Bain Capital is fair game

By Bill Press

Tribune Media Services

Every time I hear somebody say there’s no difference between the two parties, I want to scream! There are huge differences between Republicans and Democrats, and one of the biggest is: Republicans take great pride in standing up for their team; Democrats take great pleasure in stabbing their team members in the back.

Take the unholy trio of Cory Booker, Harold Ford Jr., and Ed Rendell. All three appear often on television. In various jobs, all three have been spokesmen for the Democratic Party. All three allegedly support President Obama. And yet all three stabbed him in the back over Bain Capital.

It started with Mayor Booker, appearing as an Obama campaign surrogate on “Meet the Press,” who told David Gregory he found President Obama’s criticism of Mitt Romney’s record at Bain Capital “nauseating.” The next day, former Congressman Harold Ford agreed with Booker. Then former Democratic National Chairman Ed Rendell whined that he didn’t like the tone of the attacks on Bain.

Oh, shut up! First, let’s acknowledge that all three have ties to Wall Street. As reported by Think Progress, for example, Booker received more than $565,000 in contributions from financial industry sources in his first run for mayor, back in 2002 — and at least $36,000 of that came from executives of Bain Capital. So, he and others are not exactly without a conflict of interest on this issue.

But they’re also dead wrong. On two counts. Read the president’s statements. In talking about Romney’s experience at Bain Capital, President Obama has not condemned the financial industry, private equity firms, or making a profit. He has simply pointed out, correctly, that success in wealth creation for a few fat cats is not necessarily the best qualification for president of the United States. “If your main argument for how to grow the economy is ‘I knew how to make a lot of money for investors,’ then you’re missing what this job is about,” Obama told reporters this week in Chicago. “And when you’re president, as opposed to the head of a private equity firm, then your job is not simply to maximize profits. Your job is to figure out how everybody in the country has a fair shot.”

Remember also: It’s not Obama who raised the issue of Bain Capital in the first place. It’s Mitt Romney, who’s made it the corner stone of his entire campaign. It’s all he talks about: The economy’s broken. I know how to fix it. I’m a businessman. He brags about having created more than 100,000 jobs at Bain and promises, based on that experience, to lower the unemployment rate to 6 percent. In his words: “I happen to believe that having been in the private sector for 25 years gives me a perspective on how jobs are created — that someone who’s never spent a day in the private sector, like President Obama, simply doesn’t understand.”

And that’s what Booker, Ford and Rendell just don’t get. If it’s OK for Romney to brag about how many jobs he created at Bain Capital, then surely it’s OK for Obama to talk about how many jobs Romney destroyed. Romney’s record at Bain Capital is fair game — as is Obama’s record in the White House. You can bet that while Obama brags about saving the auto industry and bagging Osama bin Laden, Romney will complain about Solyndra and high unemployment.

Bain Capital’s fair game in the general election, just like it was in the Republican primary, when Rick Perry called it “vulture capitalism.” Perry explained: “They sit there and they wait until they see a distressed company, and then they swoop in and pick the carcass clean, and then fly away.” Newt Gingrich and Rick Santorum made the same argument, albeit less colorfully. And Sarah Palin defended them all: “Governor Romney has claimed to have created 100,000 jobs at Bain and people are wanting to know: Is there proof of that claim and was it U.S. jobs created for United States citizens? … And that’s fair. That’s not negative campaigning.” Sarah Palin: please call Cory Booker!

The fact is, Bain Capital’s goal was to create wealth for its investors, period. And they did that job well. In many cases, like GST Steel, companies were shut down and jobs were lost. In some cases, like Staples, companies thrived and jobs were added. But any job creation was accidental to the company’s main mission. Romney cannot claim to be a job creator.

© 2012 Tribune Media Services, Inc.

46 Responses to Bain Capital is fair game

  1. kwms says:

    And Obama admitted he himself isn’t a job creator when he said “shovel-ready wasn’t as shove-ready as we expected” HAHAHA after spending over $800 trillion of our taxpayer money.

