Huffington Post: Bain Capital Explained By Tony Soprano

Jim Cramer: Bain Capital "fired a lot of people and that's how they got ...

Powerful: Romney Economics: Bankruptcy and Bailouts at GST Steel

LP thank god he understands jobs imagine what he can do for the country

"You're So Bain" FINAL

Funeral Service for Jobs Killed by Bain/Romney

Dozens Gather at Copley Funeral to Mourn Jobs Killed by Bain-Romney
Unemployed workers, faith and community leaders eulogize the untimely deaths of family-supporting jobs at the hands of Romney’s Bain Capital, LLC
BOSTON, MA – Dozens of unemployed workers, faith and community leaders gathered outside the John Hancock Tower this afternoon to mark the untimely death of thousands of family-supporting jobs at the hands of Bain Capital, LLC. The Funeral for American Jobs came as Bain’s founder and former CEO, Mitt Romney, struggles to regain front-runner status in the Republican presidential primary.

View video from the funeral service here: http://bit.ly/xw73db, with additional photos attached.

“This is a sad day – not only for the unemployed in Massachusetts, but for the entire American economy,” said Pastor William Dickerson of Dorchester, who officiated the funeral service. “It is with heavy hearts that we gather to memorialize the senseless death of so many American jobs at the hands of a cold, heartless entity.”

Following a brief sermon, Dickerson led several dozen mourners in prayer for the jobs lost and families affected by the actions of the Romney-led private equity firm. Additional eulogies were presented by unemployed Boston-area workers – each holding the tombstone of a company bankrupted by Bain. One by one, somber mourners called out the names of the companies that have fallen at Bain’s hand, documenting the plant closures and mass layoffs that crippled communities as Romney’s firm walked away with millions.

“Mitt Romney and Bain Capital are killing jobs for profit, plain and simple,” said Olivé Hendricks, an unemployed Roslindale resident. “There’s nothing wrong with capitalism, but companies like Bain have rigged the system –they’re getting rich while the rest of us suffer because of their actions.”

Romney has used his experience as founder and CEO of Bain to claim the “job creator” mantle in his campaign for president. But media reports of his 15-year tenure paint an entirely different picture– showing a record of plant closures, bankruptcies and mass layoffs. Republican primary opponents, including Rick Santorum, have used Romney’s record at Bain to effectively halt the former front-runner’s momentum in recent weeks.

“Thousands of families have lost their jobs, their homes, and their life savings because of Romney and Bain’s unchecked greed,” said Paulette Robinson-Morrison, who came from Dorchester to mourn the passing of middle-class jobs. “The futures of our kids and grandkids have been destroyed because of companies like Bain, and people deserve to know the truth about Romney’s record there.”
Mourners went on to distribute informational leaflets on the Bain-Romney record outside the company's Hancock Tower headquarters.

Mass Uniting plans on holding a funeral for Bain Capital in Boston

MEDIA ADVISORY

For Wednesday, February 22, 2012 @ 12:00PM

Contact: Jason A Stephany, (617) 286-4430,jason@massuniting.org

Funeral for American Jobs to be Held Outside Bain Capital Headquarters WEDNESDAY

Unemployed workers, Occupiers, faith and community leaders to eulogize untimely death of the family-supporting jobs at the hands of Romney-led firm

VISUALS: Funeral service for American jobs outside Bain HQ -- complete with coffins, tombstones, pall bearers and live trumpet rendition of ‘Taps’

BOSTON, MA – Unemployed workers, Occupiers, faith and community leaders will gather Wednesday at noon to mark the untimely death of thousands of family-supporting jobs at the hands of Bain Capital. The Funeral for American Jobs comes as Bain’s former CEO, Mitt Romney, struggles to regain front-runner status in the Republican presidential primary.

The funeral service will be officiated by Pastor William Dickerson, with eulogies presented by unemployed Boston-area workers and allies mourning the thousands of jobs that have been effectively killed by the company Mitt Romney led for more than 15 years. Community leaders will serve as pall bearers for the victims’coffins as they are prepared for burial in front of the Bain Headquarters – in full view of those whose callous actions led to their demise. Tombstones will mark the resting places of nearly a dozen more companies that have fallen at Bain’s hand, along with the jobs that passed away with them.

“This is a sad day – not only for the unemployed in Massachusetts, but for the entire American economy,” said Pastor William Dickerson of Dorchester. “It is with heavy hearts that we gather to memorialize the senseless death of so many American jobs at the hands of one heartless entity.”

