Did You Know That Obama’s Blackstone Backers Laid Off Over 800 People? Beck Explains
- Posted on May 22, 2012 at 7:23pm by
Tiffany Gabbay
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Ironically, despite making Mitt Romney’s former company Bain Capital and other private equity firms the target of its latest attack, the Obama campaign held a near-$36,000 per plate fundraising dinner at the home of Tony James, president of the nation’s largest private equity firm, Blackstone Group. Citing the president’s latest Romney-hit-piece, Glenn Beck blasted the hypocrisy shown by the president when it comes to private equity firms.
Obama’s condemnation of private equity hinges on the familiar narrative that the industry is renown for commandeering companies and slashing jobs, leaving untold numbers jobless — which is why it is doubly ironic that Blackstone has done just that. In August of 2006, just two months after closing the deal to purchase Travelport Ltd., Blackstone Group fired “scores of employees,” who, according to the Wall Street Journal, were “lugging boxes of personal belongings to their cars.” Blackstone laid of 841 employees, or 10% of Travelport’s workforce, and recouped its investment almost immediately.
Beck reviewed a mere fraction of the employees who lost their jobs and have suffered dire consequences as a result of Blackstone’s buyout.
Watch below as Beck dissects President Obama’s latest fact versus fictional reality.
One interesting point to note is that in contrast to staunch Obama supporter James, his boss, Stephen Schwarzman, is in fact an avid Romney-supporter, and has been an outspoken critic of Obama’s economic policies and routine vilification of private equity.
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TakeBackUSA
Posted on May 23, 2012 at 12:47pmI think that Obama’s campaign managers, Plauff, Axelrod, and others, are doing Barry a terrible disservice. They are getting so desperate in trying to find the next topic to have him throw out there. Let’s see…war on women……private equity firms…what they did in high school?…dog on the “barby”…does it ever end? If they only did their research, they’d see how any of these things would come back to haunt them.
He has nothing to point to on his accomplishments…I say “his”, because it’s what he and his surrogates were tasked to do, not what the American people wanted….can you say “ObamaCare”?
One last point on Obama and business: add Cardinal Fasteners to the list of companies to which he applied the “kiss of death” with his endorsement of their green jobs. It was another solar panel debacle.
Report Post »The only question I have now is whether he’s desperate enough to put Hillary on the ticket.
jujubeebee
Posted on May 23, 2012 at 12:17pmRomney needs to fight back harder the Obama’s campaign against Bain. All he needs to say is GE drops 10% of their work force every single year. They are proud of it….proud of keeping the best and letting the bottom 10% go. All companies lay people off in tough times. He needs to keep calling attention to the fact that 80% of the companies he put money in succeeded and the smaller percentage failed. Is Romney trying to lose like McCain? This just seems like a no brainer to me. The Obama team puts out ads with whining workers from one steel company that was going under anyway because of the lower cost of steel from out of the country. Explain it and then put an end to it. I am sick of the Republicans not fighting back! Oprah laid off people with her cable network too. I don’t see any crying babies whining about their job losses.
Report Post »Shifty6
Posted on May 23, 2012 at 10:57amGlen couldn’t be more RIGHT! I get it that Romney was employed by Bain, but if Obama gets credit for saving the auto industry (of which GM still has not paid back ALL it owes) why doesn’t Romney get credit for saving ANY jobs through Bain. He only gets credit for making a profit. I can tell you that is the ONLY reason a company exists. THE ONLY REASON!!!!! All other benefits are secondary.
Ever hear of Solyndra, Evergreen Solar, SpectraWatt, Mountain Plaza, Olsen’s Mill??? Good golly this administration has pissed away more money (but gotten it back strangely – don’t we call this money laundering?) on these “sometimes-they-payoff-sometimes-they-don’t” projects. The sad thing is NONE of them have paid off. Not one has made it. Can’t this guy answer for ANYTHING?? all the other presidents answered for things even out of their control.
Can’t we acknowledge that Bain Capital did at least ONE good thing, and kept at least ONE factory open. that is infinitely more than Obama has done!!!!!
Report Post »NotHereToJudge
Posted on May 23, 2012 at 3:15amAnd this is how to help America? I’m sure that Obama got help from his buddies at Blackstone when he had to restructure GM. This link gives the latest results about how GM is doing!
