Mitt Romney and Capitalism: Republicans Eat Their Own

[Schtumple]

Originally Posted by firestarter

Apparently Romney can also say his name in French!

Definitely too smart to be GOP candidate!

YouTube: video

That cannot be legit... That's like something a 12 year old would make... Jesus Christ American politics is a joke, it's so watered down for the dips**t demographic... It's like something out of Ideocracy... It saddens me that what it all boils down to is pathetically childish jabs, that guy could turn out to be the best president the USA has ever seen (you can't predict the future so you can't say he will or won't be), but because of BS videos like this he's lumbered into a sea of dumb chants about how he must be an advocate of putting the "french" back in front of fries.

[rdowns]

I've been a VP at two companies that were acquired by private equity firms. Having been through it twice, what amazed me most were the near identical tactics both companies took. Both, after a short 90-120 day honeymoon, started to make big changes. First expenses get slashed then the layoffs begin. Decisions being made by bean counters who really don't have a grasp on the business they bought.

Then the cronyism begins. They start bringing in their own people and begin to get rid of the old management. Of course, this is after countless meetings telling you that they don't buy companies, they buy people and expertise.

More cronyism when they question every vendor relationship you have and then 'suggest' you use other companies. No surprise that many of those companies are either owned by the PE firm or are related to then in some way. Even less surprising is how your expenses begin to rise as you enrich these other companies.

I'm not writing this as some bitter ex-employee. I left the first situation voluntarily and got an amazing severance package. I wish I could say the same for all the ones who were let go. In the second, I was let go but kind of orchestrated it as I couldn't take it anymore. Also walked away with an amazing severance.

From others I know who worked for companies that were acquired by PE firms, their situations were similar. PE is all about buying what they consider undervalued companies and extracting as much out of them before selling them again after having gut them.

[Blue Velvet]

Originally Posted by Badandy

Great article that I highly suggest reading dealing with the pro-Gingrich Bain smear job that was recently released and fact checking some of the claims

What's interesting about this is that it's felt necessary to fact-check this ad, because it doesn't come from the candidate himself. This kind of advertising is just a foretaste of things to come; a direct result of Citizens United v. Federal Election Commission passed by a conservative Supreme Court.

I trust that you'll be equally vigilant when Mitt Romney's pals — who wouldn't dream of coordinating with the campaign — and Karl Rove's Crossroads begin their carpet-bombing of smears aimed at the president later this year.

Originally Posted by rdowns

PE is all about buying what they consider undervalued companies and extracting as much out of them before selling them again after having gut them.

If someone could please explain how Mitt Romney's experience of this form of business is a qualification for becoming President of the United States, I'd be most enlightened.

The net result of this recent attack on Mitt Romney, from fellow conservatives, has led to the walking-back of his claims of creating 'over a hundred thousand jobs.'

December: "That’s how that works and you try and encourage the more successful and fortunately for many people, tens of thousands of jobs, actually over a hundred thousands of jobs were created by the investments that we were able to help make."

Now in January: "People here in the state know that in the work that I had, we started a number of businesses, invested in many others, and that over all created tens of thousands jobs so I’m pretty proud of that record."

But now, his new ad claims that he created only 'thousands of jobs'.

He left his role as Governor with a 34% approval rating, the fourth-worst job creation record of any state, and upon leaving, had his staff purchase the hard drives from state-owned computers and deleted all emails from the servers. He also claims that he returned back into business after leaving politics, which is a lie.

Governor Mitt Romney took the ceremonial "lone walk" out of the State House and into the 2008 presidential race yesterday, concluding his final day as governor by filing papers to set up an exploratory committee for a campaign for president.

http://www.boston.com/news/local/art...ion/?page=full

Does Mitt Romney know what the truth is?

[hulugu]

Originally Posted by kavika411

...Here's my point. I can tell people - a lot of whom post in here - are thrilled about this contradiction. That's great. I get that. But where is this strawman coming from - "un-American, dangerous and European." Who was saying that? Where was this unified-conservative/Republican voice decrying talk of Bain Capital? Seriously. Where? I do a decent job of keeping up with the news.

I was being facetious; however, it's interesting that you accuse me of over-exageration and then write "putting people to the wall."

