mardi 15 mai 2012

Memo to Romney: gaming the system does not create jobs or heal economies

According to The Wall Street Journal, of the 77 companies in which Bain invested while Romney headed it from 1984 to 1999, 22 percent filed for bankruptcy or went out of business. In addition, Bain hid its profits in tax havens. And a recent article in Counterpunch quoted William D. Cohan, a Wall Street deal adviser for 17 years, who wrote in the Washington Post: “Seemingly alone among private-equity firms,” Bain Capital under Romney’s leadership “was a master at bait-and-switching Wall Street bankers to get its hands on the companies that provided the raw material for its financial alchemy.” Cohan said Bain “did all that it could to game the system.”