President Obama has been relentless with his attacks on Mitt Romney, and his association with Bain Capital. The major media outlets only print the propaganda that the White House feeds them. Let's hear the other side of the story.
Bain Capital was formed in 1984 by Mitt Romney and his partners - T. Coleman Andrews III, and Erick Kriss. It was organized as a financial venture capital company. In other words they invested other people's money, who wanted a higher rate of return than the stock market offered. Two of their major investors are the California State Teachers Retirement System and the Teachers Retirement System of Texas.
Bain Capital looked for startup companies or struggling companies that needed capital to expand. They also helped restructure the companies if necessary. And they were very successful. They made a lot of money for Bain Capital and their investors. People don't invest their money to lose it. They want to make as much profit has possible. Unfortunately, in some political circles the word profit has become synonymous with greed. And they try to kill the goose that lays the golden eggs.
Bain Capital created thousands of jobs while Mitt Romney was its CEO. Staples had one store and less than 200 employees, and Sports Authority nine stores; however, by 1998 Staples had 42,000 employees and Sports Authority had14,000. Combined with the Gartner Group and Steel Dynamics when Romney left in 1999 just these four companies had over 60,000 employees. President Obama has also created jobs; however, they have been in the wrong countries. And he did not risk his money, he used our money, our taxes to invest
1. NC based LED maker, Cree, Inc., received $39 million to open plants in China.
2. SEMPRA is a solar plant in Arizona received $337 million to buy solar panels from SUN TECH, a Chinese solar panel manufacturer.
3. Solar Power Industries received $5.4 million, and then fired American workers to rely on Chinese imports.
4. Fisker Automotive based in Finland received $500 million to make over priced cars that no one wanted.
5. Danish wind mill maker Vestas received $51.6 million to build US based factories. They have fired all their US employees.
6. A wind farm, Windy Flats, received $218 million. They use wind turbines imported from Denmark.
7. A Danish catalyst company, Haldor Topsoe, received $25 million for construction of a demonstration scale biorefinery.
8. Two Korean manufacturers of electric vehicle batters were given $500 million to build plants in Michigan, but used Korean workers instead of Americans.
9. The Gulf wind project received $179 million, but they import all their parts from South Korea, Japan, and Mexico.
10. Sun Power received $1.3 billion for a California solar power ranch. All the panels will be made in Mexico not the USA.
11. ABB, Inc. received $6 million to create green energy jobs; however, the company fired all American workers and moved to Mexico.
12. A New Zealand company, Connexionz was given $817,000 to install bus monitors for the city of Santa Clarita, CA. A local contractor could do it.
13. After taking a taxpayer bailout, General Motors opened a $200 million plant in Thailand to supply diesel engines for their pickups.
14. Bisvini Wind in Italy was given $12.75 million to build a factory to manufacture wind turbines.
15. Italian Wind Turbine was given $84 million to make wind turbines.
16. A Russian company ENER1 received over $118 million to produce vehicle batteries. After the company went bankrupt, it was taken over by a Russian company.
17. A German company EON Climate and Renewables received $440 million for wind farms.
18. German based NORDEX received $100 million for wind farms.
19. A Luxembourg company, Arcelormittalls, received $31.5 for a waste recovery unit. I have no idea what this does.
20. PARAGO used millions of dollars to hire workers in El Salvador and the Dominican Republic to administer renewable energy appliance rebates.
21. An English company NAVISTAR received $39 million for delivery trucks made in England.
22. TERRA FIRMA and English company received $40 million for wind energy equipment.
23. SUZLON a company in India received a contract for 200 wind turbines.
24. IBERDROLA RENEWABLES a Spanish company received $1.5 billion to create 15,000 jobs, but only has 850 US employees.
25. Madrid based EDP Renewables received $100 million for wind farms.
26. The EPA gave Indonesia 1.5 million to reduce air pollution in Jakarta.
27. EURUS Energy of Japan received $91.4 million for wind farms. They use turbines manufactured by Mitsubishi.
28. A French wind farm developer, ENXCO, pulled in $69 million.
29. Jeffery Immelt, who is President Obama's jobs czar, is creating jobs in China, when there are millions of Americans out of work and struggling just to survive. Mr. Immelt is CEO of General Electric (GE). His company received $2.5 billion in tax payer funds, and he is using this money to move some of his major companies overseas.
30. GE buys its parts for their wind farms from China.
31. GE opened a $61 million factory in Haipong, Vietnam to produce wind turbine components.
32. GE is moving its Healthcare X-Ray division from Waukesha, Wisconsin to Beijing, China. They are investing $2 billion in their new headquarters.
You have a decision to make in November, and that is which candidate has the ability to create jobs and grow the economy. Mitt Romney is a businessman who knows what it takes to create businesses and expand the economy, and he has a track record to prove it. Or you could vote for the other guy, who has never worked in a business of any kind, and has never struggled to meet a payroll or tax deadline. Oh, he is good at blaming someone else for our economic ills, and he is good at preaching envy and disparity. To get our country working again, we need to unite and work together. The community organizer has had his chance, and if you are happy with his results, then you have the right to vote for Obama, but if you want real change and real jobs, then vote for Romney.
Yes, things have changed at Bain since Romney left in 1999. At the time the President was vilifying Bain Capital, some employees were donating money to his re-election. And he refuses to give the money back. It just shows that no matter how a liberal hates a company, they love their money.