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專欄 - 從華爾街到硅谷

奧巴馬推網(wǎng)站攻擊羅姆尼私募公司經(jīng)歷

Dan Primack 2012年05月17日

Dan Primack專注于報(bào)道交易和交易撮合者,從美國(guó)金融業(yè)到風(fēng)險(xiǎn)投資業(yè)均有涉及。此前,Dan是湯森路透(Thomson Reuters)的自由編輯,推出了peHUB.com和peHUB Wire郵件服務(wù)。作為一名新聞工作者,Dan還曾在美國(guó)馬薩諸塞州羅克斯伯里經(jīng)營(yíng)一份社區(qū)報(bào)紙。目前他居住在波士頓附近。
奧巴馬競(jìng)選團(tuán)隊(duì)抓住米特?羅姆尼的貝恩資本經(jīng)歷不放,大加抨擊。

????奧巴馬總統(tǒng)的連任競(jìng)選團(tuán)隊(duì)日前將火力集中了在米特?羅姆尼的從商經(jīng)歷上,專門推出了一個(gè)網(wǎng)站,著重列出私募股權(quán)公司貝恩資本(Bain Capital)在羅姆尼執(zhí)掌期間進(jìn)行的一些交易。

????奧巴馬競(jìng)選團(tuán)隊(duì)的副經(jīng)理斯蒂芬妮?卡特在發(fā)出郵件宣布推出這個(gè)網(wǎng)站之后表示:

????羅姆尼和其合伙人在美國(guó)各地收購(gòu)公司,收購(gòu)過(guò)程往往讓這些公司背負(fù)上債務(wù)。他們總是大幅縮減養(yǎng)老金、福利和工作崗位,用積累的債務(wù)直接付給自己和股東。

????由于這些債務(wù),有幾家公司已經(jīng)破產(chǎn),工人失去了工作,沒(méi)有了養(yǎng)老金,也沒(méi)有了醫(yī)保——而羅姆尼及其合伙人總是能將數(shù)百萬(wàn)美金收入囊中。

????每個(gè)人都知道業(yè)務(wù)會(huì)有起伏——有時(shí)還會(huì)遭遇失敗——沒(méi)人質(zhì)疑羅姆尼按自認(rèn)方式經(jīng)營(yíng)公司的權(quán)利,也沒(méi)人質(zhì)疑整個(gè)私募股權(quán)行業(yè)。

????但造成數(shù)千人失業(yè)、原本健康的企業(yè)破產(chǎn),只為少數(shù)人大賺一筆,這個(gè)時(shí)候就需要質(zhì)疑——這樣的價(jià)值觀就是美國(guó)人希望在總統(tǒng)身上看到的嗎?這些價(jià)值觀能建立起一個(gè)可持續(xù)的經(jīng)濟(jì)和支撐起強(qiáng)大、有保障的中產(chǎn)階級(jí)嗎?

????網(wǎng)站目前重點(diǎn)關(guān)注貝恩資本的三項(xiàng)交易:GST Steel、Dade Industries和Stage Stores。

????不幸的是,就像今年早些時(shí)候支持共和黨候選人紐特?金里奇的SuperPAC發(fā)布的“紀(jì)錄片”,奧巴馬的競(jìng)選團(tuán)隊(duì)也有一些可疑的細(xì)節(jié)問(wèn)題。比如,它是這么說(shuō)Dade Behring的:

????米特?羅姆尼和他的投資者接手了Dade Behring這家業(yè)務(wù)健康的公司后,讓它背上了沉重債務(wù)。他們沒(méi)有賣掉這家公司,而是讓Dade背負(fù)更多貸款買下他們的股票,將公司推入破產(chǎn)深淵。近3,000名工人失業(yè),羅姆尼及其合伙人卻賺取超過(guò)2.5億美元利潤(rùn)。

