before blaming the unions please check into the company's past. the first time they filed bankruptcy the unions agreed to cut benefits. debt was racked up by the hedge fund guys then the investors drained the cash out and wants the employees to bear the costs. While the company was filing for bankruptcy, for the second time, earlier this year, it actually tripled its CEO’s pay, and increased other executives’ compensation by as much as 80 percent. they knew their business model was going down the drain so theyre squeezing every dollar out of it. they can still reap profits by wiping out the pension plans selling off their brands.
This is Bain capitalism. Romney and his cronies has perfected this business model. Companies will do whatever necessary to maximize the bottom line. They will never care about the average worker.
Heres how Bain capitalism works. Bain is a private equity firm. They borrow money to buy a troubled company. They borrow more money to spruce it up and cook the books. Then they sell it at a tidy profit when they know it will collapse in the future. because of a tax loophole Romney receives what is effectively a salary without paying the ordinary 35% income tax rates that an average person would have to pay on such income. He only pays 15%. This is why he refuses to release his tax returns. This is also why he stated that he would eliminate capital gains(money earned from investments) tax if he was elected president.
Last edited by OBB; 11-19-2012 at 01:54 AM.