Gazillionaire financier Mitt Romney is the latest "CEO President" offered up by the GOP, on a platform of "job creation." When Romney oversaw Bain capital, he supervised the takeover of American Pad and Paper. When the deal was complete, the 258 employees were marched out of the Marion, Indiana factory, told they were fired, and told they could re-apply for their jobs at lower salaries and with fewer benefits. They were warned that some of them would not be re-hired. A long piece in the Christian Science Monitor, Ron Scherer and Leigh Montgomery consider the record of his imperial corporateness:
“We were told they bought the assets, not the union or the [labor] contract,” recalls Randy Johnson, who at the time worked as a machine operator and was a union shop steward. The workers – some the third generation in their families to have jobs there – eventually went on strike, and Bain closed the factory 5-1/2 months after acquiring it...
In an analysis of Bain Capital under Romney, the Journal estimated that Bain made $2.5 billion in profits on $1.1 billion invested in 77 separate deals. Of those 77 transactions, 22 percent ended with the firms in bankruptcy after the eighth year of the Bain investment. Bain disputes the Journal’s account as inaccurate.
Is Mitt Romney really a job creator? What his Bain Capital record shows.
Legalist is a startup founded by Thiel Fellow Eva Shang and Christian Haigh, backed by Y Combinator: it will use data-mining to identify people who have been legally wronged by deep-pocketed aggressors and offer to finance their litigation in return for a share of the winnings.
The new Ikea Catalog is making a big bet on very small living spaces — the kind of place that costs more than half your monthly salary but is too small for a dinner-table, let alone a separate room for your kids, who are supposed to sleep in a bunk-bed in the living room (“Why […]
Retired Brigadier General John Adams served for 30 years, including a stint as a military intelligence officer: in an op-ed in The Hill, he says that while he supports trade deals, the secretive Trans Pacific Partnership has almost nothing to do with trade, and will hasten America’s de-industrialization, making it harder for the US military […]
While Netflix and Hulu have seemingly dominated the streaming market with their limited selections, we’ve looked a little outside the box and found something pretty great as an alternative. SelectTV combines all the content of cable with the convenience of streaming, and it’s affordable too.SelectTV is an online subscription service that packs an impressive library of over […]
These days, the vape market is saturated with low-quality products, making it nearly impossible to separate the gems from the duds. The Atmos Rx Dry Herb Vaporizer stands out from crowd for two reasons: its impressive battery life and durable construction. This high-end little gadget is compact enough to fit in your pocket, and packs a powerful punch, […]
If you’re like us, you occasionally get ambitious with your dinner and try to cook multiple sides plus a main dish. These efforts usually end as a cold meal plus a pile of dishes to wash. MasterPan Multi-Sectional Meal Skillet makes it super easy to make multiple dishes at once without the hassle. This heavy gauge bottom pan […]