Is there one person who voted for Mitt Romney who could honestly say they’d welcome the thought of Bain Capital “acquiring” their employer? One person? No? BUT YOU VOTED FOR HIM ANYWAY?
“Clear Channel, the largest radio station operator in the country, is partially owned by Bain Capital, which is the company founded and previously run by former Republican presidential candidate Mitt Romney.
Debt-ridden Clear Channel, headquartered in San Antonio, has been quietly pruning its corporate structure since late 2011.
On-air talent and behind-the-scenes employees have been shown the door or programming has been eliminated in markets that include Los Angeles, Boston, Tampa, San Diego, Madison, Wis., Springfield, Mo., Oklahoma City, Nashville, and, most recently, Toledo.
Bain Capital and Thomas H. Lee Partners, two private-equity firms, finalized their $26.7 billion purchase of Clear Channel in July, 2008, loading the company with debt. According to Clear Channel’s Nov. 2 filing with the U.S. Securities and Exchange Commission, the company had $16.4 billion in debt.
The company’s debt must be repaid throughout the decade and comes due as soon as 2014. The 2008 sale was the catalyst for thousands of layoffs as Clear Channel restructured.”
No wonder Romney was so shell-shocked the night of Nov 6. They threw money at everything in sight: commercials, state governors, voting machines, and even far-right Clear Channel – the home of the largest sack of shit with its own radio show in America.
And Mitt Romney still lost!