  2. Jeff Allen says:

    you’re are quite right , Democrats are good for stabbing each other in the back. and yes if you are touting you’re experience as a job creator to become President then it should be fair game as was Reverend Wright. and especially since you’re State was 47th out of 50 in creating jobs. and oh yes how about you’re time as Govenor?

  3. Jeffg1967 says:

    You’re right Bill, Bain Capital is fair game. But you should at least be honest about it. Why is it you fail to mention that:
    1) when Bain acquired Armco (the company that owned GST steel) in 1993 they were about to shut down GST?
    2)that Bain kept GST open for an extra eight years, eight extra years that the employees had jobs.
    3) That in 1990, three years before Bain bought Armco, the Armco CEO is on record as telling GST executives “Look, we either try to sell it, or we’ve got to shut it down.”. They sold it to Bain
    4) That in 1992 the six largest U.S. Steel mills lost $3 billion.
    5) The year Bain bought GST Armco it lost $641 million.
    6) At it’s height in the 70s GST employeed 4,500 employees, when Bain bought it it only had 750 left. In other words prior to Bain GST had already layed off over 80% of it’s work force.
    7) That GSI, the parent company of GST employeed a total of 3,500 people. GST was the only closing. In other words 2,750 employees kept their jobs (Obama would claim that as job ‘created or saved’ wouldn’t he?)
    8) That Bain turned GST around so that it was profitable until the late 90s when there was a outpouring of cheap steel from foreign comptetitors.
    9) That the union refused to make concessions that could have kept the company afloat. In fact they went on strike and were shooting bottle rockets at security guards.
    10) That at the time of the closing the GST union president is on record as blaming the companys bankruptcy on the political class “We can’t compete against the steel imports that are being sold under cost,” said the president of GST’s union in 2001. “Our pleas fell on deaf ears in the political arena.”. Who was president in the late 90s?
    11) That it was the Bush administration that slapped on tariffs that would have helped GST. To bad Clinton didn’t, maybe it would still be around.
    12) That bankruptcies in the steel industry were led by overly unionized companies.
    13) That Bain made other steel investments at the same time. It turned one of them around and it is now making 25 times more then when Bain bought it and now employees 6,000 (again, would Obama call that ‘saved or created’ jobs?)
    Why didn’t you mention any of that Bill?

  4. Jack M Plumb says:

    Blah…. blah …blah… stop defending those ass-aches,…..dude!

  5. Milosia says:

    blah…. blah …blah… stop defending these people!
    How many fringe heartaches, houses lost , jobs lost, educations payments lost, retirement pensions lost and then replaced with taxpayer money, from the PGF (Pension Gaurantee Fund) Whole cities forced to move. Ghost Towns. Is this part of your teabaggin plans to save the country? All in the name of……GREED? Ooops, not the “G” word I meant the Rainbows, puppies,lolipops program of wealth creation.

  6. Karl Murnane says:

    Yes Bill, please tell us more about saving the auto industry. What debts were wiped out? At who’s expense? Was current bankruptcy law followed? Crony capitalism at work? Who were the winners and who were the losers? Why is Capitol One running the GM Credit Card? What happened to stockholders? What happened to pay rates and pensions for employees?
    If I liked my health insurance why can’t I keep it? Crowded out of existence by what? A government monopoly is not any less a monopoly than a private monopoly. In fact, the barriers to entry against a government monopoly are quite high so we get less competition and choice than otherwise.

  7. Jeffg1967 says:

    And which of the points I listed above is wrong Milosia? Which point do you dispute? Specifically which ‘ghost town’ are you referring to and what was Romneys role in it?

  8. Brewster says:

    And Millie, how many workers did Obama dump on the PGF when he spent our money to buy GM for the unions? He replenished their pension funds but left the non-union workers in the dust.

