Posts Tagged ‘raider

02
Jun
11

the corporate raider

Newsonline: ….Mitt Romney is promoting his private-sector business experience to show he could do better than U.S. President Obama in creating jobs. But opponents will find fault in his record as a corporate raider in the 1980s and as Massachusetts governor when his performance on employment was mixed at best.

Romney stressed his experience as head of private equity firm Bain Capital … He made a fortune wheeling and dealing in companies, some of which endured big job cuts as part of restructuring. Some ultimately went bankrupt.

“He was a corporate raider who often made companies profitable, not by helping them perform better – but by simply laying off employees and killing jobs,” said Ray Buckley, Democratic Party chairman of New Hampshire.

Bain Capital, which Romney headed for more than a decade, specialized in leveraged buyouts: buying companies with money borrowed against their assets, grooming them to be sold off, and in the interim collecting huge fees.

Later, as Massachusetts governor from Jan. 2003 to Jan. 2007, Romney presided over one of the puniest rates of employment growth among the 50 U.S. states, at a time the nation’s economy was booming. Labor Department figures showed Massachusetts ranked 47th in the rate of jobs growth in those four years.

More here

Thank you Proud 😉

I read a more detailed piece about Romney’s dire record on jobs a while ago, will try to find it




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