Today’s number: 165
Tuesday, Oct 21, 2014 - Posted by Rich Miller
* From the Tribune’s coverage of last night’s gubernatorial debate…
But Rauner, who has run his campaign based on his business success, stumbled when asked to name a business investment that led to increased jobs in Illinois. Rauner did not list a single company, pointing the audience to the website of his former GTCR investment firm, saying it lists “hundreds of companies for everybody to see.”
* ABC 7 reported that Rauner did, however, provide a name after the debate ended…
During his post-debate news conference, Rauner was able to mention one of his many companies that had created jobs. He mentioned Actient, a North Shore healthcare company financed at one point by Rauner’s firm, GTCR.
However, he was not able to provide any details about how many jobs that firm had created when it was owned by GTCR.
* From an April 29, 2013 Dow Jones report about GTCR’s sale of Actient…
Actient has 165 employees, including 100 sales representatives
- Formerly Known As... - Thursday, Oct 9, 08 @ 7:12 pm:
== their general election effort has been confused ==
Their counters to Quinn’s attacks on Rauner also seem inconsistent.
Every time Quinn continued attacking Rauner for nursing home deaths, etc., Rauner could have continued countering with equally strong language about abuse and deaths that have occurred on the watch of DCFS, DHS, etc. Sometimes they did, sometimes they did not. Terrible as it is, in a race to the bottom you have to keep your foot on the gas at all times.
- Skeptic - Tuesday, Oct 21, 14 @ 9:10 am:
Or how many were employed before GTCR owned it?
- Spliff - Tuesday, Oct 21, 14 @ 9:11 am:
he should just point to his campaign for how many jobs he has created. Seriously in two years they haven’t been able to even spend a million bucks or 2 to buy into a company that is prosperous? It would be a good campaign prop investment like the Van, the Watch and the Carhart!
- South of Sherman - Tuesday, Oct 21, 14 @ 9:11 am:
So Rauner is responsible for unleashing 100 salespeople onto unsuspecting Illinoisans?
That alone should be enough to cost him the election.
- Illinoise - Tuesday, Oct 21, 14 @ 9:12 am:
These do not sound like jobs created as a result of his efforts. Indeed, based on his history of buying businesses, he likely looked for jobs that could be elimitated once he purchased the company.
- John A Logan - Tuesday, Oct 21, 14 @ 9:15 am:
Here is the crux of Rauner’s struggles. A man with billions of dollars, but without a quickly accessible example of job creation. The republican mantra has always been to paint private sector business men and women as “job creators.” If this is the case, then Rauner should be able to rattle off dozens of examples of jobs that have been created by him and his companies. Instead we get a moment of hesitation. I am more convinced than ever that Quinn will pull this off on election day. The amazing thing is that Rauner seems to have played into the narrative that Quinn has painted about him. Rich, out of touch, does not care about regular people. Where is the ad featuring an employee at a company of Rauner’s talking about how great it is to work for Billionaire Bruce? Apparently it does not exist. Absolutely breathtaking that Rauner is not up 10 points.
- Oswego Willy - Tuesday, Oct 21, 14 @ 9:15 am:
Good News? - Staff was able to looking to ONE company After the debate ended.
Bad News? - Staff couldn’t tell Bruce about his ONE company before the debate.
Dopes, All!
- Nonplussed - Tuesday, Oct 21, 14 @ 9:16 am:
Olive Garden created 170 new jobs.
- Peoria Guy - Tuesday, Oct 21, 14 @ 9:17 am:
^^^^^^So Rauner is responsible for unleashing 100 salespeople onto unsuspecting Illinoisans?
That alone should be enough to cost him the election. ^^^^^^^^^^^^^
Clap, clap, clap.
- Kasich Walker, Jr. - Tuesday, Oct 21, 14 @ 9:20 am:
Doesn’t all the ad time purchased in IL markets count for something, even if it was probably purchased by out of state agencies?
