Romney's Profit from Bain's Buyouts: Up to $20,000 Per Laid-off Worker ~ Daily Finance

[mzmolly]

The excerpt below, is from an older article, though it's worthy of repeating.

Full story:

http://www.dailyfinance.com/2012/06/15/romneys-profit-from-bains-buyouts-up-to-20-000-per-laid-off/

• American Pad & Paper: Bain invested $5 million in the small paper company in 1992, and reportedly collected $100 million in dividends on that investment. AMPAD went bankrupt in 2000, laying off 385 employees.

• Dade Behring: Bain Capital invested $415 million in a leveraged buyout in 1994, borrowed an additional $421 million, and ultimately walked away with $1.78 billion. Dade filed for bankruptcy in 2002, and 2,000 workers lost their jobs.

• DDI Corporation: Bain Capital reportedly invested $46.3 million in 1997, reaping $85.5 million in profits and an additional $10 million in management fees. When the company later went bankrupt, 2,100 workers were laid off.

• GS International: In a somewhat less profitable transaction, Bain Capital invested $60 million in 1993 and received $65 million in dividends. This company, too, went bankrupt in 2002, and 750 workers lost their jobs.

• Stage Stores: Bain invested $5 million to purchase the company and took it public in the mid-'90s, reaping $100 million from stock offerings. Stage filed for bankruptcy in 2000, and 5,795 workers reportedly were laid off.

And so on...

One wonders how many *47%-ers Rmoney created for personal profit?

*Unemployment
*Food Stamps
*Subsidized housing
*Subsidized Medical care

Additionally,

Bain made billions ... it purchased at least five companies that subsequently ended up in bankruptcy even as Bain walked away with eye-popping profits:

Romney and his elitist buddies, generate a 'dependent class' and bitch because we have one. The very people who convince some in the middle class, that the US has a problem with people not taking 'personal responsibility' are destroying the middle class, and putting people in a position to need help from the government.

Isn't it ironic that the upper class, convinces the middle class that the dependent class (which they help create for profit) is the problem?