Romney's Values Perfectly Summed-Up

[kpete]

David Waldman ‏@KagroX

Thinking it's OK to take someone else's pension because you bought the company that had once promised it to them. #AmericanValues

http://delong.typepad.com/sdj/2012/10/romneys-values.html

[Blecht]

1. k

[BlueStreak]

2. This is something that has really bothered me

The pension raiding seems like an afterthought in most of the discussions. But it should be the headline, I would have thought.

I guess the issue is that most Americans now have no pension and don't even understand the concept.

The concept is that workers accepted a lower rate of pay over the years because the company was willing to put money into a pension plan.

And when Romney comes in and raids that plan, isn't that a felony? Why is he not in jail?

[Semi_subversive]

7. Back in the early 90s

a friend of mine "borrowed" from the company pension fund in order to keep the business from going bankrupt. They were successful and returned the money with interest, but he got nailed for the felony and spent 15 months in a federal pen.

[philly_bob]

3. I worked on presentations selling these types of deals.

This was their argument:

1) the pension fund was "overfunded."

2) take over the company and transfer the pension obligation to an insurance company.

3) then the new owners can take out the cash in the pension fund.

Did anybody believe it? Imagine the company washing its hand like Herod, saying "It's the insurance company's problem now."

[aint_no_life_nowhere]

4. Romney's brand of capitalism isn't of the Henry Ford variety

where the profit-seeker knew something about the product he was making and was interested in making it and perfecting it. Romney's product was $$$ and he didn't give a shit about the nature of the company Bain took over or whether he could truly turn it around. When it came to businesses, Romney behaved more like a house-flipper, who is not interested in living in the house he spruces up or its neighborhood but just wants to make a quick sale for as much as he can get.

[byoung6]

5. this is exactly the problem

And I also have a question Why are the contracts that banks make with consumers sacrosanct? Why are contracts that business' make with individuals sacrosanct? But the contracts an employer signed with its employee's is not worth the paper its written on?
Rhetorical of course.

[uponit7771]

6. Under US law this is illegal BUT..BUT it really depends on what the buyout people thought would...

...happen by loading a company with debt.

By law rMoney has to admit he's incompetent cause admitting he KNEW the companies would fail if loaded with debt like Bain did would send him to jail....maybe...our attorney general is a wimp

[BlueStreak]

8. I don't know the pension law, but I notice he did that in the bankruptcy court

I believe a bankruptcy court has some latitude in killing pension commitments.