leveraged-buyout firms, in 1984 - was in charge of the firm for most of the time it owned GS Industries. Romney left Bain Capital in 1999, two years before the bankruptcy, to run the organizing committee for the Winter Olympics in Salt Lake City, Utah.

Read more here: http://www.mcclatchydc.com/2012/01/14/135889/romneys-bain-made-millions-as.html#storylink=cpy

SOPA is the 1%'s Hostile Take Over of the Internet

This is now posted on Craig's List

Stop HR 3261 (SOPA) and S 968 (PIPA) Internet Blacklist Bills

Congress needs to hear from you, or these dangerous bills will pass - they have tremendous lobbying dollars behind them, from large corporations reportedly hoping to prop up outdated, anti-consumer business models at the expense of the very fabric of the Internet -- recklessly unleashing a tsunami of take-down notices and litigation, and a Pandora's jar of "chilling effects" and other unintended (or perhaps intended?) consequences.

Please let your Members of Congress know you OPPOSE H.R. 3621 "Stop Online Piracy Act" (SOPA) and S. 968 "Protect IP Act" (PIPA):

Phone, yes phone your Member of Congress! (House) (Senate)
EFF Congressional Emailer - Oppose Internet Blacklisting (SOPA & PIPA)
OpenCongress Congressional Emailer - Oppose SOPA
Generic Congressional Emailer (You'll need your Zip+4)

Learn more about SOPA, Protect IP (PIPA), and Internet Blacklisting:

Growing Chorus of Opposition to SOPA
Open Letter against SOPA from 83 Prominent Internet Engineers
Why SOPA and Protect IP (PIPA) are Bad, Bad Ideas (Techdirt)
SOPA News (Google News)
SOPA Wikipedia entry
SOPA FAQ (CNET)
Internet Giants Consider Blackout Against SOPA!

Where does your Member of Congress stand on SOPA? (Project SOPA Opera)

Opponents of SOPA: Google, Yahoo, Wikipedia, craigslist, Facebook, Twitter, LinkedIn, eBay, AOL, Mozilla, Reddit, Tumblr, Etsy, Zynga, EFF, ACLU, Human Rights Watch, Nancy Pelosi (D-CA), Ron Paul (R-TX)

Supporters of SOPA: RIAA, MPAA, News Corporation, VISA, Mastercard, Pfizer, Comcast, Time Warner, ABC, Nike, Walmart, Dow Chemical, Tiffany, Chanel, Rolex, Monster Cable, Teamsters, Lamar Smith (R-TX), John Conyers (D-MI)


http://www.craigslist.org/about/SOPA


Looks like we might have a value missing here


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Got this on the front page here at DU

Making It in America

In the past decade, the flow of goods emerging from U.S. factories has risen by about a third. Factory employment has fallen by roughly the same fraction. The story of Standard Motor Products, a 92-year-old, family-run manufacturer based in Queens, sheds light on both phenomena. It’s a story of hustle, ingenuity, competitive success, and promise for America’s economy. It also illuminates why the jobs crisis will be so difficult to solve.




I first met Madelyn “Maddie” Parlier in the “clean room” of Standard Motor Products’ fuel-injector assembly line in Greenville, South Carolina. Like everyone else, she was wearing a blue lab coat and a hairnet. She’s so small that she seemed swallowed up by all the protective gear.

Tony Scalzitti, the plant manager, was giving me the grand tour, explaining how bits of metal move through a series of machines to become precision fuel injectors. Maddie, hunched forward and moving quickly from one machine to another, almost bumped into us, then shifted left and darted away. Tony, in passing, said, “She’s new. She’s one of our most promising Level 1s.”

Later, I sat down with Maddie in a quiet factory office where nobody needs to wear protective gear. Without the hairnet and lab coat, she is a pretty, intense woman, 22 years old, with bright blue eyes that seemed to bore into me as she talked, as fast as she could, about her life. She told me how much she likes her job, because she hates to sit still and there’s always something going on in the factory. She enjoys learning, she said, and she’s learned how to run a lot of the different machines. At one point, she looked around the office and said she’d really like to work there one day, helping to design parts rather than stamping them out. She said she’s noticed that robotic arms and other machines seem to keep replacing people on the factory floor, and she’s worried that this could happen to her. She told me she wants to go back to school—as her parents and grandparents keep telling her to do—but she is a single mother, and she can’t leave her two kids alone at night while she takes classes

http://www.theatlantic.com/magazine/archive/2012/01/making-it-in-america/8844/?single_page=true


Great article about WHY we need technical alternatives to the 4 year degree

What kind of capitalist is Romney?

Michael Lind, Special to CNN

In a presidential primary season distinguished so far by the absence of substantive debates, the controversy over whether Mitt Romney and his partners at Bain Capital should be considered job creators or job destroyers raises a profoundly important issue.

