Democrats, is it not time we

[napkinz]

7. A Brief History of Mitt Romney’s Record of Putting Profits Ahead of People as CEO of Bain Capital

A Brief History of Mitt Romney’s Record of Putting Profits Ahead of People as CEO of Bain Capital

What is Bain Capital? Co-founded by Mitt Romney in 1984, Bain Capital is a classic “strip and flip” shop — a private equity firm that made its money buying businesses and sucking profit out of them by any means possible that often resulted in a stack of pink slips for everyday Americans. As the New York Post reported, during his 15 years as head of Bain, Romney “made fortunes by bankrupting five profitable businesses that ended up firing thousands of workers."

Here’s how it often went down. Romney’s Bain would buy a company and increase its short-term earnings through firing workers and shuttering plants in order to borrow enormous amounts of money. The borrowed money was used to pay Bain dividends, however, those businesses needed to maintain that high level of earnings to pay their debts. When they couldn’t, that meant plant closures, more layoffs, bankruptcies, and in many cases, the end of the business. Yet these bankruptcies still meant huge profits for Bain’s investors. Furthermore, Bain continued to collect management fees even as companies failed.


http://www.romneygekko.com/mitt/