PHOTO CREDIT: "Money" by Salvatore Vuono for Free Digital Photos.net
Last night, Mitt Romney claimed he knows how government can create jobs. Well, then why did he oppose the bridge loans that President Obama rolled-out to save the auto industry in Michigan, Ohio and elsewhere in the Midwest? He said, "Let Detroit go bankrupt." He should know all about bankruptcy having worked at the predatory, leveraged buy-out company, Bain Capital. "The firm had made a lot of money while closing factories, eliminating jobs, using tax-sheltered offshore accounts, and, in some cases, driving the companies it had bought into bankruptcy."
In fact, nearly a full quarter of those companies went bankrupt. But Bain Capital made out like bandits. "Of the 10 businesses on which Bain investors scored their biggest gains, four later landed in bankruptcy court." He doesn't have a record of creating jobs and keeping companies from bankruptcy. He has a record of making money off of jobs losses, bankruptcies and weakened companies. He's right that he was successful, but the success wasn't for the workers at these companies that Bain bought-out. The success was for the big money investors at Bain.