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Romney had help from the Govt. building his empire

 
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actionjackson



Joined: 30 Dec 2007
Location: Any place I'm at

PostPosted: Mon Sep 03, 2012 12:28 pm    Post subject: Romney had help from the Govt. building his empire Reply with quote

Quote:
When The Boston Globe reported on the rescue at the time of his Senate run against Ted Kennedy, campaign aides spun Romney as the wizard behind a "long-shot miracle," bragging that he had "saved bank depositors all over the country $30 million when he saved Bain & Company."

In fact, government documents on the bailout obtained by Rolling Stone show that the legend crafted by Romney is basically a lie. The federal records, obtained under the Freedom of Information Act, reveal that Romney's initial rescue attempt at Bain & Company was actually a disaster leaving the firm so financially strapped that it had "no value as a going concern." Even worse, the federal bailout ultimately engineered by Romney screwed the FDIC the bank insurance system backed by taxpayers out of at least $10 million. And in an added insult, Romney rewarded top executives at Bain with hefty bonuses at the very moment that he was demanding his handout from the feds.


http://www.rollingstone.com/politics/news/greed-and-debt-the-true-story-of-mitt-romney-and-bain-capital-20120829
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Kuros



Joined: 27 Apr 2004

PostPosted: Mon Sep 03, 2012 1:01 pm    Post subject: Reply with quote

Of course he did.

Very few capitalists are free marketers when the going gets tough.
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detonate



Joined: 16 Dec 2011

PostPosted: Mon Sep 03, 2012 2:02 pm    Post subject: Reply with quote

You didn't build that. Gary Johnson 2012. Laughing
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No_hite_pls



Joined: 05 Mar 2007
Location: Don't hate me because I'm right

PostPosted: Mon Sep 03, 2012 8:19 pm    Post subject: Reply with quote

Kuros wrote:
Of course he did.

Very few capitalists are free marketers when the going gets tough.


true
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Ya-ta Boy



Joined: 16 Jan 2003
Location: Established in 1994

PostPosted: Tue Sep 04, 2012 8:21 am    Post subject: Reply with quote

Even David Brooks is criticizing the 'hyper-individualism' as he calls it, of the 'conservative movement' these days.

My gut tells me people are not buying it.

Most people have figured out that if the society/community is crap, then there is no infrastructure for great wealth. It's kinda why the world is not swamped with mega-billionaires from...Malawi.

Recently, the right has slid over the line into seeing things as black/white, communist/laissez-faire...but mostly black/white ( Wink ). And yes, it is possible to scare people into looking at things that way, but they sooner or later pull up and say, "What?"
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chellovek



Joined: 29 Feb 2008

PostPosted: Tue Sep 04, 2012 8:23 am    Post subject: Reply with quote

Well yes. The concept that the public and private sectors share an inter-dependency is a little advanced for some, though.
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Kuros



Joined: 27 Apr 2004

PostPosted: Tue Sep 04, 2012 2:49 pm    Post subject: Reply with quote

chellovek wrote:
Well yes. The concept that the public and private sectors share an inter-dependency is a little advanced for some, though.


Ha! A certain part of the private sector totally dominates and has its way with the public sector, more like.
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chellovek



Joined: 29 Feb 2008

PostPosted: Thu Sep 06, 2012 10:08 am    Post subject: Reply with quote

Kuros wrote:
chellovek wrote:
Well yes. The concept that the public and private sectors share an inter-dependency is a little advanced for some, though.


Ha! A certain part of the private sector totally dominates and has its way with the public sector, more like.


Indeed I agree with that, I was speaking more to the broader caricature held on the economic right-wing that public sector = bad, private sector = good.
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visitorq



Joined: 11 Jan 2008

PostPosted: Thu Sep 06, 2012 10:38 pm    Post subject: Reply with quote

As much as I'm no fan of Romney in the political sphere, Matt Taibbi is a frothing-at-the-mouth liberal wing-nut of the highest proportions and most of his claims in that article are simply bunk. Romney, despite being a lousy politician, was actually somewhat of a prodigy as a businessman, and Bain Capital did a lot more good than harm for the vast majority of companies it acquired (not that Romney was being altruistic in doing so, but the notion that he just bought out companies as a corporate raider to break them apart and suck them dry is contrary to the record).

Romney is also worth a tiny fraction of what Warren Buffet, Obama's buddy, is worth. Buffet has fired way more people, and received way more bailout money from the government (his company pretty much controls Wells Fargo bank) than Romney ever did, by orders of magnitude. Not a peep from the likes of Taibbi on any of that though...
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Privateer



Joined: 31 Aug 2005
Location: Easy Street.

PostPosted: Mon Sep 10, 2012 12:07 pm    Post subject: Reply with quote

Kuros wrote:
Of course he did.

Very few capitalists are free marketers when the going gets tough.


Free market for the poor; free bailout for the rich.
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