We believe in capitalism.
That means there are winners and losers in the marketplace. But competition makes all players more efficient, which is great for customers. Failing businesses need to radically change how they do things to become competitive again, or they go out of business.
Those business leaders who have the courage to make the tough—and often very painful—decisions, to re-organize in order to save a company from bankruptcy are often rewarded financially. But there are other winners when a business is turned around, including those who are still employed, the investors, the customers of that business, and lest we forget, the government. The taxes collected from employees, stockholders, customers through sales tax, and the business through property and income taxes help keep revenue for governmental services flowing.
While it has become trendy to lampoon venture capitalists who have successfully turned around failing businesses, I believe it is worth recognizing these people who have helped so many by risking their wealth to save a business. In fact, I wish to recognize and celebrate one such man.
Through his venture capital company, Vestar Venture Capital, this man was part of a team that closed a Del Monte Foods plant in California, sadly displacing hundreds of employees…but today Del Monte is still alive and thriving.
His venture capital firm laid-off hundreds of workers at Birdseye Foods…but hundreds are still employed because Birdseye did not fail.
His venture capital firm closed three domestic factories with the Solo Cup Company costing hundreds of jobs…But Solo Cup is still in business, supplying real jobs.
Who is this courageous and successful business man? It’s the national co-chair of the Obama re-election campaign, our former Denver Mayor Federico Peña.
I believe this is a story worth telling. But the media in Denver, including the paper of record, the Denver Post, won’t touch it. I am asking for your help in celebrating the venture capital success of Pena by helping raise the funds needed for a full-page announcement in the Denver Post. If we can raise $23,000 we will run a full-page “thank you” to the national co-chair of the Obama reelection campaign and help educate the hundreds of thousands of Post readers to the importance of capitalism.
If you believe this is a success story that should be shared, a story that should be in the Denver Post, please donate today. Help us celebrate capitalism. You can make this happen – donate here. You may see a mock-up of our ad here.
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