Posted on 05/26/2012 6:32:50 AM PDT by SeekAndFind
Despite a growing backlash from his fellow Democrats, President Obama has doubled down on his attacks on Mitt Romney's tenure at Bain Capital. But the strategy could backfire in ways Obama has not anticipated.
After all, if Romney's record in private equity is fair game, then so is Obama's record in public equity — and that record is not pretty.
Since taking office, Obama has invested billions of taxpayer dollars in private businesses, including as part of his stimulus spending bill. Many of those investments have turned out to be unmitigated disasters — leaving in their wake bankruptcies, layoffs, criminal investigations and taxpayers on the hook for billions. Consider a few examples:
• Raser Technologies. In 2010, the Obama administration gave Raser a $33 million taxpayer-funded grant to build a power plant in Beaver Creek, Utah. According to the Wall Street Journal, after burning through our tax dollars, the company filed for bankruptcy protection this year. The plant has fewer than 10 employees, and Raser owes $1.5 million in back taxes.
• ECOtality. The Obama administration gave ECOtality $126.2 million in taxpayer money in 2009 for, among other things, the installation of 14,000 electric car chargers in five states. Obama even hosted the company's president, Don Karner, in the first lady's box during the 2010 State of the Union address as an example of a stimulus success story.
According to ECOtality's own SEC filings, the company has since incurred more than $45 million in losses and has told the federal government: "We may not achieve or sustain profitability on a quarterly or annual basis in the future."
Worse, according to CBS News, the company is "under investigation for insider trading," and Karner has been subpoenaed "for any and all documentation surrounding the public announcement of the first Department of Energy
(Excerpt) Read more at news.investors.com ...
In his world, their cannot be a Bain where their is failure, he won't admit his own failures via all the green energy bust.
If you read the book "Mig Pilot" the Mig-25 pilots were forced to relocate trees which ended up dying so that the ride to the field would be pleasant for the visiting apparatchiks who liked the beauty instead of more training etc.
How is his behavior any different? It is all about the look of green energy and him determining the risk, not you whether it fails or not? With that said how is he not like those Soviet Apparatchiks?
GREAT point.
“Mr President; Let's compare records of how many people have been put out of work under each of our watches”
Debate IS OVER at that point....
RE: “how many people have been put out of work under each of our watches”
Someone as shameless as Obama will always tout the fact that he “created” 4.2 million jobs, and he’ll point to his website too:
http://www.barackobama.com/jobsrecord
Oh but that’s very easy to refute. Data showing the labor forces participation plummeting would very good to throw at him
“Mr President; under your watch, many Americans have just given up. They have quit even looking for a job; let alone finding one. Mr President you have killed the spirit and aspirations of millions of Americans.”
This is what I’ve been saying all along. Let’s have a real look at “PRIVATE EQUITY” vs “PUBLIC EQUITY”. “PRIVATE EQUITY” uses private capital to buy failing companies, in hopes of making them profitable. Like BAIN Capital, they buy these companies in hopes of making a profit for their investors. Their record is out of 10 compnaies they have bought, 7 became very profitable and 3 had to be allowed to go bankrupt. Now let’s look at “PUBLIC EQUITY”. This government has invested TAX MONEY, our money, into “GREEN” companies. Let’s look at their record. Out of 10 “GREEN” companies that the government has invested our tax dollars, to the tune of 100 millions, not one of them has yet to turn a profit, and most of them have been allowed to go bankrupt. Now the managers of these companies have come out pretty good, they didn’t loose any of their personal money and they were paid handsomely for their work in these failing “GREEN” jobs. Now how many people have lost their jobs in “PRIVATE EQUITY” companies allowed to go bankrupt, compared to the “PUBLIC EQUITY” companies allowed to go bankrupt? “PRIVATE EQUITY” companies? about 200 to 300 lost their jobs. “PUBLIC EQUITY” companies? about 2,000 to 3,000 jobs. My question is why has the LAMESTREAM MEDIA not done their due dilligence?
This is what I’ve been saying all along. Let’s have a real look at “PRIVATE EQUITY” vs “PUBLIC EQUITY”. “PRIVATE EQUITY” uses private capital to buy failing companies, in hopes of making them profitable. Like BAIN Capital, they buy these companies in hopes of making a profit for their investors. Their record is out of 10 compnaies they have bought, 7 became very profitable and 3 had to be allowed to go bankrupt. Now let’s look at “PUBLIC EQUITY”. This government has invested TAX MONEY, our money, into “GREEN” companies. Let’s look at their record. Out of 10 “GREEN” companies that the government has invested our tax dollars, to the tune of 100 millions, not one of them has yet to turn a profit, and most of them have been allowed to go bankrupt. Now the managers of these companies have come out pretty good, they didn’t loose any of their personal money and they were paid handsomely for their work in these failing “GREEN” jobs. Now how many people have lost their jobs in “PRIVATE EQUITY” companies allowed to go bankrupt, compared to the “PUBLIC EQUITY” companies allowed to go bankrupt? “PRIVATE EQUITY” companies? about 200 to 300 lost their jobs. “PUBLIC EQUITY” companies? about 2,000 to 3,000 jobs. My question is why has the LAMESTREAM MEDIA not done their due dilligence?
This is what I’ve been saying all along. Let’s have a real look at “PRIVATE EQUITY” vs “PUBLIC EQUITY”. “PRIVATE EQUITY” uses private capital to buy failing companies, in hopes of making them profitable. Like BAIN Capital, they buy these companies in hopes of making a profit for their investors. Their record is out of 10 compnaies they have bought, 7 became very profitable and 3 had to be allowed to go bankrupt. Now let’s look at “PUBLIC EQUITY”. This government has invested TAX MONEY, our money, into “GREEN” companies. Let’s look at their record. Out of 10 “GREEN” companies that the government has invested our tax dollars, to the tune of 100 millions, not one of them has yet to turn a profit, and most of them have been allowed to go bankrupt. Now the managers of these companies have come out pretty good, they didn’t loose any of their personal money and they were paid handsomely for their work in these failing “GREEN” jobs. Now how many people have lost their jobs in “PRIVATE EQUITY” companies allowed to go bankrupt, compared to the “PUBLIC EQUITY” companies allowed to go bankrupt? “PRIVATE EQUITY” companies? about 200 to 300 lost their jobs. “PUBLIC EQUITY” companies? about 2,000 to 3,000 jobs. My question is why has the LAMESTREAM MEDIA not done their due dilligence?
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