- chi - Tuesday, Oct 21, 14 @ 9:20 am:
From the Dow Jones Report: From the time GTCR bought it, “Actient has since made five acquisitions and built a portfolio of commercial products and pipeline programs that focus on the treatment of urological issues.”
1. So if I buy a company with ten employees, did I create ten jobs?
2. GTCR sold the company after 4 years. How many of those jobs were created in 4 years outside of acquiring employees from other companies?
3. This is the best he’s got?
4. Is the debate footage as bad as it sounds? Is there material for an ad?
- Apocalypse Now - Tuesday, Oct 21, 14 @ 9:20 am:
How many jobs did Quinn lose, while Governor?
- Just Observing - Tuesday, Oct 21, 14 @ 9:21 am:
Needless to say, Rauner should have been prepared for that question. He had to know it would come up sometime on the campaign trail. Not his finest moment.
- Ducky LaMoore - Tuesday, Oct 21, 14 @ 9:22 am:
Oh please. Bruce Rauner is not the unsuspecting dope he is pretending to be. You don’t make 60 million a year by not knowing what is going on. This guy dedicated all of his days to turning profit. He knows how bad his companies are for everyday people. He knows who he’s paid off and who owes him. So let’s not pretend he couldn’t name a company.
- walker - Tuesday, Oct 21, 14 @ 9:22 am:
Quinn’s campaign held this question for the last debate. They probably hope it is too late for a series of “my business success” ads from Rauner’s team. As Word has repeatedly pointed out, that would have helped Rauner all along.
If Rauner could throw something looking good out there next week, it would be too late for it to be debunked.
- Jorge - Tuesday, Oct 21, 14 @ 9:25 am:
Heh. Ducky, I am going to dissent just a bit. He may very well be as simple as he portrays himself. Who really buys the whole I’m cheap and own 9 homes thing.
- Anonymous - Tuesday, Oct 21, 14 @ 9:27 am:
- How many jobs did Quinn lose, while Governor? -
More people have jobs than when he became Governor, genius.
- Paddyrollingstone - Tuesday, Oct 21, 14 @ 9:27 am:
Ducky LaMoore is right. The business he was in was about maximizing profits. Period. Any job growth, social good of any kind, etc would only be incidental to the making of the profit. He was not in the business of creating jobs just creating profits.
- circularfiringsquad - Tuesday, Oct 21, 14 @ 9:28 am:
Mr/Ms Chi:
Nail squarely hit. Mitt does not create jobs he just piles companies on top of one another, squeezes and sells. He has never thought about creating jobs in his life — hence the lock jaw when asked — he thinks about sales/revenue/profits and the getaway car when the s^)^)^& hits the fan.
When do we talk about how the whack jobs will love his position on what rush calls Amnesty?
- Meanderthal - Tuesday, Oct 21, 14 @ 9:29 am:
I am sure Rauner could name companies he has invested in that have created good jobs and experienced large growth. He just doesn’t want the media and Quinn going to the company and finding the sob story of a disgruntled ex-employee or deal gone awry. Smart move if you ask me.
- Jeepster - Tuesday, Oct 21, 14 @ 9:31 am:
Rauner’s a job outsourcer and wealth builder for a small group of people. I think his strength for Illinois is that he has an iron will and fortitude to use legal and business systems to cut expenses, irrespective of the real human costs.
- Paddyrollingstone - Tuesday, Oct 21, 14 @ 9:34 am:
Meanderthal - that seems like a bit of a stretch to me. Finding a sob story or two would pale in comparison to the ability of Rauner to say, “See? I am a real businessman - I create jobs.” They are not pointing to any investments that created jobs because there aren’t any. It seems like that fastest way to maximize profits is to shed jobs - ship them somewhere cheap. That is what they did - that is what GTCR does. Whether that is good or bad is not the question here - the question is whether Rauner with all his business acumen ever did anything to create jobs in America. I suspect not.
