Romney Still Making Millions From Layoffs at Bain Capital
It was bad enough that from the mid-80′s through the mid-90′s Mitt Romney headed Bain Capital, which was in the business of buying companies and shrinking them (primarily via employee layoffs) to increase their profitability. Now we learn that ol’ Mitt is still taking millions from that ruthless business:
Mitt Romney is still making millions of dollars from layoffs engineered by Bain Capital, the private equity firm he helped to start.
As revealed by the New York Times, Romney negotiated a backroom deal with Bain that gave the already wealthy former governor a share of Bain’s profits even after he left the firm.
One of the ways Bain makes its money is from buying up companies then shredding the jobs of many employees in a scheme designed to cut costs. Romney profited when Bain bought KB Toys and laid off thousands of employees.
The funds for one of Romney’s summer homes could have come from the money Bain made when they facilitated a deal that cut 2,500 jobs from radio broadcaster Clear Channel.
It’s a sign of how cohesive the corporate media’s reporting (or its lack thereof) is that Romney’s stint at Bain isn’t more widely known. The reason for that, it seems to me, is that a man who bought companies and increased their profitability by laying people off would be a pariah amongst voters this year and the corporate media knows that. The corporatocracy sees Romney (1) as one of their own and, (2) as the candidate most likely to have a chance against Obama, thus the kid gloves.