The Bain of Our Existence

edayres's picture

Looking at what Bain Capital did here through the cold, calculated, self-interested eye of the predatory capitalist, you can see its brilliance, but it’s a sad commentary on the system we embrace. People that do this have just figured how to game the system. I still don’t understand how the skills exhibited in this kind of work translates into governing. You can’t do many of these things in government that made Bain Capital successful because government has a completely different purpose. What are they going to do, saddle the EPA with debt, pull out a profit for the treasury, then declare the department bankrupt?

http://www.nytimes.com/2011/11/13/us/politics/after-mitt-romney-deal-company-showed-profits-and-then-layoffs.html?pagewanted=1

Comments

THISAA
THISAA's picture
Bain Capital bought the

Bain Capital bought the company I worked for about ten years ago.  It was a large paper products distribution business with a teamsters union workforce. It was going belly up all by itself.  Yes, about five years after Bain bought us they did a lot of streamling of duplicate departments across the country.  Billing, IT departments, and purchasing were now controled on a national scale.  The personnel that were affected were moved to other departments or given one week pay for every year of employment.  Unused vacation pay was on top of that number.  Bain put in a pension plan that will have great payouts if you stay there long enough.  They matched our 401k's up to 30% of deposit. Our health care was offered in a two option plan.  One was a HMO and the other was Aetna Select.  The rates were fair as was the coverage. The Teamsters still are in place.  The business has declined due to the dropoff in the need for printing paper, not the mandates of Bain.  Were they great to work for?  Actually, not much different from the large Paper company that owned us before Bain.  Would we have remained in existence?  Not without the necessary consolidations that were needed to survive in the rapidly changing printing and packaging industry.  What Bain did for us is prolong and ease the fact we were dying and without modification we would not have made it at all.  I hear Leo Gerad drone on how a small steel company was closed by Bain.  The words "small steel company"  says it all.  They were a dead man walking.

What did Bain get from our dying company?  Cash flow.  Our customers paid us monthly and Bain needed a cash cow.  We provided it, and still do today. That is what Bain does.  Failing industries that can be fixed, shut down, or repaired and resold by streamlining, while producing profit for Bain investors, which by the way, are mostly union pensions and private 401k's.  All this sounds just like what our government bureaucracy needs.  An enema.

Our "community organizer" is lost.  His advice to the new president of France to "not try to fix it the economy the way I tried" is evidence of that.  He is in way over his head. Time for a change.

Caleb
Caleb's picture
Oh! I thought Bain's interest

Oh! I thought Bain's interest was in creating jobs -- at least this is what Mitt hints time and time again."I know how to create jobs." "Corporations are people, my friend - of course they are!" "I am not worried about the poor."

Those are the words of a rich person who is focused on growing wealth, not an economy, not a nation.

Time for a change, you say? What kind of change? sure seems a talking point to me, but never say things cannot get worse, because with more Tea Party shills (front people for Koch Brothers, Karl Rove, et. al.) things aill get very much worse in very little time.

Has Obama had missteps? You bet! I sure agree with Krugman and Thom in their view that his stimulus package should have been much larger -- that he should have made more vocally the buy-America focus on the stimulus package, that he should restore taxes on the highest earners (if the richest americans took a 50% cut in their pay, giving the rest in taxes, it would not affect their life style one whit), that he should have focused earlier on the issues of what differentiates from Republicans and Democrats (e.g., Dems want fair taxes, social programs, no military involvement, etc.), etc.

But the perfect is the enemy of the good, and Obama has been wo very good in so many ways.

By the way, I sure recommend "The Republican Brain" by Christ Mooney, or watch Thom's intereview with him at:http://www.youtube.com/watch?v=oOrSvxbtx5Y

Sure can inform you about the nature and motivations of Republicans.

Yours,

Caleb

mitch
mitch's picture
   that should be Bane

   that should be Bane Capital