- Langhorne - Tuesday, Oct 21, 14 @ 9:35 am:
Smart, successful, hands on…..phony
He has been at this for months and months, and he flubs a softball like this? That suggests he has a lousy staff, or he is uncoachable (more likely). Yeah, I can just imagine him negotiating w madigan over the school formula, tax policy, or the budget. Who do you think would be better prepared?
- PublicServant - Tuesday, Oct 21, 14 @ 9:40 am:
Can’t get your ratings up? Call Actient for a boost.
- PolPal56 - Tuesday, Oct 21, 14 @ 9:40 am:
Jeepster, I consider that a serious drawback and character flaw.
- chi - Tuesday, Oct 21, 14 @ 9:41 am:
=How many jobs did Quinn lose, while Governor?=
People employed as of 2/09 (Quinn sworn in 1/29/09)= 6,034,528; unemployment rate=8.5%
People employed in Illinois as of 9/09= 6,072,003; unemployment rate=6.6%
No one’s claiming the Illinois economy has been gangbusters. The entire country went through the Great Recession. But we are clearly emerging from it here in Illinois, while keeping our average household income well above the national average, getting health care to about 700k new people, investing in our infrastructure, and dealing with the debt problems created by past administrations. Rauner can say “failure” and “disaster” all he wants, but the facts don’t show it.
Source: http://data.bls.gov/timeseries/LASST170000000000006?data_tool=XGtable
- Ducky LaMoore - Tuesday, Oct 21, 14 @ 9:42 am:
@Jeepster
And that would be his fatal flaw. When you own a business, you are the owner. Typically if there are other stock holders in a private business, they are friends/people you know and trust. You can pretty much do whatever you want. When you are governor, almost everything goes through the GA. Those are probably going to be people that hate his guts. He has campaigned against Madigan and Cullerton, how will he govern with them? Iron will and fortitude won’t mean a thing when the GA adjourns with nothing done. Also, that darned pesky constitution thingy I’ve heard so much about could be a problem….
- Birdseed - Tuesday, Oct 21, 14 @ 9:44 am:
=== - Anonymous - Tuesday, Oct 21, 14 @ 9:27 am:
- How many jobs did Quinn lose, while Governor? -
More people have jobs than when he became Governor, genius. ===
Really? Might want to share your data with the Bureau of Labor, genius.
http://data.bls.gov/timeseries/LASST170000000000005?data_tool=XGtable
- Wordslinger - Tuesday, Oct 21, 14 @ 9:44 am:
The absence of a compelling and positive business narrative from the business candidate has been strange, to say the least.
Rauner’’s obviously not good on his feet, but c’mon — that’s not a gotcha question.
To borrow from “Office Space” — “What would you say you’ve been doing here all your adult life?”
What have the cheez-whiz kids been doing for the last year-plus, besides cashing checks? The story should have been tight as a drum on Day One. You didn’t see it coming?
To have your guy choke like that on a simple, basic question in the last debate on Oct. 20 is malpractice.
- chi - Tuesday, Oct 21, 14 @ 9:49 am:
=Really? Might want to share your data with the Bureau of Labor, genius.=
Birdseed, as noted above, the very data you point to show more people employed. See my post above.
- Robert the Bruce - Tuesday, Oct 21, 14 @ 9:51 am:
love the google…Even the company he did own that supposedly created Illinois jobs, Actient, outsourced its manufacturing of erectile dysfunction drug to Germany. That’s probably why the Illinois jobs were mainly sales… https://druginserts.com/lib/rx/meds/edex/page/3/
- Paddyrollingstone - Tuesday, Oct 21, 14 @ 9:51 am:
Wordslinger - Good quote. If Bruce Rauner was in Office Space, he would be the boss of the two Bobs.
Bob Porter: We’re gonna be getting rid of these people here… First, Mr. Samir Naga… Naga… Naga… Not gonna work here anymore, anyway.
