Posts Tagged ‘Bain Capital’

A Great Suggestion On The Speech Mitt Romney Should Give About His Time At Bain Capital

August 24, 2012

Mark Twain famously said that a lie can get halfway around the world before the truth can get its boots on.  Apart from fallen’s man’s historically demonstrated preference for exchanging truth for lies and choosing to believe lies simply because the truth often necessitates personal responsibility, there’s a fundamental reason why it is true that lies race around while the truth struggles to speak.

Take the lies about Mitt Romney: “You’re a vampire!”

It took three words to say something that is blatantly false.  How many words is it going to take for Romney to prove he isn’t a vampire???

The Democrat Party is a group of people who have a terrible agenda and who understand the power of lies.  And the “genius” of the Obama campaign is the realization that Obama can throw so much dirt at his opponents that they must spend their entire campaigns trying to correct the lies his campaign threw at them while Obama depicts himself as “hope and change.”  Obama became an Illinois State Senator by using lawyers who exploited arcane rules to suppress the votes of his opponent; he became a US Senator by unsealing and publicizing the private divorce records of his Republican challenger.  He became the Democrat candidate for president in 2008 by “playing the race card” on Bill Clinton himself and by so demonizing Hillary Clinton that she said, “So shame on you, Barack Obama.”

And now we’ve got an Obama campaign that has tried to exploit the division created by gender, by race, by religion, by sexual orientation, by income, and frankly by whatever he could think of to cynically divide and capture so that he can tear America into pieces but end up with 50 percent plus 1 of those pieces.

The Obama Team has said that Mitt Romney is a dog torturer (in spite of the fact that Obama actually ATE a dog).  The Obama Team has said that Mitt Romney is an outsourcer (when Obama is the outsourcer in chief).  The Obama Team has literally stated as a fact that Mitt Romney is a felon and a tax dodger when there is absolutely zero evidence of that and in a frankly fascist and Orwellian manner stated that the burden of proof is on the person who is demonized to prove himself innocent.  The Obama Team has  called Mitt Romney a “vampire” for his leadership of Bain Capital when Bain  successfullygrew 8 out of 10 companies it touched, when none of the examples – such as the bankruptcy of GST Steel – even occurred during Romney’s tenure at Bain, and when even many top DEMOCRATS have said that Obama’s attack against Bain and private equity are flat-out wrong if not flat-out un-American.  The truth is that GST Steel was struggling mightily the day Bain acquired it, and if anything Bain kept a company going for years that would have otherwise went belly up.  The truth is that Mitt Romney had been out of Bain Capital for two full years before the eventual collapse of GST Steel.  The truth is that the man who actually was running Bain when GST went bankrupt was actually the man who is now Barack Obama’s top bundler.  But truth be damned: so the Obama Team said that Mitt Romney was essentially a murderer exploiting the death of a union thug who once worked at GST in spite of the fact that it is a wildly false and frankly evil lie.  The Obama Team says that Mitt Romney wants to reinstitute black slavery.

The secret to Barack Obama’s political success is that he is a man who has proven that he is willing to get so dirty and throw so much hate at his opponents that they can’t get their own message out.  And he knows that even if he’s running against Hillary Clinton, the mainstream media will help him; so what do you think that same media will do if he’s running against Republicans????

As hard as it is to do, as difficult as it is to correct the record of Obama’s ocean of lies and deceit, Mitt Romney has to do just that very thing.

This is a good place to start:

Deroy Murdock: Here’s the speech Romney should give about Bain
Sunday, August 12, 2012 12:00 AM
by Deroy Murdock

NEW YORK — Mitt Romney cannot run from his record at Bain Capital. So, he might as well give this speech. …

Ladies and Gentlemen:

You have heard plenty about my previous life as a rich businessman. Yes, I made some $250 million in free enterprise and am proud I did — just as Berry Gordy is proud that he produced millions at Motown and Steve Jobs was proud he yielded billions at Apple. Like these respected and wealthy entrepreneurs, I added value, delivered products and services that people wanted and created thousands of careers along the way.

At Bain Capital, my team and I took small and sometimes struggling companies, injected cash and — eight times out of 10 — made them blossom. Among our triumphs:

• Bain seeded Staples with $650,000. Its 1,500 stores now employ 88,000 people who generated $25 billion in revenues last year.

