Romney, Bain and Casino Capitalism - also called "socialized losses"

Discussion in 'Politics' started by rdean, Oct 26, 2012.

  1. rdean
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    rdean rddean

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    Romney

    Thanks to leverage, 10 of roughly 67 major deals by Bain Capital during Romney’s watch produced about 70 percent of the firm’s profits. Four of those 10 deals, as well as others, later wound up in bankruptcy. It’s worth examining some of them to understand Romney’s investment style at Bain Capital.

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    A company like Bain doesn't do hundreds of deals in a short time. Before the purchase a company, they study the company carefully and draw up a plan of action. This takes a long time. With four of their successful 10 out of 67 going bankrupt what that shows you is the success is ending up with piles of cash. 40% of 10% America going bankrupt isn't really good for the country even though a small percentage become fabulously wealth. Although USMB Republicans might disagree.

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    By the time the company went bankrupt in 2001, it owed $554 million in debt against assets valued at $395 million. Many creditors lost money, and 750 workers lost their jobs. The U.S. Pension Benefit Guaranty Corp., which insures company retirement plans, determined in 2002 that GS had underfunded its pension by $44 million and had to step in to cover the shortfall.

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    Time and again we see the government stepping in to cover the shortfall. Remember, the Republican Senate had to put up nearly one and a half BILLION to "save" the Olympics. Romney insists the Olympics broke "even". Except for the money from tax payers. That was gone.

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    So please USMB Republicans. Tell us how Romney will be good for the country. He already said he would cut police, firemen teachers, education. He said he would bring immigrants here with degrees and help them start businesses. Where would that money come from? He said our government should invest in foreign economies and fund education abroad during the last debate. Right there for everyone to hear. Where will the money come from?

    Just the fact that Romney moved a billion dollars out of Italy without paying taxes will be a terrible headache. Italy has friends. One wonders how many other countries have felt the "sting of Bain".

    Investigation: Mitt Romney’s Offshore Accounts, Tax Loopholes, and Mysterious I.R.A.

    “It was a strange atmosphere. It did leave a bad taste in your mouth,” the former employee recalls.

    This unsettling account suggests the young Romney—at that point only two years out of Harvard Business School—was willing to push into gray areas when it came to business. More than three dec*ades later, as he tried to nail down the Republican nomination for president of the United States, Romney’s gray areas were again an issue when he repeatedly resisted calls to release more details of his net worth, his tax returns, and the large investments and assets held by him and his wife, Ann. Finally the other Republican candidates forced him to do so, but only highly selective disclosures were forthcoming.

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    USMB Republicans feel that making money at any cost is worth it. As long as someone ends up with a pile of money and no one can "prove" anything illegal happened. Even when a company like Marriott, which was fined 221 million from one of Mitt's tax schemes, as long as he wasn't "charged" or "convicted" then he didn't really do anything illegal. This is a very low standard. We can't seem to get Republicans to judge Mitt on his own merits. Instead, they judge him against the "fantasy Obama" they have created from their limited imaginations. The Obama who is the "Anti Christ", who is gay, who is a Kenyan Mau Mau, who is a Nazi, who is a Muslim, who didn't really get Bin Laden (many Republicans now say it was Mitt Romney who took down Bin Laden). who invaded Iraq, the list is endless.
     
  2. rdean
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    rdean rddean

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    Perhaps this is why Republicans won't talk about Bain. I just want to see his tax returns. Aren't you guys curious about the guy you want to lead the country?
     
    Last edited: Oct 26, 2012
  3. Grampa Murked U
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    Grampa Murked U Diamond Member

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    China called. They want their USELESS but historic wall back
     
  4. westwall
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    westwall USMB Mod Staff Member Gold Supporting Member Supporting Member

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    Mitt Romney has criticized President Obama for giving green energy subsidies to campaign donors, but a new report out ahead of the debate tonight shows that this White House’s crony capitalism has a foreign policy angle.

    HillStone International won a coveted government contract in part because the company has “the little brother of the vice president as a partner,” as David Richter, president of HillStone’s parent company explained to investors in a recent meeting reported on by Fox Business today.

    “Since November 2010, James Biden has been the executive vice president of Hill International’s housing subsidiary despite little if any documented work history in residential construction,” Fox explains. “And if the company’s projections are accurate, both Hill and Biden are on the verge of a huge payday, beneficiaries, some analysts believe, of James Biden’s connections to the Obama Administration through his older brother.”

    In the Fox report, a former Hill executive who worked on getting the project had this to say about HillStone: “You have to realize that these guys are relentless businessmen and they have the right connections.”
    Romney has already proven himself willing to go after Obama for crony capitalism, as he did during the first debate. “[T]he place you put your money makes a pretty clear indication of where your heart is,” Romney said. “Ninety billion dollars. And these businesses, many of them have gone out of business. I think about half of them — of the ones that have been invested in have gone out of business. A number of them happen to be owned by people who were contributors to your campaigns.” The housing contract in Iraq is expected to generate $1.5 billion for James Biden’s HillStone, according to Fox, so the report could pave the way for an awkward moment for the president in tonight’s debate on foreign policy.





    $1.5B contract in Iraq for Biden
     
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  5. Grampa Murked U
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    Grampa Murked U Diamond Member

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    Why the fuck do ANY OF YOU respond to this petty troll? Your responses are his fuel.

    Just give him the finger and move on least you appear as foolish as him.


    Ps. Fuck you deanie :)
     
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  6. whitehall
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    whitehall Gold Member

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    What would you rather have, a former junkie community activist who never had a real job or met a payroll or a capitalist who knows how the system works? For the record another "green energy" firm went under after Obama guaranteed a 400 million loan and the crooks spent 68 million (in taxpayer money) before shutting their doors and scattering like rats.
     
  7. Harry Dresden
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    Harry Dresden Latinum, Plantinum,Silver,Gold Member Supporting Member

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    because Deans threads are fun.....especially when he says something he is not able to back up and then we can see the latest dance step he uses to go into another thread and do it all over again just wording it differently......
     
  8. Grampa Murked U
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    Grampa Murked U Diamond Member

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    How anyone can find entertainment in reading his garbage is beyond me.
    If everyone treated him like he treats us he would most likely leave but instead you all respond honestly with him and that fuels his pathetic stupidity. There are very few real full time trolls on this site and everyone of them is one too many.
    Mock dean don't address his dumb ass topics
     
  9. Harry Dresden
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    Harry Dresden Latinum, Plantinum,Silver,Gold Member Supporting Member

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    i have been mocking Dean shortly after he got here ......it did not take long .....3-4 threads and you got him figured out......i put him in the same catagory as Chris,Truth,Dudley,Franco,Douger,Lakota,Rabbi.....and a few others.....the posters you goof on.....
     
  10. rdean
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    rdean rddean

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    Here is an idea, fill you pockets with rocks and go swimming in the deep end of the pool. I bet you might "win". Try it. If you win, I will send you Lima bean wiff ham, your favorite color.

    [​IMG]
     

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