Quote:
Originally Posted by Nebe
How anyone can support Romney after his history at Bain Capital or what ever that place is spelled is beyond me... Lets see.. Bain Capital buys a company, fires everyone and outsources the jobs overseas..
mmmm yeah.. thats patriotic.  |
His record at Bain was largely successful. The company you refer to, and which Obama campaign spews the drivel that you have bought into, GS Steel, was already on the verge of collapse when Bain invested in it, in order to return it to profitability. Actually, Bain kept the company running for seven years longer that it would have if it hadn't taken over. We were being flooded with cheap steel imports during this period and many steel companies (about 30) went out of business. Bain was accused of loading the company with debt in order to suck money out of it for consulting fees, etc. But GS Steel had outdated equipment, was in financial difficulty due to the cheap imports, so money had to be borrowed to update the company and grow it to a competitive size if it was to be profitable. So the Obama campaign team accused it of being driven by greed and profits rather than caring about jobs. It is obvious that the nature of business is driven by profit. Without profit there would be no jobs. The investment failed and the company went bankrupt. The jobs from GS Steel were not outsourced overseas.
As an interesting sidenote to Obama's team painting Bain as an evil vampire that sucks the life out of business, so far Obama has received $150,000 in campaign contributions from Bain. Democrats have received more contributions from Bain than have Republicans. In the last three election cycles, Bain employees have given Democrats $1.2 million (mostly from top executives), and have given Republicans over $480,000. Obama, in spite of defining Bain as greedy corporate job destroyers, has hired Bain executives to help his administration or his campaign. He named Boris Borshteyn, a former consultant for Bain Capital, to head the Office of Information and Regulatory Affairs. In Jan. 2012 he named Jeffrey Zients as his acting budget chief. Zients worked at Bain & Co. from 1988 to 1990. And Obama hired Jonathan Levine as his major fund raiser for his campaign. Levine is the person who was ACTUALLY in charge of Bain Capital at the time GS Steel went bankrupt. So Obama hires the man who was actually in charge during the time when he accuses Romney of being responsible for the layoffs.