Monday, June 25, 2012

The Price Of Bain Capital

Bain Capital made a lot of money for Mitt Romney, but thousands of middle class Americans paid a terrible price; their jobs, pensions and healthcare for Romney's millions.  This clear and effective video is devastating for Mitt Romney.

Last week an excellent Washington Post article by Tom Hamburger examined filings by the Securites and Exchange Commission to document:
Mitt Romney’s financial company, Bain Capital, invested in a series of firms that specialized in relocating jobs done by American workers to new facilities in low-wage countries like China and India.
The Romney campaign issued this statement defending their candidate from the WaPo article citing Bain Capital and its subsidiaries as off-shoring pioneers.
 “This is a fundamentally flawed story that does not differentiate between domestic outsourcing versus offshoring nor versus work done overseas to support U.S. exports, Mitt Romney spent 25 years in the real world economy so he understands why jobs come and they go. As President, he will implement policies that make it easier and more attractive for companies to create jobs here at home. President Obama’s attacks on profit and job creators make it less attractive to create jobs in the U.S.”
Huh?  The next time I meet an investment banker I'll ask them to translate the Romney Campaign's statement. I'll agree that Romney understands how to buy a company, load it with debt and extract millions from the company before it goes bankrupt.  But Mitt Romney has no idea how to create jobs in American society, or his state wouldn't have been 47th in job creation during Romney's tenure as governor of Massachusetts.  President Obama  has an answer on offshoring jobs everyone can understand.
“If you're a worker whose jobs went overseas — you don't need someone who is going to explain to you the difference between outsourcing and offshoring. You need somebody who's going to wake up every day and fight for American jobs.”

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