|
"King of Bain" needs to be followed up with a follow-the-money film that makes the direct connection between the people in Part I being fired, Bain's income (and Romney's houses.)
This part of the story is being muddled by Republicans who are equating corporate raiding with venture capital, the latter of which IS beneficial to new business ventures. They are muddying the waters to protect other corporate raiders who are at the heart of the GOP.
But what I think Bain did at the 4 companies described in "King of Bain" is quite different from venture capitalists. What they did is find companies that had vital resources, purchased them and then raided those resources by borrowing against them. They took that money themselves and then tried to sell the companies now encumbered with the debt they created. Naturally the companies were worth much less at that point and many failed because of the debt. People lost their jobs when BAIN could not sell their companies after raiding them. A few companies, I think, were actually sold in this condition. I think Domino Pizza was one that was actually sold.
In the meantime, BAIN used every cost-cutting mechanism they could to increase the money they could take (e.g. raid?) from the company. They found ways to cut workers' pay, they took away health insurance and pensions, they cut the cost of materials, etc. Quality went down the tubes along with pay and pensions and benefits. I remember when Domino's Pizza had to admit publicly that their ingredients sucked and they promised to improve them. That's the kind of cost-cutting BAIN instituted.
So the money these corporate raiders "made" on the purchase of these companies was really just money they "took" by cutting costs and incurring debt. They did not "add" anything to the economy in terms of production, jobs, equity. They took everything they could before selling or abandoning the company.
The people in "King of Bain" who lost their jobs, their health insurance, their homes, did so because of Bain'sRomney's deliberate and calculated destruction of their companies. The money that was saved by cutting jobs, health insurance, pensions, etc, went directly into the pockets of Bain'sRomney. There is nothing circuitous here. There is nothing ambiguous here. Mitt Romney's homes were paid for by the people in the film. They have no home. They can't afford to go to doctors. They have NOTHING! And Mitt Romney has the chutzpah to say "It's a tragedy when someone loses a job." If this man doesn't have compassion for these people who will literally starve and be homeless without their jobs, who the hell will he feel compassion for?? GIVE ME A BREAK!!!
|
