Legend has it that Bain & Company spent a couple dozen years raiding companies, stripping them down, closing their plants, selling assets, loading them down with debt, syphoning cash out of their accounts and into Mitt Romney’s wallet, selling the carcasses to unsuspecting buyers or lenders, laying off workers and laughing all the way to bankruptcy court, seats reclined, on their private jets. Vulture Capitalism.
In other words, according to Democrats, leftist pundits and others, Mitt Romney spent 20 or 25 years creating wealth by destroying it. In other words, Bain and Romney are magicians!
Really?! Maybe one time, perhaps two, a business person could get away with that kind of shenanigans. But Bain purportedly used that strategy and those tactics to create billions of dollars in wealth in over 100 transactions over more than two or three decades. Were they lucky, deceitful or magic? I think they had to be wizards. There’s no other explanation. In my experience, luck usually runs out after you make the first billion or two, and deceit maybe after the third billion. It takes magic to pull it off for a couple decades creating tens of billions of dollars while destroying every good thing in your path.
Rich Karlgaard of Forbes Magazine wrote on the 14th of January, 2012, in The Wall Street Journal, an interesting piece about the rise and fall of an iconic American corporation, Kodak.
My challenge to the Obama Team: Since you seem to have uncovered Mitt’s magical ways, try it with Kodak. Find a partner (try George Soros) and raid Kodak, if it’s still around. Pull off the new trick you’ve learned by studying Bain and Mitt. Raid Kodak, say the magic words, reap the profit, and distribute all the money to the laid off workers; show us, once and for all, who’s the better man!
Or STFU about “vulture capitalism.”
