Archive for the 'Bain’s Mitt Romney' Category

Neocons: Traditionalism for me, Globalism for you

October 9, 2007

This is a continuation of the discussion of Lawrence Auster’s traditionalism discussion. See that post and linked ones for references to Auster or Vanishing American.

Neocons at AEI and elsewhere have set up a situation of all the benefits of traditionalism for themselves. They have tenure or strong bargaining power or both. They have extended networks of friends who can help them get jobs or money or resources on an ongoing basis. When they get together with their network it helps them advance in getting money.

This used to be true in traditional societies. You hunted or farmed or fought off invaders or marauders together. Your extended network and your livelihood and defense were all linked together. Every social occasion advanced your personal interests.

For professors, think tank dwellers, journalists, White House staffers or Senators or CEO’s this is still true. They have an extended network that helps them advance themselves. Social networking and business networking are linked. They get self defense from this network against marauders like a crusading assistant US attorney who needs to be reassigned or have their case reassigned.

For the rest of us, the neocons want to take away whatever bits of this are left and deny it to us. They want us globalized. They want our network to disappear. We have the social networking of losers not champions. We can’t help people in our network get jobs, because new jobs are at the level of H-1B wages down to illegal immigrant wages. Social networking with us doesn’t help anymore. There isn’t any need to know extended kin, because they don’t have good jobs to tell us about either.

The good jobs are locked up in the AEI network and aren’t available to the rest of us. So we can only network in fear and commiseration. We can tell each other when we lose our good job, but can’t help the person or give help to find another good job. Those are locked into the AEI network or similar out of reach networks.

The AEI Davos network spends its time taking away the good jobs from the rest of the people. So we are living in fear. Our social and family network can’t help us. They don’t have the resources to help us because the good jobs are disappearing. So they can’t help us find them.

Mitt Romney gained his fortune by working the Bain and Company side of that network. He helped corporate managements in small towns see the light, to ditch the people and get short term profits so they could cash out their options. The result is that traditional family and social networks in America can’t offer help, they are just line ups into the work and reeducation camps the neocons provide us, if that.

Meanwhile the neocons and professors and journalists are living rooted traditional lives. They have permanent jobs and places in their community. They have extended networks that can get them jobs or money or financial opportunities. They get regular opportunities to give papers, op-eds, present at networking gatherings that increase their security and opportunities.

They want traditionalism for them and globalization for us. Their institutions push that as hard as they can. For that they are well paid. Institutions which were supposed to put a break on this are co-opted. The Antitrust Division of the DOJ is effectively controlled by Deputy Assistant Attorney General econ or law profs who approve mergers and takeovers.

The investment banks and corporations doing the deals are then paying them as consultants or their expert witness firms and hiring their students to high paying jobs on Wall Street. That leads to higher salaries for these profs because this is what fuels high tuition, dream job opportunities that come from the former DAAG econ and law profs.

The takeovers and consolidation and approvals have been rubber stamped by a small group of econ prof DAAGs who are parts of the same types of networks discussed above. They have written books together, are on the same journals, are part of a small set of large expert witness firms, etc.

DOJ staff econ Ph.d.’s are the students of these profs. The profs write the letter of recommendation to the current prof who is in charge of the econ Ph.D.’s in DOJ. The prof at DOJ decides which Ph.D.’s to hire. They are then promoted by the prof at DOJ who runs that section. The Economic Analysis Group at DOJ is always run by a prof on loan from a university.

From the time a student enters grad school to the time they retire from DOJ as a Ph.D. economist staffer, their entire career is controlled by the same group of about 10 econ prof DAAGs. This is how its worked for a long time. DOJ doesn’t make it easy to datamine the statistics on this, but one can pull it together from searches.

DOJ Antitrust can’t do any action without an econ Ph.D. signing off on it. That means if the investment banks and management consulting firms can coopt the econ profs who control this system then they can get anything approved. Even the merger of Exxon and Mobil would be approved, and was.

