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Posted on 01/12/2012 2:54:18 AM PST by John Valentine
http://www.kingofbain.com/
I call BO.
from the October 25, 1994 edition of The Boston Globe:
Republican Senate nominee Mitt Romney’s rescue of a business consulting firm was achieved in part by convincing the Federal Deposit Insurance Corp. to forgive roughly $ 10 million of the company’s debts, according to sources close to the deal and federal records obtained by The Boston Globe.
Romney, whose business acumen has been the cornerstone of his campaign, has said saving the Bain & Co. consulting firm from the brink of bankruptcy in 1991 was the accomplishment that most convinced him he had the mettle to be a US senator.
Bain & Co. and the FDIC agreed to the deal after months of intense negotiations. Moreover, bankers say debt forgiveness is relatively routine when a company is at risk of collapse.
But the $ 10 million cost to the FDIC raises the question of whether Romney’s success, as well as the resurrection of Bain & Co., came partially at the expense of the federal agency that protects US bank deposits.
Here’s the U tube version
http://www.youtube.com/watch?NR=1&feature=endscreen&v=UYg_OdXNc1Q
You can make all the laws you wish controlling free markets, it is called socialism. Go for it. List a few that you want to have. We only have a few hundred thousand to date, hell what is a few thousand more rules and regulations. However, the Chinese will still produce their crap without those rules and regulations.
Yep, that is definitely straight from your imagination. Think about it. If any bank had taken a hit like that, then the makers of the video would have offered the name of that bank up front and center. And after it happened the first time, no bank would have ever lent money to a Bain-controlled company again. Yet that's not what happened.
Bain Capital by definition is a capital investment company. They don't go to banks for funding. They are their own source of funding.
Romney has done so much to open himself up for criticism. There's no need to spread lies about him when there is so much truthful information available.
There are plenty of private equity firms and venture capital firms that bring value to, and strengthen a business they invest in. Likewise, there are some who do acquire solid companies, sometimes acquired using 70+% leverage, which were then used to take on more debt solely for the purpose of paying the investors a “dividend”.
Check out the book “ Dangerous Company”.
Yep, that's what they said about Goebbels' movies, too.
Didn’t think of that. I think you’re right on the money.
I think that might explain exactly why Obama and Co want Romney. Makes sense doesn’t it?
Good job, very astute of you...
But.....!!!!!!!!!!
What will Ann Coulter say about this?????????
I watched eight minutes of the video. It’s BS. The video starts off with the lie of blaming Bain for the actions of Raytheon. Did you bother to research anything that was said?
Sometimes the consequences of capitalism are harsh, but they are necessary to keep the overall economy productive, innovative and vibrant.
IMO, it would explain every strange thing about the Republican nominations and why the media and Dems are so quiet about Romney and why the Republicans seem so determined to screw themselves over and possibly end America as we know it.
One problem I have with all the discussions of Bain is the inability (unwillingness?) to clearly define terms. As I understand it, Bain does both venture capital and private equity. Again as I understand it (I'm only spottily versed in these issues), venture capitalists typically invest in start-ups they consider promising. If the start-up takes off, they make money; if the start-up fails, they lose money. In either case, I don't think I've ever heard that they take a fee.
Private equity OTOH is going into a failing company to turn it around or maybe to strip its assets. I admit I'm kind of fuzzy on this. Some say Bain took over companies, broke them up, sold off what they could, etc., etc. Others have said Bain went in (just how is unclear to me), forced the company to take on debt to pay Bain's fee, which ultimately forced the company under. I don't understand how you can simultaneously buy a company and take a fee . . . but as I said, no one is really explaining things calmly. Was Bain hired as consultants in these cases or did they buy out the company? Sorry for the ignorance, but how can I learn if I don't ask questions?
Now, as to Romney's role, I don't know how Bain is or was structured. Were venture capital and private equity separate or was there overlap and where was Romney?(A morning talk show host tells of an acquaintance who was starting some kind of compute company years ago that Romney looked into for a Bain investment but turned it down because he didn't thing the personal computer thing was going anywhere. No, I don't know whether the story's true or not; I do know that it's funny!)
Also, people keep talking about Bain's successes. Are these successes in the venture capital side or the private equity side? A lot mention Staples as a success, but my guess would be that Staples was a start-up that attracted venture capital, though I could be wrong. Did Romney play any role here?
I'd appreciate having any of this cleared up!
I don’t give a damn who made the video. I am more interested in the substance within. And so far, all that substance is BS. Do you think it is ‘ethical’ to blame Bain Capital for management decisions made by Raytheon? Seriously.
Can you show me a single example of where the actions of Bain or Bain Capital ended up costing the taxpayer money? Didn’t think so. Again, I call BS.
You have spent 2 days now running all over FR defending a liberal socialist. I don’t care WHAT you think.
You have clearly stated that you don't care about 'truth'. So be it. The video is filled with lies, yet you continue to embrace them. That speaks of your credibility, not mine.
OH NO! He actually tore down his house so that he could build a bigger one!
He worked for a company that bought low and sold high, how evil!
His company actually allowed latin americans to invest!
He sat by and did nothing while Raytheon closed down a manufacturing plant!
What an evil dude...and not only that: he speaks FRENCH!
Oh the humanity!!
What’s more, a federal government insurance agency had to pony up $44-million to bail out the company’s underfunded pension plan. Nevertheless, Bain profited on the deal, receiving $12-million on its $8-million initial investment and at least $4.5-million in consulting fees.
Gingrich Super PAC: Gov't Bailed Out Pensions After Bain Raided Them - RealClearPolitics
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