The answer to that question is, “not many”, but my guess is that the bulk of the thousands of employees Romney and Bain fired or terminated or laid off are part of the 47 percent Romney says he does not care about. He did not care about them when he was giving them “pink slips” so why would he give a hell about them now?
Bain Capital, early on, would purchase companies who had either a good amount of cash or had a hefty amount put aside for employee pensions – yet the companies in question had some fundamental problems that needed to be addressed.
Again, early on, Bain spent considerable time analyzing these companies fixing what they could – obviously for a fat fee – and if the companies survived those high management fees they were able to stay in business.
So, Bain, initially, made a good amount of money while doing “some” good – but they only did it for a substantial profit – still, it was a win-win situation.
Then Bain got the idea that if they were very selective about the companies they bought – making sure the companies were cash cows or had a ton of assets that could easily be converted into cash – they, Bain, could quickly buy them and do what they needed to do even quicker because they did not need to waste time learning all about the companies. Basically these later purchases made by Bain could be equated to “hit and runs” or even “drive-by shootings” – no longer like courtships followed by an engagement, wedding, and subsequent divorce.
From a time perspective it was like the old adage, “why buy the cow when you can get the milk for free.” Don’t get me wrong, Bain still purchased the companies but they had a very short-term plan of how to butcher them up in record time – while even making more money than they did on earlier purchases.
Bain bought them without caring about their long term future – then they basically “raped and plundered” them. They burdened these companies with so much debt by charging excessive management fees that they were destined for bankruptcy or one hellava yard sale. In those cases, dedicated, long-term employees who were close to retirement were left holding the bag – losing their health care, their pensions, and their jobs.
Romney claims that he left Bain in 1999 but there are documents that show he was involved in decisions that either forced some of these companies into bankruptcy or his actions resulted in them going under. In all, over 6,000 people in these four companies lost their jobs.
Mitt “I left Bain in 1999” Romney does not want to release 10 years of tax returns because they will show he was working for Bain 2 – 3 years after the time he said he left Bain.
Romney’s father, when he ran for office, chose to release 10 years of tax returns. Recently, when Romney was vetting prospective V.P. candidates, he required each of them to submit 10 years of tax returns to his campaign so he could make the best choice.
Why would Romney require his V.P. candidates to submit 10 years of paperwork when he has only produced 2 years himself?
Romney, in my opinion, is a compulsive liar and as a result is afraid to talk about things because there are earlier videos that will catch him in lies.
There are rumors of how Romney is considering buying a factory in China because the company is so well run that there are citizens outside the gates that want to work at the factory. Romney said that the employees live in dormitories with bunk beds stacked three beds high – almost implying that those dormitory environments are the way to go.
Maybe Romney could build factories here in the United States adjacent to each of his mansions across the country. If he carefully planned each one, I believe he could stack the beds four high and 20 or 30 employees to each room.
He could even have three shifts and have the employees share the beds – keeping costs down.
To make additional money, Romney could have Bain Capital invest in a fleet of Taco Trucks and/or Fried Chicken trucks to sell meals to his employees right there at the factories or in front of his mansions. That concept would help keep employees right there on the property – available for mandatory overtime when business warrants the hours.
If he hired illegals and less fortunate employees he could even cheat them out of hourly wages and overtime because the employees would fear being deported or simply fired without receiving back pay or overtime pay.
The concept of having employees in barracks next to manufacturing facilities works well for facilities making Apple products in China. One negative aspect to this concept is that there is an increased incidence of suicides.
But again, those committing suicide would be part of the 47 percent of Americans Romney does not care about – also, the unemployment rate would go down because the suicides would not be counted as unemployed – and Romney, as President, would not have to worry about giving them government checks, food assistance, or healthcare.
Getting back to the 47 percent of Americans depending on a government check – I am one of “those” because I served my country in the Air Force for over twenty years before I retired. I earned my military retired check – my government promised it to me if I served and I expect them to hold up their end of the bargain – because I did.
I also am a senior and I applied for Social Security and I receive a paycheck monthly. Do I consider my Social Security check a hand-out or some kind of welfare? Surely not.
The Social Security check I receive is payback to me for money that was taken from my paychecks during my employment years. I had no choice regarding Social Security being deducted from my wages – I also had deductions for Medicare and as a result, I feel that I contributed to a fund that is now there to help me with my medical care and expenses.
I agree that there are probably 47 percent of Americans receiving some kind of government check monthly – but the majority of them worked hard all their lives – either in the military or the public or private sectors and the checks they currently receive are because they have a valid reason for receiving them – and these checks do not represent charity in any way, shape or form.
Republicans talk about Medicare like it is a charity program and that it needs to be cut – while they give further tax cuts to the very rich.
To that, I say, the rich are doing quite well – if anything raise their tax rate a little higher and keep your hands off Medicare.
One thing our Congressmen can do, however, is cut some of the fraud and abuse that is done by companies and even the medical community – many of which are owned by rich Americans that are also demanding tax cuts. I am talking about large HMO’s, hospitals, medical equipment manufacturers and pharmaceutical companies – all with high paid lobbyists who are in bed with some of our Congressional representatives.
Please, Please, Please, participate in the polling questions AND please leave a comment.