  9. Milosia says:

    I think we’re still part owners in GM. That deal has been paying off quite well.It’s not what romney wanted. It would’ve been better to kill it and feast on the carcass in the name of BAIN Capital like his daddy did at AMERICAN MOTORS.
    Jeff, you should get out and see America before its ALL gone.Stop in at Flint, Michigan, or Silicon Valley. Jeff, 65,000 companies have closed since 43 took office.
    I was shocked to hear that our National Parks have been sold. Don’t believe it? just look at the signs.
    They are now World Parks.
    I think its part of poppy’s new world order.
    I just hate to hear non union workers complain. It both angers me and saddens me at the same time.
    If this country truly is a Free Country as the ‘baggers are saying it is then get out there and tell somebody you demand your rights. Or, are you now just “Citizen of the Corporation” . No longer a citizen of the United States?
    Are you now only free to sit there and stfu? Welcome to baggers america. one vote ….one party.
    one choice.

  10. Milosia says:

    Bain’s BS looks good on paper. You cant see the blood or the dead bodies littering the highways.
    China will hit a point when they just cant work more than 24 hours/day.The bodies will start stacking up.
    Its also sad that the MBA’s only need to get hired to start saving the corporation money. Its like this:” We need to start manufacturing these doodads in China.” TAA DAAH!
    Wheres my bonus??
    You mean to tell me, china can make steel, ship it halfway across the globe and charge less than we mould making it here. Who is paying the energy costs to get it here, the us taxpayer??
    Who else could afford it?

  11. Milosia says:

    What’s the frequency, brew?

  12. Milosia says:

    Overly Unionized Companies??? wat dat mean? Would those be the ones: Paying decent wages, Vacations, Healthcare, sick time, 40 hour weeks, safe workplaces, EOE, you know, A good American Job.
    Yup, thing of the past. What we’re going for now is some sort of a third world economy.
    The one thing people like you need to be reminded of is that everything in the CONTRACT was negociated. Neither side had a gun to the others head, and the workers were represented at the bargaining table. No one forced the other to sign the papers. If a company is profitable, Is it wrong to share the profits with the people who are creating the wealth for the corporation??
    Well…..IS IT?

  13. Milosia says:

    I wrote you baggers a memorial day poem. let me know what you think of it.

    Those who fought for it,
    know
    A Flavor of Freedom,
    The
    Protected
    can
    only Imagine.

    ** Milosia**

  14. Jeffg1967 says:

    Missy you’re the one who needs to get out and see the country. You’re stuck in the 1920s. Do you really think Trumpka and the other union bosses give a damn about the average worker or more about filling his own wallet? The company I work for has three facilities, one union and the other two non union. The wages at all three are the same, the two non union facilities are in a cheaper cost of living area than the union one is so by default they actually make more. They also don’t have to pay UAW dues out of the same pay. If unions are so great than why is it the non union facilities are 3 and 4 times as productive per hour as the unionized facility? Why have the non union facility workers rejected attempts to unionize if things are so bad for 20 years? Why are union employees seeking the same position at the non union facilities? I’ll tell you why, on more than one occasions we have had some very good union employees quit, their stated reason is because the older union guys were telling them “you need to slow down” or “you’re working to hard” or “if you work like that theyll expect all of to”. I generally find there are two sides to every story, my personal experience is that right now, unions are their own worst enemy.
    Why are things moving offshore? Right now our biggest competitor is a French company, they are building a product that we have to compete with. How do you propose we do that when our labor rates are 15 times higher? Just to let you know, we could cut every executives and upper managers salary to be the same as any union employees and we still couldn’t compete, unless we offshore also. So your choice is we keep everything here and close our doors in five to ten years for all 12000 employees or send 10% of the jobs overseas so that the other 90% can keep their jobs. Which would you rather have?

  15. Jeffg1967 says:

    As far as your “poem”….my father fought in Korea and Vietnam, I fought in Iraq and Afghanistan. Three months ago I attended a good friends and fellow Marines funeral. Between my father,sister and I we have a combined 54 years in service to our country in the last 62 years of its history and none of us agree with your Marxist views, in fact it’s what we fought against. What did you do for your country?

