Las Vegas Sun

May 5, 2015

Currently: 82° — Complete forecast | Log in | Create an account

Letter to the editor:

‘Greedy’ people can do good work

In his May 28 letter, Richard J. Mundy claims Mitt Romney did not have job creation as his main motivation at Bain Capital. He says it was all about making money.

He’s right.

In 1978, I invested $135,000 in a startup company in an undeveloped industry. We were the pioneers. This business grew at an unbelievable rate. The company was three times in Fortune Magazine’s 100 fastest growing privately-held American companies in our first eight years. Currently, the company has 1,500 employees and 650 dealers in all 50 states and provinces in Canada as well as 250 more in 40 other foreign countries. We worked day and night, and most weekends, to make it all happen.

Other companies got into the business, perhaps now as many as 80-90 manufacturers. We still maintain our reputation as the prime manufacturer, and we dominate the industry with around 35 percent of the market share.

When you count our employees, the suppliers for our manufacturing services and materials, and the 900 dealers, who have an average of 10 employees, it’s fair to say my initial investment created at least 10,000 new jobs. We won’t take credit for the rest of the industry, just the ones we directly affected.

We are very happy and proud for all the good we did, but we really did it for the money!

That’s how it works. Good things happen when capitalism flourishes. That’s my story, and it is Mitt Romney’s, as well.

“Greedy” capitalists do good work for everybody.

Join the Discussion:

Check this out for a full explanation of our conversion to the LiveFyre commenting system and instructions on how to sign up for an account.

Full comments policy

Previous Discussion: 17 comments so far…

Comments are moderated by Las Vegas Sun editors. Our goal is not to limit the discussion, but rather to elevate it. Comments should be relevant and contain no abusive language. Comments that are off-topic, vulgar, profane or include personal attacks will be removed. Full comments policy. Additionally, we now display comments from trusted commenters by default. Those wishing to become a trusted commenter need to verify their identity or sign in with Facebook Connect to tie their Facebook account to their Las Vegas Sun account. For more on this change, read our story about how it works and why we did it.

Only trusted comments are displayed on this page. Untrusted comments have expired from this story.

  1. OT Neal describes a highly successful business he started up that blossomed into profits and jobs, and was three times listed in the Fortune 100's fastest growing privately held American companies. While Neal attributes this feat to make money, without any remorse, it is clear that an achievement of this nature required taking the risk of investing $135,000, and the drive and competence to achieve a dream.

    Under the present Obama administration with all of its regulatory burdens and the current business climate filled with tax and healthcare uncertainties it is highly doubtful that Neal would have found the risk taking climate friendly enough to initiate his business, and achieve the success that he did. At least this is the mind set of Bernie Marcus, one of the founding members of the retail business giant Home Depot that was a startup in 1978.

    Marcus indicates that president Obama has never held a real job, and is totally without the experience and knowledge required to understand and lead in the quest for reviving the economy. Worse yet, Marcus maintains that Obama has surrounded himself with academics who likewise have never held real jobs or been responsible for meeting a payroll and living within the constraints of a budget.

    With individuals like these leading the executive branch is it any wonder that we are bogged down and making little headway in reviving our economy?

  2. "Greedy" capitalists do good work for everybody?

    Not necessrily and certainly not always. Or have we forgotten the mortgage and credit crisis that caused the Great Recession. Job creation from this "good work" was negative 8 million jobs.

  3. 'Greedy' people can do good chance. But most of the time they don't.

  4. You waste your time, energy and breath on the functionally illiterate economic drones who generally don't have two dimes to rub together but believe they can figure out how to run a business. They also generally have never had the guts, intelligence or background to risk their own money (however little they possess) in opening a business. Generally, they are envious of those of us who were willing to take a chance, they covet what we earned and our success and are frustrated at their low station in life. Generally, they are parasites; living off the hard work and efforts of others. Generally, they are insignificant drones who live & die anonymously in obscurity. In other words, they contribute little, consume a lot and matter not a whit in the big picture!

  5. Of course capitalism creates growth and most business owners work long and hard mainly to further their self interest. I ran my own business in Canada for 36 years before retiring.
    The complaint that many of us have is the way capitalism has evolved in the past fifteen or twenty years, stressing globalization and maximizing shareholder value as the prime command.
    This has resulted in far too many fine North American jobs being shipped offshore, which is decimating the middle class. Another negative offshoot of what many of us now term "greedy capitalism" is the rush to get rid of permanent employees and replace them with part-time workers in order to save on benefits. The work force does seem to have been turned into just another commodity.
    This new brand of capitalism is rapidly ruining American and Canadian societies.
    Being something of a cynic, I have my doubts that either of your political parties will be capable of reversing this perverse form of capitalism, which will eventually eradicate the middle class altogether. Our countries will be much meaner places for most of us to live once wealth is concentrated in the hands of the corporations and the mega rich individuals.
    Maximizing shareholder value unfortunately results in the failure to share wealth, and that is sad.