...It's that kind of over-exageration that turns an otherwise interesting into campaign issue into white noise. It's easier, and more effective to leave it as it is. The first sentence of my post above was serious - Wow, there's a contradiction here. That's great. And then when pushed just a bit, not even directly, we get this rhetoric about how they were putting people to the wall who said anything less than praise about Bain Capital.

[mobilehaathi]

This is fascinating and confusing. Is this a last ditch social conservative attempt to manipulate the current populist atmosphere in order to finagle a more socially conservative person into candidacy? Or is there something far more twisted going on that I can't see?

Frankly, it seems that Romney is the pragmatic choice for Republicans, as he apparently does best against Obama in current polling. This seems like awfully short term thinking as this kind of campaign against Romney now could ultimately hurt his chances in the November election.....

Oh well, I have no complaints.

[Blue Velvet]

Originally Posted by mobilehaathi

This is fascinating and confusing.

Yes it is.

[mikeyredk]

Talk about buying your votes...

http://www.huffingtonpost.com/2012/0...n_1207444.html

Williams, 55, said she was praying for a way to pay her bills when she saw Romney's campaign bus on the street. She followed it to the airport where an aide directed her to a rally later that day. There, she met Romney. Williams called it a message from God, and has been volunteering with the campaign since.

The event is the latest in a series of unusual exchanges involving money during Romney's campaign, contributing to the image of him as a multimillionaire that's out of touch with average Americans.

At an early campaign stop in Colorado, Romney tried to pay a young boy who offered him an origami-style folded $1 bill for good luck. Romney fished through his wallet but could only find $100 bills. (He later dug up a $5 bill and gave it to the boy.)

[mobilehaathi]

Originally Posted by mikeyredk

Talk about buying your votes...

http://www.huffingtonpost.com/2012/0...n_1207444.html

Wow, almost nothing but 100's in his wallet? Talk about out of touch with the rest of America...

[Sydde]

It could be more strategic than we realize. Four years ago, John McCain basically shut everything down by March, while the Democrats came very close to a convention battle. There were about 3 more months of attention to the Democratic primary fight, and the winner came through looking like he had been forged in the fires of Mauna Kea's crater.

Thus, the Republcans really feel like they need to hold the country's attention. A good primary fight might be the way to do it, especially when faced with a candidate who reminds us of Wonder bread dipped in warm milk. Whether or not it will do them any good remains to be seen.

[malman89]

Originally Posted by Schtumple

That cannot be legit... That's like something a 12 year old would make... Jesus Christ American politics is a joke, it's so watered down for the dips**t demographic... It's like something out of Ideocracy... It saddens me that what it all boils down to is pathetically childish jabs, that guy could turn out to be the best president the USA has ever seen (you can't predict the future so you can't say he will or won't be), but because of BS videos like this he's lumbered into a sea of dumb chants about how he must be an advocate of putting the "french" back in front of fries.

Yeah, living in America is great. We get a year of this pre-primary nonsense and then we get a year of primary/election nonsense. It's the best!

I really don't care for Obama or any of the Republican hopefuls too much. An article in the NYT last night propped up the "Yes Man" image of Romney yet again - http://www.nytimes.com/2012/01/15/us...pagewanted=all

[Sydde]

Colbert calls Romney a Serial Killer

[Blue Velvet]

By the end of my days on Wall Street in 2004, I found the real Bain way so counterproductive that I no longer included Bain Capital on my buyer’s lists of private-equity firms for a company I was selling.

...

I don’t know if Bain Capital still uses the bait-and-switch technique when it competes in auctions these days (I’m told that it doesn’t). But that was the way the firm’s partners competed when Romney ran the place.

...

I do believe, however, that when he was running Bain Capital, his word was not his bond.

http://www.washingtonpost.com/opinio...P_story_1.html

Interesting.

[hulugu]

Originally Posted by mobilehaathi

Wow, almost nothing but 100's in his wallet? Talk about out of touch with the rest of America...

I know men who carry $100 or $50 bills because they go to the bank on payday and carry some cash, but eventually they end up with a mixture of bills. Romney could simply be one of those guys, but because he's on the campaign trail he hasn't needed to use his own cash.

But, it does play into that narrative.

[mobilehaathi]

Originally Posted by hulugu

I know men who carry $100 or $50 bills because they go to the bank on payday and carry some cash, but eventually they end up with a mixture of bills.