  16. Milosia says:

    I spent 3 tours in Viet Nam, and thats all I’m saying about that.
    Was my poem marxist propaganda?
    The Union and only the Union is solely responsible for building the Middle Class. Nothing was given to the workers without a fight. Are you not in favor of negociated contracts, Fair wages,
    benefits? Are you in favor of cutting 2Billion from the VA Budget? Xing out medicare medicaid and social security, department of education, CDC,USDA,BBC and the ASPCA?
    If paul ryan doesnt piss you off everytime you look at him then here’s a little chinese proverb for you:

    S I L E N C E
    is the best answer to a fool.

  17. Milosia says:

    I heard a term the other day refering to our voting populace.

    its called the
    post literate electorate.
    too funny.

  18. Jeffg1967 says:

    I’m all for collective bargaining. I’m not for nationalized unions. They had their day but have become just as corrupt as that against which they fought. The national unions don’t give a damn about the workers, just the dues they collect. The fact of the matter is that, thanks to the unions, we have laws that protect employees and we don’t really need the unions. If things are so bad why does only 9% of the workforce choose to belong to a union? I’m an employee, I’m not mistreated. Nobody here is complaining about being mistreated, except the ones who want 8 hours pay for 4 hours of work.
    I’m all for Ryans plan. Why is it you don’t have a problem with our gov’t wasting our money? I already give enough to it each year and quite frankly, I can’t afford to give it anymore so I would greatly appreciate it if they quit spending our money. See missy, I base my comments on my experience working for the gov’t at one time and now working with the gov’t. Based on that experience the private sector does a much better job with money than does our govt which has a tendency to waste it in large amounts.

  19. Brewster says:

    Yes Millie, we are still part owners in GM and unlike your dream world, it has not been “paying off quite well”

    We the tax payers were forced to loan Obama the money so he could buy GM at an equivalent price of $53/share. The current price per share is almost $23/share.

    In your world of liberal math, how does a loss of over 50% equate to “paying off quite well”?

  20. Milosia says:

    How are those laws working out for the Coal Miners?? The Union is called Union because it is gathering of group of like minded people who want equity in the workforce. The Union is no stonger or weaker than the people in it. The people are the center part of the Union, not Trumka or his pals. Did you miss what I said about the Union being solely responsible for creating The Middle Class. SOLELY. You are all for collective bargaining, well good luck with that. I mean who are you going to bargain with mitt romney?? Reagan is responsible for getting the ball rolling on destroying the unions.ya , apublican, looking out for you.He took the fund raising money from the Air Traffic Controllers and after he got in office he summarily fired them all. Its been all downhill since.Threatening you and coercing to vote against your better interests. Nah, you dont need a Union. but where did all the wealth go?? Like frogs in the pot of water it isnt really that hot yet.until its too late.we keep losing, a little bit at a time.
    They love people like you but you are a hindrance to your own best interests.Jamie dimon had 2billion to piss away, why was the secretary ony making $5.50/ hr?
    These are the things you should be upset about.

  21. Milosia says:

    ***correction** The VA cuts Ryan proposed were actually for 11 billion.

  22. Jeffg1967 says:

    PATCO broke the law when it went on strike….they deserved what they got. Have you ever been in France, Germany or Italy when the transportation unions go on strike? I have and it should be illegal, they force the whole country to bend to their whims. In the case of PATCO it was the desire for a 32 hour work week and more pay…boo hoo!
    The union SOLELY responsible for the middle class? That’s almost as rich as your UFO theory! If you want to believe that then their greed is solely responsible for so many jobs being sent offshore.
    Jamie Dimons’ secretary makes far more than $5.50 an hour, heck my 16 year old makes more than that…join the real world. The $2 billion…it wasn’t your money so what’s your problem? You don’t like people making their own decisions do you?
    Ok, you don’t want to cut the VA, fine. What would you cut? You gotta cut something since even the Dems have admitted that they could tax the rich 100% and still not cover the expenses….so what would you cut? Realize of course that in the real world (where UFOs AREN’T spying on us) those cuts will result in someone losing their job, someone not getting a benefit etc. So what would you cut because there just aren’t enough rich folks to pay for all the greedy people who want free stuff from the govt.