“http://www.youtube.com/watch_popup?v=Lvl5Gan69Wo”
Report Post »JRook
Posted on May 23, 2012 at 9:41amAs the book says, Everything you needed to know you learned in the school yard” So rather than provide some valid, credible research regarding Bain Capital and its general business philosophy and track record, GB finds what he presents one case to evidently represent that Obama is a hypocrite. Before the ideologues nod/shake their head in agreement and disgust, consider the following. First, and foremost, Obama is and was not a member of the referenced private equity firm. And second, there is a difference between good management decisions that result in a trimming of labor expense (10%) and a vulture investment group that saddles companies with debt, takes advantage of the bankruptcy laws, closes down factories and destroys lives purely to make a larger profit. Do the work, do the research and present a well researched report on who Bain Capital is and what their track record is. Or is there a reason you would reinforce keeping the discussion at the superficial level of private equity being good or bad. When any rational person knows that it is not the business or the particular company that is bad, it is the people who run them.
Report Post »NotHereToJudge
Posted on May 23, 2012 at 3:10amCheck this link to see Obama’s results when dealing with a restructering of a failing business.
Report Post »Did he get ideas from his buddies at Blackstone? China motors isn’t what American solutions should produce. This is where GM is today!
“http://www.youtube.com/watch_popup?v=Lvl5Gan69Wo”
GenOptimus
Posted on May 23, 2012 at 12:56amHey, Petty, I think I hear CNN calling you. They need you to be a constant veiwer because only fifty thousand people out the whole nation is still watching them while millions are subscribing to Glenn Beck and others like him. Oh btw your mother told me to tell you to stop droolig on yourself because she doesn’t like wiping it off your face, she also says GROW UP!!!!!
Report Post »wakeamericaupnow
Posted on May 23, 2012 at 12:36amI do have to laugh at the liberal idiots who think they are being clever when it comes to glen Beck.. Most of what he said over 3 years ago is happening. He was right on the money with Gold and he was right on the money about the individuals behind the Occupy movement and all the extremist groups joining together which they have done to include IRAN, the KKK an the Black Panthers as he said they would.
The common liberal tools who listen to propaganda of CNN, MSNBC, Huffpost spew exverything almost word for word of what they are fed. They do not check facts. They just allow these news sites to feed them propaganda for which they provide no facts to back up anything they say. It is the take my word for it attitude that has made them angry losers.
When Glen Beck air his show and reports what he has found, he tells you where you can find the information and for you to check out the facts yourself for which I do. For that reason, I respect him and his information and facts he has provided have benefited me, my friends and my family.
Report Post »Because of this, Glen Beck is becoming the best source of news and facts.
I can easily understand why Liberals and Socialist hate him… He would have been executed in the USSR if he had lived there during the 60′s to silence him.. Only propaganda like what we see in the main stream media today would have been accepted. The problem was for the USSR that West Germany provided a way for average Russians to get the real news.
wakeamericaupnow
Posted on May 23, 2012 at 1:21amI realized I had forgotten one of the most associated groups that needed to be added.
Report Post »about the individuals behind the Occupy movement and all the extremist groups joining together which they have done to include IRAN, the Unions, the KKK an the Black Panthers as he said they would and they have.
Tropla
Posted on May 22, 2012 at 11:20pm“Me name is hussein and i approve this message on behalf of Me”.
Report Post »stablepar
Posted on May 22, 2012 at 11:33pmlike
Report Post »saranda
Posted on May 22, 2012 at 8:49pmI love when GB “dissects” stories for us. It is exactly like when sportscasters try to discuss the business side of sports,way over their heads and they have to reduce issues to the simplest form so they sound like they have a clue. GB should go back to his Carnac act, at least then he can say it is still coming and will come true eventually.
Report Post »marhee9
Posted on May 22, 2012 at 9:18pmGlenn does a great job of breaking things down. Perhaps you might be the one who can’t understand the issues no matter how much they are broken down. Perhaps you should stick to ESPN. Just saying. http://www.youtube.com/watch?v=XwGq8e23LOc
Report Post »starman70
Posted on May 23, 2012 at 10:45amGlenn is a master of finding truths that the lamestream media hide because they don’t want you to know the real truth. The lamesteam media are too busy sniffing Obama’s bicycle seat to report a story like this.