• Bain helped Sports Authority boom from 10 stores to almost 700 outlets and 15,000 employees.

• Brookstone reportedly was in “dire straits” before Bain’s 1991 investment. It then opened 104 new shops, hired 741 people, and tripled net sales from $95 million to $270 million by 1999.

Atop private money, we added our management expertise to help our portfolio companies refine, manufacture and sell their market offerings. When we succeeded, we enjoyed the fruits of our labors. When we failed, we internalized our losses.

Contrast our venture capitalism with President Barack Obama’s “venture socialism,” as Sen. Jim DeMint, R-S.C., calls it. Obama has “invested” $34.7 billion in grants, loans and loan guarantees for “green” companies. The Energy Department boasts that this money has created 60,000 jobs. That equals $578,333 per position. This is nine times the private-sector cost.

Even worse, at least 10 of these companies took your tax dollars and then went broke. Beyond Solyndra and the $528 million it flushed down a solar toilet, consider these Obama-led bankruptcies:

• Raser Technologies got a $33 million stimulus grant. Its geothermal ambitions turned to steam, and it went bankrupt in April 2011.

• Ener1 received a $118.5 million government grant to make electric-car batteries. It lost power last Jan. 26.

• Aptera scored a $150 million federal loan to make three-wheeled electric cars. It drove into a ditch last Dec. 2.

Your taxes sponsored at least six similar Obama-backed bankruptcies.

Using my Bain skills, I hope to turn around another distressed enterprise: the American economy.

The growing and uplifting economy that most of us remember can rise again. The key is to starve and sedate the federal government that expanded for decades, became fat under President George W. Bush and then, under Obama, grew morbidly obese and openly hostile to job creators.

How, specifically, can we reverse this damage? For starters:

• An optional, 15 percent flat income tax would put today’s flaccid 1.5 percent growth on steroids. So would cutting America’s uncompetitive 35 percent corporate tax rate to 15 percent. Capping dividend and capital gains taxes at 15 percent also would electrify business investment and expansion.

• A moratorium on new regulations and a critical review of Dodd-Frank, Sarbanes-Oxley and other impenetrable laws would loosen and remove the red tape strangling American companies. Repealing and replacing Obamacare would be a powerful remedy.

• Freeze federal spending for one year, and then cut it 1 percent every year thereafter. Obama’s 49.7 percent increase in U.S. national debt (from $10.63 trillion at his inaugural to $15.91 trillion today) bought America nothing. Enough!

I have a secret weapon to make this plan succeed: the American people.

We can inspire the world again with our products, inventions and ideas. First, we must pry Uncle Sam’s unaffordable, dream-crushing boots from the necks of enterprising men and women. I have maximum confidence that when Washington once again is the home of our servants and not the mansion of our masters, this republic’s emancipated citizens will reconstitute the economy, the society and the nation that we love, remember and miss so much.

• • •

Deroy Murdock is a columnist with Scripps Howard News Service and a media fellow with Stanford University’s Hoover Institution on War, Revolution and Peace. Email deroy.Murdock@mail.com.

My dream president is what Ronald Reagan was: Reagan was a man who had had great person success in the private sector; who had actually led by governing a state; who was an older man with more life experience; and who was a man who had a conservative vision to return America to prosperity and strength and had a plan to carry that vision out.

While I have never been thrilled as a conservative about Mitt Romney – whose life has primarily been clearly that of a moderate – it is simply a fact that Mitt Romney easily qualifies for the first three of those four criteria.  Only a Romney presidency and history can judge whether he meets the fourth and most important criteria – but what is for certain is that Barack Obama has UTTERLY FAILED to return America to prosperity and strength throughout his entire presidency.

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The Terrible Truth Behind Obama’s Super PAC Ad: Over Nine Million People Are Now DEAD Because Of Barack Obama.

August 9, 2012

Over 2,420,000 Americans die every year.  Over Obama’s four years in office, that is more than nine million people who have died.

And by the logic of Obama’s wicked super pac, Barack Obama is worse than Hitler.  Obama is responsible for every single one of those 9 million-and-counting deaths.  Because if Mitt Romney is responsible for Joe Soptic’s wife’s death, then Barack Obama is every damn bit as responsible for those nine million deaths that occurred during his watch.