  23. Milosia says:

    Stop buying their BS Union Busting Propaganda.They are not exempt from being Americans.Are They?
    Global Economies are crap, the money is made right here in The USA.How can you be in favor of 2% South African Rule? It didnt work there.WAAH! they’re like a bunch of babies ….we dont want regulations, we dont want to pay taxes,we need smaller gov’t, we need to abolish Minimum wage,we need MORE GOV”T MONEY, or we’ll just move out of the country, well I say go, and dont leave anything behind,and dont come back here with your global parts trying to sell them here.
    Free stuff from the gov’t. Oh My, If you look at the re[publican states you’ll see that MOST of their money comes from the gov’t. Its truly amazing,
    The Real World??? Would that be the one you live in??? What color is the sky in your real world??
    LOL! There never is enuf rich folks is there?? I think those greedy people are called republicans.
    Cuts are the answer for people who not paying a fair share of taxes.Tax Wall St. transactions tax the rich of course.Giving the rich a tax cut doesnt help anyone but the rich. They already have more than they know what to do with. Maybe they’ll buy a country….oh wait they are doing that right now and you have been elected to help them.You and them together against the world.Up to the point where they dont need you anymore , then you gotta go, then…

  24. Jeffg1967 says:

    Once again missy you can’t answer a simple question so you obfuscate. What would you cut and if not how would you pay for the countries bills? Simple question.
    I paid 23% in federal income taxes last year, that’s 22% morethan 45% of my fellow citizens pay. Please tell me, if we are all in this together, if we all must do our fair share, how is that 45%over to pay 0% income tax as their fair share? Not propaganda by the way, straight from IRS.GOV Tax tools.
    I’m all for efficient regulations, efficient spending and an efficient govt, but we don’t have that.
    The sky is blue and absent UFOs in my world, unlike yours.

  25. Milosia says:

    Do you want to beat it out of the elderly, single parents,students, disabled, veterans, disabled veterans. Heres a flash for you, you dont get to decide where your tax dollars go because about 95% goes to paying interest on the deficit.
    The very first thing I would cut is the 6 billion we subsidize the oil companies
    The second thing I would cut is BS stories from Corporations like GE who paid *00.00* in taxes.
    the next would be any government money going to the romneys of the country keeping their cash in offshore accounts.the next would be the prison labor subsidies.
    That little pinhead ryan’s only answer to anything is CUTS, which is not true. We need to generate more tax money. Bush caused it all by starting wars and then giving the rich tax breaks.No where in time does that make sense.the next thing would be Corporate welfare.
    next Pentagon needs massive cuts. Bush increased that also to about 5 times what it was.
    F 35 we really need a jet that no pilot can fly. We’ll prolly park them over with the B-1 and B-2 bombers. Now that is a fantastic unit there, it burns all of its fuel on take-off and needs immediate refueling once up there. The next would be to cut any plans to crash the US Postal Service. Romney and pals want to feast on THAT carcass just for the pension fund cash.next pay to play on wall st. tax per transaction. If we have the wall st. casinos under our roof then we should be getting the house cut, which is about 17% this would generate plenty without taking food out of the mouths of school children, elderly,disabled, veterans,students. The problem of course is that the supreme court says that money is speech. bush appointed pirates. They will say I’m crazy chasing ufos in my tin foil hat because money now rules, not moral integrity, more like greed.

  26. Jeffg1967 says:

    Missy your jealousy of success is sad. you only have to look in the mirror to see who is responsible for your position in life. You want to tax the corporations and the rich? Fine do so. You want to cancel the F35 go ahead. Of course you do realized that when you do, the oil companies will layoff employees so they can make their margins(you do of course know that Apple and Microsoft make twice the margin that the oil companies do, don’t you? But you like them so you’ll leave them alone). Lockheed will layoff the employees on the F35 program if it’s cancelled. You seem to think that a companies sole purpose is to provide a job. Sorry, nobody ever started a business thinking ‘hey, I’m going to make this widget because it will create jobs’ …that’s just a liberal pipe dream. take away the incentive to make money and watch all of you’re jobs go away. Look at how well your ideas have worked in the former USSR and Cuba, at least everyone is equally miserable, just like you.

