| Why the mainstream media keep losing paying subscribers: John Hinderaker of Powerline digs up the rest of the story, completely missed by Reuters and editorial writers like Froma Harrop (of The Civility Project fame). A taste: |
The Left is carrying out a coordinated attack on Mitt Romney's business career. One sees exactly the same allegations, often phrased identically, whether you look at the Daily Kos, the Associated Press, Slate or Think Progress, or listen to Newt Gingrich or Rick Perry. The centerpiece of the Left's attack has been Bain's involvement with two companies that merged to become Holson Burnes Group, Inc. Holson made photo albums, and Burnes made picture frames. In the late 1980s, Holson was in deep trouble because of competition from cheap imports. Bain helped to save the company, then encouraged its merger with Burnes...
Bain's stewardship helped to ensure that Holson Burnes survived and prospered. At the end of 1992, the company had 588 employees. Profitability returned in 1993 and 1994, and in 1996 Bain and the other shareholders of Holson Burnes sold the company to Newell Rubbermaid for $33.5 million. Leftists grumble that Bain and the other shareholders made money on the deal. I hope they did; they deserved to. Newell Rubbermaid's purchase of Holson Burnes made it "the world's largest manufacturer of picture frames, framed art and photo albums." In the years that have gone by since then, Holson Burnes has changed names and owners, but has continued to prosper and has employed thousands of people. It is now known as Burnes Home Accents, LLC, and has its headquarters in Atlanta.
As for Gaffney, South Carolina, the fact that its 150 citizens had jobs at Holson Burnes for only four years was unfortunate, but hardly catastrophic. The county's top economic official says:
"A 1992 decision by a company controlled by an investment firm once led by former Massachusetts Gov. Mitt Romney to close a Gaffney plant and lay off 150 workers did not have a major impact on the local economy, according to Cherokee County's top economic development official."
For your amusement, contrast Mr. Henderaker's piece with a syndicated column tossed off by the aforementioned Ms Harrop who, according to her website About page, "Previously... covered business for Reuters Ltd., in New York, and was a financial editor for The New York Times News Service."
Because we here at Rantburg are all about being fair and balanced, allowing those on all sides a voice in the conversation and a place at the table, etc and other clichés. |
| So that we can then point at the losers and laugh. |
|