- Anonymous - Tuesday, Oct 21, 14 @ 9:51 am:
Birdseed, agree with Chi, yr data show more people employed. (A drop in labor force participation, which is a result of a lot of different factors, but more employed.) Genius.
- Team Sleep - Tuesday, Oct 21, 14 @ 9:53 am:
I’ll give Pat Quinn credit when it comes to being honest. Pat Quinn is who he is and he doesn’t try to hide or cover it up.
Bruce Rauner needs to just admit whatever it is that’s in front of him. He made his money as an investor. What’s wrong with saying he understands business and the markets? Instead he tries to come across as a job creator.
Oliver Stone helped “educate” the public on how Wall Street works. A lot of people have invested resources into retirement accounts and college savings accounts or they have a pension or 401(k) system through work that invests their withholdings for them. Rauner should play that up. That’s a strength of his and it’s not hard to relay that. But - again - he’s trying to be something he’s not.
- Dee Lay - Tuesday, Oct 21, 14 @ 9:54 am:
How long until the Quinn’s folks drop an ad on this?
- Kasich Walker, Jr. - Tuesday, Oct 21, 14 @ 9:58 am:
“The absence of a compelling and positive business narrative from the business candidate has been strange…”
Wordslinger, I suspect that narrative has been missing because Rauner’s advisors have researched it & it didn’t sell with their focus groups and/or consultants.
Rauner’s message of “Vote for me — I will outperform and beat everyone else - we’re the greatest & best on the planet” last night is similar, but maybe that was him speaking from the gut and not from his advisory group.
That message seemed forced from the outsourcer — didn’t seem to go over well. This is still a culture that generally accepts the golden rule.
- Angry Republican - Tuesday, Oct 21, 14 @ 9:59 am:
There is absolutely NO WAY Bruce Rauner the businessman would ever consider candidate Bruce Rauner for job when, candidate Bruce Rauner can’t even answer the simplest question. Does he really think people are going to vote for him because he accumulated a lot of wealth, so by default he must be smart?
The election isn’t over, but it’s over. The only surprise on election night will be if Quinn wins by less than 5 points.
- Formerly Known As... - Tuesday, Oct 21, 14 @ 10:01 am:
I have my questions about the way Rauner does business, but some are taking things a bit too far on this one.
The man made $60 million more than most of us by destroying every business he touched? Driving them all into bankruptcy? Completely failing to create any jobs in the process of investing in all those businesses?
It’s not like the guy was making his money off of trading. He invests in brick and mortar companies.
- Levi - Tuesday, Oct 21, 14 @ 10:03 am:
Re: Chi at 9:20, I can’t speak for anybody else, but a urological pipeline doesn’t sound like anything I’d want.
- Precinct Captain - Tuesday, Oct 21, 14 @ 10:03 am:
What’s the net after you count how Bruce Rauner laid off one third of the staff at DB Aviation in Waukegan and the entire Illinois staff at Zefer?
- Jeepster - Tuesday, Oct 21, 14 @ 10:04 am:
PolPal56: “I consider that a serious drawback and character flaw.”
I agree - he had three debates to demonstrate he had a heart and he never did…
And I don’t equate giving away a tiny chunk of an ethically obtained fortune, as having (or buying) a heart.
I fully believe Rauner will do everything in his power to avoid paying pensions and retiree healthcare. Haircuts for the workers and tax cuts for the rich seems to be his mantra. I also suspect that when government gets outsourced, GTCR companies will be there to collect the contracts and maximize the profits, irrespective of the human toll.
- Jeepster - Tuesday, Oct 21, 14 @ 10:08 am:
Kasich Walker “I suspect that narrative has been missing because Rauner’s advisors have researched it & it didn’t sell with their focus groups and/or consultants.”
He doesn’t have one that can withstand scrutiny. I suspect we’ll see a job creation TV ad starting about 2 days before the election.
