R
rdean
Guest
Romney
Thanks to leverage, 10 of roughly 67 major deals by Bain Capital during Romneys watch produced about 70 percent of the firms profits. Four of those 10 deals, as well as others, later wound up in bankruptcy. Its worth examining some of them to understand Romneys 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 Romneyat that point only two years out of Harvard Business Schoolwas 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, Romneys 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.
Thanks to leverage, 10 of roughly 67 major deals by Bain Capital during Romneys watch produced about 70 percent of the firms profits. Four of those 10 deals, as well as others, later wound up in bankruptcy. Its worth examining some of them to understand Romneys investment style at Bain Capital.
----------
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.
----------
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.
-------------
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.
---------------
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 Romneyat that point only two years out of Harvard Business Schoolwas 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, Romneys 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.
---------------------------
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.