Romney has used his experience as CEO of Bain to claim the “job creator” mantle in his campaign for president. But media reports of his tenure at Bain paint an entirely different picture – showing a record of plant closures, bankruptcies and mass layoffs. Republican primary opponents, including Rick Santorum, have used Romney’s record at Bain to effectively halt the front-runner’s momentum in recent weeks.

WHAT: Funeral Service for American Jobs Destroyed by Bain Capital

WHO: Unemployed Massachusetts workers, faith and community leaders memorializing American Jobs and the Middle Class

WHEN: Wednesday, February 22 – 12:00 PM

WHERE: Outside the Headquarters of Bain Capital

200 Clarendon Street – Boston, MA

- ### -

--
Jason A Stephany

Communications Director
MASSUNITING
617.286.4430 office
608.444.0060 cell
www.MassUniting.org

Romney's Funny Money - Politics - The Atlantic Wire

Romney's Funny Money - Politics - The Atlantic Wire

Since the Republican primary got occupied, we've gotten a chance to see some of the nifty things you can do to protect your wealth if you're as rich as Mitt Romney. The South Carolina primary was supposed to be the "mean" primary -- as in racist -- but instead it's been dominated by discussion of how Romney made his money, how he got in the position to make it, and, this week, what he's done to keep it. Here's our guide to the interesting things Romney does with all that cash money.

Romney's Bain made millions as S.C. steelmaker went bankrupt | McClatchy#storylink=cpy

Romney's Bain made millions as S.C. steelmaker went bankrupt McClatchy#storylink=cpy

LP - I guess the rallying cry is that now that I just cost you your job you can vote for me and give me more power.

MYRTLE BEACH, S.C. — Boston-based Bain Capital LLC more than doubled its money on GS Industries Inc. — the former parent company of Georgetown Steel — under Mitt Romney's leadership in the 1990s, even as the steel manufacturer went on to cut more than 1,750 jobs, shuttered a division that had been around for 100 years and eventually sank into bankruptcy.

Bain Capital spent $24.5 million to acquire GS Industries in 1993, according to an investment prospectus for the company that was obtained by the Los Angeles Times and reviewed by McClatchy Newspapers. By the end of that decade, Bain Capital estimated its partners had made $58.4 million off its investment in GS Industries, according to the prospectus.Read more here: http://www.mcclatchydc.com/2012/01/14/135889/romneys-bain-made-millions-as.html#storylink=cpy#storylink=cpy

Mitt Romney no stranger to tax breaks, subsidies - latimes.com

Mitt Romney no stranger to tax breaks, subsidies - latimes.com

Reporting from Washington— As Mitt Romney
defends his record running a private equity firm, he frequently points to a
fast-growing Indiana steel company, financed in part by Bain Capital, that now
employs 6,000 workers.

What Romney doesn't mention is that Steel
Dynamics also received generous tax breaks and other subsidies provided by
the state of Indiana and the residents of DeKalb
County, where the company's first mill was built.

Very powerful. Aparently there's some welfare Romney likes very much.

"When Mitt Romney Came to Town" (Full Version - [Audio Trouble])

Newt super pac goes ballistic. It's very interesting.

FOCUS | The Bain of Capitalism

FOCUS The Bain of Capitalism

I'm all in favor of reforming capitalism, but you'll permit me some skepticism when it comes to criticisms of Bain Capital coming from Romney's Republican opponents. None of these Republican candidates has exactly distinguished himself with new ideas for giving Americans more economic security. To the contrary - until the assault on Romney and Bain Capital - every one of them has been a cheerleader for financial capitalism of the most brutal sort.

The party that has repeatedly saved capitalism from its own excesses and thereby preserved capitalism is the Democratic Party. So the only serious question here is what kind of serious reforms Obama will propose when, assuming Romney becomes the Republican nominee, Obama also criticizes Bain Capitalism.

Does Mitt Romney Care About Jobs or Just Making Money?

There is something very satisfying when the people you've just screwed get a chance to weigh in on your future advancement.

Winning Our Future | King of Bain "When Mitt Romney Came To Town" [Trailer]

This is a good ad.

Perry Makes The Case You Will Be Hearing Obama Make

Mitt Romney: Job Creator?

This is from Mass resistance with the meat of the article from the Boston Globe

Romney made huge fortune while workers lost jobs, stockholders and creditors lost money.

