Newt has gravitas and lots of zingers in his quiver. For the past week I’ve been calling Romney the spaced out Mormon. The comfort seeker who figured out the road to riches was stripping companies by taking them over. Forcing them to borrow excessively. Then to transfer those millions to Bain via huge one time dividends and sky high management fees. Also by bleeding them until they went bankrupt and the taxpayers were forced to bail out the pension fund
Only in the mind of a naive child is this capitalism and record you are proud to run on, to be elected on. I would not have said this last month but now I know Bain’s modus operandi.
**** Bian is not doing many deals these days because the borrowing spigot has been shut off
Willard “Chainsaw Mitt” Romney is a lot of things, but “dog lover” ain’t one of them.
I’ll give Romney credit for being a smart guy. He came up with a pretty clever high finance scheme that worked within the law. But I won’t give him credit for being ethical, honest, trustworthy, likable, socially responsible, charitable, having a moral center, putting the needs of others above or even on par with his own, etc.
Most of the companies Romney talks about as creating jobs were ones Bain worked on as startups in the venture capital business model. No one out there criticizes the venture capital model. This seems to be an honest one that rewards great performance in the marketplace. On the other hand, Romney takes credit for investing in them, not for running them. From what I’ve seen, he was one among many investors in these companies, different people actually managed and ran the companies, and he may have sold off his investment before they created a lot of those jobs. So it’s dubious how much credit he deserves for even those.
He doesn’t take much credit for companies in the private equity business model, because this is the one that thrives on loading up companies with debt. This only helped contribute to many of them going into bankruptcy and for many of the ones that survived to struggle to grow their business, due to being saddled with so much debt and interest payments. And, yes, the original owners of these companies bear some blame for bringing Bain in to take control of them. But when those people remained on as partners, Bain of course cut them in on the deal to make off with the dividends and fees, so they likewise were motivated to act against the best interest of the company, the customers and the employees.