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.