9 Things That Show Mitt Romney Is Morally Bankrupt
Continued from previous page
Neither has Romney repudiated the endorsement of washed-up rocker Ted Nugent, whose idea of a good time is to wear a shirt emblazoned with the Confederate flag, and call for the African-American president to "suck on my machine gun."
And, as noted in item #7, Romney has tried to falsely link the black president with a (non-existent) loosening of welfare-to-work requirements.
9. Wears the mantle of protectionist, China-battling job creator after having put thousands of U.S. workers out of jobs and bought into a giant Chinese sweatshop. Romney likes to portray his work at the helm of Bain Capital as a mission of job creation. In truth, Bain exists for no other reason than to extract profits for its investors, and sometimes the best way for a leveraged buyout firm to make a profit is to bankrupt the company. You see, the buyout guys get management fees whether the company wins or loses, so even if you load it up with a crushing level of debt, you still come out a winner. Sometimes Romney's deals created jobs; other times they put people out of work. ThinkProgress estimates that as many as 6,000 Americans lost their jobs under Bain, which was an early proponent of shipping jobs overseas.
Writing at Bloomberg News, private equity specialist Anthony Luzzatto Gardner examined Romney's record at Bain, concluding that of the 67 major deals the company made during Romney's tenure, a mere 10 of them accounted for 70 percent of the company's profits. Of those 10, four ended in bankruptcy, Gardner writes, along with others amid the remaining 57. This kind of "casino capitalism," as Gardner calls it, is not a recipe for job creation.
Meanwhile in China, Romney and Bain invested in a factory that employed 20,000 young women in deplorable conditions, trapped within the factory complex by barbed wire and guards posted in towers. As AlterNet's Lynn Parramore reported:
From April 1998 through August 2000, Romney and his Brookside Capital Partners Fund, a Bain affiliate, poured around $23 million into the Global-Tech sweatshop in Dongguan, China. Among the details outlined in the report were the following:
- Factory workers made 24 cents an hour in 1998 and less than $2 a day. Wages in Global-Tech were less than 2 percent of U.S. wages.
- As CEO, Romney appears to have been uninterested in calling for improvements at the facility. Today, the sweatshop is still a horror where starvation wages prevail and workers’ rights are nonexistent. Overcrowded, filthy dormitories; rotten food; routine 15- to 16-hour shifts; and backbreaking 105- to 112-hour, seven-day workweeks are the norm.
- The appliance factory has 800 student "interns" -- 16-years-olds forced to work repetitive, exhausting 15- to 16-hour shifts on assembly lines with no overtime pay.
Not exactly the kind of jobs Americans are looking for.