Posts Tagged ‘Steve Jobs’

What do Mitt Romney and Steve Jobs have in common?

May 23, 2012

I love the irony when it’s revealed that a villain and a hero are found guilty (innocent?) of similar deeds.

Past couple of weeks, Team O has been pouncing on Mitt & Bain for the evil done by private equity firms.

And, for years, Steve Jobs has been revered for his magic at Apple.

Here’s an interesting snippet from an NRO article: Praise Private Equity

Just months before Romney’s career at Bain Capital became controversial, Americans mourned the death of Apple CEO Steve Jobs.

And yet when Jobs returned to Apple in 1997, Jobs returned as an angel of destruction. He fired over 3,000 employees, a move that helped swing Apple from a $1.05 billion annual loss to a $309 million profit.

He shut down Apple’s manufacturing facilities and outsourced almost every aspect of production.

He swung the axe pitilessly, since he was convinced that survival requires leanness.

And in the 14 years after Jobs returned, employment levels at Apple soared.

Apple’s manufacturing work force was eventually replaced by engineers, support staff, and — in a move that would have surprised many in 1997 — a vast army of retail employees.

The destruction was a prerequisite for the creation, and for the transformation of a wounded technology firm into one of the world’s most valuable public companies.

And, oh yeah, Apple is insanely profitable … and pays no Federal income taxes.

Jobs is good; Romney is bad.

Hmmm …

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