- All Posts
- Growing Up Bronx
If you research online for information on Bain Capital, nearly everything you will find is left leaning websites bashing the company and calling them vampires and other terms.
A colleague of mine that is more right leaning, found and shared the below quote with me. I found it very interesting and thought it should be shared, seeing as though this information is buried and hidden by all the negative posts:
“In the past several months, the following green companies – which received state or federal funding guarantees – declared bankruptcy or laid off hundreds of workers to avoid bankruptcy: Ener1 (renewable energy storage battery technology components), Abound Solar Manufacturing (solar panels), Beacon Power (energy storage), Evergreen Solar (solar panels), SpectraWatt (silicon solar cells), and Solar Trust of America (1,000 megawatt solar plant). The sheer volume of this waste is astounding. Solyndra defaulted on a $535 million federal loan guarantee, leaving recession-battered taxpayers holding the bag. Solar Trust received a $2.1 billion federal loan guarantee, but last month, the company sought bankruptcy protection in Delaware after failing to meet a federal Energy Department loan guarantee deadline.
Against this backdrop of waste, crony capitalism and failure arrives Mr. Obama’s opponent Mitt Romney, who represents something else entirely: private sector success at Bain Capital. Founded in 1984 by Mr. Romney and two partners, Bain has risked billions investing in hundreds of companies across America. No investment was guaranteed to succeed; many did not pan out. But here’s a quick list of Bain’s more famous successes: AMC Entertainment, Brookstone, Burger King, Burlington Coat Factory, Clear Channel Communications (the largest radio network in America), Domino’s Pizza, Dunkin’ Donuts, Guitar Center, Staples, Toys “R” Us, Sport Authority, Sealy Corporation, Gymboree, D&M Holdings, Hospital Corporation of America, The Weather Channel, Houghton Mifflin, and Warner Music Group.”
Those are huge companies, employing thousands of people and providing revenue and life to our economy. Yes, sometimes people have to be laid off, and it is a sad thing, but it is the cost of doing business. As much as we hate it, if letting go of 500 people saves 20,000 other jobs, then it has to be done. The alternative is to keep everyone and close the doors because you cannot afford to pay any of them. I understand that 1 of the 500 would be upset, but what about the other 20,000? Remember, the object of business is to make money, it’s not charity. Employers hire people as the business demands requires, if the demand is no longer there then you cannot employ the same number of people. That’s the reality of business.
On the other hand, our children and their children can inherit the bill for all these state and federally backed company’s failures, when a company like Bain Capital who these people attack could have potentially saved them from these catastrophic failures.
Growing Up Bronx