- Oswego Willy - Tuesday, Oct 21, 14 @ 10:10 am:
(Fade in to Bruce Rauner speaking)
“I’ve been successful at everything”
Successful at everything? When Bruce Rauner was asked..,
(Cut to debate)
“Name one Company …”
(Cut to Rauner at podium)
Bruce Rauner couldn’t name one successful Illinois company that added jobs. Not one company.
(Cut to Rauner speaking again)
“I’ve been a success at everything.”
Can’t name one successful Illinois company?
Did Bruce Rauner thing no one would find out?
- Kasich Walker, Jr. - Tuesday, Oct 21, 14 @ 10:10 am:
@jeepster & anyone else:
Does anyone know any undecided voters in this gubernatorial race?
- Del Clinkton - Tuesday, Oct 21, 14 @ 10:12 am:
I dont care if he can answer the question or not. What bothers me is his sheer arrogance that someone would even ask, demonstrated by his body language.
Bruce: if you decide to run for PUBLIC office then your life becomes PUBLIC. Dont like it? Then do a “Palin” and quit.
- pundent - Tuesday, Oct 21, 14 @ 10:13 am:
Rauner is a private equity investor. Private equity firms by their very nature aren’t interested in building companies and adding jobs. Their focus is to buy distressed businesses and flip them. Typically this means improving margins in the short term by any means possible. Now that strategy in and of itself is not necessarily a bad thing and there is an argument that absent an investment by GTCR or any other firm many of these companies won’t survive. The goals of GTCR aren’t altruistic at all. It’s all about making a quick buck. Rauner needs to own that reality. Not acknowledging it does more harm than good.
- Anonymous - Tuesday, Oct 21, 14 @ 10:16 am:
Bruce claims the way to create jobs is to reduce taxes on businesses and the wealthy. Can he give 1 example to prove his theory? The middle and lower classes have not seen trickle down economics work for them.
- Grandson of Man - Tuesday, Oct 21, 14 @ 10:19 am:
Rauner again held up government workers’ pensions as his company’s shining example of job creation. Holy socialism, Batman!
I read an article about Bain Capital a few years ago, during the presidential election. A private equity type seemed puzzled at the notion of job creation and said something like the firm is not in business to create jobs, but to create wealth.
- Casual Observer - Tuesday, Oct 21, 14 @ 10:24 am:
Anonymous at 10:18 wasme. Sorry.
- Casual Observer - Tuesday, Oct 21, 14 @ 10:25 am:
Ugh. 10:16… Sigh.
- Wordslinger - Tuesday, Oct 21, 14 @ 10:26 am:
Kaisich, you’re giving the Rauner crew more credit for a thoughtful strategy than I do.
The pretty much got a pass in the primary, but their general election effort has been confused.
Going dark in the summer when Quinn was on the ropes; sticking to the Regular Joe story to absurd lengths, then abandoning it; “discovering” the Harold Washington tape, then abandoning it; allowing Quinn to define Rauner’s business record unchallenged; building up NRI expectations that were beyond their control; the “detailed plans” fiascos……
Seriously, six months ago, did you think this would be a toss up?
- Bigtwich - Tuesday, Oct 21, 14 @ 10:31 am:
A “Sorry. Oops.” moment.
- Kasich Walker, Jr. - Tuesday, Oct 21, 14 @ 10:33 am:
“…. six months ago, did you think this would be a toss up?”
No, but where is the polling data coming from? How many voters even answer phone calls without recognizing a contact or the phone number of the caller?
Does anyone know any undecided voters in this race?
- Formerly Known As... - Tuesday, Oct 21, 14 @ 10:33 am:
== Does anyone know any undecided voters in this gubernatorial race? ==
I do, in both parties. It is not a result of them wavering over who is the better candidate, but who is the least worst.
