The Two Bains

It is essential that the Obama campaign not let Mitt present his career as “venture capital,” as starting businesses, some of which of course fail.  Mitt’s specialty was destroying existing businesses, for fun and profit.  He didn’t inject capital nearly as much as he loaded up debt — crushing, unsustainable debt the companies couldn’t survive.

From “Bain is just chapter one in the Book of Romney,” Robert Schrum, The Week:

“More likely, Romney will trot out workers — say, from Staples — to highlight jobs he claims to have created. The problem here is that during his tenure, Bain had two businesses. One was venture capital investing in startups. The other, which Romney drove, consisted of buying out a firm, hollowing it out, loading it up with debt, cutting wages — and making millions before the firm went bellyup. The one endeavor doesn’t redeem the other: What’s at issue here is not an accounting question, some mere matter of addition and subtraction, but the crass calculation of pillaging jobs and oppressing workers as a conscious business plan while occasionally grabbing a government bailout along the way.”  Emphasis added.