Jan 10, 2012 1:01pm

Perry Likens Romney’s Bain Capital to ‘Vultures’

gty rick perry romney dm 111019 wblog Perry Likens Romneys Bain Capital to Vultures

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FORT MILL, S.C. — Texas Gov. Rick Perry categorized venture capital firms like the one once headed by Mitt Romney, Bain Capital, as “vultures” who prey upon sick companies and “leave the skeleton” behind.

“Allowing these companies to come in and loot the, loot people’s jobs, loot their pensions, loot their ability to take care of their families and I will suggest they’re just vultures,” Perry said during a townhall at a retirement community here. “They’re vultures that sitting out there on the tree limb waiting for the company to get sick and then they swoop in, they eat the carcass. They leave with that and they leave the skeleton.”

Asked by reporters to clarify whether he was directly referencing Bain with that comment, Perry answered, “Sure that’s exactly what I was making. They sit there, and they wait until they see a distressed company, and then they swoop in and you know pick the carcass clean and fly away.”

The Texas governor upped his attacks against Romney, arguing that voters in the Palmetto State will not want to elect a candidate who “gutted” and “looted” companies in South Carolina.

“I don’t think they want someone who has killed jobs in South Carolina on the altar of making more money for themselves and their company,” Perry said of Romney. “His other remark is elect me president because I’ve been in the private sector and I’ve created jobs. Well that’s we’re starting to see maybe not a honest assessment of what he did. He was also involved in the destruction of a lot of jobs in South Carolina.”

“I’ll put my record up against Governor Romney’s any day happily,” Perry continued.

Perry predicted an “honest assessment” of Romney’s record at Bain Capital will be conducted over the course of the next week.

Highlighting the link between Washington and Wall Street, the Texas governor also railed against President Obama for being an insider, noting that his three chiefs of staff all worked on Wall Street.

“You got ask yourself when the last three chiefs of staff for this president came out of wall street, you don’t think there’s a little bit of inside dealing going on there, that their buddies on wall street are calling them up and saying hey, how bout let’s not be quite that tough on those of us on Wall Street, we’re just good old boys out here trying to make a buck,” Perry said.

Perry, who has campaigned here over the past three days while the rest of the Republican field has focused on New Hampshire, said his campaign is looking for a “second wind” in the late January primary and even compared the outcome he needs here in South Carolina to the battle of Jacinto, which served as the decisive victory in the Texas Revolution.

“This isn’t our Alamo. This is our San Jacinto,” Perry said at the townhall.

User Comments

Apparently Perry has no clue what a venture capital frm does, maybe he should get educated. Bain capital has a 3 to 1 success rate. But to blame Bain or Romney, for people losing their jobs, when taking a bankrupt company and trying to make it profitable is just plain stupid.

Posted by: Lizzie | January 10, 2012, 1:15 pm 1:15 pm

“Bain capital has a 3 to 1 success rate.” ——— What does that mean? For every three successful companies they become involved with, they shut down one? Bain is a predatory capital company. Just one story here: “Kansas City’s Worldwide Grinding Systems. The steel mill, which was acquired by Bain in 1993, had been around since 1888. Bain gave the company a makeover, renaming it GS Technologies. By 2001, the company had declared bankruptcy, and soon after closed its doors, resulting in a loss of 750 jobs. Now, to do the numbers: Overall, Bain made at least $12 million on the steel company it created by merging the Kansas City mill with another in South Carolina before the new entity declared bankruptcy in 2001. Bain also collected an additional $900,000 a year through 1999 for management consulting services, public filings show. Employees, on the other hand, lost health benefits and received reduced pensions. Many of them had worked at the company for decades.” Bain bankrupted the company in eight years. This is just one of many, many stories. Google ‘victims of Bain Capital’ for more.

Posted by: A Cynic | January 10, 2012, 1:27 pm 1:27 pm

“But to blame Bain or Romney, for people losing their jobs, when taking a bankrupt company and trying to make it profitable is just plain stupid.” ——– What about when they take a non-bankrupt company and MAKE IT bankrupt? That’s OK?

Posted by: A Cynic | January 10, 2012, 1:28 pm 1:28 pm

Bain focused on small, troubled companies. Some failed, some flourished. But the investments carried substantial risk. Still, the WSJ found that in total Bain produced $2.5 billion in gains for its investors in 77 deals reviewed, on about $1.1 billiion invested. Romney was an excellent CEO–our country could use his expertise.

Posted by: free_2_choose | January 10, 2012, 1:38 pm 1:38 pm

Wow, sounds like you all are really liberals. Interesting to see all these attacks on free market capitalists from within the party of free market capitalists. I guess this is all coming from the bigoted wing of the party, No non-christians, No non-whites, No notherners…

Posted by: TD | January 10, 2012, 2:05 pm 2:05 pm

A CYNIC | JANUARY 10, 2012, 1:28 PM…..”What about when they take a non-bankrupt company and MAKE IT bankrupt? “……..Are you referring to 2 companies that do exactly the same thing combining – and eliminating duplicate jobs that are not needed?

Posted by: deanbob | January 10, 2012, 2:17 pm 2:17 pm

They had to call the company “Bain” because “Bane” would have been to on-the-nose. (Bane means bringer of misery). I’m surprised that a Republican (Perry) is makeing anti-capitalism statements like this.

Posted by: Greggw | January 10, 2012, 2:21 pm 2:21 pm

TD and Deanbob – Perry and Santorum and others are beginning to make the same accusations against Romney…are they also liberals, nonchristian, etc?! Some of the GOP have been complaining about the unemployment figures, yet champion the guy creating the unemployed.

Posted by: genhrules | January 10, 2012, 2:25 pm 2:25 pm

A CYNIC: “What about when they take a non-bankrupt company and MAKE IT bankrupt? That’s OK?”

Do you honestly believe they wanted to waste their investment? They are investors not magicians. On average, their investments saved jobs and made money, just as intended.

Posted by: Anonymous | January 10, 2012, 5:43 pm 5:43 pm

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