The same system is working to offshore U.S. know-how. Russia, China, India, and other countries analyze this system and get in on it. They are taken care of. The result is that the globalization process happens faster and the rest of us lose out faster.

https://oldatlanticlighthouse.wordpress.com/2007/10/09/traditionalism-permanent-people/

https://oldatlanticlighthouse.wordpress.com/2007/10/09/bains-mitt-romney-youre-fired/

antitrust expert witness

http://www.usdoj.gov/atr/foia/divisionmanual/ch6.htm

Most DAAG econ profs are linked to the Handbook of Industrial Organization of Elsevier

http://www.sciencedirect.com/science?_ob=PublicationURL&_tockey=%23TOC%2324610%231989%23999989999%23565226%23FLP%23&_cdi=24610&_pubType=HS&view=c&_auth=y&_acct=C000050221&_version=1&_urlVersion=0&_userid=10&md5=1c37e4a33f2dcd10872dbb19dbd222ef

Elsevier’s merger with Academic Press was approved in 1999 by DOJ. Daniel Rubinfeld, not DAAG then, later put up an analysis that this violated antitrust laws. That was later taken down.

Elsevier charges huge library subscription fees, unlike the case in the 1960’s. This huge inflation in rates charged libraries was the basis, in part, of Rubinfeld’s analysis.

Some of the analysis is still available:

search Daniel Rubinfeld Elsevier Academic Press

“economic analysis” site:usdoj.gov

“economic analysis” “deputy assistant attorney general”

Wall Street hires the econ undergrad, grad students and law students of these profs. That lets the universities charge high tuition, in part, because dream jobs on Wall Street help fuel high tuition. But dream jobs on Wall Street are fueled by the DOJ Antitrust Division approving mergers and acquisitions. No M and A deal approvals, no M and A profits. M and A is a major driver of profits on Wall Street.

This cozy little world has all the advantages of traditionalism. Everyone knows everyone. Everyone has a permanent place. They have extended networks they have known for decades. Most have multiple jobs and affiliations and multiple pots of money. They have multiple secretaries and support people to smooth their lives. They spend their time in conferences and Davos and other resort meetings. The people who were supposed to be protected instead are losing their jobs.

Men’s median wages are the same as in 1973. Graph page 16:
http://www.census.gov/prod/2007pubs/p60-233.pdf

Income inequality is huge.

“NEW DATA SHOW EXTRAORDINARY JUMP IN INCOME CONCENTRATION IN 2004″ By Aviva Aron-Dine and Isaac Shapiro for a graph of income share of top 1 percent from 1913 to 2004.


Income Inequality U Shape Timeline

7 of the top 8 wealthiest Senators voted for S. 2611, amnesty, affirmative action, non-deportable crime, and a pathway for the top 1 percent of households to continue to enjoy 20 percent of each year’s income, compared to 10 percent before Kennedy’s 1965 Immigration Act. The only 1 of the top 8 who didn’t vote for S. 2611 didn’t vote, Jay Rockefeller. McCain is 7th and Kennedy 8th in wealth.


Open Secrets

Rank Name Minimum Net Worth Maximum Net Worth

1 Herb Kohl (D-Wis) $219,098,029 to $234,549,004 Voted Yes S. 2611

2 John Kerry (D-Mass) $165,741,511 to $235,262,100 Voted Yes S. 2611

3 Jay Rockefeller (D-WVa) $78,150,023 to $101,579,003 Not Voting S. 2611

4 Dianne Feinstein (D-Calif) $43,343,464 to $98,660,021 Voted Yes S. 2611

5 Lincoln D. Chafee (R-RI) $41,153,105 to $64,096,019 Voted Yes S. 2611

6 Frank R. Lautenberg (D-NJ) $38,198,170 to $90,733,019 Voted Yes S. 2611

7 John McCain (R-Ariz) $25,071,142 to $38,043,014 Voted Yes S. 2611

8 Edward M. Kennedy (D-Mass) $19,189,049 to $93,043,004 Voted Yes S. 2611

More data here

Free fax to Congress on hot immigration bills: http://www.numbersusa.com/actionbuffet

==

Mitt Romney is the presidential candidate of this network.

http://en.wikipedia.org/wiki/Mitt_Romney

After graduating from Harvard, Romney went to work for the The Boston Consulting Group, where he had interned during the summer of 1974.[15] From 1978 to 1984, Romney was a vice president of Bain & Company, Inc., another Boston-based management consulting firm. In 1984, Romney left Bain & Company to co-found a Bain & Company spin-off private equity investment firm called Bain Capital.[16] During the 14 years he headed the company, Bain Capital’s average annual internal rate of return on realized investments was 113 percent,[17] making money primarily through leveraged buyouts.[18] He invested in or bought many well-known companies such as Staples, Brookstone, Domino’s, Sealy Corporation and The Sports Authority.[19]

