Obama, Bain Capital and Liberal Hypocrisy.
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2012/05/25 22:37:50
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President Obama has seen fit to demean Mitt Romney for his time at Bain Capital calling him a "Vulture Capitalist"; we now see that in fact the true culprits of Vulture Capitalism are actually working for Obama on his Campaign team.
First: Former Denver Mayor and Obama National Campaign Co-chair Federico Peña has cost employess 3,800 jobs he eliminated.
President Obama continues to hammer presumptive Republican nominee Mitt Romney on his record with Bain Capital.
In a fundraiser on Wednesday in Denver, the President continued to push the "Venture Capital Vampire" theme
saying, "What Gov. Romney doesn't seem to get is that a healthy economy doesn't just mean a few folks maximizing
their profits through massive layoffs or busting unions."
We wonder if former Denver Mayor and Clinton Transportation and Energy
Secretary Federico Peña happened to be in the audience, and if he
agreed.
Peña has been a partner at private equity firm Vestar Capital since 2000.
And while President Obama has been giving private equity a bad name, both Peña and Vestar managing director James Kelley have made recent contribution to Obama's re-election efforts.
So let's examine the recent "humanitarian" record of Vestar Capital.
In March of 2011, Vestar accquired 100% of Del Monte Foods through a leveraged buyout.
Just two weeks ago, Del Monte announced the closure of a plant
in Kingsburg, Califoria, effectively
slashing 1,000 jobs. "I am extraordinarily disappointed by Del Monte to
make this decision," Kingsburg Mayor Bruce Blayney told the Kingsburg Recorder. "This is a major blow to the local economy."
Roughly eight years ago, Vestar purchased the Solo Cup Company. According to this report,
in 2007 the Solo Cup Co. (with Vestar as a parent firm) shuttered three
U.S. factories. As early as 2010, with Vestar still as
the parent company, Solo Cup announced plans to shut an eighty year old factory, ending more than 540 jobs.
In 2002, Vestar acquired frozen food giant BirdsEye Foods.
Roughly four years later, Vestar laid off approximately 500 employees at BirdsEye. "Some of them were employed at Birdseye for 15 to 30 years," according to
KGO Ch. 7 in San Fransico.
Second: Obama adviser and Campaign contribution bundler, Jonathan Lavine, is a decision making directer with Bain Capital and was on the board of Ampad and directly involved in their layoffs and bankruptcy.The Obama campaign’s latest attack tells the story of workers at an
Indiana office supply company who lost their jobs after a Bain-owned
company named American Pad & Paper (Ampad) took over their company
and drove it out of business. Here’s what the Obama Web video doesn’t mention: A top Obama donor
and fundraiser had a much more direct tie to the controversy and
actually served on the board of directors at Richardson, Texas-based
Ampad, which makes office paper products. Jonathan Lavine is a long-time Bain Capital executive and co-owner of
the Boston Celtics. He is also one of President Obama’s most prolific
fundraisers. He has already raised more than $200,000 for the Obama campaign this election, according to Federal Election Commission records.
Lavine started working for Bain in 1993. He was one of three Bain
executives who served on the board of directors of Ampad for several
years, a post he held until 1999. Jonathan Lavine is currently a director foe Bain Capital.
Is this Liberal Hypocrisy?
First: Former Denver Mayor and Obama National Campaign Co-chair Federico Peña has cost employess 3,800 jobs he eliminated.
President Obama continues to hammer presumptive Republican nominee Mitt Romney on his record with Bain Capital.
In a fundraiser on Wednesday in Denver, the President continued to push the "Venture Capital Vampire" theme
saying, "What Gov. Romney doesn't seem to get is that a healthy economy doesn't just mean a few folks maximizing
their profits through massive layoffs or busting unions."
We wonder if former Denver Mayor and Clinton Transportation and Energy
Secretary Federico Peña happened to be in the audience, and if he
agreed.
Peña has been a partner at private equity firm Vestar Capital since 2000.
And while President Obama has been giving private equity a bad name, both Peña and Vestar managing director James Kelley have made recent contribution to Obama's re-election efforts.
So let's examine the recent "humanitarian" record of Vestar Capital.
In March of 2011, Vestar accquired 100% of Del Monte Foods through a leveraged buyout.
Just two weeks ago, Del Monte announced the closure of a plant
in Kingsburg, Califoria, effectively
slashing 1,000 jobs. "I am extraordinarily disappointed by Del Monte to
make this decision," Kingsburg Mayor Bruce Blayney told the Kingsburg Recorder. "This is a major blow to the local economy."
Roughly eight years ago, Vestar purchased the Solo Cup Company. According to this report,
in 2007 the Solo Cup Co. (with Vestar as a parent firm) shuttered three
U.S. factories. As early as 2010, with Vestar still as
the parent company, Solo Cup announced plans to shut an eighty year old factory, ending more than 540 jobs.
In 2002, Vestar acquired frozen food giant BirdsEye Foods.
Roughly four years later, Vestar laid off approximately 500 employees at BirdsEye. "Some of them were employed at Birdseye for 15 to 30 years," according to
KGO Ch. 7 in San Fransico.
