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#1 Sep 3, 2012
IS MITT ROMNEY QUALIFIED TO BE President?
Does the successful experience of Mitt Romney with Bain private equity firm show the qualities that would make him a good President of the United States?
GET THE FACTS BEHIND THE NEWS!
An interesting article by a retired venture capitalist appeared in the Chicago Tribune letter to the editors recently.
Modern capitalism, most avidly practiced by Bain Capital and other private equity firms seeks profits by employing resources around the globe. The results of that quest can be powerful positives: higher standards of living for overseas workers and lower cost for all consumers, especially American consumers.
THIS IS MODERN CAPITALISM AT ITS RUTHLESS BEST PRODUCING A NET OVERALL GLOBAL BENEFIT. BUT MAKE NO MISTAKETHOSE TACTICS ENTAIL LITTLE OR NO REGARD FOR THE AMERICAN WORKERS AND COMMUNITIES THAT SUFFER IN THE PROCESS.
Dana Milbank, NY times writer, in an Aug, 8th article tell the results of a Bain investment in the Italian yellow pages business.
The investment resulted in a profit of one billion for Bain and $50 to $60 million for Romney when after two years they sold the business for about 25 times the original purchase price. The Bain group bought the Co for $853 euros and sold it two years later for $14,6 BILLION EIROS. Three years later the Co was worth $3.7 euros. Today its worth $57 million euros.
This was a great business deal for Bain and Romney but what about the Italians or who ever is paying the losses? Does the Bain experience show a record of quick profits for the Co. and Romney followed shortly by losses for the cos and workers.
GST Steel plant owned by a Bain group closed in 2001 two years after Romney left Bain.
Sustained businesses were not built. This is not the way to manage the US govt The US govt is meant to serve the needs of the citizens not to make quick profits at someone elses expense. This is a basic difference between business and govt. They are two separate professions and probably why business people have not made great politicians and vice versa.
There is a certain coldness and indifference in Romneys and perhaps the private equity peoples attitude toward the people in the work force. What happened to the employees at the yellow pages? They are pawns in a financial game. Statements such I like to be able to fire people and I am not concerned with very poor people only confirm this opinion. His statement that he would be tough on welfare. This was heard a lot by Republicans during the 30s but research showed that most people on welfare had good reasons.
I do not believe the methods at Bain or the statements Romney has made indicate that he has the qualities to be a good President. The impression I get is a ruthless efficiency expert with little concern for most of the public.
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