Romney’s Firm Instructs American Airlines to Sack 13,000 Workers

[Ichingcarpenter]

On Wednesday, February 1st, American Airlines announced that it will take the advice of Mitt Romney’s firm, Bain Capital, and lay off 13,000 workers -15 percent of its workforce- replacing their pension plans with 401(k) plans and ending company-paid retiree healthcare.

The lay off announcement came only seven days after American Airlines hired Bain Capital to guide it through a bankruptcy procedure for which the airline had filed last November.

American Airlines spokesperson told the Wall Street Journal, the cost of hiring Bain – hourly fees of up to $1,100- as “a usual and necessary part of the Chapter 11 process. We will be reviewing these costs carefully to ensure that they are monitored and managed appropriately.”



Bain Capital is a private equity firm, which was founded by a group of Bain & Co. partners including current Republican presidential frontrunner Mitt Romney. Romney formally retired from Bain Capital in 1999 but still continues to receive a portion of Bain Capital profits as Romney’s 2010 tax returns show an “obligation to continue to provide services to Bain.”



http://www.addictinginfo.org/2012/02/05/romneys-firm-instructs-american-airlines-to-sack-13000-workers/

[Tx4obama]

1. I hope EVERYONE reads the OP, and I hope the TV media report on it too !!! n/t

[Angry Dragon]

2. If he gets money from Bain then he own the backlash

[Ichingcarpenter]

3. He still gets money from them

Romney is not running Bain Capital anymore. He is a “retired partner”, but he still has a huge financial stake in Bain Capital. We’re talking about millions upon millions of dollars. If you doubt this, just check out page 34 of this public financial disclosure report. So if you have been wondering why so many conservative talk show hosts are being so incredibly kind to Mitt Romney, this just might be the answer.

http://www.opensecrets.org/pfds/pfd2006/N00000286_2006_Pres.pdf

[Populist_Prole]

4. I heard this 2-3 days ago

At my blue-collar working place, you could tell the conservative die-hards knew it was true but wish it weren't. They kinda' squirmed despite the "God & Guns" bulwark. Progress perhaps.

[HughBeaumont]

5. Can't shake the ties . . .

"Hey, the Company That's Pressed On My Back Like a Mountain of Wet Carpets Likes to Fire People Too" Department:

People are going to see this and think "This is what life's going to be like under Mr. 'I like to fire people'?"

Bad timing . . .

[young but wise]

6. Lawrence O'Donnell reported on this last week.

[dixiegrrrrl]

7. Good! It can't be repeated enough.

[Ichingcarpenter]

8. Good.... but who watches his show?

Not me and not very many people, now if the nightly news would report this it would mean something, otherwise its the internet and shows like o'donnel's.

[CanonRay]

9. This should be the lead story on every newscast