Home
Forums
New posts
Search forums
What's new
New posts
Latest activity
Members
Current visitors
Log in
Register
What's new
Search
Search
Search titles only
By:
New posts
Search forums
Menu
Log in
Register
Install the app
Install
Home
Forums
Brown Cafe UPS Forum
UPS Discussions
D.R.I.V.E
JavaScript is disabled. For a better experience, please enable JavaScript in your browser before proceeding.
You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an
alternative browser
.
Reply to thread
Message
<blockquote data-quote="TechGrrl" data-source="post: 1020603" data-attributes="member: 4932"><p>Mitt was set up with his new company, Bain Capital, with the golden parachute that if anything went wrong, he could go back to his job at Bain with no personal financial losses, and a face saving excuse to cover up the failure.</p><p></p><p>Private equity firms do not have the incentive to make poor companies perform better. They have an incentive to make as much money for their investors as possible. They do not care if the target companies go bankrupt, as long as they take their money out beforehand. They very often leave the target company in worse shape due to loading them up with debt to pay bloated "management fees" and dividends. They also cash out well funded pension funds using optimistic forecasts of investment returns, then leave the carcass for the Federal Pension Guaranty Fund (i.e., us the taxpayers) to support.</p><p></p><p>There is a huge difference between venture capital and private equity. Bain was the second. I suspect if we got an honest accounting of the net job creation vs. job loss on all the Bain deals during Mr. Romney's tenure in control, the losses far outnumber the gains.</p><p></p><p>This is neither spin nor exaggeration; all of this is easily verified using public records from Bain and other firms in the PE world. Matt Taibbi is not the only writer to lay the facts out. You can agree or disagree over whether these firms were a positive or negative factor in our economy. I personally consider them vultures who do no good for anyone other than their investors, and they do that by externalizing the costs onto the rest of us, while raking in the considerable gains for themselves. </p><p></p><p>Here's a couple of articles from a Nobel-Prize-winning economist, who may have more credibility in your eyes than Matt Taibbi and Rolling Stone:</p><p></p><p><span style="font-family: 'comic sans ms'"><strong><a href="http://www.nytimes.com/2012/07/06/opinion/off-and-out-with-mitt-romney.html" target="_blank"><span style="color: #0000ff">http://www.nytimes.com/2012/07/06/opinion/off-and-out-with-mitt-romney.html</span></a></strong></span></p><p><span style="font-family: 'comic sans ms'"><strong><span style="color: #0000ff"></span></strong></span></p><p><span style="font-family: 'comic sans ms'"><strong><span style="color: #0000ff"></span><a href="http://www.nytimes.com/2012/01/06/opinion/bain-barack-and-jobs.html?_r=2" target="_blank"><span style="color: #0000ff">http://www.nytimes.com/2012/01/06/opinion/bain-barack-and-jobs.html?_r=2</span></a></strong></span></p><p></p><p>Once upon a time, people made money by creating things that people bought or providing a useful service. Steve Jobs, Henry Ford, Jim Casey. The current crop of "job creators" don't really create jobs, except overseas. And tend to leave a lot of human wreckage in their wake here in the US.</p><p></p><p>You often make a lot of sense, Pobre, but not on this particular issue re: Mr. Romney.</p></blockquote><p></p>
[QUOTE="TechGrrl, post: 1020603, member: 4932"] Mitt was set up with his new company, Bain Capital, with the golden parachute that if anything went wrong, he could go back to his job at Bain with no personal financial losses, and a face saving excuse to cover up the failure. Private equity firms do not have the incentive to make poor companies perform better. They have an incentive to make as much money for their investors as possible. They do not care if the target companies go bankrupt, as long as they take their money out beforehand. They very often leave the target company in worse shape due to loading them up with debt to pay bloated "management fees" and dividends. They also cash out well funded pension funds using optimistic forecasts of investment returns, then leave the carcass for the Federal Pension Guaranty Fund (i.e., us the taxpayers) to support. There is a huge difference between venture capital and private equity. Bain was the second. I suspect if we got an honest accounting of the net job creation vs. job loss on all the Bain deals during Mr. Romney's tenure in control, the losses far outnumber the gains. This is neither spin nor exaggeration; all of this is easily verified using public records from Bain and other firms in the PE world. Matt Taibbi is not the only writer to lay the facts out. You can agree or disagree over whether these firms were a positive or negative factor in our economy. I personally consider them vultures who do no good for anyone other than their investors, and they do that by externalizing the costs onto the rest of us, while raking in the considerable gains for themselves. Here's a couple of articles from a Nobel-Prize-winning economist, who may have more credibility in your eyes than Matt Taibbi and Rolling Stone: [FONT=comic sans ms][B][URL="http://www.nytimes.com/2012/07/06/opinion/off-and-out-with-mitt-romney.html"][COLOR=#0000ff]http://www.nytimes.com/2012/07/06/opinion/off-and-out-with-mitt-romney.html[/COLOR][/URL][/B][/FONT] [FONT=comic sans ms][B][COLOR=#0000ff] [/COLOR][URL="http://www.nytimes.com/2012/01/06/opinion/bain-barack-and-jobs.html?_r=2"][COLOR=#0000ff]http://www.nytimes.com/2012/01/06/opinion/bain-barack-and-jobs.html?_r=2[/COLOR][/URL][/B][/FONT] Once upon a time, people made money by creating things that people bought or providing a useful service. Steve Jobs, Henry Ford, Jim Casey. The current crop of "job creators" don't really create jobs, except overseas. And tend to leave a lot of human wreckage in their wake here in the US. You often make a lot of sense, Pobre, but not on this particular issue re: Mr. Romney. [/QUOTE]
Insert quotes…
Verification
Post reply
Home
Forums
Brown Cafe UPS Forum
UPS Discussions
D.R.I.V.E
Top