This is a must see video. Robert B. Reich offers insight to Americans on how private equity firms like Bain Capital have for the most part shown a complete disregard for human capital. The workers that are cast aside when corporate takeovers are orchestrated for the potential wealth that will be created in these transactions is sad testimony about capitalism.
I propose that Bain Capital be renamed ‘Bane Capital,’ as it is a more fitting name and a truer definition of how these private equity firms operate.
Mitt Romney has defined himself as a “job creator” and subsequently he has opened himself to criticism when speaking of his “achievements” at Bain Capital.
This is the magic trick that former Secretary of Labor talks about, which seems to confound most people. No matter how much Mitt Romney would like to define the phrase; “private equity firm” to mean something beneficial, if it looks like a duck, quacks like a duck, walks like a duck, it is still a duck.
Now conservatives will dismiss Mr. Reich by labeling him a “socialist.” His previous experience in the Ford and Carter administrations, one a Republican and the other a Democrat, has provided the former Secretary of Labor the platform and perspective to help us all understand what actually makes the world turn. I offer that Robert B Reich is in the truest sense of the word a “Patriot.”
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