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Donald Morrison: The financialization of America


On Sept. 21, 1946, Harry and Joseph Kaufman opened a toy store at 70 Columbus Ave. in Pittsfield.
KB Toys prospered, changed owners a few times and, by 2000, was one of the largest toy retailers in America, with more than 1,000 stores in malls across the country.
That year, KB Toys was bought for $302 million by Bain Capital, a private equity firm headed by future Massachusetts Gov. Mitt Romney. Under Bain, the company borrowed heavily, used much of that money to pay Romney’s firm a large dividend, and went out of business in 2009.
America used to make things. Today, its principal activity seems to be financial engineering. ....

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CSPAN U June 14, 2012

Transcripts For CSPAN U 20120614
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