  27. Brewster says:

    Minor correction Millie, 95% of taxes goes to paying for entitlements, not the deficit.

  28. Milosia says:

    Now that romney has decided to take credit for the marvelous turn around of the AUTO Companies, how do you feel about itnow?
    And Solindra was one of 43’s programs started in 2005. Just for the record.

  29. Brewster says:

    Yes Millie, he took partial credit by suggesting that the auto companies go through a managed bankruptcy of which Obama and the UAW opposed until they could get a large payoff. In my opinion Romney had 0 influence and should take 0 credit. It would be better for him anyway since the bailout was such a financial failure.
    Solyndra was put on the chopping block because Bush LISTENED to the financial advisers about Solyndra being to skeezy of an investment of a proportionally small amount of money. Once Obama took over and had to repay his friendly campaign bundlers, Solyndra got all the money they could ask for, regardless of all the warnings from the advisers. Shore-nuff, once they went belly up, Obama’s friends got paid back for all they invested, leaving the taxpayer (me at least, it sounds like you are one of the 50% who doesn’t pay a dime) holding the debt. 71% of the companies receiving the DOE grants were Obama contributors.

  30. Milosia says:

    If you cant see any other way to do things, then I guess you really are a Citizen of the Corporation.
    Trapped like rat in a funny hat.
    You realize that they can rationalize anything to suit their needs dont you? All to scare the crap out of people like you., and guess what …its working.
    It wont be that long before everyone works for walmart.
    You know a program like something as large as the F35 we wont be able to afford to make it here.Will we? China can do it for SSSOOO much less.
    As a famous astronaut(john glenn) once said just before blast off, ” I’m sitting on over a million parts that were manufactured by the lowest bidder.” Now we know who the lowest bidder will be.
    Your fabulous oil companies are trying to install a pipeline from canada to the gulf with your tax money so they can export it to places like europe where prices are hugely inflated.
    Yup, America’s #1 export is now petroluem products. #1 export. They want you to pay for it, is that ok with you?

  31. Milosia says:

    Funny that. Bush and skeezy investments in the same sentence. Enron comes to mind also.Arbusto, ok nm.

  32. Jeffg1967 says:

    Missy, it sounds like you’re the one who is scared. You need to take your meds and get a grip.

  33. Milosia says:

    What? No Disputes?? Are you obfuscating on me??
    Scared?? I’d say its worse than that. If the Corporate Supremecists take everything over, its going to look like Nazi Germany here.No one here but Good Germans and potential lampshades.

  34. Jeffg1967 says:

    And UFOs! I can’t believe you forgot your UFOs!

  35. Milosia says:

    Citizens United
    needs
    Citizens for the Corporation,
    I pledge allegience to the corporation and to the republican for which it stands, one nation under Gollub…

  36. Milosia says:

    Looks like your company has 2 down and one to go. So, yup, you’re next.

    We don’t need no stinkin unions..

    but who will help you speak to your bosses about the issues affecting you?
    We cant give you a raise because the cost of living went down, right.
    Which way did the cost of Profit go??

  37. Jeffg1967 says:

    Missy you’re an idiot. The problem with your beloved union is that they are stuck in 1950, much like yourself. The last union negotiation her, in 2009, the company’s going position was a guaranteed 18% raise spread over three years to union members. The ONLY concession they asked for was that they pick up $50 a month for medical. Do remember 2009? Layoffs left and right. Our sister company laid off 6000 that year, we kept all and offered the union a 6% per year raise for three years. Oh, I forgot the $4000 signing bonus also to each union member. The rest of the company, myself included were told we would get 0% that year. So what did your union do? They rejected it and went on strike. Exactly who was greedy? What the company learned is that the union can’t be trusted, isn’t willing to be team player and that in about 5 years we will be shutting this facility down and moving elsewhere. So thanks to the union idiots like yourself I will have to relocate all because they were greedy.
    Oh when those oh so hard working union guys were on strike for 6 weeks us lazy engineering types cleared 6 months of backlog work that they let pile up because they are so damned lazy, yet they get $40-$50 an hour. The laziest, most inefficient workers ive ever met are in a union. Unions are dead, look at WI. The average American doesn’t want them or like them. Bye bye.