This story goes to show that Obama is the most duplicitious president to EVER occupy the White House. He accepts favors and money from a restructuring company (Blackstone Group) all the while downing Romney and Bain Capital for doing the very same thing. How will he hem, haw and stutter his way out of this one. FACTS IS FACTS whether he likes them or not!
We were sold a bill of goods in 2008. It’s time to return the package to the sender and get a full refund.
Report Post »slvrserfr
Posted on May 22, 2012 at 8:18pmBy far the most hypocritical president, party and administration of bureaucrats EVER.
Report Post »Want our country back
Posted on May 22, 2012 at 7:48pmTonight’s show was GREAT….. so was the Real News…. I wish that everybody could see it so that they understood what’s happening to our country,…..
Keep up the good work.
GOP2012
Report Post »CatB
Posted on May 22, 2012 at 8:01pmI watch it in the evening .. nothing good on regular cable . .I like that it is on demand on GBTV .. people should really check it out .. try the free trial ..
Report Post »LibertyGoddess
Posted on May 22, 2012 at 9:42pmI love to watch the episodes while I am getting ready for the day. I turn it up while in the shower. I try to get a full hour in before getting to work. It is by far the most education political news anywhere!
Report Post »stablepar
Posted on May 22, 2012 at 11:35pmit was on target. oops is that still ok to say?
Report Post »PETTYDRAMA
Posted on May 22, 2012 at 7:46pmJust more feed for the Beck cattle. Oh boy will they ever eat it up due to their massive gullibility…LOL!
Report Post »Psychosis
Posted on May 22, 2012 at 7:59pmcognitive dissonance
buh bye
Report Post »Joshua7
Posted on May 22, 2012 at 9:54pmWhat exactly is the “Feed” we’re suposedly being fed here? Are you denying that Blackstone participated in the same buiseness practices that Bain did? Or are you denying that Obama held a fundraiser at the president of Blackstones home? Because as far as I can see both of those things are fact.
Report Post »RJJinGadsden
Posted on May 22, 2012 at 10:46pmPETTYDRAMAQUEEN, well that about says it all.
Report Post »Detroit paperboy
Posted on May 22, 2012 at 7:44pmAs far as I’m concerned, private equity is a hell of lot more honorable, than PUBLIC EQUITY,AKA TAX DOLLARS……..Obama was a stinking professor and community activist….. And I really do believe he was born elsewhere, how in the world did this mystery Marxist become President….
Report Post »Darmok and Jalad at Tanagra
Posted on May 22, 2012 at 7:38pmThe Dems being hipocrits?????? Say it aint so, Joe. Thats like saying Islamic Facist hate Jews.
If I woke up with my head sewn to the carpet, I could not be more surprised. The next thing we will learn is Obama actually lied when he was campaigning and lied about his past.
Please, no one tell me that it isn’t really a Nigerian Prince that I just sent my life savings to, I will be soooooo devestated.
Oooooooh, I just got a letter from Publisher’s Clearinghouse, I could have just one a million dollars…………
(sarcsm off, for you who don’t know I am being sarcastic)
Report Post »spirited
Posted on May 22, 2012 at 9:47pm“If I woke up with my head sewn to the carpet…”
;^O Where does it come from? rotflmho
Report Post »Darmok and Jalad at Tanagra
Posted on May 22, 2012 at 10:35pmA movie, that was based in Chicago, Christmas Getaway, something like that. Enjoy that Jelly of the Month.
Report Post »Psychosis
Posted on May 22, 2012 at 7:32pmshhhhh
libs DO NOT respond to reality very well
please sprinkle fairy dust and unicorn poop throughout any posts to help them cope
Report Post »CatB
Posted on May 22, 2012 at 8:04pmReminds me of Romney’s so called attack on another student .. and then it comes out that Obama bullied a girl .. or Romney and the dog on car roof .. but Obama ate a dog …
people in glass houses (like Obama) should not throw stones .. but what else does he have …his record??? LOL ..can’t run on that .. how about Obamacare? .. nope people hate it! ;-)
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