Some details as to why Romney's "business model" was so "successful" at Bain

[DFW]

I was with my brother in Washington yesterday, and heard some interesting stuff on why they were so "successful."

Their business model, which did admittedly return them a lot of money, was to always be the high bidder to banks selling off distressed companies. After they were privy to all of the secrets and figures of the distressed company they had just "overpaid" for, they would then delay, complain, and renegotiate downward, painfully and slowly, the price they had "paid" for the asset. By the time settlement was at hand, they actually paid far less than they had originally bid.

By the time they got around to cannibalizing the company they had "bought," they had a huge profit built in, and the company ended up costing them far less than other legitimate bidders had offered. After years of this dirty tactic, the banks were so tired of it that they started disallowing Bain Capital from even participating in the bidding.

After years of being excluded (and Romney's departure), they changed the way they did business so as to be in business at all.

If THIS is the "successful business acumen" that Romney intends to bring to the White House, they might as well bring back W and Cheney, get our credit rating down to junk in one move, and get it over with rather than dragging it out.

[jaxx]

Thanks DFW, that's the stuff that will make Willard cringe. Interesting that they had to revamp in order to be able to do business.

[pappy]

Bain Capital after all had so many successes and created "thousands" of jobs. Just because a "few" of their deals cost a few people their jobs (who were just being overpaid and were just extra baggage dragging the companies down) doesn't mean the company wasn't doing a good job. In fact, it proves that they were worth the paltry millions they got paid from those companies in consulting fees to point out how wasteful the operations were before Bain arrived.

Besides, as Gordon Gekko said:

Quote:Greed, for lack of a better word, is good. Greed is right. Greed works. Greed clarifies, cuts through, and captures, the essence of the evolutionary spirit. Greed, in all of its forms; greed for life, for money, for love, knowledge, has marked the upward surge of mankind and greed, you mark my words, will not only save Teldar Paper, but that other malfunctioning corporation called the U.S.A

God bless America!

[jaxx]

I hope the DNC uses that word....greed....often in it's Bain commentary. Gives the old saying 'greedy bastards' a whole new meaning!

[DFW]

Not just that--they need to constantly hammer away about how Greed is is one of the Seven Deadly Sins. That will resonate with the Bible thumpers!

[janedrake]

Thanks for that info!