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In reply to the discussion: Weekend Economists View the Trojan Horse June 15-17, 2012 [View all]Demeter
(85,373 posts)77. Why Does Mitt Romney Like Firing People? Because He Made $20,000 On Every Laid-Off Worker
http://www.nationalmemo.com/why-does-mitt-romney-like-firing-people-because-he-made-20000-on-every-laid-off-worker/
Mitt Romney would prefer for you to recall just one number regarding his record at Bain Capital. That would be 100,000 the number of jobs that the Republican candidate claims he created during 15 years at the private equity firm.
But now there is a more interesting, plausible and relevant number: $20,000. Thats how much money Romney is estimated to have made from each worker laid off during Bains many corporate takeovers.
In fairness, Romneys goal at Bain was never to create jobs but to reap the biggest returns for their valued investors. Judging by that metric, he did exceedingly well, as even Bill Clinton accidentally admitted when discussing Romneys sterling business career. And of course, Romneys fortune, estimated somewhere between $190 million and 250 million, attests to that assessment.
But over the course of the Romneys years at Bain Capital, at least five of the companies he took over eventually went bankrupt, while still rewarding Bain investors handsomely: SEE LINK...While it is true that some of those companies went under after Romney had left Bain, the job growth for which he now seeks credit also occurred after his departure in 1999. But the bankruptcies and the bust-out scenario that helped Bain to profit anyway are not news. What AOLs Daily Finance has contributed to the Bain debate is a simple calculation: 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. Nice work if you can get it (or take it away from someone else).
Mitt Romney would prefer for you to recall just one number regarding his record at Bain Capital. That would be 100,000 the number of jobs that the Republican candidate claims he created during 15 years at the private equity firm.
But now there is a more interesting, plausible and relevant number: $20,000. Thats how much money Romney is estimated to have made from each worker laid off during Bains many corporate takeovers.
In fairness, Romneys goal at Bain was never to create jobs but to reap the biggest returns for their valued investors. Judging by that metric, he did exceedingly well, as even Bill Clinton accidentally admitted when discussing Romneys sterling business career. And of course, Romneys fortune, estimated somewhere between $190 million and 250 million, attests to that assessment.
But over the course of the Romneys years at Bain Capital, at least five of the companies he took over eventually went bankrupt, while still rewarding Bain investors handsomely: SEE LINK...While it is true that some of those companies went under after Romney had left Bain, the job growth for which he now seeks credit also occurred after his departure in 1999. But the bankruptcies and the bust-out scenario that helped Bain to profit anyway are not news. What AOLs Daily Finance has contributed to the Bain debate is a simple calculation: 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. Nice work if you can get it (or take it away from someone else).
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