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Sunday, January 13, 2013
Thursday, September 27, 2012
What is Romney's worst sin (sic)?
Why a light weight like Romney got to run for POTUS...doesn;t he seem more like a hired front man than a creative entrepreneur?
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There is what is "legal" and then there is what is right and proper. If what is theft has not been made illegal, then it should be made illegal, not glorified. Bain Capital made its money by making amoral business decisions that were based on sterile algorithms that promised its principals a guaranteed windfall. (Provided they had no conscience.) The immorality in this immutable algorithm was that evrything became a numberand people (live ones, not corps) are irrelevant. That Bain was allowed to consider the workers' retirement/pension plan as one of their own assets is obviously a mistake. It is an act of theft that should not be permitted in America.
Let us set out the pieces so we can better understand how Mitt made most of his money. When a company hires people, they are told they are making a salary of $XXX.XX AND they get health insurance and a retiremment plan. Structurally, they may be run by the corporation, but the money in the fund is undeniably deferred compensation that is due to the employees. It should not be allowed to be pawned by a supposed venture capitalist, who can then put most of the loan...eventually...in his own bank account (as compensation for doing this????) In its place they leave a whopping IOU that must be paid off with future contributions from the corp/workers. Otherwise, they would default on the loan and lose most of their retirement money.
To Bain it is a win-win situation. If the Phoenix survives this rape, gee whiz, the investors make even more money they will need to shelter. The salvaged or outsourced, corporation can be considered a success...even if more people lose their jobs than were ultimately retained or replaced on a thinner and cheaper payroll. But the magic Bain had was to buy corporations that were easily worth more closed, disassembled and sold off or exported. To this they added their knowlege that one could not go to jail for greedily considering benefits as a raidable asset.
Let us review. If I am a moderately wealthy plutocrat with a few friends, I would be able to set up a company that could promise its rich hedge fund looking investors that I could guarentee them either a phenomenal profit or an even better tax deduction. A win-win game only the rich can play. Even if we condone this feral view of corporations (Vishnu/Shiva; business cycles), surely the theft of funds that are truly deferred income ((earned compensation) of the employees is wrong. That is why there have been so many testimonials of workers saying they were impoverished by Bain after working and paying into their retirement fund for thirty years! Instead Mitt believes whatever he has done "for" the corporation is worth a hundred million dollars of his precious time!!
So, however Mitt got the role of front man/fall guy for fat cats, he did not flinch from impoverishing thousands of families in return for making obscene amounts of money. Knowing this, and that self-correcting capitalism did not prevent the abuse, one should exxpect that some regulation be introduced to prevent this. In Americva, at least, the workers should be required to endorse (factory wide election) what happens to its own money. The funds management should be placed in a bank or managed by Prentice Hall or whatever the employees prefer. It should not be allowed to just be stolen from them.
I believe Mitt is a good man. I believe his face shows the guilt he suspects he may have. And, if all of this is legal (and it is not embezzlement, fraud, misappropriation, etc)., could this be because of pay-offs to congress (elected reps. or their staff members) or corrupt (or unappointed) regulators?