In fact, Obama will still be responsible for those 2.42 million Americans who die every year for SEVEN YEARS after he’s out of office given that this woman died seven years after Romney left Bain.  Which means that Obama is going to ultimately be responsible for 26 million dead Americans by the logic of his own evil and frankly psychotic ad.

The facts reveal how genuinely despicable and depraved this pro-Obama ad campaign is.

  • Mitt Romney left Bain Capital in February 1999.  Joe Soptic lost his job two years later during a period when the entire steel industry crashed due to Asian dumping.
  • Every single one of the American steel companies that went under were unionized, so it is far more likely that unions were the problem rather than Bain Capital.
  • At the time that Soptic lost his job, his wife had a job of her own that had health benefits.  She in fact continued to have her own insurance until 2003.  And she wasn’t diagnosed with cancer until 2006.
  • Mrs. Soptic died five years AFTER Soptic lost his job and SEVEN years after Romney left Bain.  This article provides an excellent timeline of the events.
  • Joe Soptic is nothing more than a serial liar and a vicious union thug.  And for him to cynically deceitfully use his wife’s death as a dirty political cheap shot is utterly beneath contempt.

Now, to the sheer vileness of Joe Soptic and the sheer lawbreaking dishonest corruption of the Obama campaign:

If Soptic looks familiar that’s because he was one of the narrators of the ads the Obama campaign launched in May. You may remember it as the ad where one of Soptic’s co-workers compares Bain Capital to a “vampire.” The new ad is by Priorities USA, an Obama approved SuperPAC. Priorities USA is prevented by law from coordinating its activity with the Obama campaign, but this ad is clearly meant to look like a continuation of the previous Obama campaign ad. Soptic is even wearing the same grey shirt he wore in the previous ad. And the claim about the death of his wife has been part of an Obama for America slideshow for months.

Here’s the skinny on Fluke:

Sandra Fluke is an abject liar. She is claiming that women are spending $3,000 on birth control: WOMEN CAN BUY GENERIC BIRTH CONTROL AT WAL-MART FOR $9 A MONTH. That’s $324 over three years – kind of a long way from $3,000.

Oh, and I understand she could get birth control at Sam’s for $5.

Oh, and for what it’s worth, she could get condoms for FREE.

Which is to say that $3,000 birth control is just another demonic lie from the demonic left. Liberals like Sandra Fluke and Nancy Pelosi who brought this liar in to falsely testify have no honesty or integrity and they simply lie like the hell they are going to go to to manipulate stupid people.

Further, since Sandra Fluke is trying to force universities – and in particular THE PRIVATE CATHOLIC UNIVERSITY THAT SHE CHOSE TO GO TO – to provide birth control, let’s point out the fact that Georgetown law school costs $23,432.50 PER SEMESTER. NOT COUNTING TEXTBOOKS, fwiw. Forty seven thousand dollars a year is no problem for this “slut,” but that $108 she has to spend on birth control for her own private business is just busting her tiny little balls.

Rather than demonize and attack the Catholic Church and her universities, why doesn’t Sandra Fluke go after the REAL crisis facing university students: THE OUT OF CONTROL TUITION INFLATION which is even WORSE at public colleges and universities that are completely dominated by the left???

So you’ve got one of the most vicious, one of the most vile, one of the most pathologically dishonest ads EVER RUN IN POLITICS by the Obama super PAC Priorities USA Action blaming a woman’s death on Mitt Romney, and then IMMEDIATELY you’ve got “women’s health activist” Sandra Fluke – a documented liar – opening a new attack against Romney over “women’s health.”

The dishonesty of Barack Obama is simply mindboggling.  And Obama’s reliance on an activist who made a name for herself lying in congressional testimony along with what he’s doing through his super PAC are just two of thousands of proofs.

Then again, what can you expect from a man who has now murdered more than 9 million people???

The day I head about the toxic, racist, Marxist, anti-American church that Barack Obama attended for over twenty years, I knew that he was a genuinely evil man.  Barack Obama is a liar without shame, without honor, and without any decency at all.

THIS crap is why Mitt Romney should NOT release ANY more of his tax returns.  You’ve got demon-possessed cockroaches displaying over and over again that honesty and reality don’t matter to them.  If Romney gives them more of his records, they will have more to distort and make up lies about.

Update 8/9/12: This anti-Romney ad is so evil, so vile, and so utterly dishonest that even vicious union thug Joe Soptic is now trying to walk it back:

In an interview, Mr. Soptic said he thought the ad was fair. But he also said of Mr. Romney: “I’m not blaming him for her death. I wouldn’t do that.”

