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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專注于報道交易和交易撮合者,從美國金融業(yè)到風(fēng)險投資業(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還曾在美國馬薩諸塞州羅克斯伯里經(jīng)營一份社區(qū)報紙。目前他居住在波士頓附近。
奧巴馬競選團隊抓住米特?羅姆尼的貝恩資本經(jīng)歷不放,大加抨擊。

????對于GS T Steel,奧巴馬競選團隊這樣寫道:

????堪薩斯城的GST Steel曾是一家成功的公司,米特?羅姆尼和其合伙人在1993年取得這家公司控制權(quán)的時候,該公司已有103年的鋼條制造史。他們壓縮產(chǎn)品線,不斷從GST Steel抽取利潤,令公司負債累累。當(dāng)公司最終宣布破產(chǎn)時,工人無法獲得全額養(yǎng)老金和醫(yī)療保險,聯(lián)邦政府只能介入為其養(yǎng)老基金提供救助。

????基本正確——雖然由于預(yù)算緊張,GS Steel事實上早就在壓縮產(chǎn)品線了——除了省略不語的部分:GST Steel倒閉時米特?羅姆尼已經(jīng)離開了貝恩。這似乎是一個相當(dāng)顯著的事實。

????另外一方面,羅姆尼的競選團隊日前也收回了候選人的一些不當(dāng)表述:羅姆尼自稱雖然他投資了GST,但沒有真正管理這家公司。如果你擁有這家公司,貝恩的確擁有,你就是負責(zé)人(包括選擇經(jīng)理人)。在杠桿控股收購中絕不會有這樣的事出現(xiàn)。

????最后是Stage Stores。內(nèi)容摘自RomneyEconomy.com網(wǎng)站:

????上世紀80年代末,米特?羅姆尼及其合伙人買了數(shù)百家成功的小型服裝店,合并組建了Stage Stores。羅姆尼和他的團隊讓這家公司負債,然后當(dāng)這家公司股價處于高點時,他們幾乎賣出了所有的股票,大賺了一筆。不到三年,該股暴跌,Stage被迫宣布破產(chǎn)。

????這些情況全都屬實,但我不知道這里是要指責(zé)羅姆尼和貝恩什么。奧巴馬競選團隊承認,Stage Stores破產(chǎn)時,貝恩已退出近三年了。貝恩或許讓這家公司背了很多債,但機構(gòu)投資者從貝恩購買這家公司股票的時候都知道——而且,顯然都認為這是可以償付的債務(wù)。除非有欺詐指控(即貝恩隱瞞這些債務(wù)),否則Stage破產(chǎn)責(zé)任很難扣在羅姆尼和貝恩的頭上。

????而且,如果貝恩要為售股后發(fā)生的事情負責(zé),那么如今Dade(隸屬于西門子(Siemens))以及Stage Stores業(yè)務(wù)興旺,是否也要歸功于貝恩呢?或者羅姆尼是否可以宣稱,他和貝恩參與投資了史泰博(Staples),這家公司之后很長時間內(nèi)創(chuàng)造的所有工作崗位也應(yīng)歸功于他呢?

????從更廣范圍來看,史蒂芬妮?卡特特意聲明沒人“質(zhì)疑私募股權(quán)整個行業(yè)”。這有些像競選團隊經(jīng)理吉姆?麥西納2月份講話的翻版。但這不是真的,不是嗎?

????在這里,貝恩被指責(zé)的一些行為事實上在私募股權(quán)行業(yè)中平??梢姟R虼?,如果“有道理質(zhì)疑這樣的價值觀是否是美國人希望在總統(tǒng)身上看到的”,就有道理質(zhì)疑私募股權(quán)是否符合美國價值觀。這完全是欲蓋彌彰。

????我已試圖聯(lián)絡(luò)奧巴馬的發(fā)言人,如有回復(fù),就會更新這篇博文。羅姆尼的團隊已發(fā)表了幾頁觀點,大部分都只是針對Solyndra貸款攻擊奧巴馬陣營(雙方都在做可笑的爭辯。)

????譯者:早稻米

????As for GS T Steel, the campaign writes:

????Kansas City's GST Steel was a successful company that had been making steel rods for 103 years when Mitt Romney and his partners took control in 1993. They cut corners and extracted profit from the business at every turn, placing it deeply in debt. When the company eventually declared bankruptcy, workers were denied their full pensions and health insurance, and the federal government was forced to step in and bail out the pension fund.

????All mostly true -- although GS Steel had already cut down its product line due to budget constraints -- except for what is omitted: Mitt Romney was no longer at Bain when GST Steel bust. Would seem to be a fairly salient fact.

????On the other hand, Romney's campaign today recycled its candidate's absurd claim that while he made the GST investment, he didn't actually run the company. If you own the company, which Bain did, you're in charge (including of picking managers). There is no such thing as an arm's-length leveraged buyouts.

????Finally, there is Stage Stores. From RomneyEconomy.com:

????In the late 1980s, Mitt Romney and his partners bought up hundreds of successful small clothing stores and combined them to form Stage Stores. Romney and his team loaded up the company with debt, and then, when the company was at its height, sold nearly all their shares at an enormous profit. In less than three years, the stock had collapsed and Stage was forced to declare bankruptcy.

????All true, but I don't quite see what Romney and Bain are being accused of here. The Obama campaign acknowledges that Bain had been out of Stage Stores for nearly three years when it went bankrupt. Bain may have heaped debt on the company, but institutional investors knew that when they bought the company's shares from Bain -- and apparently thought it was a solvent bet. Unless there is some claim of fraud (i.e., Bain somehow hiding the debt), then Stage's bankruptcy is hard to pin on Romney and Bain.

????Moreover, if Bain is going to be blamed for what happened after selling its stake, should it also get credit for the current thriving businesses of both Dade (now owned by Siemens) and Stage Stores (SSI)? Or can Romney claim credit for all those Staples (SPLS) jobs created long after he and Bain were involved with the company?

????As a broader point, it's interesting that the Stephanie Cutter went out of her way to say that no one "is questioning private equity as a whole." Kind of mirroring a similar message from campaign boss Jim Messina said back in February. But it's not really true, is it?

????Bain is being accused here of taking actions that are commonplace in private equity. So if it's "legitimate to question whether those are the values America needs in a president," then it's apparently legitimate to question whether private equity is consistent with American values. Pretty sure that's a broad brush masquerading as a razor blade.

????I've reached out to Obama spokespeople, and will update this post if they reply. Romney's team already has issued a couple pages of talking points, but most of it is simply attacking Obama for the Solyndra loans (proving that both sides can make silly arguments).

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