In 1990, Romney was asked to return to Bain & Company, which was facing financial collapse. As CEO, Romney managed an effort to restructure the firm’s employee stock-ownership plan, real-estate deals and bank loans, while increasing fiscal transparency. Within a year, he had led Bain & Company through a highly successful turnaround and returned the firm to profitability without layoffs or partner defections.[17]

Romney left Bain Capital in 1998 to head the 2002 Salt Lake City Olympic Games Organizing Committee.[20]

He and his wife have a net worth of between 190 and 250 million USD.[21]

Mitt Romney is a beneficiary of the cozy networks that made possible his fortune. Electing him is putting the fox in charge of the hiring of the DAAG econ profs and law profs who manage the technical work at DOJ.

==

https://oldatlanticlighthouse.wordpress.com/2007/10/08/elites-have-old-fashioned-communities-built-in/

From Vanishing American

Too often, children have no contact with older people, and the elders are isolated in ’senior communities’ or homes, rarely seeing their grandchildren or other relatives, who live far away.

So we are dwindling away, and fewer of the younger people bother to keep up the extended family ties that were so central to the older generations. Coming to the family reunions and to family holiday celebrations is not a priority with the younger generations.

http://vanishingamerican.blogspot.com/2007/08/how-many-is-too-many.html

This isn’t a problem for the elite networks.

William Kristol

William Kristol (born December 23, 1952 in New York City) is an American neoconservative pundit, analyst and strategist. He is the son of Irving Kristol, one of the founders of the neoconservative movement

http://www.weeklystandard.com/aboutus/bio_kristol.asp

William Kristol is editor of the influential Washington-based political magazine, The Weekly Standard. Widely recognized as one of the nation’s leading political analysts and commentators, Mr. Kristol regularly appears on Fox News Sunday and on the Fox News Channel.

Mr. Kristol recently co-authored The New York Times bestseller The War Over Iraq: America’s Mission and Saddam’s Tyranny.

This links to

http://www.washingtonspeakers.com/speakers/speaker.cfm?SpeakerId=1234

http://rightweb.irc-online.org/profile/1254

http://www.sourcewatch.org/index.php?title=William_Kristol

http://www.newamericancentury.org/williamkristolbio.htm

William Kristol is editor of The Weekly Standard, as well as chairman and co-founder of the Project for the New American Century. Before starting the Weekly Standard in 1995, Mr. Kristol led the Project for the Republican Future, where he helped shape the strategy that produced the 1994 Republican congressional victory. Prior to that, Mr. Kristol served as chief of staff to Vice President Dan Quayle during the first Bush Administration. From 1985 to 1988, he served as chief of staff and counselor to Secretary of Education William Bennett. Prior to coming to Washington, Mr. Kristol served on the faculty of Harvard University’s Kennedy School of Government (1983-1985) and the Department of Political Science at the University of Pennsylvania (1979-1983).

http://www.foxnews.com/story/0,2933,2120,00.html

William Kristol is a political contributor for the FOX News Channel (FNC) and serves as a regular contributor to Special Report with Brit Hume, the highest rated political program on cable television.

Irving Kristol

The philisophy of neo-conservatism is two-faced. Its traditionalism for those inside it, and globalization for the rest.

Lawrence Auster discusses Kristol on immigration:

http://www.amnation.com/vfr/archives/005363.html

http://www.realclearpolitics.com/articles/2006/04/fns_roundtable_april_2.html

“KRISTOL: I am pro-immigration, and I am even soft on illegal immigration.”

“KRISTOL: And they’ve been contributing to the U.S. economy and not damaging U.S. society. “

“What’s happened that’s so terrible in the last 20 years?”

http://www.mediatransparency.org/personprofile.php?personID=5

“as well as his very lucrative speaking career, which by some reports nets him $100,000 to $200,000 per year.”

http://www.mydd.com/story/2005/1/12/143558/031

William Kristol serves on the board of trustees of the Manhattan Institute (paid?)
Bill Kristol, while editor of the Weekly Standard, was paid $100,000 for serving on an Enron advisory board over two years.
Kristol says he does “a fair amount” of speaking to corporate groups and doesn’t normally disclose it.

search William Kristol speaking fees

All those speaking fee gigs are arranged by secretaries at his magazine or at the company or institute. They often provide a private aircraft presumably for himself and whoever he wants to go with him. He may have a lavish suite at a 5 class hotel as part of it and a limo to take him around. He gets treated with caviar traditionalism to say how we should get globalization. He tells CEO’s, take the money, fire the employees. “Take it.” “Take the …” Be an uber-CEO straddling across history like a colossus. While we petty men and women get globalization.