You watch that damn demonic ad and you tell me how the whole damn POINT of that ad is not to demonize Mitt Romney for Ilyona Soptic’s death.  Soptic has made demonizing Mitt Romney his career now that there’s a market for it.  Of course, with Obama’s Marxist economic policies, about the ONLY damn time “the market” gets to demand anything is when “the market” is his re-election campaign.

But the facts are out, you damn liberal roaches. And boy are you roaches ever a lousy bunch of roaches.

Now we find out that Joe Soptic actually got a different job after the steel plant closed down and before his wife got sick and had the option of putting her on the plan – but turned it down:

Mr. Soptic said that after he lost his job, he found work as a school custodian about six months later and had the option to put her on his insurance plan. But he opted not to, he said, because he could not afford the more than $350 monthly premium on the $25,000 salary he was making, on top of paying his mortgage and a daughter’s college tuition. Ilyona Soptic was diagnosed with cancer in 2006 and died that year.

Of course, it’s Romney’s fault Joe Soptic refused to cover his family.  His and Bush’s!!!

That ad was so completely evil and so ridiculously false it is unreal.  The Democrat Party is at sewer freaking bottom and there’s no way it will ever come back up until the Party denounces and renounces their worst and most demonic president in history.

Now we know that there are intimate links between the “independent” Obama super PAC that produced this ad and Joe Soptic and the Obama campaign:

Obama camp denies knowledge of cancer tale it told in May
By Olivier Knox, Yahoo! News | The Ticket – Wed, Aug 8, 2012

Oops? President Barack Obama’s re-election campaign washed its hands Wednesday of an independent group’s vicious (and misleading) ad effectively blaming Mitt Romney for the death of a laid-off steelworker’s wife from cancer. Campaign officials flatly denied any knowledge of the facts in the case—but it turns out the widower told the same story on an Obama campaign conference call in mid-May. (The Obama campaign responded late in the day: See update below).

“We have nothing, no involvement, with any ads that are done by Priorities USA. We don’t have any knowledge of the story of the family,” Obama campaign spokeswoman Jen Psaki told reporters aboard Air Force One on Wednesday.

The ad features Joe Soptic, who lost his job and his health benefits after Romney’s Bain Capital closed the GST Steel plant in Kansas City, Mo., in 2001. Soptic later told CNN that his wife had health insurance through her own employer from that point to 2002 or 2003, when she left that job because of an injury—a detail that undermines the ad’s heartbreaking narrative.

“I don’t know the facts about when Mr. Soptic’s wife got sick, or the facts about his health insurance,” deputy campaign manager Stephanie Cutter told CNN on Wednesday.

But there’s a problem. As Politico first reported, Soptic told essentially the same story in a May 14, 2012, conference call hosted by the Obama campaign. Here’s what he said then, according to a partial recording of the call passed along by a Republican official:

After we lost our jobs, we found out that we were going to lose our health insurance, and that our pensions hadn’t been funded like Bain promised they would be. I was lucky to find another job as a custodian in a local school district. They gave me some health insurance, but I couldn’t afford to buy it for my wife. A little while later she was diagnosed with lung cancer. I had to put her in a county hospital because she didn’t have health care, and when the cancer took her away, all I got was an enormous bill. That put a lot of stress on me: I thought I’d be paying it off until I died myself. That probably wouldn’t have happened if Bain kept its promise and I was allowed to keep our health insurance.

“It’s upsetting what Mitt Romney and his partners did to us,” he added.

The revelation drew an immediate rebuke from Romney campaign spokesman Ryan Williams, who said Obama and his campaign “are willing to say and do anything to hide the president’s disappointing record.”

“But they’re not entitled to repeatedly mislead voters,” he said.

You need to understand that the same deputy Obama campaign manager Stephanie Cutter who said, “I don’t know the facts about when Mr. Soptic’s wife got sick, or the facts about his health insurance” is the SAME deputy Obama campaign manager Stephanie Cutter who was WITH Joe Soptic only a month ago when he told her and a bunch of other Democrats all about when Mr. Soptic’s wife got sick and the “facts” about his health insurance.

