No apology needed; The Bain Bailout

R

Rune

Mjölner
With his selection of Paul Ryan as his running mate, Romney has made fiscal stewardship the centerpiece of his campaign. A banner at MittRomney.com declared, "We have a moral responsibility not to spend more than we take in." Romney also opposed the federal bailout for Detroit automakers, famously arguing that the industry should be forced into bankruptcy. Government bailouts, he insists, are "the wrong way to go."
But the FDIC documents on the Bain deal – which were heavily redacted by the firm prior to release – show that as a wealthy businessman, Romney was willing to go to extremes to secure a federal bailout to serve his own interests. He had a lot at stake, both financially and politically. Had Bain & Company collapsed, insiders say, it would have dealt a grave setback to Bain Capital, where Romney went on to build a personal fortune valued at as much as $250 million. It would also have short-circuited his political career before it began, tagging Romney as a failed businessman unable to rescue his own firm.
"None of us wanted to see Bain be the laughingstock of the business world," recalls a longtime Romney lieutenant who asked not to be identified. "But Mitt's reputation was on the line."


Read more: http://www.rollingstone.com/politic...that-saved-mitt-romney-20120829#ixzz257VOAwFl
 
If you happen to see Mitt Romney talking about his time at Bain Capital, keep this in mind:


The government helped him build that.


One person who has gotten quite a lot of government help with his business over the years has been Mitt Romney.


The public-private agreements, which began in the first decade of Romney’s tenure as CEO, show that government played a supporting role in establishing Bain as among the nation’s most successful private equity firms and enabling him to accumulate a fortune...


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http://www.huffingtonpost.com/2012/08/30/mitt-romney-bain-bailout_n_1843601.html
 
Last May, in a much-touted speech in Iowa, Romney used language that was literally inflammatory to describe America's federal borrowing. "A prairie fire of debt is sweeping across Iowa and our nation," he declared. "Every day we fail to act, that fire gets closer to the homes and children we love." Our collective debt is no ordinary problem: According to Mitt, it's going to burn our children alive.
And this is where we get to the hypocrisy at the heart of Mitt Romney. Everyone knows that he is fantastically rich, having scored great success, the legend goes, as a "turnaround specialist," a shrewd financial operator who revived moribund companies as a high-priced consultant for a storied Wall Street private equity firm. But what most voters don't know is the way Mitt Romney actually made his fortune: by borrowing vast sums of money that other people were forced to pay back. This is the plain, stark reality that has somehow eluded America's top political journalists for two consecutive presidential campaigns: Mitt Romney is one of the greatest and most irresponsible debt creators of all time. In the past few decades, in fact, Romney has piled more debt onto more unsuspecting companies, written more gigantic checks that other people have to cover, than perhaps all but a handful of people on planet Earth.
By making debt the centerpiece of his campaign, Romney was making a calculated bluff of historic dimensions – placing a massive all-in bet on the rank incompetence of the American press corps. The result has been a brilliant comedy: A man makes a $250 million fortune loading up companies with debt and then extracting million-dollar fees from those same companies, in exchange for the generous service of telling them who needs to be fired in order to finance the debt payments he saddled them with in the first place. That same man then runs for president riding an image of children roasting on flames of debt, choosing as his running mate perhaps the only politician in America more pompous and self-righteous on the subject of the evils of borrowed money than the candidate himself. If Romney pulls off this whopper, you'll have to tip your hat to him: No one in history has ever successfully run for president riding this big of a lie. It's almost enough to make you think he really is qualified for the White House.


Read more: http://www.rollingstone.com/politic...omney-and-bain-capital-20120829#ixzz257a0e1Zs
 
I got to agree with Mitt on not bailing out failures. Like we would of stopped driving cars for ever and ever? if the demand is there, and government is out of the way and only their to punish lairs and cheaters not regulate and micro manage us., cars would get built on that same site, new industrial complexes would be updated with real tangible jobs, a renaissance could be in full swing. Instead we have the same lazy hacks in Detroit trying to milk every coin out of our pocket when we want new car. Thats how I see it
 
truvia said:
I got to agree with Mitt on not bailing out failures. Like we would of stopped driving cars for ever and ever? if the demand is there, and government is out of the way and only their to punish lairs and cheaters not regulate and micro manage us., cars would get built on that same site, new industrial complexes would be updated with real tangible jobs, a renaissance could be in full swing. Instead we have the same lazy hacks in Detroit trying to milk every coin out of our pocket when we want new car. Thats how I see it
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What? Posters on this forum generally speak english.
 
truvia said:
I got to agree with Mitt on not bailing out failures. Like we would of stopped driving cars for ever and ever? if the demand is there, and government is out of the way and only their to punish lairs and cheaters not regulate and micro manage us., cars would get built on that same site, new industrial complexes would be updated with real tangible jobs, a renaissance could be in full swing. Instead we have the same lazy hacks in Detroit trying to milk every coin out of our pocket when we want new car. Thats how I see it
Click to expand...

Using Siri, huh?

Rune said:
What? Posters on this forum generally speak english.
Click to expand...

Not when they're trying really, really, hard to cover up who they really are.
 
Rune said:
With his selection of Paul Ryan as his running mate, Romney has made fiscal stewardship the centerpiece of his campaign. A banner at MittRomney.com declared, "We have a moral responsibility not to spend more than we take in." Romney also opposed the federal bailout for Detroit automakers, famously arguing that the industry should be forced into bankruptcy. Government bailouts, he insists, are "the wrong way to go."
But the FDIC documents on the Bain deal – which were heavily redacted by the firm prior to release – show that as a wealthy businessman, Romney was willing to go to extremes to secure a federal bailout to serve his own interests. He had a lot at stake, both financially and politically. Had Bain & Company collapsed, insiders say, it would have dealt a grave setback to Bain Capital, where Romney went on to build a personal fortune valued at as much as $250 million. It would also have short-circuited his political career before it began, tagging Romney as a failed businessman unable to rescue his own firm.
"None of us wanted to see Bain be the laughingstock of the business world," recalls a longtime Romney lieutenant who asked not to be identified. "But Mitt's reputation was on the line."


Read more: http://www.rollingstone.com/politic...that-saved-mitt-romney-20120829#ixzz257VOAwFl
Click to expand...
This is gonna make for a VERY interesting fall.
 
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