Let’s see, in the
Movie Wall Street Michael Douglas
played a Wall Street character name Gorden Gekko who bought companies, took
their assets and then dumped them leaving the companies to go bankrupt or just
die, and the workers out of work. He proclaimed, “Greed is good!”
Mitt Romney worked for the Bain Corporation where
is leveraged buyouts of companies, fired a bunch of people, charged major fees
and often left companies in bankruptcy and people lost jobs. i.e. this example
from the LA Times 12/3/11 (I’m sure many of you have seen excerpts of how Romney
operatedJ ...Bain formed GSI in the early 1990s by spending $24 million to
acquire and merge steel companies with plants in Missouri, South Carolina and
other states.
Company managers cut jobs
and benefits almost immediately. Meanwhile, Bain and other investors received
management fees from GSI and a $65-million dividend in the first years after
the acquisition, according to interviews with company employees....
....More than 700 workers
were fired, losing not only their jobs but health insurance, severance and a
chunk of their pension benefits. GSI retirees also lost their health insurance
and other benefits. Bain partners received about $50 million on their initial investment,
a 100% gain....
I don't know a whole lot about business practices, but I do know that it is wrong to make huge profits while ordinary workers lose jobs, health insurance, and pension money. That shows pure greed on the part of Bain.
GSI wasn't the only company to be destroyed by Bain.
In the new movie
Michael Douglas recreates his character Gordon Gekko 20 years later is
recruited by the FBI to investigate a real campaign against insider tradition
and fraud.
Draw what conclusions
you may.
Recommend
watching Robert Reich’s explanation
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