No shit, Sherlock?

CBS White House reporter Mark Knoller:

Why do you work?

Do you do it to make money, or because you want to supply labor? Most of us do it to make money. Otherwise you’re a volunteer. Altruism is nice but it doesn’t pay the rent.

If you were offered a job at $100,000 per year, would you accept but tell them you only need $50,000? Once again, most of us would want to make as much as we can. We would also like to get the maximum return on any investments we make.

Mitt Romney has the Midas Touch. He went to Wall Street to make money and succeeded beyond his wildest dreams. After proving what he could do he founded Bain Capital:

Bain Capital is a Boston-headquartered alternative asset management and financial services company that specializes in private equity, venture capital, credit and public market investments. Bain invests across a broad range of industry sectors and geographic regions. As of early 2012, the firm managed approximately $66 billion of investor capital across its various investment platforms.

The firm was founded in 1984 by partners from the consulting firm Bain & Company. Since inception it has invested in or acquired hundreds of companies including AMC Entertainment, Aspen Education Group, Brookstone, Burger King, Burlington Coat Factory, Clear Channel Communications, Domino’s Pizza, DoubleClick, Dunkin’ Donuts, D&M Holdings, Guitar Center, Hospital Corporation of America (HCA), Sealy, The Sports Authority, Staples, Toys “R” Us, Warner Music Group and The Weather Channel.

As of the end of 2011, Bain Capital had approximately 400 professionals, most with previous experience in consulting, operations or finance.[2] Bain is headquartered at the John Hancock Tower in Boston, Massachusetts with additional offices in New York City, Chicago, Palo Alto, London, Luxembourg, Munich, Mumbai, Hong Kong, Shanghai and Tokyo.

Romney promised investors higher than average returns on their investments. In return he demanded higher than average fees. Not every investment paid off, but Mitt earned his fees. But he wasn’t just gambling with other people’s money, he had his own money invested as well.

Mitt was born wealthy but donated his inheritance to charity. By 2002 he was worth an estimated $200 million. So what did this greedy capitalist do? He decided he had enough money so he quit working and went into public service.

Beginning in 1999 he was working full time managing the 2002 Winter Olympics. He donated his salary to charity. Then he ran for governor of Massachusetts and won. He was in office four years and he donated that salary to charity as well. Then he ran for President in 2008. Here he is again in 2012.

It was Mitt Romney’s job at Bain to create profits. That’s what he got paid for. Anybody who thinks otherwise doesn’t understand how capitalism works.

Bless their hearts.

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22 Responses to No shit, Sherlock?

  1. myiq2xu says:

    From the last thread:

    WMCB, on August 24, 2012 at 9:25 am said:

    Jeebus, what morons. NO ONE goes into business with their primary goal being “creating jobs”. They go into business to make money. ALL of them, not just the evil conservative ones. Jobs are just a byproduct of economic activity.

    I don’t mind hitting on crony capitalism and corrupt business practices, or reminding folks of the need to step in and help those who fall through the cracks of all that economic activity.

    But I am sick to death of the outright demonizing of profit motive and making money by today’s Dems. It’s insane. To hear them talk, any business owner who is motivated by his or her bottom line is a bad, bad person. They ought to just be “providing jobs” out of the goodness of their heart. What a total crock of shit.

  2. When I work, I want every single dollar to which I am entitled. I do not shortchange anyone on my work product and I do not expect to be shortchanged on my salary. As the saying goes, we ain’t here for the glamour. What are these people trying to say? If I have complaints about Mitt Romney, they certainly have nothing to do with his ability to be successful. And the fact that he worked for no salary over a period of years (since he did not need one) is commendable.

    This line of condemnation on Romney is goofy — when Kerry ran, no one on our side had any problem with his money, and he has more than Romney. Kerry certainly came across as elitist.

    • myiq2xu says:

      At the higher levels of some professions (including acting, sports and business) the salary you received is a sign of your status. If you are one of the very best then you should be paid like it, whether you need the money or not.

  3. WMCB says:

    Bain also had about an 80% success rate at turning those companies around and making them profitable (thus preserving jobs). That is not just good, that is freaking PHENOMENAL for the type of high- risk firms they invest in.

    The Dems can point and moan all day long about the 20% of companies that failed and lost jobs. That’s a DAMN good track record.

    Oh, and for those who want to whine about the “obscene” profits Bain made, that’s what happens when you take on huge risk. Your return is not based on how much work you did. It’s based on the risk you were willing to take with that money. If you can easily lose it all, then the return when you win is massive. You are being paid for the RISK, not the labor. If I put my 401k in a nice safe fund, I make 4%. If I put it in a risky scheme, I may lose it all, but if it does well I make 20%. It’s the difference between loaning to a nice couple with good jobs and a pristine credit score, and loaning to the wild-eyed young man with no job and bad credit. You charge more interest for the latter, because of the huge potential for default. These were FAILING companies Bain invested in.