http://shakespeare.mit.edu/julius_caesar/julius_caesar.1.2.html

Why, man, he doth bestride the narrow world
Like a Colossus, and we petty men
Walk under his huge legs and peep about
To find ourselves dishonourable graves.
Men at some time are masters of their fates:
The fault, dear Brutus, is not in our stars,
But in ourselves, that we are underlings.

http://www.numbersusa.com/faxcenter

http://www.constitutionparty.com/

http://www.conservativeexodusproject.com/

http://teamtancredo.org/

Bain’s Mitt Romney: You’re fired

October 9, 2007

Mitt Romney made his money as a graduate of Harvard Business School with an MBA and Harvard Law School at Bain and Company, a management consulting firm in the 1980’s.   Bain helped the traditional corporation shed loyalty to employees and to America.  Bain helped multinationalize the managements.

Many companies were scattered around America with headquarters in small towns where a founder had created them.  They were loyal to the towns and the towns were loyal to them.  They were one and the same.   They celebrated the same holidays, educated the same children, buried the same soldiers in time of war.

Romney’s job was to go around to these companies and tell them to stop thinking like that.  They should think about shareholders, people they never met.  Romney told the management that shareholders are who they worked for.  Romney said the shareholders didn’t like this stuff about town and company being the same.   Romney told them shareholders wanted jobs moved to other countries and people in other countries moved here.  Romney made 250 million dollars doing this.

http://en.wikipedia.org/wiki/Mitt_Romney

After graduating from Harvard, Romney went to work for the The Boston Consulting Group, where he had interned during the summer of 1974.[15] From 1978 to 1984, Romney was a vice president of Bain & Company, Inc., another Boston-based management consulting firm. In 1984, Romney left Bain & Company to co-found a Bain & Company spin-off private equity investment firm called Bain Capital.[16] During the 14 years he headed the company, Bain Capital’s average annual internal rate of return on realized investments was 113 percent,[17] making money primarily through leveraged buyouts.[18] He invested in or bought many well-known companies such as Staples, Brookstone, Domino’s, Sealy Corporation and The Sports Authority.[19]

In 1990, Romney was asked to return to Bain & Company, which was facing financial collapse. As CEO, Romney managed an effort to restructure the firm’s employee stock-ownership plan, real-estate deals and bank loans, while increasing fiscal transparency. Within a year, he had led Bain & Company through a highly successful turnaround and returned the firm to profitability without layoffs or partner defections.[17]

Romney left Bain Capital in 1998 to head the 2002 Salt Lake City Olympic Games Organizing Committee.[20]

He and his wife have a net worth of between 190 and 250 million USD.[21]

In the 1980’s, management consulting companies would come to business schools and sometimes econ departments and give talks about how they were doing this.  They would brag about firing workers.  Business students were and are invited to liquid refreshers at which the companies would put on a good spread.  It was possible for the business students to make their dinners out of this in fall semester, the main time of these.

The consulting companies were selling themselves not just to the students who would work for them but to the students who would join the corporations and be customers of the consulting firms.  The consulting companies were creating an extended network that included business students, professors, and management employees in their clients.  They were saying to the students who would wind up in small towns, we are your extended family, not those soldiers buried in the graveyard.

That is who Mitt Romney is.  He not only isn’t loyal to the soldiers buried in the graveyard, but he taught others to drop their loyalty to them as well.  He taught small town corporation managements to stop thinking as Americans and stop being loyal to the people of their towns, but to be loyal to anonymous shareholders scattered over the globe.

In the 1980’s, Americans still were those shareholders.  Strangely, after Romney moved people from foreign lands here, and our manufacturing there, we don’t own our own corporations anymore.  Romney said to the small town managements, you owe your loyalty to shareholders.    But when he said that, we were the shareholders.

Now we have neither shares nor jobs.  The know-how of our companies is now in India and China and they are brought here to run the companies and staff the management consulting firms and H-1B body shops.  Romney has taken all we had, jobs, factories, shares, and know-how and now it is all owned by other people.  This is what Romney did as president of Bain Capital and briefly as president of Bain and Company.  What will he do as president of America?  What is left of ours for him to give away?  Our lives?   Our souls?   The future of our children?

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