Second: Obama adviser and Campaign contribution bundler, Jonathan Lavine, is a decision making directer with Bain Capital and was on the board of Ampad and directly involved in their layoffs and bankruptcy.The Obama campaign’s latest attack tells the story of workers at an
Indiana office supply company who lost their jobs after a Bain-owned
company named American Pad & Paper (Ampad) took over their company
and drove it out of business. Here’s what the Obama Web video doesn’t mention: A top Obama donor
and fundraiser had a much more direct tie to the controversy and
actually served on the board of directors at Richardson, Texas-based
Ampad, which makes office paper products. Jonathan Lavine is a long-time Bain Capital executive and co-owner of
the Boston Celtics. He is also one of President Obama’s most prolific
fundraisers. He has already raised more than $200,000 for the Obama campaign this election, according to Federal Election Commission records.
Lavine started working for Bain in 1993. He was one of three Bain
executives who served on the board of directors of Ampad for several
years, a post he held until 1999. Jonathan Lavine is currently a director foe Bain Capital.
Is this Liberal Hypocrisy?
Top Opinion
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Gracie - Proud Conservative 2012/05/25 22:52:35Yes, Liberal Hypocrisy....
Does the same thing with emotional issues such as jobs and taxes and whatnot. Loves to poke fun at the rich folks. Oops, fails to acknowledge he's rich now. Hey, I could sit here and poke fun at Romney and all the other rich folks, make up neat jokes about their cars, their mansions or their travels and whatnot. Heck, we do that kind of thing for fun. But in no way, shape or form am I jealous of him or any other wealthy people. I hope to be able to work my way up to their level one of these days myself. Lotsa luck to that, of course, but at least I'll have fun trying. But if I don't, I still won't be jealous of those folks. Heck, their money pays lots and lots of salaries. Their seemingly gaudy luxury items put food on the tables of a whole lot of people in this country. I love it. And love them for it.
But Obama knows there are people who don't have any money, are having a hard time right now. An...
Does the same thing with emotional issues such as jobs and taxes and whatnot. Loves to poke fun at the rich folks. Oops, fails to acknowledge he's rich now. Hey, I could sit here and poke fun at Romney and all the other rich folks, make up neat jokes about their cars, their mansions or their travels and whatnot. Heck, we do that kind of thing for fun. But in no way, shape or form am I jealous of him or any other wealthy people. I hope to be able to work my way up to their level one of these days myself. Lotsa luck to that, of course, but at least I'll have fun trying. But if I don't, I still won't be jealous of those folks. Heck, their money pays lots and lots of salaries. Their seemingly gaudy luxury items put food on the tables of a whole lot of people in this country. I love it. And love them for it.
But Obama knows there are people who don't have any money, are having a hard time right now. And he knows how to speak to the weakest of that crowd and say just the right things to incite riots, in effect. And to divide this country while he's at it. And his speech writers do the same thing. All the crock of crap they shovel out about Bain Capital and rich old Romney, and not a single mention of the years he's worked for public service and didn't take a salary, although he certainly could have. All the crap about firing people and closing shops and whatnot and not a hint about the fact that those companies were already run into the ground and if they eventually closed it wasn't for lack of trying to revive it. Bain Capital had its "failures," granted; however, its successes far outweigh those so-called failures. Lots of jobs and revenues generated from those successful ventures.
I find it amazing that all the hollering against Romney and other "rich Republicans" is permitted to continue and yet no hue and cry against the multimillionaires who happen to support Obama. Something stinks, folks.
PRICELESS: National Co-Chair for Obama’s Reelection Campaign Is a Private Equity Manager Whose Firm Closed Factories and Terminated Hundreds of Workers.
http://cowboybyte.com/8154/pr...
So yes, Obama, liberals and democrats don't care about the truth or their own hypocrisy.
Bain took control of Ampad in 1992 when Ampad was doing $8million in annual sales. By improving management and sales, sales increased to over $200 4 years later. In 1996, Bain gave up ownership of Ampad by letting it go public.
Ampad hired new managers and by 1999 had to file bankruptcy. In 2003 Ampad was bought by the Crescent Capital investments and is still in business. In 2008 they were purchased from Crescent by Esselte Corp. They have changed their name to Arcapita.
Under Romney's leadership at Bain, Ampad became a viable and profitable company averaging 53% compound annual growth.
Just setting the record straight.
Jonathan Lavine was on the board of Ampad and was and is a director with Bain Capital, is a major force for the Obama campaign as is Pena.
Jonathan Lavine Managing Director, Bain Capital
FROM ABC NEWS:
Lavine started working for Bain in 1993. He was one of three Bain executives who served on the board of directors of Ampad for several years, a post he held until 1999.
Lavine’s placement on the board of Ampad suggests he had a more direct role than Romney in the series of events surrounding the layoffs, labor disputes and eventual bankruptcy of the Marion, Ind., factory featured in the Obama campaign video.
Alex Stanton, a spokesperson for Bain Capitol, does not dispute that Lavine was on the board of Ampad, but insists that he had nothing to do with the workers being laid off in Marion, Indiana.
You also need to consider that though Obama, Biden, and even Gingrich have attacked Romney as a venture capitalist, that's a wrong nomenclature. Bain Capital is a private equity firm. They provide investment capital and management strategies to the companies they invest in. But they do not take over operating control.
Maybe Obama should talk about large employers who owe their existence to PE's. Like Burger King, Hertz Car Rental, Service Master, Burlington Ind. just to name a few.
You also don't see Obama attacking Romney over the investment in Staples Inc ot giving him any credit that Bain allowed Staples to grow from 1 store to over 2000 locations and creating thousands of jobs.
Jonathan Lavine is a Managing Director at Bain Capital, a leading global private investment firm based in Boston.