I find it interesting that Gov. Romney refuses to talk about his tenure at Bain Capital. But there is a very good reason for his reluctance. A great deal has been written about Romney’s tenure at Bain and it paints a pretty ugly record for the man who wants to be our President. Gov. Romney’s track record at Bain included some early dealings with some pretty shady individuals who were investors in the start-up of Bain. That has pretty much flown under the radar. But there is one thing for certain and that is the Bain plan of action was very bad for working folks who lived though the “Bain Experience.” Let’s take a look at the Bain method of operation, which followed a pattern in most of its acquisitions, and which made the principals and their investors very rich. The Bain method followed this pattern in most every case:
• Bain would purchase a company, generally with an agreement of management;
• Bain would put up very little cash up front and borrow the rest of the acquisition costs;
• Bain would then saddle the company with millions of dollars in debt;
• Bain, at the same time, would force the company to pay management fees to the new owners;
• Bain would slash the workforce in order to repay the debt; and
• Bain would then either sell off the stripped-down company, making a tremendous profit, or declare bankruptcy and shut the company down.
During the time that Gov. Romney was in charge at Bain Capital, thousands of working men and women became victims and lost their jobs. I don’t believe anybody who falls in the middle class could vote for a man who had so little regard for working men and women. Back when they were bitter political enemies during the primary season, then-candidate Newt Gingrich summed up the Bain Capital operation very well. The Newtster said: They are “rich people figuring out clever legal ways to loot a company.” I can’t recall ever agreeing with the former Speaker on anything, but he is right on target in his assessment of Gov. Romney and the Bain gang.
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