Republican Presidential Candidate Mitt Romney has been lucky. He has escaped the big guns of the media for the most part in this, the 5th year of his Presidential Campaign of
2008 2012. And for those of us not impressed with Mitt or his apparent anointing by the Republican Establishment, it comes as no shock to see the shiny Richie Rich veneer give way to a “money grubbing” Capitalist.
Not that there is anything wrong with being, or aspiring to be, one of the “1%” to which Romney was born. There is no shame there.
Romney was the Head one-percenter calling the shots at a Venture Capital group called Bain Capital. This was basically a bunch of rich investors who hunted for companies that they could buy for a song and then either restructure and make money off of them or sell off the assets and move on.
So, you might say that Romney attempted to rescue failing companies and turn them around and make them profitable. What could be better than that?
Sometimes the devil is in the details. Often, these companies were poorly managed, had made some bad business decisions and were staffed by overpaid workers, and often, the worst possible case – unions.
How do you make a union company profitable? Easy. Move the jobs overseas or to a right to work state like Virginia, or fire all the union workers and hire reasonably priced labor that can actually make a product that can be sold at competitive prices by paying fewer people lower wages. This was something that the previous owners were either unwilling or unable to do.
So, if you are one of the workers hired at $10 per hour to do the job a $25 per hour union worker had been doing, you are probably happy to have a job. But the union worker, or non-union former worker is going to be really unhappy that they lost such a fat gig.
But, hey. Is that really that bad? To take a company that is bankrupt and lower the labor costs and overhead and, hopefully, salvage the company and make some money in the process. Sure some people will lose their jobs. That is unavoidable. Some will be forced to take lower wages. Also necessary.
But the part that is going to kill Mitt Romney is the fact that he has been going around downplaying his decades either in government or running for government and try to focus on his “business” experience. Well, the life and times of a Venture (or Vulture) Capitalist is not really that glamorous, nor is one that particularly endears you to the former employees ir the ones still hanging on at a lot less money. To them, you are not the great jobs creator you are now claiming to be. You are the low life Wall Street fat cat one percenter scumbag that cost him his job. He really doesn’t care about or think about the fact that the company was going down the tubes before the Corporate Raiders moved in. That seems irrelevant.
Mitt’s problem is not that he was a greedy, shady Wall Street Executive. His problem is that he has made his former profession seem to be something it is not. A Venture Capitalist is not interested in providing a nice, fancy workplace and outstanding wages and benefits. He is concerned with making money. Plain and simple.
And no apology is necessary.
But it is like making sausage. Nobody really likes the process, but to pretend it is somehow righteous and heroic, as Romney has, will be his undoing.
And he is not doing well in the negative spotlight. He is absolutely lost and floundering.
It will be interesting to see if he can survive this round of attacks. No doubt the Madison Avenue spin doctors will be working overtime to tell Romney how to get out of this jam. But he is quickly gaining a reputation of one who will dish it out but is unable to take it.
And lines like “I like to fire people” even taken out of context, have a way of showing up in Obama Ads. And what he is facing from his Republican Rivals is nothing compared to the lies and out of context smears to come if Romney is the nominee.
Meet Richie Rich. Obama already has.