Thursday, October 18, 2012

Rmoney Myth #571428: Bain Was Ever A Small Business

Paul Krugman has the basics regarding Myth Rmoney's repeated claims to be a "small" businessman:
... making Bain sound like a scrappy little start-up. And it’s true it had only 10 people at first — that, and $37 million, yes, $37 million, in seed money.

Where did that $37 million come from? A large part from foreigners, in many cases investing via Panama-based shell companies. Also, funds from families of Central American oligarchs, who were sitting things out in Miami while death squads sponsored by their class, and in some cases by their relatives, were roaming their home countries.

Right. Myth started a $37 million "small" business underwritten by possibly unsavory MOTU outside the US.

Myth, boy, let me tell you something about REAL small businesses. I started mine with about $10,000 pulled out of my personal savings, an analytical mind, and the gumption to bet my livelihood on those two assets. I earned a respectable but not luxurious livelihood for 20 years that way, and I slept well at night because I had nothing like death squads on my conscience. My business did not just run itself; I had to beat the bushes for work on an ongoing basis. (Hey, I like the idea of beating the Bushes! What? oh. <emily_litella_voice> Never mind! </emily_litella_voice>) But I had never before experienced such professional satisfaction, and I didn't miss any meals. I believe I am more deserving of comparison to those Mom-and-Pop businesses you keep mentioning than you are... no one staked me $37 million, and my success was anything but assured.

Mr. Rmoney: you haven't a clue what it takes to run a small business. Not a clue. Some honest well-off business people will at least admit to their parental or other Head Start program. C'mon, Myth: 'fess up.


  1. Mitt Romney admits using Chinese slave labor @ Bain. (Leaked Video)

  2. Mitt Romney admits buying Chinese sweatshop while at Bain.
    20,000 young girls. 12 girls per room. 120 girls per bathroom. Huge fences with guard towers.
    "95% of life is set up for you if you were born in this country. And, I remember going to ah, uh, sorry just to bore you with stories.
    When I was back in my private equity days, we went to China to buy a factory there. It employed about 20,000 people. And they were almost all young women between the ages of about 18 and 22 or 23. They were saving for potentially becoming married.
    And they work in these huge factories, they made various uh, small appliances. And uh, as we were walking through this facility, seeing them work, the number of hours they worked per day, the pittance they earned, living in dormitories with uh, with little bathrooms at the end of maybe 10, 10 room, rooms. And the rooms they have 12 girls per room.
    Three bunk beds on top of each other. You've seen, you've seen them? (Oh...yeah, yeah!) And, and, and around this factory was a fence, a huge fence with barbed wire and guard towers. And, and, we said gosh! I can't believe that you, you know, keep these girls in!
    They said, no, no, no.
    This is to keep other people from coming in.

    Because people want so badly to come work in this factory that we have to keep them out. Or they will just come in here and start working and, and try and get compensated. So we, this is to keep people out. And they said, actually Chinese New Year as the girls go home, sometimes they decide they've saved enough money and they don't come back to the factory.
    And he said, so, on the weekend after Chinese New Year there will be a line of people hundreds long, outside the factory, hoping that some girls haven't come back. And they can come to the factory. And, and so as we were experiencing this for the first time, going to see a factory like this in China some years ago.
    The Bain Partner I was with turned to me and said, you know, 95% of life is settled if you are born in America. This is uh, this is an amazing land and what we have is unique and fortunately it is so special we are sharing it with the world."

    -Mitt Romney-

  3. Global-Tech: Betting Against American Workers

  4. Mitt Romney's Bailout Bonanza


  5. Springsteen Takes to Stage for Obama

    1. Thanks for all the links and remarks, Enfant. I've been kind of busy, in and out of the house all day. I'll look them over later tonight.



• Click here to view existing comments.
• Or enter your new rhyme or reason
in the new comment box here.
• Or click the first Reply link below an existing
comment or reply and type in the
new reply box provided.
• Scrolling manually up and down the page
is also OK.

Static Pages (About, Quotes, etc.)

No Police Like H•lmes