Monday, May 20 2013 4:49 PM EDT2013-05-20 20:49:06 GMT
Ahead of a Senate Finance Committee hearing on Tuesday, the top Democrat and Republican on the panel are demanding to know the names of all IRS workers in Cincinnati who were aware that conservative groupsFull Story >
Ahead of a Senate Finance Committee hearing on Tuesday, the top Democrat and Republican on the panel are demanding to know the names of all IRS workers in Cincinnati who were aware that conservative groups were getting extra scrutiny, FOX19 has learned.Full Story >
Monday, May 20 2013 4:48 PM EDT2013-05-20 20:48:40 GMT
(RNN) – A day after long track tornadoes devastated Shawnee and Edmond, OK, another round has begun near Oklahoma City.KOCO broadcast a slow rotating cloud that slowly extended down towards the groundFull Story >
Large tornado is on the ground near Oklahoma City a day after the Midwest experienced severe weather and numerous tornadoes. Full Story >
Monday, May 20 2013 4:43 PM EDT2013-05-20 20:43:58 GMT
A Hamilton man has been arrested after a weeklong crime spree in Butler County. The crime spree started on May 11 when a woman came out of her bedroom to find her purse and vehicle had been stolen. Wright'sFull Story >
A Hamilton man has been arrested after a weeklong crime spree in Butler County.Full Story >
Monday, May 20 2013 4:19 PM EDT2013-05-20 20:19:15 GMT
House Oversight and Government Reform Committee Chairman Darrell Issa, R-Calif., announced on Monday that the Committee will hold a hearing on political targeting at the Internal Revenue Service next Wednesday. "TheFull Story >
House Oversight and Government Reform Committee Chairman Darrell Issa, R-Calif., announced on Monday that the Committee will hold a hearing on political targeting at the Internal Revenue Service next Wednesday. Full Story >
(FOX19) - Mitt Romney has taken a lot of heat over the last few days for reportedly saying that he "likes to fire people." Was that statement taken out of context?
Before we get to what Romney said, lets put things into context.
One of the areas the former governor has been pounded on as of late is on his time at Bain Capital.
If you aren't savvy on what a private equity firm like Bain does, let me explain.
After earning degrees from Harvard Law and Harvard Business School, Romney landed at consulting firm Bain & Co.
In 1984, he was selected to lead Bain Capital. Bain Capital initially specialized in venture capital deals. That is where investors, like Bain, will take an equity stake in a developing or struggling company, restructure the company and make a profit.
Bain Capital would eventually move to more lucrative, and risky, investment strategy called leveraged buyouts.
In you buy a company with borrowed money and then use the companies assets as collateral. Bain made a lot of money - $2.5 billion made on investments of $1.1 billion.
The Wall Street Journal reports that from 1984 to 1999, during the time Romney was at helm, 77 companies were restructured. Of those 77 companies, 22 percent declared bankruptcy or closed within eight years of Bain's initial investment.
So if it is all free enterprise, what is the problem here?
In many cases, such as Staples, the company expanded and added thousands of jobs. Romney claims Bain created at least 100,000 jobs. But if you look into those numbers, they aren't really something you can prove because Bain Capital never kept portfolio payroll data.
The Romney campaign came up with those numbers by looking at three companies, Staples, Sports Authority and Dominos, in which Bain invested including time after Romney left.
But what about the losses?
In cases, such as Ampad or the American Pad and Paper Company, a company that sold yellow paper pads through Wal-mart and Staples, Bain cut 185 jobs and the company wound up in bankruptcy. Stockholders were left with worthless shares. Creditors and vendors were paid less than 50 cents on the dollar.
But even as jobs were lost, in almost all cases Bain Capital made money. In fact, Bain earned substantially more from Ampad than Staples. Staples returned about $13 million on a $2 million investment; Ampad yielded more than $100 million on a $5 million investment.
So, to the question of whether or not Mitt Romney likes to fire people? Candidates have been all of former governor for that statement.