Yes, that's fair, but somehow I don't think this is Mr. Romney's position.

[Blue Velvet]

Republican bigwigs apparently want this show to be shut down:

There was a time when Republicans wanted a primary more drawn-out than in previous years. They even tweaked their primary rules for allotting delegates so that the process would take a little bit longer, the goal being that the contest would draw attention and create momentum going into the general election. Not anymore. Now, they want the primary to wrap up quickly, and they’re using the South Carolina deadline to frame the race as in the home stretch.

Once Newt Gingrich and the super PAC behind him unleashed their anti-Bain attacks, and Rick Perry tagged along with comments about “vulture capitalism,” Republicans have re-evaluated their desire for a more protracted battle. As Dave Weigel has pointed out, it’s one thing for Democrats to give a liberal critique of Bain Capital-style capitalism, but it lends those critiques a whole new level of respectability when it comes out of the mouths of conservatives like Gingrich and Perry. For all the spin we usually see on TV, Republicans are pretty clear that this is a serious concern.

“If Romney is our nominee, there will be numbers of ads, many ads run by the President talking about what Republicans said about our own nominee,” Scott explained, “I think that’s just bad for the country because I think the country absolutely needs a new President.”

http://2012.talkingpointsmemo.com/20...nd.php?ref=fpa

Can't imagine why.

[leekohler]

Originally Posted by Blue Velvet

Republican bigwigs apparently want this show to be shut down:





Can't imagine why.

They're imploding in such a beautiful way. They've been exposed for what they are by their own. The truth comes out eventually, doesn't it?

[iJohnHenry]

I love what Stephen Colbert did to Super PACs on Thursday night's show.

I'm thinking Peabody.

[rdowns]

Originally Posted by iJohnHenry

I love what Stephen Colbert did to Super PACs on Thursday night's show.

I'm thinking Peabody.

As I understand it, he's going to make this at least a week long thing. Nothing like shining a candle on our problems.

And this was better:

http://abcnews.go.com/ThisWeek/video...lbert-15365205

[mobilehaathi]

As Dave Weigel has pointed out, it’s one thing for Democrats to give a liberal critique of Bain Capital-style capitalism, but it lends those critiques a whole new level of respectability when it comes out of the mouths of conservatives like Gingrich and Perry.

I suppose this is true for the utterly naive, but most people can't seriously think that Gingrich and Perry actually believe what they're saying....

[leekohler]

Originally Posted by mobilehaathi

I suppose this is true for the utterly naive, but most people can't seriously think that Gingrich and Perry actually believe what they're saying....

It's a race to the bottom. And what better people for that job than bottom feeders themselves?

[Peace]

Originally Posted by leekohler

It's a race to the bottom. And what better people for that job than bottom feeders themselves?

I am and have been for a while completely baffled by the way republicans have behaved during the primary season. Is the republican party really that disorganized now ?

[Plymouthbreezer]

Mitt – while governor of perhaps the most liberal state in the nation – wasn't as "bad" a leader as his time at Bain might suggest. We [somehow] elected him, and while nothing improved significantly under his leadership, Massachusetts did not digress due to his tenure.

...Not saying I'm supporting him, but between unfaithful, out-there Newt (who once wanted to use a system of mirrors to light the interstate highways), and craaaaazy, "gay-sex-is-worst-than-everything" Rick, Romney might not be the worst choice.

[hulugu]

Originally Posted by Sydde

It could be more strategic than we realize. Four years ago, John McCain basically shut everything down by March, while the Democrats came very close to a convention battle. There were about 3 more months of attention to the Democratic primary fight, and the winner came through looking like he had been forged in the fires of Mauna Kea's crater.

That's an interesting point.

Thus, the Republcans really feel like they need to hold the country's attention. A good primary fight might be the way to do it, especially when faced with a candidate who reminds us of Wonder bread dipped in warm milk. Whether or not it will do them any good remains to be seen.

I think the worry is that the GOP's long knives may mortally wound their nominee such that he can't run successfully against a rested and well-funded Obama.

In 2008, there was the worry that Democrats would spend so much energy battling between Clinton and Obama that Republicans would gain an advantage. The 2012 Republican fight could potentially run the same risk.

