Dick Tuck
Board Troll
- Aug 29, 2009
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Big surprise. Romney did business with convicted felon, Michael Milkin.
Mitt and the junk bond king
Mitt and the junk bond king
The Obama campaign has criticized the deal as showing Romneys eagerness to make a profit at any cost, because workers lost jobs, and challenged Romneys assertion that his business background best prepares him for the presidency. Romney, meanwhile, once referred to the deal as emanating from the glorious days of Drexel Burnham, saying, it was fun while it lasted, in a little-noticed interview with American Banker magazine.
The glorious part, for Romney at least, was that he used junk-bond financing to turn a $10 million investment into a $175 million profit for himself, his partners, and his investors. It marked a turning point for Romney, according to Marc Wolpow, a former Drexel employee who was involved in the deal and later was hired by Romney to work at Bain Capital.