  6. Obviously doing the work of God ; just like old blankfein and when it all falls apart gets the rest of us wage slaves to bail him out. Is it better to be a parasite or a predator ? How about rejecting social darwism altogether and see that the wealthy and their progeny are unfairly rewarded to the detriment of we poor.

  7. That was social darwinism

  8. Exploit poverty for cheap labor then crow about how great a capitalist you are......yeah thats the ticket.

  9. Give all the money to the trust fund silver spoons like Willard and W ( they never really worked a day in their lives)...........thats the ticket !!!

  10. Mr. Neal, seems Ayn Rand is just not read as much as she used to be. Atlas Shrugged, for example. Maybe Senator RAND Paul could explain it to us. Greed is good. Not Gorden Grego or whoever, but capitalism has many benefits via side effects. Oh yes, the sweat shops mean the minions must work--but they get to eat--and that's a heck of a lot better than when they were cold and hungry.

  11. Seriously...

    The letter writer and the TeaNuts posting their 'Daily Drivel' are PROPAGANDISTS.

    To the Windbag & co., I say...
    Get a LIFE, or a HOBBY!

  12. Agree. Good article.

    The liberals will love your story, be prepared for their blood sucking lazy pathetic no good for nothing liberals and their offspring to come to your place of business and try to suck you dry as they've done to anyone else who doesn't' give them their free ride for them too continue their lazy pathetic life. When they put you out of business and create another 100,000 welfare recipients, they've succeeded with their goals.

  13. Mark: Is that "Cherokee" Elizabeth Warren? You know, the creepy MA candidate who lied on her resumes to get jobs she wasn't qualified for? Now she & her supporters want to talk about "important" issues. Yeah, as if being a bald-faced liar isn't important. I guess she learned at the knee of Al Sharpton, the court-proven liar, and a fellow "minority."

  14. Republicans isn't the case against Ensign dropped as it is the case most times for the leisure class ?

  15. Elizabeth Warren aka Fauxcahontas.

  16. The dogs of the energy sector are let loose upon us- the atmosphere is certainly going to them.

  17. Liberals complain about job losses and their own party is primarily responsible for most the job losses we have today and we will have for years to come and they complain about the rich, liberals are some of the richest people around.

    Look at your own party of the last 10 years, how many of them have a net worth of $50, $100, $200, million or even in the billions and more? The list is quite extensive and they use the same tax code system as Romney and Wall Street and anyone else who has a high net worth or ones that are building their net worth to protect their assets from lawyers and blood sucking free loaders; it's called sound business and they all use irrevocable trusts, tax shelters, and overseas accounts, assets hidden in trusts and buried in investments or businesses that depreciate the assets, tax free bonds, foreign investments, cheap labor oversees, cheap labor in manufacturing, etc"etc"etc"

    Let us look at the job losses under liberals, we'll start with construction since that industry is one of the biggest job creators and supports every aspect of manufacturing, retail, and goods. We'll get right the point on these job losses, permits, the permit process takes anywhere from 2 to 40 years to attain, that's if they can get past the EIR, EIS, USACE, Endangered Species Act, Air Quality, Water Quality, and many more.

    When they do get permits now they have to contend with the environmental lawsuits that always follow after they've spent millions upon millions to see if they can even get a permit. Now comes the lawyer fees, this adds another few million and years to the process. Keep in mind their own people granted the permit in the first place, it's just SOP to file a lawsuit and suck more money from the developer/builder/taxpayers.

    Finally if and when the permits are granted and the developer or builder wins the court battle, now they have to deal with the unions and public works officials and their greedy hands into the pie.

    When it's all said and done, it's not about jobs; it's about how much money they can suck from anyone and taxpayers before anything can progress. It's a system they've designed and we're paying for it and you don't have jobs for that reason.

    There is more, you all whine about Real Estate, news flash for you, BLM is the largest recipient of money from land sales that the banks paid for that we bailed out. The price per acre of land BLM sold to developers exceeded $1,000,000.00 an acre that the banks loaned and we paid for. This alone accounts for a few trillion over the USA sales made over the building boom. Where did that money go? It's not rocket science where it went.