You also need to understand that the Obama campaign did NOT “wash its hands” of this ad.  Rather, reporters repeatedly tried to get the Obama campaign to denounce it and Team Obama pointedly refused to do so every single time (see here and here).  They COULD have washed their hands of it and denounced the ad, but pointedly refused to do so.

In fact, it is now a documented FACT that the Obama campaign used the Joe Soptic “Mitt Romney murdered my wife!” charge before his Super PAC did. Here is a screenshot from an OBAMA ad:

So Obama would be washing his own toxic shit off their hands if he ever bothered to wash his hands.

The Obama campaign is now caught red-handed in a documented, vicious lie.

And this follows Harry Reid – the leader of the United States Senate – using openly Orwellian fascist tactics to say that in Reid’s and in Obama’s and in the Democrat Party’s America, the left can make vicious, unsupported allegations and it then becomes incumbant upon the target of the slander to prove that the attack is not true.  And the Obama White House endorses that tactic.  And every single Democrat who votes for his or her party is on record supporting said open, Orwellian fascism.  THAT is what the Democrat Party now stands for.

Update, 8/10/12: Here’s a good summary of the lies and critical omissions that are involved on this Obama ad:

The lies in the video are unbelievable! (Soptic Cancer Video)

Lie Number One: Mitt Romney closed the Plant.

Truth: Bain Capital closed the plant two whole years AFTER Romney left Bain Capital.

Lie Number Two: Mrs. Soptic died because she lost her insurance when Mr. Soptic lost his job.

Truth: Mrs. Soptic had a job and had health insurance of her own at the time GST Steel was closed by Bain Capital.

Lie Number 3: Mr Soptic said he couldn’t get insurance at his replacement job.

Truth: He was offered insurance for his wife at his new job (she had lost her job and lost her insurance) but he instead chose to pay for his daughter’s college tuition.

Lie Number 4: The video sequence makes it seem like Mrs. Soptic died soon after Bain Capital closed GST Steel.

Truth: She died 22 days After she found out she had Cancer BUT GST steel closed 6 YEARS EARLIER!

Lie Number 5: In the video Mr. Soptic makes it seem like Bain Capital just closed the plant and let everyone go.

Truth: Bain Capital offered to buy out their jobs prior to the plant closing by Mr. Soptic’s own admission yet its not mentioned in the video.

.

Major Obama Supporter Very Uncomfortable With Obama’s Demonization Of Private Equity

May 21, 2012

It turns out that New Jersey and nearly half a dozen swing states get an awful lot of help from the private equity that Obama is demonizing.

And even a few liberals recognize the vital importance of private equity firms like Bain Capital:

Cory Booker rejects Obama attacks on private equity
The mayor of Newark, New Jersey feels as if the campaign’s attacks on Romney’s record at Bain Capital go too far.

What Obama is doing is “nauseating” says key Obama supporter Mayor Cory Booker.

Mayor Cory Booker’s exact words on NBC’s “Meet the Press”:

“As far as that stuff, I have to just say from a very personal level, I’m not about to sit here and indict private equity. To me, it’s just this–we’re getting to a ridiculous point in America, especially that I know. I live in a state where pension funds, unions and other people are investing in companies like Bain Capital. If you look at the totality of Bain Capital’s record, it ain’t–they’ve done a lot to support businesses, to grow businesses, And this, to me, I’m very uncomfortable with. “

Steven Rattner is another Obama Democrat who argues that the Obama attack on Mitt Romney and on private equity itself is “unfair.”  Obama’s car czar also said:

“[Bain] did it superbly well, acting within the rules, acting very responsibly, and was a leading firm. To pick out an example of somebody who lost their job, unfortunately, this is part of capitalism, this is part of life. I don’t think there’s anything Bain Capital did that they need to be embarrassed about.”

Bain Capital itself entered after Obama’s vicious attacks on private equity and Bain itself as well as against Mitt Romney.  It pointed out the fact that:

Despite political attacks that emphasize the few companies that have struggled, the facts are that during Bain Capital’s ownership, revenues grew in 80 percent of the more than 350 companies in which we have invested.

Mitt Romney represents an .800 batting average.  Four out of every five times he touched a company, that company improved.  If we get him on our team we ought to be cheering in the streets in anticipation of a championship.

Romney DID create jobs at Bain Capital – especially if you evaluate him by the tactic that forms the premise of the Obama ad (blaming Romney for jobs that were lost AFTER Romney left) and count all the jobs CREATED after Romney left Bain.