Here's just one example:
In 1992, Mitt Romney was running Bain Capital, a private equity firm. Bain Capital bought American Pad & Paper Co. (Ampad) for $5 million.
Over the next several years Romney's firm bled the company dry. Hundreds of workers lost their jobs. Stockholders were left with worthless shares. Creditors and vendors were paid less than 50 cents on the dollar. While they were exploiting the company, Romney's firm charged Ampad millions of dollars in "management fees." In all, Romney and his investors reaped more than $100 million dollars from the deal.
Last summer the Boston Globe published this account of Mitt Romney's acquisition of Ampad while he was running Bain Capital:

From "The Making of Mitt Romney,"
Boston Globe, June 26, 2007

In 1992, Bain Capital acquired American Pad & Paper, or Ampad, from Mead Corp., embarking on a ''roll-up strategy'' in which a firm buys up similar companies in the same industry in order to expand revenues and cut costs.
Through Ampad, Bain bought several other office supply makers, borrowing heavily each time. By 1999, Ampad's debt reached nearly $400 million, up from $11 million in 1993, according to government filings.
Sales grew, too - for a while. But by the late 1990s, foreign competition and increased buying power by superstores like Bain-funded Staples sliced Ampad's revenues.
The result: Ampad couldn't pay its debts and plunged into bankruptcy. Workers lost jobs and stockholders were left with worthless shares.
Bain Capital, however, made money - and lots of it. The firm put just $5 million into the deal, but realized big returns in short order. In 1995, several months after shuttering a plant in Indiana and firing roughly 200 workers, Bain Capital borrowed more money to have Ampad buy yet another company, and pay Bain and its investors more than $60 million - in addition to fees for arranging the deal.
Bain Capital took millions more out of Ampad by charging it $2 million a year in management fees, plus additional fees for each Ampad acquisition. In 1995 alone, Ampad paid Bain at least $7 million. The next year, when Ampad began selling shares on public stock exchanges, Bain Capital grabbed another $2 million fee for arranging the initial public offering - on top of the $45 million to $50 million Bain reaped by selling some of its shares.
Bain Capital didn't escape Ampad's eventual bankruptcy unscathed. It held about one-third of Ampad's shares, which became worthless. But while as many as 185 workers near Buffalo lost jobs in a 1999 plant closing, Bain Capital and its investors ultimately made more than $100 million on the deal.

Alongside the article, the Boston Globe also published a separate chart showing the timeline of the Ampad acquisition. Below is also text from the chart:

Text from Globe's accompanying chart (above) on the Ampad acquisition:

Ampad: A controversial deal

Bain Capital put $5 million into its purchase of American Pad & Paper and quickly began charging management and other fees. It also made payments to investors. In all, Bain and its investors reaped more than $100 million even though Ampad went into bankruptcy, workers lost jobs, and stockholders were left with worthless shares. [And creditors got less than 50 cents on the dollar.] A look at the deal:
· 1992: Bain buys American Pad & Paper from Mead Corp. They invest $5 million.
· 1993: After Bain takes control, Ampad pays advisory fees to Bain under a management agreement.
· 1994: Bain acquires plant in Marion, Ind. Workers strike over layoffs and wage benefit cuts. The events become a campaign issue in Romney's challenge to Senator Edward M. Kennedy.
· 1995: Bain shuts down the Marion, Ind., plant. Roughly 200 lose jobs. Bain gets at least $2 million in annual fees, plus additional fees for each acquisition Ampad makes. Ampad borrows more to acquire an envelope and stationery maker and uses some of the proceeds, about $60 million, to pay Bain investors.
· 1996: Ampad completes an initial public offering. Bain sells about 3 million shares, reaping about $45 million to $50 million for investors and itself. It also takes $2 million in fees for arranging the IPO, plus other fees.
· 1998: With Ampad struggling, Bain agrees to cut the annual fee $1.5 million a year. It also agrees to start forgoing payment until the company turns around.
· 1999: Revenues continue to slide. Ampad closes a plant near Buffalo, with up to 185 losing jobs.
· 2000: Creditors force Ampad into Chapter 11 bankruptcy to reorganize.
· 2001: Judge puts Ampad into Chapter 7 to liquidate assets and pay creditors. Senior secured lenders get less than 50 cents on the dollar.
STOCK PRICE
July 2, 1996: $15.13 - IPO Price
Jan. 27, 1997: $26.00 - Peak
Sep 16, 1997: $13.13 - Stock loses 42% of its value
Nov 1, 1999: 35 cents - Ampad looks to sell assets to reduce debt
Jan 14, 2000: 15 cents - Ampad forced into bankruptcy

Below Gordon Gecko from movies on Wall Street I can't wait for him to channel his inner Mitt "corporations are people." The only difference is that Gecko might be a little more honest.