Did Kerry and wife Theresa Heinz Kerry ever make their tax records public? How about John McCain and his rich wife Cindy? Politics has increasingly become a rich man’s and possibly woman’s game.
No one gets elected without big bucks. Perhaps it’s more healthy to vote for those who have inherited or earned their own megamillions than to vote for those who have not. Obama, for example, was so obviously a wholly owned subsidiary of someone. But it’s difficult to track that someone.
Part of Romney’s appeal is the fact that he’s turned around failing businesses and might be considered a financial genius. What could be better for the financially failing country? Ideology aside, of course.
Part of Romney’s appeal is the fact that he’s turned around failing businesses and might be considered a financial genius. What could be better for the financially failing country? Ideology aside, of course.”””
As a life-long bookkeeper, there is a difference between “turning around a failing business” & buying a business, piecemeal selling off all the assets & selling the use of the name to a competitor.
Mitt absolutely did not have a policy of ‘turning around’ a business.
Many were canibalized...especially older businesses where the book value of the machinery & other assets were very low. The value of those assets creates a profit when you sell them for ANY amount of money when the BV was ZERO or almost ZERO.
Another ploy is to take over a business that is in it’s 2nd or 3rd generation of family, where the astute business sense and the willingness to work VERY hard attributes of the founder hasn’t been genetically passed on to the heirs.
Estate taxes of family owned businesses are also a target for such companies as Mitt’s.
The estate taxes force the family to sell the business for a hurried and sharp price reduction——just to pay the IRS estate taxes. A family dairy in So Calif—Jessup Dairy—was just such a victim.
In comes a company like Mitt’s & they buy at fire sale prices, break up all the assets, lay off the employees & sell the BONES of the company at a profit.
Mitt’s bottom line looks good. But how does he get there????
Ask the Jessup family how they feel after 2 generations of building a world class dairy business.