Obama says that we shouldn’t have a guy in the White House who creates profit; what we really, really need instead is a guy who TAXES profit and then redistributes that profit to failed crony capitalist boondoggles like Solyndra that give a little bit of the billions of dollars Obama hands them back to Obama in the form of campaign contributions

New Obama Ad Demonizes Romney For Jobs Destroyed During Romney’s Bain Capital Days: BUT CONSIDER WHAT OBAMA DID TO 20,000 DELPHI WORKERS

May 15, 2012

Obama, thy title is “Hypocrite-in-Chief.”

Bain under Mitt Romney invested in Staples, which had 89,000 employees as of Dec. 31, 2010.  Bain under Romney invested in Sports Authority, which had 15,000 employees as of July 2011.  Bain under Romney invested in Domino’s Pizza, which has added 7,900 jobs since 1999.  And those are just three of the many, MANY companies that Bain Capital turned around or created with its investment.

Some of the jobs that Romney has claimed credit for were created several years after he left the company. But there is no question that had he not been involved when he made the investment decisions he made, those jobs never would have existed at all.

Every single one of those well-over hundred thousand jobs that Romney created ought to be counted from the very premise of the current Obama ad: because the steel company (GST Steel) that is featured in the ad lost the jobs well AFTER Romney left Bain.  To go with the fact that it’s a laugh to blame Bain for those jobs at ALL.  Mitt Romney was in fact turning around the Olympics by the time those GST Steel jobs were lost.

So now the same people who are saying Mitt Romney shouldn’t get credit for the jobs created after he left Bain are demanding that Romney be blamed for jobs that were lost AFTER he left Bain.  Because the quintessential defining essence of a Democrat is abject personal hypocrisy and abject personal dishonesty.

Interestingly, the key decision-maker at Bain Capital during those two years after Romney left and when GST Steel was closed was none other than Jonathan Lavine. Who was Jonathan Lavine?  Lavine just happens to be a major Obama supporter and bundler who raised more than $100,000 for the Obama’s reelection campaign.  But please forget that, as it is just a fact and interferes with Obama’s demagoguery.

At Steel Dynamics Romney created 6,000 jobs. Why doesn’t that matter?  Same reason it doesn’t matter that Obama’s money bundler was actually the guy who ran Bain’s dismantling of any job losses at GST Steel.  So let’s forget Steel Dynamics and focus exclusively on Obama’s bogus attack campaign.

Meanwhile Barack Obama boasts of having created millions of jobs even as in actual fact the actual number of jobs has nosedived since his presidency as accurately measured by the labor participation rate. The numbers do not lie: you can see the participation rate nosediving year by year by year under Obama. And it’s now basically the lowest ever measured.

If the same labor participation rate that Bush left office with were applied to Obama’s economy, the unemployment rate would be 11.4%.

Since those who give up looking are not included in the official labor statistics, the more workers Obama crushes into total despair, the better for his unemployment numbers.

Under Obama, 88 million working-age Americans have simply dropped out of the damn labor force altogether. It is sickening to hear Obama boast of creating jobs when he’s annihilated MILLIONS of jobs that have now simply ceased to exist.

We can rightly demand, “Where are the jobs, Obama, you liar???”

Anyway, Obama just put out a new ad attacking Mitt Romney. You need to ignore the well-over 100,000 jobs that Romney created and focus on the people who lost their jobs as a result of Romney’s work buying bankrupt and dying companies and rebuilding them.

But Obama demonizes himself by his own demonization. Consider what Obama did – you know, the guy who credits himself with saving GM – to Delphi:

The Delphi Disaster: An Economic Horror Story Obama Won’t Tell
Posted By Michelle Malkin On September 22, 2010 @ 12:21 am In FrontPage

The White House believes it can win back depressed and economically stressed voters by turning President Obama into the storyteller-in-chief again. But victims of Obama’s Chicago politics don’t want to hear any more of his own well-worn tales of struggle and sacrifice. They’ve got their own tragedies to tell — heart-wrenching dramas of personal and financial suffering at the very hands of Obama.

Consider the real-life horror story of 20,000 white-collar workers at Delphi, a leading auto parts company spun off from GM a decade ago. As Washington rushed to nationalize the U.S. auto industry with $80 billion in taxpayer “rescue” funds and avoid contested court termination proceedings, the White House auto team schemed with Big Labor bosses to preserve UAW members’ costly pension funds by shafting their nonunion counterparts. In addition, the nonunion pensioners lost all of their health and life insurance benefits.