????我不知道定性為“健康公司”是基于什么。2004年,貝恩以4.48億美元收購(gòu)Baxter International旗下的醫(yī)療診斷業(yè)務(wù),創(chuàng)立了Dade International。當(dāng)時(shí),這就是一個(gè)失敗的業(yè)務(wù)部門。比如,MLA當(dāng)時(shí)剛剛?cè)∠送珼ade的一大宗血液分析儀/試劑供應(yīng)協(xié)議。Dade不僅喪失了一大塊高利潤(rùn)的經(jīng)常性收入,還多了MLA這樣一個(gè)有力的競(jìng)爭(zhēng)對(duì)手(貝恩最終在日本找到了替代供應(yīng)商)。

????我能想到的就是奧巴馬競(jìng)選團(tuán)隊(duì)巧妙地選用了Dade Behring這個(gè)名字,這是Dade International成立兩年后改用的名字,是在Bain收購(gòu)一家德國(guó)公司(Behring)和一項(xiàng)杜邦(DuPont)診斷業(yè)務(wù)之后。你也許會(huì)說(shuō),那時(shí)來(lái)看,Dade曾是一家“健康的公司”——但這全賴貝恩之賜。而且,有些“利潤(rùn)”是與收購(gòu)Behring相關(guān)的現(xiàn)金。

????先申明一點(diǎn),正如我過(guò)去所述,我并不支持貝恩在Dade所做的一切。但奧巴馬競(jìng)選團(tuán)隊(duì)也沒(méi)有任何理由往這個(gè)事情上添油加醋。

????President Obama's reelection campaign today took its most pointed shots at Mitt Romney's business career, launching a website that focuses on select Bain Capital deals from Romney's time running the private equity firm.

????Stephanie Cutter, Obama's deputy campaign manager, said the following in an email announcing the site:

????Romney and his partners bought companies across the United States, often loading them up with debt in the process. Too often, they slashed pensions, benefits, and jobs, while paying themselves and their shareholders straight from the debt they'd accumulated.

????Because of that debt, several of these businesses went bankrupt, leaving workers without jobs, without pensions, and without health care -- all while Romney and his partners walked away with millions.

????Everyone understands that businesses rise and fall -- and sometimes fail -- and no one is challenging Romney's right to run his business as he saw fit or questioning private equity as a whole.

????But when a handful of people make a fortune by putting thousands out of work and bankrupting once-healthy businesses, it's legitimate to question whether those are the values America needs in a president -- and whether those are the values that will create an economy built to last, with a strong, secure middle class.

????The website currently focuses on three Bain Capital transations: GST Steel, Dade Industries and Stage Stores.

????Unfortunately, somewhat like the "documentary" distributed earlier this year by a SuperPAC supporting Newt Gingrich, the Obama campaign gets a bit bedeviled by certain details.

????For example, look at what it says about Dade Behring:

????With Dade Behring, Mitt Romney and his investors took over a healthy company and loaded it with debt. Rather than sell the company, they then had Dade take out even more loans to buy out their shares, driving the company into bankruptcy. Nearly 3,000 workers lost their jobs, while Romney and his partners made more than $250 million in profit.

????I have no idea where the "healthy company" characterization is coming from. Bain originally created Dade International in 2004, by purchasing the medical diagnostics business of Baxter International (BAX) for $448 million. At the time, it was a failing unit. For example, MLA had just canceled a large blood analyzer/reagents supply contract with Dade. Not only did this cost Dade a large chunk of high-profit, recurring revenue, but it also set MLA up as a viable competitor (Bain ultimately found a replacement supplier in Japan).

????All I can think is that the Obama campaign cleverly used the name Dade Behring, which is what Dade International was renamed two years later once Bain had acquired both a German company (Behring) and a diagnostics unit from DuPont. One could argue that, by that point, Dade was a "healthy company" -- but only thanks to Bain's efforts. Moreover, some of those "profits" were cash tied to the Behring acquisition.

????To be clear, I'm not a big fan of what Bain did with Dade, as I've previously written. But there is no reason for the Obama campaign to embellish on the history.?

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