by Chris Stevenson
The sooner you figure out why Mitt rhymes with shit, the better off you’ll be. Not only that, Bain is a bane to humanity, and Paul Ryan is ripe for failure. Those are lines you must learn and repeat to yourself before this election of what is looking more and more like good vs. evil. You see, Governor Mitt Romney (MA) is a problem-creator not worth your attention, much less your vote. By all evidence he has secretly been on a mission to turn the rest of the country into another Detroit. This will pretty much be the result if what he has been allowed to do in Bain Capital LLC crosses over into how he plans to run affairs in the White House, and his new vice-presidential pick Ryan could make it that much more worse.
Before the general election this fall, and before the Democratic National Convention (Sept. 3-6), will be the civil war known as the Republican National Convention (Aug. 27-30). It seems a major missile has been fired by the former republican candidate called Newt in what is a 30-minute attack ad called “When Mitt Romney Came to Town.” This is really nothing new but been in the works since late 2011 at least and produced by a former Romney supporter named Jason Killian Meath and a PAC closely aligned with Newt Gingrich called Winning Our Future. Based on or originally called “King of Bain: When Mitt Romney Came to Town,” The Daily Caller considers it a Michael Moore-style attack ad. Actually that puts this film in good company. It’s also a response to Mitt’s ad against Newt (I’m sure we all remember that one. The one about… well, you remember).
The parts of this ad that are worth remembering and free of exaggeration is that 1-Mitt Romney became CEO of Bain the day the company was formed. 2-Yes Bain’s mission is to reap massive financial rewards for himself and his investors. 3-Bain, like much of Corporate America is decisively anti-American in their foreign business dealings and investors, frivolously firing employees, cutting employee benefits, and selling assets. 4-The four companies focused-on in this docu-expose; KayBee Toys, UniMac, AmPad, and DDi really did get taken over, run into the ground, and are now closed down due to their lies and deliberate financially-unstable decision-making that only Bain could profit from. One of the AmPad branches was located just outside my hometown of Buffalo several months ago, they are now closed, putting over 180 people out of work. 5-Such an attitude does start with what was called a “high disdain for American workers.” 6-Mitt has an even worse disdain for American voter-intelligence when he gives his explanation for his firm’s economic atrocities, authoring a ridiculous phrase called “creative destruction” when responding to his critics. He gave a similar explanation after he gave himself credit for Detroit’s auto industry comeback as a result of Obama’s stimulus package, even though he was well-known to have said beforehand “let Detroit go bankrupt” by using another BSplanation called “managed bankruptcy.” WTF.
UniMat manufactured laundry equipment until they fell victim to the same Bain tactics many other American companies did; slashed paychecks, gutted workforce, hundreds of jobs lost. Bain made an estimated 230% profit from the 50-year-old company before selling it to a Canadian teachers union-cs
These four companies weren’t just some mismanaged start-up plants that were now in need of financial overhaul; KB was 80-years-old. Bain purchased them in 2000 and by 2004 365 stores were closed after implementing Romney’s creative destruction by reportedly forcing them to go deep into debt by millions, and then using the money to repurchase Bain stock. From KB Romney and his partners made $120 million (evidently these guys were experts at bloating stocks, and financial ratings, with some Wall Street banks covering for them. The made a 900% return on their investment with KayBee). There stories of the other companies featured in the broadcast have similar endings. What seems to be clear is a pattern by Bain of hitting small towns in America’s heartlands and sucking the life out of-oddly enough-key plants that seem to be the lifeblood of those towns, and their mostly white working-class factory laborers, and then blowing town. There’s a certain detached cowardice to this that isn’t really focused on.
Much of this has to do with the history of Bain from day one. In their beginning they went after foreign investors according to an article in the Los Angeles Times. Though the vulture-capitalist company was an offshoot of Bain & Co., founded by Bill Bain, established American families like the Rothschilds stayed away from the young Romney and his fellow upstarts fresh out of Harvard Business School. Thus began a trend of searching for foreign investors, some of them were on the suspect side. Among the first was Sir Jacks Lyons of London (Jean Overseas) who invested $2.5 million. Lyons was later convicted of stock fraud and died sometime after. Another Brit; publisher Robert Maxwell gave them $2 million, he was later accused of stealing money from pension funds. Bain also received $9 million from Latin American Salvadorans, suspicions are that some of them were Miami exiles who were already funding right wing death squads.
One of the Bain partners introduced them to some Latin American coffee growers like Miguel Duenos, Francisco R.R. de Sola, Herbert Arturo de Sola, Ricardo Pama, Frank Kardonski, and Diego Ribadeneira.
Little-known to some is the deal where Romney bought an Italian telecom company through Bain, then sold it for 25 times what he paid for it. After which he funneled the money through Luxembourg to circumvent taxes. In spite of his claims that he wasn’t with Bain during the time of some of these deals, it’s a safe bet to believe he oversaw all of them, Marion IN, Holyoke MA, Buffalo NY, and many other states and townships.
Beneath the smokescreen of lies put forth to the public by Paul Ryan about President Obama being responsible for a plant shutdown in his home state of Wisconsin even before he took office, and his criticism of Obama’s stimulus even though he supported Bush’s stimulus, some serious fact-finding and personal soul searching needs to be undertaken by many armchair CPAs before they draw any conclusions before election day. Because what’s left of their own race-based blind trust stands to be as under attack as their bank accounts if they pull the lever for Romney, and at his pace it could happen overnight.
Chris Stevenson is a regular columnist for blackcommentator, Political Affairs Magazine, and a syndicated columnist. Follow him on Twitter, and Facebook, you don’t have to join any of them. Watch his video commentary Policy & Prejudice and The Network for clbTV. Sign his Petition to permanently Abolish the Death Penalty @ Change.org. Respond to him on the link below.