If I had to generalize, and obviously this is anecdotal, the undecided Democrats seem closer to coming home to Quinn than the undecided Republicans are to supporting Rauner.
There are also a handful of what I call the == angry Democrats ==, who surprisingly are still so upset with Quinn and the state of our state that they are voting for Rauner and have been voting for Rauner for months. No matter what stories emerge about Rauner or his business dealings, it makes no difference to them since their frustration with Quinn is so strong.
- Formerly Known As... - Tuesday, Oct 21, 14 @ 10:54 am:
== their general election effort has been confused ==
Their counters to Quinn’s attacks on Rauner also seem confused and inconsistent.
Every time Quinn continued attacking Rauner for nursing home deaths, etc., Rauner could have continued countering with equally strong language about abuse and deaths that have occurred on the watch of DCFS, DHS, etc. Sometimes they did, sometimes they did not. Terrible as it is, in a race to the bottom you have to keep your foot on the gas at all times.
- Wordslinger - Tuesday, Oct 21, 14 @ 10:56 am:
Seriously, the one success story is sales jobs for an erectile dysfunction drug?
The Testicular Virility Govenor. — it’s been done.
- A guy... - Tuesday, Oct 21, 14 @ 3:05 pm:
===Wordslinger - Tuesday, Oct 21, 14 @ 10:56 am:
Seriously, the one success story is sales jobs for an erectile dysfunction drug?===
How does that not move you from undecided to + ?
- Levi - Tuesday, Oct 21, 14 @ 3:11 pm:
It’s not two weeks to election day. Election day is today all over the state, and yesterday, and tomorrow, for the next two weeks. I voted yesterday. I’d say these early voters would’ve been unlikely to switch anyway, but once folks start voting, there are a lot fewer people out there in the “gettable” universe for Rauner to make up ground. I’ll be surprised if Quinn doesn’t win this one by more than he won against Brady, and a win like that will be sure to kick off a new round of Republican recriminations and navel-gazing and to breathe new life into the Alan Keyes wing of the party.
- walker - Tuesday, Oct 21, 14 @ 3:13 pm:
Formerly Known As:
You are assuming, as I did, that as successful as he and GTCR were as investors, there must be many available job-creation stories for Rauner to use.
Do you have an idea then, why he just cannot, or chooses not to come up with one?
Is he stuck in a rut of never really considering job creation as a success factor? I am beginning to really wonder about his routes to success.
- walker - Tuesday, Oct 21, 14 @ 3:24 pm:
===”Does anyone know any undecided voters in this gubernatorial race”.===
Just talked with three undecided at lunch today (Cook Co Suburb). All three were dissatisfied with Quinn, and frightened of Rauner.
We on this blog are pretty jaded by now. A lot of voters are just starting to pay serious attention this week.
- Arthur Andersen - Tuesday, Oct 21, 14 @ 3:27 pm:
I found one right here in Illinois. The investment was made after Bruce left the Firm, so perhaps it doesn’t count.
On the other hand, bragging about a “specialty pharmacuticals” company where the top seller is a suppository has its own issues.
- walker - Tuesday, Oct 21, 14 @ 4:01 pm:
There’s a pattern here: Many of Rauner’s “growth” opportunities seemed to be associated with Medicaid expansion, healthcare providers, pharmaceuticals, and selling healthcare services.
In other words he was leveraging the private industry opportunities for profits partly created by “Obamacare.”
A lot of private companies and investors have made millions from it. Ironic, isn’t it, to see some of those who support Rauner, also call for repeal of that moneymaker.
- Arthur Andersen - Tuesday, Oct 21, 14 @ 5:28 pm:
walker, that is true, but to be fair, the Firm was investing in healthcare-related companies going back to the 1990s.
- Rodrigo - Thursday, Nov 6, 14 @ 7:28 am:
I’m not that much of a online reader to be honest but your
sites really nice, keep it up! I’ll go ahead and bookmark your site to come back down the road.
Cheers