    This is basic capitalism. And the same people who bitch and moan about the profits of venture capitalists would NOT accept a 4% return on THEIR 401k money for a very risky investment. They would rightly demand a greater return if they were going into riskier funds. Just because Bain did in on a scale of billions instead of the thousands in your own 401k does not make them bad.

    • Oswald says:

      It’s amazing how fast a couple bad investments can turn an obscene profit into a loss.

      • WMCB says:

        Yep. And those “obscene profits” are paying for that risk. This is not difficult to understand. And I don’t believe for one minute that the Dems don’t truthfully understand it. They just lie. And demagogue.

        • Oswald says:

          The guys running investment firms have a fiduciary duty to their investors. They can’t give money away. If they do they can be held personally liable.

          If a company makes a profit for five years and then starts losing money, the investors are not obligated to “give back” those profits in order to keep the company afloat.

          First of all, the money didn’t come from the employees, so they aren’t entitled to any of it.. Secondly, it may not be the same investors anymore.

  4. I can only wish our IRA and 401k accounts were with Bain. We would not be looking at working til we drop dead. As it stands- we lost 1/2! HALF of what we had put aside. The banks and investment companies got bailed out- so essentially they lost our money and we PAID them handsomely for their fuck up.

  5. WHat the hell is going on today? 2 US govt officials shot outside Mexico City. Is there a nut case germ on the loose

  6. Lulu says:

    I can’t help but think that the closed circle around this bunch is finally blurting out their understanding of the world. If all you have done your entire life has been on some kind of gravy train where you don’t have produce a verifiable work product, in academia where you bullshit your way with other bullshitters, are a public employee with a public union preventing your firing, or some other sinecure where you are paid if you show up or not, then this kind of nonsense makes sense. This is why they can’t govern, and why they have no clue what to do with the economy. They are useless unless they are in their own closed environment and everyone is sick of supporting them, both financially and politically. Shocking ignorance is always disturbing and Obama is disturbing.

  7. 49erDweet says:

    Well, there you go. You’ve inadvertently nailed the issue. You brought up the word “donate” and completely confused the progs. Nothing in their life experiences enables them to comprehend exactly what “donate” means. They understand “donations”, because that word stands for “stuff I am owed”, but the word “donate” leaves them perplexed and confused. Please write clearly next time

  8. DM says:

    If we all worked just for money, rich people wouldn’t work. Most of them, like Buffet, Bill Clinton, Forbes, Mitt Romney do. Humans (normal ones) get satisfaction from accomplishing. Sometimes making more money is part of that accomplishment (cultural, money is success), but seeing the finished product is the reward.

    I suggest that many who decide to make it on their own, even knowing that they will work harder, put savings at risk, and uncertain success, are doing it to enrich their lives. Working for someone else, even if one is paid as well or more, is not as rewarding. Working just for the money would mean working at jobs one does not like. Few people do that.

  9. yttik says:

    “It was Mitt Romney’s job at Bain to create profits.”

    I sure want a new president who believes in creating profits. I’m telling you, poverty sucks.

    • WMCB says:

      Yep. I told the husband yesterday, I have no illusions about Mitt. We are in a deep hole, and change is hard, and he’s not the magic economy fairy. But common sense tells me having someone in there who has the REMOTEST CLUE how an economy functions, and WHY businesses hire, would have to be miles better than what we have now.

      • DM says:

        WMCB, I agree with you 100%. Mitt has a clue, and if he doesn’t, I think he has demonstrated that he’ll go after the answers from a great team to give him the answers to make decisions. Obama is clueless, and that’s why he’s failed all his life. Mitt likes to work. See below. Obama wanted a four year paid vacation (did you say that?)

    • DM says:

      I’m just middle class, but I’ve been dirt poor too. Not long ago I lived for months in a very dirt poor country, and I had nothing but the space for my bed, food, and a few pieces of clothes. I was happy.

      It’s true. Being poor does not bring unhappiness (suck as you say) or happiness. When one is happy, one is more likely to succeed. Buffett will never stop making money. He’s said as much. His work, making money, is his pleasure. That’s why rich people never have enough.

  10. DailyPUMA says:

    The problem I have with capitalism is that it doesn’t know how to coast and be happy. It’s always about growth. That will doom us all eventually. Coasting is a good thing.

  11. this argument is just hypocritical. Even lazy slobs want to be successful. How disingenuous. Whenever I hear this argument that money is evil it makes the person whose mouth it is coming out of look like a stuopid idiot

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