Romney: The Job-Destroyer rather than a Job-Creator

A closer look at Mitt Romney's job creation record
The Republican presidential contender says he learned about expanding employment during his time heading a private equity firm. But under his leadership, Bain Capital often maximized profits in part by firing workers.

But a closer examination of the prospectus paints a different picture of Bain's operation. Under Romney's leadership, Bain became one of the nation's top leveraged-buyout firms, helping lead a trend in which companies were acquired using debt often pledged against their own assets or earnings.

Bain expanded many of the companies it acquired. But like other leveraged-buyout firms, Romney and his team also maximized returns by firing workers, seeking government subsidies, and flipping companies quickly for large profits. Sometimes Bain investors gained even when companies slid into bankruptcy.

Romney himself became wealthy at Bain. He is now worth between $190 million and $250 million, much of it derived from his time running the investment firm, his campaign staffers have said.

Bain managers said their mission was clear. "I never thought of what I do for a living as job creation," said Marc B. Walpow, a former managing partner at Bain who worked closely with Romney for nine years before forming his own firm. "The primary goal of private equity is to create wealth for your investors."

http://www.latimes.com/news/nationworld ... 3872.story


You can hear the surprise in *MY* voice.. It wasn't about "job-creation"...It was about making wealthy investors wealthier...

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I know it is hard for the Left to understand, but sometimes it is better to fire people when a company is going downhill. If Dems had their way, companies would still be making whale oil and other 19th tech, losing money and being subsidized by the Feds. Oh wait, they do, subsidizing ethanol production and railroads(Amtrak).

Excellent post LJ

People need to know

As usual, he missed the point... It's not that sometimes workforce reductions have to be done... It's Romney's repeated lies during debates of holding himself out as a "job creator", when it's not true.

Mitt Romney defended his record at Bain Capital and claimed that "overall, in those hundred businesses we invested in, tens of thousands of jobs -- net/net -- were created. Romney also pushed back at criticisms of his record on job creation while Governor of Massachusetts.

--from the Republican Debates:

http://videocafe.crooksandliars.com/hea ... capital-du

Romney Gives Obama A Failing Grade, But Massachusetts Ranked 47th In Job Growth While He Was Governor:

What Romney leaves out of his stump speech, however, is just how bad his state’s job creation statistics were during his four years as governor. Different job creation studies rank Massachusetts in the bottom four states during Romney’s administration. A study by the independent think tank MassINC ranked the state 49th in job creation from 2001-2007, ahead of only Michigan. And according to the U.S. Department of Labor, Massachusetts ranked 47th, ahead of only Michigan, Ohio, and Louisiana. Michigan and Ohio, both located in the Rust Belt, faced heavy job losses due to the flight of manufacturing jobs from the Midwest. Louisiana, meanwhile, lost hundreds of thousands of jobs in the aftermath of Hurricane Katrina in 2005.

During Romney’s period as governor, Massachusetts’ job growth was just 0.9 percent, well behind other high-wage, high-skill economies in New York (2.7), California (4.7), and North Carolina (7.6). The national average, meanwhile, was better than 5 percent.

http://thinkprogress.org/politics/2011/ ... etts-jobs/


Nice deflection though...