So what did Romney say, in context? The former governor was talking about being able to choose his own healthcare.
"I want individuals to have their own insurance that means the insurance company will have an incentive to keep you healthy. It also means if you don't like what they do you can fire them. I like being able to fire people who provide services to me," Romney told a crowd in New Hampshire.
Here's what you need to know.
It is painfully clear that Romney was taken out of context. Any candidate who piled on should be embarrassed.
But there is a bigger question here.
For months Romney has been touted as the candidate who really knows economics and can get people working again.
It is true that about 70 percent of the companies Bain invested in did well. It is true that at Bain Capital, Romney and his investors did extremely well. It is also true that in a free market, there are winners and losers, not every company makes it.
But an equity firm is not like building a company from the ground up by creating or inventing a product.
So the question, is the Romney economic narrative as we learn more about it something independent voters will get behind?
Monday, May 20 2013 3:10 PM EDT2013-05-20 19:10:48 GMT
Several people are arrested after a raid at a Sycamore Township motel. Deputies raided the Drake Motel, located on Reading Road, on Monday morning. Several people were arrested at the scene but no namesFull Story >
Several people have been arrested after a raid at a Sycamore Township motel. Full Story >
Monday, May 20 2013 9:21 AM EDT2013-05-20 13:21:47 GMT
WILMINGTON, NC (WECT) - An Army wife who lost over 100 pounds while her husband was away in Afghanistan surprised the soldier Wednesday when he arrived at Wilmington International Airport. Misty Shaffer,Full Story >
A soldier from Wilmington returns from Afghanistan to a big surprise: a new wife, a new house and a different child.Full Story >
Experts say the officer who killed a Long Island college student and a home invasion suspect on Friday was confronted with a split-second choice.Full Story >
The godfather of a New York college student accidentally killed by a police bullet says the officer should have negotiated instead of firing as an armed intruder held the young woman hostage.Full Story >
Monday, May 20 2013 11:30 AM EDT2013-05-20 15:30:16 GMT
Authorities are investigating a shooting in Liberty Township. The shooting happened Sunday afternoon at the Countryside Village Mobile Home park off of State Route 4 in Liberty, Ohio. FOX19 has a crewFull Story >
The shooting happened Sunday afternoon at the Countryside Village Mobile Home park off of State Route 4 in Liberty, Ohio.Full Story >
Monday, May 20 2013 6:51 AM EDT2013-05-20 10:51:11 GMT
As we continue our series, "Around the World in Cincinnati," our Tracey Johnson shares the connection they have with the Nigerian community here in the tri state. Tracey says that she knew it would beFull Story >
Tracey says that she knew it would be a trip of a lifetime for her family but she never imagined that their first trip to west Africa would not be the last.Full Story >
An Oregon girl abducted as a baby and missing for 18 years finally emerged in Dallas this week when her mother turned herself in to authorities, according to the Polk County Sheriff's Department. Full Story >
An Oregon girl abducted as a baby and missing for 18 years finally emerged in Dallas this week when her mother turned herself in to authorities, according to the Polk County Sheriff's Department.Full Story >
Sunday, May 19 2013 5:33 PM EDT2013-05-19 21:33:10 GMT
Warren County authorities are investigating two bodies found in a home on Sunday. Officials were called to a residence in the 3900 block of Riley Avenue in South Lebanon around 10 a.m. Sunday morning. LittleFull Story >
Warren County authorities are investigating two bodies found in a home on Sunday. Officials were called to a residence in the 3900 block of Riley Avenue in South Lebanon around 10 a.m. Sunday morning.Full Story >
Monday, May 6 2013 1:29 PM EDT2013-05-06 17:29:07 GMT
A man charged with public indecency is expected to appear in court. Police say 36-year-old Jason Fletcher and Laura Oditt engaged in sexual conduct in a public place. The location is not named in courtFull Story >
A man charged with public indecency is expected to appear in court.Full Story >
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