Daily Topics - Tuesday May 22nd, 2012

Daily Topics - Tuesday May 22nd, 2012

Catch The Thom Hartmann Program LIVE at our new time, 3-6pm Eastern!

 Hour One: How progressive Cory Booker sold out democracy

 Hour Two: Will the soft peddle take down of Obama work?

Hour Three: Time to legalize medical marijuana?  Mike Riggs, Reason Magazine

Comments

Pointofgrille
Pointofgrille's picture
Bain is where Mitt learned

Bain is where Mitt learned how to get all of the money out and then trash business if it can no longer pay it's bills. Sounds like what the Republicans are doing to the US. They have nominated the person in the USA who has been best at that to become President and liquidate the USA sending the money to the 1%. we will then be left with a third world economy and millions of people willing to work for the lowest wages we have seen in decades. THE US is about to get Bained by the head high head chopper. I have to admit a secret admiration of how they have pulled off the ruination of this nation and kept the conversation on birth certificates, deficits, immigration, womens rights, etc, etc, etc.
Romney's assignment is finish this deal and bankrupt the nation and the great majority of the citizens. If he gets in the White House-we The People are TOAST. Ed

TarryFaster
TarryFaster's picture
"Follow the money/power

"Follow the money/power --"

“Bain led a consortium, together with The Carlyle Group ...”

“Bain, along with partners Carlyle Group ...”

 http://en.wikipedia.org/wiki/Bain_Capital

 —

 “... the Bin Laden and Bush families were both connected to the Group; that following the attacks on September 11, the bin Laden family’s investments in the Carlyle Group became an embarrassment to the Carlyle Group and the family was forced to liquidate their assets with the firm; that the Carlyle group was, in essence, the 11th largest defense contractor in the United States.”

 “Defense investments represent about 50% of the group's current portfolio ...”

 http://en.wikipedia.org/wiki/Carlyle_Group

notorture
notorture's picture
Tom -  You are right about PE

Tom -  You are right about PE firms and how they operate - though PE firms do ask partners to participate in investment funds they manage so its not as clean as you present. More importantly ONLY Angel investors match your description of a good investor risking just their own money. VC firms raise investment funds just like PE firms and also invest their own money in them. VC's don't use leverage BUT they do encourage portfolio companies to spend their money as fast as possible, then invest again taking more equity and gaining control. With that control VC's screw the low level employees of these companies by maximizing the value of VC shares and minimizing the value of employee stock options - through dilution and other structures. So VCs are not these saintly job creators and it pains me to hear them described as the opposite of PE guys. Excepting Angles they really are all the same - its just different flavors of the same thing.

More importantly the companies Romney most frequently lists in his stump speeches as example of his job creation prowess are:
Staples: Forced to repay $42 million in illegally underpaid wages to its assistant store managers.  http://www.nelp.org/page/-/Justice/2011/WinningWageJustice2011.pdf?nocdn=1 (page 127 footnote lists 2010 Boston Herald Article).
Domino's Pizza:  Recently hit with a lawsuit by 22,000  delivery drivers claiming stolen tips and unpaid wages  http://gregspages.com/discussion/viewtopic.php?f=14&t=474
Sports Authority:  Through its contracted warehousing operation outside of Chicago was part of a University of Chicago study that concluded workers face temporary work and poverty wages  http://www.examiner.com/political-buzz-in-chicago/chicago-area-warehouse-workers-face-temporay-jobs-and-poverty-wages-new-u-of-i-chicago-study-shows
and Steel Dynamics: Which in recent years was subject to OSHA fines of $240,000 fine in connection with the death of a worker - largest fine since BP in 2006 up to that point. http://www.manufacturing.net/news/2009/10/steel-dynamics-fined-240000-after-worker-dies?menuid=284

Also -   As a direct result of Governor  Romney's September 2006 pocket veto of Bill # 4663 which would have reinstated the long standing ability of wage earners to be paid treble damages for stolen wages, the recent judgment against Starbucks Baristas dated January 31, 2012 cost the cheated Baristas $8.3 million.  The veto has also cost countless workers the ability to pursue smaller claims allowing Mass employers to abuse workers with no real fear of reprisal.

Mitt also vetoed an increase to the minimum wage after calling for an increase during his Gubernatorial campaign.

So much to work with here ...