Mitt Romney's Business Background

[A-1]

Mitt Romney has a significant background in business. Hermann Cain is not the only one who was a CEO of a successful company.

When Mitt Romney was CEO of Bain and Company, they acquired at least 5 companies and leveraged them making huge profits for Bain and company by liquidating assets, re-locating companies and laying off workers.

For example, what follows is the direction of Ampad stock after Bain under Romney's leadership acquired the company... SOURCE

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

CLICK HERE

As CEO, Romney Profited While Thousands Of Workers Were Laid Off And Five Of His Companies Went Bankrupt

Romney Was CEO Of Bain Capital. From the Boston Globe:

Throughout his 15-year career at Bain Capital, which bought, sold, and merged dozens of companies, Romney had other chances to fight to save jobs, but didn't. His ultimate responsibility was to make money for Bain's investors, former partners said.

Much as he did when running for Massachusetts governor, Romney is now touting his business credentials as he campaigns for president, asserting that he helped create thousands of jobs as CEO of Bain. [Boston Globe, 1/27/08]

Companies Acquired By Romney's Firm Cut Thousands Of Jobs, And Several Ended Up In Bankruptcy. According to Politico:

In 1992, the firm acquired American Pad & Paper. By 1999, the year Romney left Bain, two American plants were closed, 385 jobs had been cut and the company was $392 million in debt.

The next year, Ampad was forced into bankruptcy.

Bain Capital and Goldman Sachs bought Dade International for about $450 million in 1994.

The firm quickly fired or relocated at least 900 workers. Over the next several years, it sunk increasingly into debt and laid off 1,000 workers.

In 2002 - after Romney had left Bain - it filed for Chapter 11 bankruptcy protection.

A 1997 buyout ofLIVE Entertainment for $150 million resulted in 40 layoffs, roughly one in four of the company's 166 workers.

The job cuts affected all aspects of the company, from production and acquisition to legal and public relations.

In 1997, Bain bought a stake in DDI Corp., a maker of electronic circuit boards.

Three years later, Bain took the company public and collected a $36 million payout.

But by August 2003, the company filed for bankruptcy protection, laying off more than 2,100 workers.

Four months after the bankruptcy, unhappy shareholders sued company executives, the initial public offering underwriters and Bain for mismanaging the IPO and failing to disclose company financial information. (Romney was not named in the suit.) [Politico, 1/18/08]

SO HOW DO YOU THINK HE WILL CREATE JOBS AS U.S. PRESIDENT?

[bobover3]

Your poll has nothing to do with Romney's business background.

I've never felt entirely comfortable with Romney's business experience. As you correctly mention, he excelled at leveraged takeovers, followed by asset sales and layoffs. That's very profitable, but it's more financial manipulation than it is management. He wasn't really a leader or builder. Cain's background is the opposite. He took two failing businesses - a weak division of Burger KIng, and later Godfather's Pizza - and turned them around, adding jobs as well as profits. That's the kind of leadership we need now, not just another lawyer, and certainly not a "community organizer" whose background better suits him for camping out in Zuccotti Park than leading the country.

[moi621]

I was a Mitt supporter until I realized a
Obama vs Mitt contest is just a
Corporationist vs Corporate Centrist.
No difference for the working poor.
Mitt's and Cain's business, 'business', business is what currently turns me off the most about them.

Only Dr. Paul has espoused a more middle class protection attitude and calls out the thieves (Cain).
I will not vote for a narrow choice of who commands Socialized losses, Privatized Profits for the big boys while more and more become the working poor. I will vote third party ticket.

Moi

[Riverwind]

Bob, I did not know Romney was a community organizer? You learn something new here every day.


Romney's business sense is in tune with Bush Jr, he also ran every company he own/ran into the ground including the economy of the USA.

[A-1]

Your poll has nothing to do with Romney's business background.

I've never felt entirely comfortable with Romney's business experience. As you correctly mention, he excelled at leveraged takeovers, followed by asset sales and layoffs. That's very profitable, but it's more financial manipulation than it is management. He wasn't really a leader or builder. Cain's background is the opposite. He took two failing businesses - a weak division of Burger KIng, and later Godfather's Pizza - and turned them around, adding jobs as well as profits. That's the kind of leadership we need now, not just another lawyer, and certainly not a "community organizer" whose background better suits him for camping out in Zuccotti Park than leading the country.

Ahh~! Right you are,

I remember back to 1992, the opening of the televised debates between Bill Clinton, George H.W. Bush and E. Ross Perot.

You must CLICK HERE and run the little White ball on the red line up to the time of 9 minutes 19 seconds and see what Mr. Perot remark which was an opening remark to the question of experience.

Bob/3, how much better off would we be today if we would have had this sort of leadership in such a crucial time?

I believe that we would BE been MUCH better off now. However, Hermann Cain IS NO H. Ross Perot. If I can become convinced that he is, I may support him.

However, that is a Tall ORDER, even for YOU!

Here, let me start you...CLICK HERE

Do you think that you can get Hermann Cain to think like this? Could you get him to talk like this?

Talk about your POLITICAL PROPHETS, this was 1992!!!.....1992!!! Where would we be now IF we had listened and elected him?

Why in the HELL didn't people understand THIS?!!!? AGAIN, run the timer up to 3:13 three minutes, 13 seconds and see what Mr. Perot had to say about debt.

ONE MORE TIME!!!

Damn! I hate to put Glenn Beck here, but you gotta listen to his "GUEST".

NOW, LISTEN TO THIS!!!!



The "EDUCATION" of Bill Reilly...

WELL, Bill O'Reilly NEEDS HIS FUCKING ASS KICKED!

This Guy COULD DO IT!

CHRIS MATTHEWS...GETS HIS!!!

Well, you know that last video, just go back to it and go down the right side and watch ALL of them, then watch this LAST ONE and watch him FUCK OVER the Fox Network...

Now, regrettably, having NOT listened sooner, I must agree with moi, I'd LIKE to see this GUY as U.S. President.

However, I WILL NOT vote for ANY of the rest of the Republican Candidates. IF the Republicans nominate ANYBODY but Ron Paul, I will support Barak Obama.