Beyond the concerns about the loss of American jobs to off-shoring or automation and the food-fight tactics of Romney's rivals is a legitimate question about what kind of capitalism 21st century Americans should want.

The choice is between "stakeholder capitalism" and "shareholder capitalism." According to the theory of stakeholder capitalism, corporations are and should be quasi-public entities with responsibilities to the nation-state and to the communities in which they are embedded. The corporation should make a profit and provide a fair return to investors. At the same time, workers who contribute their labor to the company have a legitimate interest in it as well as investors who provide capital. Managers serve the company and the country, not merely the investors.

<snip>

From the perspective of shareholder theory, private equity firms like Romney's are promoting efficiency, even as they make short-term profits by dismantling or destroying companies and laying off their workers.

http://www.cnn.com/2012/01/13/opinion/lind-romney-bain/index.html?hpt=hp_c1


Well worth the read - and certainly worth a "Recommend" on FB

ATTENTION America – this is the New Economy – Get Used to It

Who says things are going to get better? Just what political pressure resides out there in the American Landscape to force the American Government to wrest control of the economy from the Wealthy Elitist Corporations that have placed a strangle-hold upon the throats of the Working Class?

Some New Special Tax on Vulture Capitolism?

As economic forecast pop up on the horizon daily in our media they all have one thing in common. They produce a pretty bleak picture for the Working Class many years to come, possibly a decade away. Quite a lot can happen in that time frame and more then likely it will be at the hands of Corporate controlled economy and Washington insiders. Regretfully there is just too many future earnings to be made picking the bones of the once proud American Middle Class.

Right-wing documentary targets Occupy

Exclusive: Film in the making from Citizens United is likely to portray protesters as anti-democratic anarchists

Citizens United, which specializes in making documentaries with strong right-wing messages, is currently in production for a film about the Occupy movement, a spokesman for the group confirms to Salon.

The landmark 2010 Supreme Court case that loosened campaign finance restrictions was brought by Citizens United and centered on an anti-Hillary Clinton movie made by the group. Opposition to that ruling has been a consistent message of participants in Occupy movement.

The new film is to be called “Mic Check: The Untold Story of the Occupy Movement.” A participant at Occupy Wall Street recently received an interview request from a Citizens United producer that included this description of the film:

http://politics.salon.com/2012/01/11/right_wing_lens_for_occupy_documentary/

Middle class dropouts - American Dream Deferred



NEW YORK (CNNMoney) -- Nearly one third of Americans who were raised in the middle class dropped down the economic ladder as adults -- and that's before the Great Recession hit.

"Being raised in the middle class is not a guarantee that you'll have that same status as an adult," said Erin Currier, project manager at Pew's Economic Mobility Project. "With all the economic turmoil in the past four years, there's good reason to think that downward mobility is more severe."

Being middle class in the parents' generation meant a household income of roughly $33,000 to $64,000 in 1979. But their children had to earn between $54,000 and $111,000 to maintain their relative standing in society in the mid-2000s. (These figures are adjusted for inflation.)

http://money.cnn.com/2012/01/11/news/economy/middle_class_mobility/index.htm?iid=GM

Former congressman, Missouri charity director sentenced in terrorism case

McClatchy Newspapers Mark Morris

KANSAS CITY, Mo. — A long-running terrorist financing investigation centered in Columbia, Mo., ended Wednesday when a federal judge ordered two men, including a former U.S. congressman, to prison.

She sentenced three other defendants to probation for their work with a Missouri charity that purportedly had ties to Islamic extremists. Those ties had subjected the charity to intense scrutiny for 13 years.

All five men either were employees or associates of the Columbia-based Islamic American Relief Agency. The charity closed its doors in October 2004 after the U.S. Treasury Department declared it to be one piece of a global network that supported Osama bin Laden and other terrorists.

Read more here: http://www.mcclatchydc.com/2012/01/11/135624/former-congressman-missouri-charity.html#storylink=cpy


Wasn't Grover Norquest a Lobyest for an Islamic Organisation in 1999

Foreclosures, bankruptcies fall, but problems remain

Tony Pugh | McClatchy Newspapers

WASHINGTON — The two major markers of financial distress — bankruptcies and foreclosures — declined in 2011 from the previous year, but the good news is a bit deceiving.

The 34 percent decline in foreclosure filings last year was due mainly to processing delays caused by legal concerns about proper documentation of paperwork, according to a new report by RealtyTrac, an online foreclosure database.

Foreclosures in the fourth quarter of 2011 had taken an average of 348 days to complete, compared with 305 days in the last quarter of 2010.

Read more here: http://www.mcclatchydc.com/2012/01/12/135576/foreclosures-bankruptcies-fall.html#storylink=cpy
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