I found it ironic that President Obama and some of the talking heads in the media have attacked Mitt Romney as a venture capitalist. Romney cofounded Bain Capital and increased the worth of companies it partnered with by more than $105 billion, creating thousands of jobs in the process! Among the companies Bain helped were Staples, Sports Authority and Steel Dynamics.
Obama’s “venture capitalism” hasn’t gone so well. Chrysler closed 789 dealers, about 40 percent of the dealerships, during the government-directed reorganization of General Motors. These closures led to the loss of about 187,000 jobs. Obama also launched a venture capital program promoting green energy. All of the companies in which Obama has invested your tax dollars have failed and cost the American taxpayers billions of dollars.
Included in the cost to taxpayers is the failure of Solyndra, at $500 million. The A123 Systems battery company cost taxpayers $380 million in government loans. Fisker Motors received $500 million in energy loan guarantees and the company produced a $100,000 car in Finland that went 182 miles before it died. Tesla Motors received more than $500 million in government-guaranteed loans and has yet to create a profit. Beacon Power received $43 million in government loans and has gone bankrupt.
There are 11 other companies where the “Obama Venture Capital Company” has wasted your tax dollars! Obama also spent $500 million in green-job training for jobs that don’t exist.
I will compare Romney’s time at Bain Capital against Obama’s “venture capitalism” any day of the week. Obama cost us billions using our tax dollars in “bets,” to use the president’s word! Romney made himself millions and created jobs for thousands without using taxpayers’ money!
David G. Brown