For Help With Their Failed GM ‘Investment,’ Obama Administration Asked...Bain Capital
President Barack Obama is in full 2012 reelection mode. Part of that process is preparing to possibly take on Mitt Romney - whom (it appears) he thinks has the strongest chance to be his Republican opponent. Which he and many Democrats think is very good news.
Romney fits right into the Left’s absurd anti-capitalism, “robber baron,” Occupy Wall Street anti-1%-er, scorched earth storyline.
Romney is very wealthy, which for Obama and his Democrats is the height of eee-vill (except - these Donkeys are mostly rich...). Never mind that Romney’s wealth is right in line with many past Presidents and candidates - including 2004 Democrat nominee John Kerry. (The difference? Romney earned it, Kerry married it.)
And as Romney recently told us, he these days pays the 15% capital gains tax rate - rather than the (absurdly) higher income tax rates those of us receiving salaries do. Never mind that this is perfectly legal (and good fiscal policy, and “fair”) - it is culled right from the Leftist, Warren Buffett “I pay less in taxes than my secretary” fraudulent script.
How did Romney make his coin? Via the epitome of eeeee-villll free market entities - the venture capital firm. His was, of course, Bain Capital.
Yes, Bain sometimes invests in failing companies. Some of which they determine to be not worth saving, so down they go. Welcome to Reality, Boys and Girls.
See, President Obama - it’s kind of like your “investing” in Solyndra, and Fisker, and Beacon Power, and.... Only President Obama - yours never work out. And Bain would never dump money into such absurd companies or concepts. And Bain uses their own coin, not ours.
Bain has created far more jobs than they’ve closed down - which again makes them the polar opposite of Obama, Inc. There is no Staples, Sports Authority or myriad other Bain-like successes to which Obama can point and say “See, my government ‘investment’ did that.”
“‘Shovel-ready’ wasn’t as shovel-ready as we expected.” And “created or saved” doesn’t cut it - and fooled only the foolish.
And, of course, the Obama Administration is chock full of Wall Street 1%-ers. Whom they vilify and legislatively assault by day - and shake down for campaign cash by night. Heck, Democrats receive more contributions from Bain Capital than do Republicans. Obama has his own self received $80,000 from Romney’s old digs.
And the new Obama Administration acting Director of the Office of Management and Budget, Jeffrey Zients, worked for Bain Capital.
And behold Obama, Inc. campaign adviser Stephanie Cutter. Who just wrote a scathing memo about Romney’s Bain days - subtitled “Profit at Any Cost.”
Cutter sounded like a sworn enemy of private equity. Except a few years ago, she was a spokeswoman for J.C. Flowers, a private-equity firm....
Presumably Cutter wanted to be as well compensated as possible, by J.C. Flowers and the “several Fortune 500 companies” her communications firm served, according to her bio.
Just another poster-child for Obama, Inc.’s “Poverty for Thee - Not for Me,” DC-Wall Street Nexis.
For Obama, Inc., Bain’s good for campaign fodder - and campaign cash. And, as it turns out, even more than that.
We’ve just discussed Bain Capital investing - vis a vis Obama, Inc. “investing.”
One of the biggest Taxpayer Money “investments” is the $50+ billion in General Motors (GM). Which has been an unmitigated disaster.
President Obama once promised us we’d make money on the auto bailout - then had to begrudgingly up the (admitted to) loss from $14.3 billion to $23.6 billion. And We the Taxpayers still own 500 million shares of GM stock - which is tanking. So that loss number still has growth potential.
GM is foundering because they insist on doing fabulous things like overproduce the unprofitable, unpopular, combustible Chevy Volt. And in 2010 file for more green non-energy “energy patents - a la Solyndra, Fisker, etc. - than any other company in America.
As GM continued to sink like a stone, guess who Obama’s Auto Task Force asked for assistance in trying to turn around their colossal automotive failure?
Why, Romney’s ex- Bain Capital - and their fellow Wall Streeters.
Obama Administration officials working on a turnaround of General Motors and Chrysler asked for advice from the consulting firm Bain & Company, among other consulting firms, speaking to partners there at least twice, according to multiple sources familiar with the conversations.
In addition, a partner at Bain & Company later detailed his advice on the auto companies when he was contacted for a follow-up review by the office of the inspector general for TARP, according to that office.
Obama will this year be trying to convince We the People to give him four more years in the White House.
Not because of anything he’s done - because what he’s done has been atrocious - but to prevent an evil 1%-er from succeeding him.
And if that proposed successor is Romney, Obama, Inc. has the anti-Bain Capital dossier already prepared and at the ready.
But when it came down to it, Obama, Inc. had to admit that they had with GM (and just about everything else) absolutely no idea what they were doing.
And they had to go to...Bain Capital, and their fellow eeee-villl Wall Streeters, to ask for help in trying to salvage their incredible failure.
Whose expert advice he desperately sought as he amateurishly blew up General Motors - and our $50+ billion.