Mitt Romney is boasting about his success behind Bain Capital – but is this really something he should be bragging about? Sure, he made millions – but in the style that mobsters made their money back in the day.
In the organized crime world, the business practice is known as a bust out. A group of investors — in Soprano’s case, an entire family — looks for companies that have a strong underlying business but are in distress thanks to heavy debt burdens. The investors then take over the company. In the mob’s case, the family presents the business with a very high-interest loan — an offer which, under the financial circumstances, is difficult to refuse — and effectively takes control of the company with the threat of physical violence. Private equity investors, by contrast, buy control of the company’s board by purchasing the firm’s stock. But for both private equity firms and the mafia, investors use their control of the firm to take on more debt, while at the same time cutting costs by laying off workers.
Oh, what a tangled web we weave…. Late last week, it has been brought to the public’s attention that there are some contradictions when it comes to whether or not Romney was an active part of Bain Capital after Feb. 11, 1999, when he left to “rescue” the SLC Olympics (by using tax payers dollars).
There have been findings of Romney’s signatures on Bain documents and he is listed as CEO, lone stockholder, etc. If this all comes out to be true, Romney could potentially be brought up on charges of fraud to the SEC.
Therefore… the BEST Mitt Romney meme ever as Romney looks towards Obama as his attorney – and Obama flat out disses Mittens.
Huffington Post: Mitt Romney Bain Capital Filings Link Him To Politically Problematic Companies After 1999
The Washington Post: Do Bain SEC documents suggest Mitt Romney is a criminal?
Forbes: Did Romney’s 2002 Bain Capital CEO Filing Violate The Exchange Act?
There have been many items within Mitt’s history that when combined together as one becomes a very frightening sense of foreshadowing of what is yet to be should he take office as POTUS. In review, first off, we all know the story of how Mitt and his family drove across country with his dog, Seamus, riding in a dog crate on top of their vehicle – for a 12-hour drive. Seamus ended up defecating in his crate so much that the feces ended up sliding down the rear window.
What is Bain Capital? Co-founded by Mitt Romney in 1984, Bain Capital is a classic “strip and flip” shop — a private equity firm that made its money buying businesses and sucking profit out of them by any means possible that often resulted in a stack of pink slips for everyday Americans. As the New York Post reported, during his 15 years as head of Bain, Romney “made fortunes by bankrupting five profitable businesses that ended up firing thousands of workers.” More…