  38. Milosia says:

    Its called Union Busting. As long as you people are squabbling among yourselves you wont unite against management. Hooray!
    Pack em up and move em out.
    Ineffiency and CEO s go hand in hand, the difference is they make huge bucks destroying the companies you’re trying to save.They’re going anyways, dude its not your fault.If they can turn you against the union, they win over and over again, and you lose. Its called union busting.
    Good luck with your new global wages.

  39. Jeffg1967 says:

    Missy. Do you have anything to contribute besides UAW propaganda? We don’t need unions…they are rife of lazy idiots who can’t think for themselves, kind of like you.

  40. Milosia says:

    Here’s a little story about GE’s pension fund. Immelt says its just too cumbersome to manage so newly hired workers wont get pension benefits. The funny thing is that GE hasnt paid anything into the pension fund since 1987…1987! He’s complaining its tooo cumbeersome but its paid for itself since 1987.So, who gets the $5o Billion thats already in it??? The Employees who’ve paid into it?? This looks like a job for BAIN Capital. If we dont get a Kazillion bucks from the Gov’t we’ll just have to file for Chapter 13 or 11 or 7 or whatever it takes to keep that cash from going to the employees.

  41. Jeffg1967 says:

    ‘The funny thing is that GE hasnt paid anything into the pension fund since 1987…1987! ,….missy missy missy. Do you ever get tired of being wrong? The pension fund cost GE $0.14/share. They have over 10615 MILLION shares….that’s a lot of money!
    It only applies to newly hired workers, not existing workers, if they don’t like it they don’t have to work there. If you worked at GE before this was enacted you still get your pension.
    Those new workers get a much improved 401k that those who qualify for a pension don’t get.
    You want me to feel bad about this? I worked for our govt for 14 years as a Marine. Do you know what you get for retirement if you leave before 20 years? $0! 14 years and I got nothing. But am I whining like you? No. It was my decision, I made it knowing the consequences, and I take responsibility (i know you libs think that is a dirty word) for it. See, unlike you I can take care of myself and I’m really not sure why I should have to take care of people like you.

  42. Milosia says:

    Hold on there missy, you’re not taking care of people like me so dont flatter yourself.
    Per share. That means GE paid nothing into it, the shareholders had it deducted from their share.
    and GE still has the money.There are not enuf people presently at GE to collect it all. Another thing about GE stock is they keep about 30%/share for R&D.Which means, every Quarter they have Approximately $600 million in cash to spend however they want and do not have to pay taxes on it because it isnt profit.nice people. blue chip people.

  43. Jeffg1967 says:

    You’re out of the depth of your high school education missy girl.
    ‘Approximately $600 million in cash to spend however they want ‘-no, it’s R&D money and has to be spent on R&D, you know the development of new products. Do you even have an inkling of an idea how much it cost do develop a new product, say like a new turbine engine or some of that ‘green engergy’ crap? You don’t do you?
    As far as your complaint about the retirement plan, isn’t that exactly what your pal Obama is proposing for the military is latest rejected budget?
    ‘“But the system was designed for a different era of work, and is now out of line with most other government and private retirement plans,” the White House report states,’
    ‘has suggested the military adopt a program similar to private 401(k) plans which accumulate savings over time.’
    AND
    ‘The president’s recommendations also call for all civilian federal employees pay a larger contribution to their pension plan.’

    So I guess Immelt is just complying to the dear leaders wishes isn’t he?

  44. Milosia says:

    Oh sure, they’ll let you have a million dollars when you retire.ok, yup.

  45. Milosia says:

    So then, exactly what are the big oil companies using their r&d for? Smashing wind turbines? Killing hydro-electric? Solar panels maybe. Would it benefit them to kill companies like solyndra?

  46. Milosia says:

    Here’s a new one, its called Detropia its all about Detroit and how they wound up being a ghost town.

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