- Posted May 22, 2012 by
This iReport is part of an assignment:
Bain Capital: Job Creator or Destroyer?
Well, the campaign is heating up and Mitt Romney's success during his tenure as the CEO of Bain Capital is being questioned by the Democratic Party.
For good reason. I understand where Cory Booker was coming from when he said he was "nauseated" by the Dems attack on Bain. I agree with his statements today in response to the GOP's exploitation of his remarks on "Meet the Press." It is totally appropriate to examine how Bain made the huge profits for their company and their partners. It's appropriate to question how many jobs were lost when Bain took over management or ownership of companies. It's appropriate to ask how many jobs were outsourced to increase profits. If this is what free enterprise is all about, then we need economic reform. We need regulations. We need a tax structure that penalizes that kind of business model.
In a recent interview on conservative radio, Mitt Romney claimed that Bain created 100,000 jobs. Yet he's failed to back up this claim with any real evidence. If he is going to tout the benefits of free enterprise, I think it's only fair that he discloses what the costs are as well.
Bain Capital is a Private Equity company. They partly engage in venture capitalism, which can be a great thing to kickstart new companies or grow promising ones. But there is a sinister side to private equity investing and the personal profits made by those engaged in capital extraction at the cost of peoples' livelihoods is shameful. What if their model made less profits for the individuals at Bain but enabled a struggling business to gain traction, keep people in jobs, and grow slowly, with less profits? What if Mitt had only made a fraction of his hundreds of millions and helped more companies get back on their feet and keep people working? That is a man I'd want as the President of the United States.
Perhaps Newt Gingrich and Rick Perry will be the best spokesmen for why Mitt's tenure at Bain should not be held up as an example of why he'll make a better president. When Rick called Bain "vulture capitalism" and Newt said "we find it pretty hard to justify rich people figuring out clever legal ways to loot a company, leaving behind 1,700 families without a job", well can we really say it any better than that?
Mitt Romney can dodge his record at Bain all he wants but the people will not quit asking how this type of free market enterprise can be good for this nation.
Thanks for reading!