creepy dot about legalized bribery
the programs are about is how forgery
harold ford is uh... former congressman from tennessee he ran for senate seat
and uh...
after he lost immediately with the new york and uh... hat in hand to wall
street and said uh... who can i work for
uh... you know it's a good question were free of the house so long
but i'll just like to make a more efficient
he's had jobs at uh... merrill lynch bank of america and now at morganstanley
way does very little work but uh... is jobs may see it mainly to go on
television and tell us
howell awesome the bankers are and then they label on democrat and that's a look
at
assist african-american democrat was fun is in a resume govern america
isn't able to make sure the banks must be great acts
so uh... here comes out for junior on msnbc to do its job
substance of his comments on the depressed by agree with the court i
would not have back in
back in our
having said that i understand business target for the campaign
you've got to have one of your key in most elephant most effective service at
least
clarify
dispensing context of things but i agree with that
product was not a bad thing uh... perfect product which is a good thing
and many many instances in a message he defended it forty eight zero
yet what is is that it's a really good faith is loaded pays out for june
uh... f_b_i_ garden or we can a man
this guy is nowhere near program survey found for junior and joe
prepare progressive industries in new york
doing what game so
you have no idea
when he was the year running for as senator in new york
when asking to be there with us at mile in he said something like
that he'd taken
he he might have landed there with this helicopter ones
unfit
there's nothing wrong with being rich per day
and there's a
many this is where private equity does positive things uncertainly
wall street part of those positive things in this instance
uh... somewhat helpful gets paid for
he has paid for it unequivocal defense
because it's one thing you have for geniuses look
in some instances prime equity gives money to accompany a grows at a great
job that's true right
and other instances it sucks the money out of the company leaves the shop
behind
and the company goes bankrupt never lose their jobs that's also true
held for junior is never
going to say that on television
because he gets paid to be there to spokesperson
the bankers spokesperson so it's a mess and that drove across
i think a lot of people don't understand what it means when i say it when
democrats take somebody really explains what prime equity doubts right so now in
a lot of cases that you leveraged buyout so now leveraged buyout doesn't have to
be a bad thing for example you probably bought your house in a sense in a
leveraged buyout
it means that you used leverage like getting put down a hundred percent on
your house
republic but down twenty percent or whatever it was
to be able to buy the house so in a similar way they buy companies
so i'll let me give you really rough examples
so uh... bain capital money conical company and said okay let's a million
dollar company
with like put in a hundred thousand dollars to borrow the rest and we buy
the company not leveraged buy it
so so far not too much wrong with that
they can make it work they could pay down the payments like you do with your
house
hopefully they grow the company and separate
and an often that's exactly what happens
but oftentimes
what they do is they will either take the first mortgage in essence to use
this analogy
or this is much more likely or oftentimes a pig a second mortgage at
the minute they paid back any of the loans and things are going well
and so for example they'll take the second more is out for another two
hundred thousand again to keep that
example really simple two million dollar company they're ready for a hundred
thousand then eighty to two hundred thousand on the second mortgage
and they put in the park
now wait a minute
if they were putting a back into the company and they were doing it to invest
in the company
by that was a small business owner he would take out loans than you would
invested back into his business and it would grow the business there'd be
nothing wrong with that
but they think it out of the business and they put in their pockets the owners
have amassed so far
they initially only put in a hundred thousand up
barry got out two hundred thousand dollars
they've doubled their money
so what happens to the company after that
is overlooked in all concerned about
it making continue to make more money out of the great but the company goes
bankrupt who cares
c then they get to be called financial genius
as we talk probably g
increased interest investor
increase the clamp arthritis subdivided holdings
but whatever the company
when you took up all those laws on top of the company over son
the myth is a slight downturn their profit margin
is minuscule
and they go into the red and they can't make payments and they can't make the
more respects
for saturday
bain capital loses original thought hundred-thousand does amanda they
already have intuitive as in their pockets
but all those employees as happening to use
t steel is happening and pat in indiana
they all lose their jobs by the way also lose their pensions
then when they come to
of course the taxpayers
and the jesse still case
the taxpayers four and forty four million dollars to cover those guys
pensions
now wait a minute
thank apple put an eight million in that case
dot twelve million an unreported half million in fees
sobil their money that's sixty not million for there is only nine dollar
investment
why don't they take the money that they mate
and given to that
guys to have their pensions was a taxpayer paper-based
if you're being generous incompetence
but it's it's really not incompetence this financial to carry is a to six
point lead
so they wind up bra being the employees of running the company
robbing the taxpayers
and then they pay help for junior
tibidow wacky to go on
uh... morning jones all luck private equity their financial genius of their
payroll you've got their duty to protest the poor
and they give campaign contributions people like org or he does the same
thing
and then there's guys who are you worked on wall street likes the rat who was a
cars are under obon indelicate well that's a third of the very near he's on
msnbc as well
surrendering impressed by this afternoon you knowing what you know where you
embarrassed by this ad by the obama
i think the air that is unfair i think they're but with running a mistake ever
talking about the fact that create a hundred thousand jobs being capitals
responsibility was not to create a hundred thousand jobs or some other
number it was to make profits for its investors
most of whom were pension funds and down this and foundations edited it superbly
well acting within the rules acting very responsibly and was waiting for
and so yeah i do think to pick out an example of somebody who lost their job
unfortunately this is part capitalism this is part of life and i don't think
there's anything bain capital there that they need to be embarrassed about
nothing embarrassed at all acting within the rules stampeded it was legal
some people lost their jobs but you know what their terrific financial company
being travel irony bowed out
well look we got all these democrats cora booker held for junior steve rather
than all agree
now wall street rocks
that when you lose your job said to you for your they found an effective only no
weight arrive you that's alright is on the wrong with that according to
everybody
in the mainstream media did you notice joe's x car rose
voice they're like
nasty rat
acumen
barrister that the democrats would be there
to criticize wall street about monday midday
admitted how embarrassed
whether this will happen in our hemisphere missy
the progressive network
let's go a head of fox news
but that you see how the dominant they are in the media
and in government
and then of course the final leg of this is that the republicans take all these
guys and make a political ad against the democrats
had enough of president on this attachment for half price
his own key support
democrat mayor cory booker singers
that the specific very personal online that's alright try connecting
former congressman harold ford can
democrat from tennessee
technically is not a bad day
uh... mastek product which is a good thing and many many instances
former obama economic advisors
and for those of stephen rapp
believing democrat
and i don't think there's anything
paying capital that they need to be america with calvin have marketing it
did a lot of support
uh... our businesses to grow physicist even obama's own supporters
havent
it's balls in the american public
and not is enough
and area have been world of the republicans agree animation media agrees
and the democrats agree it must be true though wall street is terrific
and they have done
nothing wrong
the only people who have in this series american public but unfortunetly
neither side represents them