[PracticalMac]

Mitt is "too" moderate, even Liberal for the Republicans to stomach.

People are too lazy to use the net and research out the candidates themselves.

In fact, most people do not realize that historically Republicans have on average increased taxes, government, and spending more then Democrats.

Proves that propaganda will get you everything.

[rdowns]

Oops. ©Rick Perry, 2011-2012

Romney revising disclosures for overseas accounts

Mitt Romney could face new questions about his overseas investments after a campaign official acknowledged to NBC News that his campaign is revising his federal ethics forms to report more than a half dozen offshore holdings, including income from a multi-million dollar Swiss bank account that was not disclosed last year.

The tax returns released by the Romney campaign this week showed that the Ann Romney Blind Trust had reported $1,783 in interest income from a bank account held at UBS in Switzerland in 2010. But interest from the Swiss bank account -- as well as holdings in other offshore investments in the Cayman Islands, Bermudas and Ireland that appear in the trust fund's tax returns -- were not disclosed in Romney’s financial disclosure form filed with the Office of Government Ethics last August.

A Romney campaign official emailed Thursday afternoon that Romney’s financial disclosure form is now being amended with the government ethics office “to address this minor discrepancy” and “to deal with some other minor issues.” The Romney campaign’s decision to amend the forms, and additional details about the failure to report the overseas holdings, was also reported Thursday by Los Angeles Times.

The number and size of Romneys’ offshore investments have lately emerged as a major campaign issue, putting the former Massachusetts governor on the defensive over his wealth (estimated at up to $250 million) and forcing his campaign to release his 2010 tax returns this week. When the campaign released the returns on Monday, it arranged for R. Bradford Malt, a longtime lawyer for the Romneys, to brief reporters in a conference call about them.

But while the returns have produced no revelations about any improper dealings on Romneys’ part, they have continued to raise questions about how and why some of his multiple overseas investments were made in the first place, and why there were not more fully reported on Romney’s financial disclosure forms.

Malt said he opened up the Swiss bank account, holdings in which are valued at between $1 million and $5 million, in 2003 on behalf the Ann Romney trust in order to provide “international currency diversification” for the trust's holdings. He then shut it down in early 2010, he said, and transferred the assets to the United States, noting that Romney was preparing to run for president at the time and he did not want to have it become an issue in the presidential campaign.

“I was worried that people would write stories not understanding this,” said Malt, who administers the blind trust on behalf of the Romneys. But Malt apparently did not act quickly enough, given that the interest income had to be reported on the trust's tax returns for 2010. (He would not say when in 2010 the account was closed.)

The account was first disclosed as one of Romney's holdings when he filed a financial disclosure form in 2007 after he launched his first campaign for president. Malt acknowledged today that it should have actually been reported as a holding of the Ann Romney blind trust and that Romney’s 2007 financial disclosure form is also being amended to correct what he described as a "clerical error."

The campaign had no immediate explanation for why the $1,783 in interest income from the UBS account had not been included in the 2011 financial disclosure, an omission noted by political rivals. The Democratic National Committee hastily organized a conference call Thursday afternoon to seize on the revelation.

Malt initially insisted in an interview that the amount was below the threshold that needed to be reported. But one category on the standard government financial disclosure form specifically asks candidates to report assets valued at between $1,000 and $5,000 as well as income from any holdings of between “$1,001 and $2,500.” A campaign official later said Malt had been misunderstood, acknowledging that both the 2007 and the 2011 financial disclosures the campaign filed are being revised.

But the inclusion of the Swiss bank account is apparently not the only revision. The Ann Romney blind trust also reported income from shares in offshore companies such as Barricuda Investments Ltd. in Ireland, Castle Garden Funding in the Cayman Islands, and Sankaty High Yield Assets Investors Ltd. in Bermuda. Those holdings also were not included in the financial disclosure form that Romney filed last August. The form requires presidential candidates to report all assets and income for them and their spouses for the full calendar prior to the year of the filing.

But Malt said there had been no attempt by the Romneys to conceal these investments, and all taxes on their earnings were fully paid. Malt stressed that the Ann Romney trust fund was simply a passive shareholder in the investments funds, which in turn owned shares in the offshore companies. He said the investing entities were like “mutual funds.”