Greed and Debt: The True Story of Mitt Romney and Bain Capital

  • metta

    Posts: 39089

    Aug 30, 2012 7:03 AM GMT
    Greed and Debt: The True Story of Mitt Romney and Bain Capital



    "But what most voters don't know is the way Mitt Romney actually made his fortune: by borrowing vast sums of money that other people were forced to pay back. This is the plain, stark reality that has somehow eluded America's top political journalists for two consecutive presidential campaigns: Mitt Romney is one of the greatest and most irresponsible debt creators of all time. In the past few decades, in fact, Romney has piled more debt onto more unsuspecting companies, written more gigantic checks that other people have to cover, than perhaps all but a handful of people on planet Earth."

    "A man makes a $250 million fortune loading up companies with debt and then extracting million-dollar fees from those same companies, in exchange for the generous service of telling them who needs to be fired in order to finance the debt payments he saddled them with in the first place. That same man then runs for president riding an image of children roasting on flames of debt, choosing as his running mate perhaps the only politician in America more pompous and self-righteous on the subject of the evils of borrowed money than the candidate himself."

    "The reality is that toward the middle of his career at Bain, Romney made a fateful strategic decision: He moved away from creating companies like Staples through venture capital schemes, and toward a business model that involved borrowing huge sums of money to take over existing firms, then extracting value from them by force."

    "Take a typical Bain transaction involving an Indiana-based company called American Pad and Paper. Bain bought Ampad in 1992 for just $5 million, financing the rest of the deal with borrowed cash. Within three years, Ampad was paying $60 million in annual debt payments, plus an additional $7 million in management fees. A year later, Bain led Ampad to go public, cashed out about $50 million in stock for itself and its investors, charged the firm $2 million for arranging the IPO and pocketed another $5 million in "management" fees. Ampad wound up going bankrupt, and hundreds of workers lost their jobs, but Bain and Romney weren't crying: They'd made more than $100 million on a $5 million investment."

    "This is typical Romney, who consistently adopts a public posture of having been above the fray, with no blood on his hands from any of the deals he personally engineered. "I never actually ran one of our investments," he says in Turnaround. "That was left to management."

    "In reality, though, Romney was unquestionably the decider at Bain. "I insisted on having almost dictatorial powers," he bragged years after the Ampad deal. Over the years, colleagues would anonymously whisper stories about Mitt the Boss to the press, describing him as cunning, manipulative and a little bit nuts, with "an ability to identify people's insecurities and exploit them for his own benefit." One former Bain employee said that Romney would screw around with bonuses in small amounts, just to mess with people: He would give $3 million to one, $3.1 million to another and $2.9 million to a third, just to keep those below him on edge."


    Read more: http://www.rollingstone.com/politics/news/greed-and-debt-the-true-story-of-mitt-romney-and-bain-capital-20120829
  • metta

    Posts: 39089

    Aug 30, 2012 8:17 AM GMT
    Wow...If Romney wins, I wonder how much MORE Romney will be taking from the Federal Government?
  • metta

    Posts: 39089

    Aug 30, 2012 4:08 PM GMT
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    Aug 30, 2012 4:30 PM GMT
    Is there any end to the falsehoods you continue to pedal non-stop in this forum? In your defense, I don't think you know they are false because I suspect you only get your information from radical spin sites. The video you just posted on GST Steel is pure rubbish, and I challenge you to read the following thread and sources and reflect on the meaning of truth.

    http://www.realjock.com/gayforums/2385839
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    Aug 30, 2012 5:50 PM GMT
    LOL !!! Poor old SoCal, he just cannot stand heavy doses of reality where his PEEP'S are concerned. Here's some more facts SoCal won't want to accept: A simple google search for facts shows Romney's Hypocrisy, He's Active in Bain for Tax purposes 2010, But retired from Bain in 1999 for political purposes. LMAO, THE LIAR ROMNEY CANNOT HAVE IT BOTH WAYS




    News for Romney 'Active' in Bain for tax purposes


    Global Grind








    Mitt Romney Reaped Huge Tax Benefits Based On 'Active' Role At Bain Capital

    Huffington Post‎ - 4 days ago

    While Romney filed as an active participant for tax purposes, there is no evidence that he took part in Bain management decisions in 2010, and ...










    More Romney Tax Stories Dribble Out


    Firedoglake‎ - 2 days ago









    Mitt Romney Reaped Huge Tax Benefits Based On 'Active' Role At Bain Capital


    Huffington Post‎ - 4 days ago










    Mitt Romney Reaped Huge Tax Benefits Based On 'Active' Role At ...


    www.huffingtonpost.com/2012/.../romney-bain-taxes_n_1828816.ht...


    4 days ago – While Romney filed as an active participant for tax purposes, there is no evidence that he took part in Bain management decisions in 2010, and ...









    Daily Kos: HuffPost: Romney asserted active role in Bain to claim ...


    www.dailykos.com/.../-HuffPost-Romney-asserted-active-ro...










    by Jed Lewison - in 335 Google+ circles - More by Jed Lewison

    3 days ago – Even if Romney could persuade the IRS his involvement was legitimately active, that still leaves him in a rhetorical jam: For tax purposes, he ...













    Daily Kos: HuffPost: Romney asserted active role in Bain to claim ...


    www.dailykos.com/.../-HuffPost-Romney-asserted-active-role-in-Bai...



    by Jed Lewison - in 335 Google+ circles - More by Jed Lewison

    3 days ago – Even if Romney could persuade the IRS his involvement was legitimately active, that still leaves him in a rhetorical jam: For tax purposes, ...














    Romney Claimed 'Active' Bain Role to IRS | Drudge Retort
  • Posted by a hidden member.
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    Aug 31, 2012 4:18 AM GMT
    metta8 saidWow...If Romney wins, I wonder how much MORE Romney will be taking from the Federal Government?


    Mitt wants to be the world's first trillionaire.

    Too bad, though. The Pope has already beaten him to it.
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    Aug 31, 2012 5:10 AM GMT
    BTW, the story is a good read. Scary, but good.
  • metta

    Posts: 39089

    Aug 31, 2012 6:20 AM GMT
    ^
    I actually think that Romney may just believe in the White Horse Prophecy and that may be his real reason for wanting to become President. His religion is very important to him. I doubt that he would ever admit to it even if he did believe in it.


    http://www.salon.com/2012/01/29/mitt_and_the_white_horse_prophecy/

    http://en.wikipedia.org/wiki/White_Horse_Prophecy

    I would love to know if other Mormons on RJ believe that he is the one to fulfill it.. I don't know if other Mormons would be honest about it either.