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Thursday, May 24, 2012

Mitt Romney, American Parasite, His years at Bain represent everything you hate about capitalism

It's becoming clear as well as documented that Bain Capital was a welfare queen. South Carolina gave Bain $5 million to build a plant; it closed 4 years later. The 100 jobs were shipped to Mexico. Bain Capital isn't exactly the poster child for free market capitalism. Increasingly, it's being disclosed that Bain was a master at plundering taxpayers.
His specialty was flipping companies—or what he often calls "creative destruction."...His formula was simple: Bain would purchase a firm with little money down, then begin extracting huge management fees and paying Romney and his investors enormous dividends. The result was that previously profitable companies were now burdened with debt. But much like the Enron boys, Romney's battery of MBAs fancied themselves the smartest guys in the room.
Read the rest here
The Village Voice 

Judy Morris,
Blogger, THL
Articles | Website

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