Posts Tagged ‘Bain Capital’

Imagine you didn’t know anything about President Barack Obama’s potential opponents, and someone asked how Obama would do facing a former private-equity baron who made a fortune buying and selling companies, sometimes ruthlessly so. Also, this candidate hasn’t held a job in five years, yet he still manages to “earn” around $20 million a year, on which he pays less in taxes than most Americans who work for a living. At a time when the country has become concerned about increasing inequality and the lack of opportunities for Americans who don’t start life at the top, that candidate would seem like just about the ideal opponent.

And it wouldn’t hurt if that candidate were also stiff and robotic and had gone through so many changes of position in his political career that it was apparent to all that he was the most craven and opportunistic of politicians. Put this all together, and I have little doubt that as long as the economy continues to improve—even if that improvement is slower than we’d like—the Obama campaign will not have much trouble beating Mitt Romney to a pulp. What may be more worrisome, however, is whether they’ll squander the opportunity to do so in a way that sets the stage for some meaningful economic change in a second Obama term, particularly on the subject of taxes.

via Beyond the Buffett Rule.


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“Countdown” contributor and Daily Kos founder Markos Moulitsas reveals why the Daily Kos joined the roster of sites protesting the Stop Online Piracy Act (SOPA) in the House and its Senate companion, the Protect IP Act (PIPA). Moulitsas salutes Sen. Ron Wyden (D-Ore.) for being “the first person in Congress basically to stand up against this and fight [PIPA and SOPA] the way he has” and explains how the bills would threaten the future of the Internet.

“Countdown” guest host David Shuster calls out the National Review, a leading conservative publication, for praising Mitt Romney‘s profitable past at Bain — without mentioning the bailouts that contributed to the private equity firm‘s success. “All news publishers, even [the National Review], have an obligation to be honest and truthful,” says Shuster.

Democracy Now! : As Republican Presidential candidate Mitt Romney comes under fire in New Hampshire for touting his business experience, we look at how his private equity firm, Bain Capital, drove a Kansas City steel plant into bankruptcy, leading to some 750 layoffs and a federal bailout. Bain still walked away with millions of dollars in profits. We speak with Reuters reporter Andy Sullivan who covered the story, and with Joe Soptic, a steelworker who lost his job at Kansas City’s Worldwide Grinding Systems steel mill after 28 years. “The first thing I noticed after the company was bought out … they became very union non-friendly. They started looking for ways to eliminate jobs,” says Soptic. “In my department, they actually offered to buy our jobs out from underneath us. They cut back on safety equipment.” Regarding Romney’s business acumen, Soptic adds, “If he runs the country the way he ran our business, I would not want him as president.”