The abused workers — most from hard-hit northeast Ohio, Michigan and neighboring states — had devoted decades of their lives as secretaries, technicians, engineers and sales employees at Delphi/GM. Some workers have watched up to 70 percent of their pensions vanish.

John Berent of Marblehead, Ohio, lost one-third of his pension: “I worked as a salaried employee for GM (30 years) and Delphi (10 years). After 40 years of dedicated service, I was forced to retire. Then Delphi terminated my health care, life insurance, vision, dental, then terminated the pension plan. Everything I worked 40 years for was wiped out.”

Kelly Fabrizio of Franksville, Wis., saw her pension reduced by 55 percent after working 30 years at Delphi/GM: “I am truly scared for my future. Every day I wake up, shake my head and say out loud — This Is Not How It Was Supposed To Be.”

Roger Hoke of Columbus, Mich., and his wife were both longtime Delphi workers. His pension shrunk by more than 40 percent: “After 33 years with GM and another 10 with Delphi, what did I do wrong to deserve such a fate?”

Paul Dobosz of the Delphi Salaried Retiree Association recounts how they got screwed: “The Auto Task Force knew that the only thing standing in the way of GM getting what they wanted out of Delphi was the already frozen pension obligations.” They hatched a plan to dump those pensions on the federally run Pension Benefit Guaranty Corporation, while at the same time “devising a clever way to make the UAW pensions whole using GM and TARP money to accomplish it.

The scheme was documented in sworn depositions (that) revealed … that some groups of workers were more ‘politically sensitive’ and would be afforded special treatment (i.e. subsidy using TARP money) while others less politically worthy would be left out.”

In other words: Obama’s team of auto-crats — stocked with Big Labor-friendly appointees and self-admitted know-nothings about the car industry — decided to “cherry pick” (one Obama official’s own words) which obligations the new Government Motors company would assume and which they would abandon based on their own political whims and fealty. Due process and equal treatment of union and nonunion workers be damned. Administration officials assert that the Delphi workers’ pension fund was underfunded, but two separate actuarial analyses undercut the claim.

The Delphi workers sued the feds and will have a day in court on Sept. 24. They are not asking for a bailout. They are simply asking for fair treatment under the rule of law. Delphi supporters also point out that the very scheme used to “top up” the union workers’ pensions with taxpayer subsidies was challenged by the federal government and ruled illegal by the Supreme Court in the 1990s.

A separate investigation by TARP inspector general Neil Barofsky, announced last week, will also probe “whether political considerations played a role in favoring hourly over salaried retirees.” It shouldn’t take long to unearth the facts. Obama’s own former auto czar Steve Rattner admitted in his new memoir that “attacking the union’s sacred cow” could “jeopardize” the auto bailout deal.

While Obama conducts his worker empathy tour at staged town halls and rallies across the country, his Treasury Department continues to stonewall and refuses to answer questions about the Delphi disaster. But many workers left out in the cold know the truth: Lip-biting, yarn-spinning Obama doesn’t feel their pain. He caused it.

Twenty thousand Delphi workers lost their jobs, their pensions and their lives. And Barack Obama did it to them:

The unprecedented intrusion of the executive branch of the US government into the American auto industry when the Obama Administration orchestrated the General Motors and Chrysler bankruptcy processes is now leading to unprecedented responses. Groups that were clearly discriminated against and had their rights subordinated to politically powerful unions may actually have a winnable case against our own government as lawsuits are being brought against the US Treasury Dept. and others.

The Delphi salaried retirees who saw their pension benefits disintegrate after the GM bankruptcy are now suing the US Treasury, the Auto Task Force, Treasury Secretary Tim Geithner, and ex-Auto Task Force heads, Steve Rattner and Ron Bloom. The first hearing against the Treasury Dept. and others will occur on August 17th. The basis of the suit is that the Obama Administration wrongfully used taxpayer dollars to pick winners and losers in the GM bankruptcy. I had a conversation with one of the lead plaintiffs, Chuck Cunningham, who explained how there was blatant favoritism and discrimination in regards to pension benefits for groups that should have had equal standing.

