With the release of the "Bain Files," Gawker proves to be on the verge of becoming a legitimate news source. With major pick-ups by major news organizations across the globe, we hope that Gawker pursues more of this kind of content, while limiting the nude photos of dead gun men. That said, "The Bain Files" demonstrate that the true goal of today's investment firms is not to build and support "business-building" in the traditional sense, but to help hyper-wealthy clients to profit from the misery of others.
Through short-sales, default swaps, and
leveraged buyouts, firms such as Bain bet against American business and
innovation, while minimizing (to the extreme) the tax liability
of the firm's partners.
One wonders how much these schemes have
contributed to the national debt and our annual state, federal, and
local budget deficits, as the wealthiest among us seek to pay lower
rates than their landscapers, cooks, and maids.