Mr. Cunningham, who is a retired senior executive of Delphi, informed me that the Delphi salaried workers’ benefit fund was one of the highest funded plans that were taken over by the Pension Benefits Guarantee Company (an independent agency of the US government administered by Presidential cabinet members) during bankruptcy processes. Other Delphi groups whose pensions were taken over included the UAW, International Union of Electrical Workers and the United Steelworkers Union. Can you take a guess at which groups fared the best?

While the pension funds involved should have been treated equally, politically powerful cronies of the Obama Administration were favored through a process called “topping up.” Treasury instructed GM to use taxpayer money to top up pension payments for the UAW, GM salaried workers, the IUE and the steelworkers’ union while Delphi salaried workers lost the majority of their benefits. The favored groups lost none of their pension payments, courtesy of the US taxpayers, and retained health care benefits. The non-politically connected Delphi workers lost 70% of their pensions and all of their health care benefits.

A congressional committee has been investigating the unfair treatment that Delphi retirees received compared to other groups. According to Mr. Cunningham, while he was not at liberty to discuss congressional actions, the investigations will continue. Thus far, much evidence from closed-door meetings between Treasury and the PBGC has been withheld from Delphi plaintiffs. The plaintiffs also will be releasing a four page document described as a “timeline of deception.”

The American people should pay close attention to the Delphi case. The auto bailouts are an ugly chapter in American history and should be viewed as such. Actions taken by the Obama Administration were manipulative and displayed a clear plan to redistribute wealth from taxpayers and less favored groups, like GM bondholders and Delphi retirees, to politically powerful friends of Obama. The claim that these actions were taken with the sole intention of saving jobs is false as evidenced by the Auto Tasks Force’s demands to close thousands of dealerships during the process. The intentions were to save UAW jobs and reward the groups with the most political clout. In the words of former head of the Auto Task Force, Ron Bloom, they “did it all for the unions.”

When the Obama Administration presents its case that the auto bailouts were a huge success, they are relying on an arrogant assumption that the majority of voters will not be paying close enough attention to the discrimination and unethical conduct that transpired. I don’t expect that most Americans will be too concerned with the losses incurred by Delphi retirees or GM bondholders, but there is a much more important reason to be concerned. If the executive branch of our government can seize assets from any one group of individuals and redistribute the wealth as they deem fit, all Americans are at risk. Congress should be unrelenting in its investigations and America should pay attention. Most of all, the unprecedented actions that took place should never have a chance of being repeated.

Saving a sick company is like saving a cancer patient: you very often have to remove a lot of stuff in order to save the patient’s life. Just like with healthy cells infected with cancer cells, with sick companies, there are invariably more jobs than there is profitability – and you have to go in and cut out those jobs in order to bring the company back into balance so it can survive – so the company can survive and continue to employ the workers who can best support the company’s operations and bottom line.

It’s often labelled “creative destruction.”  It is simply a fact of reality.  The doctor removes part of the patient’s liver; but thank God because the entire patient would have died a lingering death if the doctor hadn’t taken out that part of the patient’s liver.

The essence of free markets is that some businesses succeed and others fail. Some jobs in failing businesses need to be preserved and others need to be cut. And the only people who abjectly refuse to understand this simple fact are communists.

If Obama’s ad against Mitt Romney’s Bain Capital has any validity whatsoever, Barack Obama himself is unfit for president by his own rhetoric and ought to resign in disgrace for what he did to Delphi workers.

Then there’s the whole issue of Bain Capital versus Obama Capital. That comparison doesn’t make Obama look good AT ALL.

On top of that you’ve got the further hypocrisy in the fact that top Obama officials worked for Bain Capital (OMB Director Jeffrey Zients).  One of Obama’s top bundlers worked for Bain Capital (former Bain managing director Jonathan Lavine).

Obama is a hypocrite, pure and simple. He is a pathologically dishonest man. This is no different from the Obama who demonized George Bush over Gitmo – only to keep Gitmo open throughout his own presidency and making himself a documented liar. This is no different from the Obama who demonized George Bush over the debt ceiling – only to not only increase the debt ceiling himself, but in fact to ram through the three highest increases in the entire history of the human race.

This is an abject liar who documents again and again that he is unfit to be president measured by his own lying rhetoric.

Barack Obama’s lies and hypocrisy are shameful and sickening. And if you support Obama, it is because you yourself are a dishonest person whose shriveled soul swims in a great ocean of hypocrisy.