Bain - Saving companies so that everyone doesn't end up getting laid off
Atlanta Olympics - got huge amount of $ from the Government to rescue it
I suppose that last one was Romney's fault as well. The bottom line is that Romney pulled off a miracle with the SLC games. They were mired in corruption with no hope at all of getting any sponsors to sign on. Romney came in and made it a success. I can appreciate your dislike for Mitt Romney, but it doesn't help your cause to lie about him.
Atlanta Olympics - got huge amount of $ from the Government to rescue it
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Kid Atlanta was the Summer Olympics, 1996
Romney interferred with the Winter Olympics, 1992 and caused the cost to be 1/2 again what it should have been...
Plus he banned the boyscouts from helping...
Plus he never “saved” the Olympics...
Until Romney interferred the Olympics were skating along swimmingly..
“The bottom line is that Romney pulled off a miracle with the SLC games. They were mired in corruption with no hope at all of getting any sponsors to sign on. Romney came in and made it a success. I can appreciate your dislike for Mitt Romney, but it doesn’t help your cause to lie about him.”
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What is it about you guys that the only tool in your toolbox is to tell others they lie??? How about researching what you claim and present some facts?
Romney created a “miracle” after rescuing them from mormon corruption... agreed. The Mitt Formula was massive infusion of taxpayers dollars. If that’s a miracle to you, then I imagine you think Obama is walking on water...
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Dallas Morning News:
WASHINGTON _ A spending bill approved by Congress contains $14.8 million for communications equipment, the latest addition to the $1.3 billion the federal government is contributing to the 2002 Olympic Games in Salt Lake City.
As Congress piles more and more taxpayer dollars into local spending projects, the federal tab for the upcoming Games is drawing fire from critics who scrutinize appropriations for what they consider wasteful spending. Total federal money earmarked for Salt Lake City already is twice as much as the $609 million spent in Atlanta for the 1996 Summer Games.
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Please note the sentence that reads, “Total federal money earmarked for Salt Lake City already is twice as much as the $609 million spent in Atlanta for the 1996 Summer Games.”
Mitt’s miracle formula is easy: get the government to pay more for his success. It worked for the Olympic “miracle” and it worked for Massachusetts Romneycare.
If you would like to research this further, there are some nice charts and information about Mitt’s unaccountable Olympic slush fund at the following link:
http://usgovinfo.about.com/library/weekly/aa092400b.htm
best,
ampu
Bain Capital:
“In 1992, Mitt Romney was running Bain Capital, a private equity firm. Bain Capital bought American Pad & Paper Co. (Ampad) for $5 million.”
“Over the next several years Romney’s firm bled the company dry. Hundreds of workers lost their jobs. Stockholders were left with worthless shares. Creditors and vendors were paid less than 50 cents on the dollar. While they were exploiting the company, Romney’s firm charged Ampad millions of dollars in “management fees.” In all, Romney and his investors reaped more than $100 million dollars from the deal.”
http://www.massresistance.org/romney/ampad_062607/index.html
best,
ampu
Bain Capital put $5 million into its purchase of American Pad & Paper and quickly began charging management and other fees. It also made payments to investors. In all, Bain and its investors reaped more than $100 million even though Ampad went into bankruptcy, workers lost jobs, and stockholders were left with worthless shares. [And creditors got less than 50 cents on the dollar.] A look at the deal:
· 1992: Bain buys American Pad & Paper from Mead Corp. They invest $5 million.
· 1993: After Bain takes control, Ampad pays advisory fees to Bain under a management agreement.
· 1994: Bain acquires plant in Marion, Ind. Workers strike over layoffs and wage benefit cuts. The events become a campaign issue in Romney's challenge to Senator Edward M. Kennedy.
· 1995: Bain shuts down the Marion, Ind., plant. Roughly 200 lose jobs. Bain gets at least $2 million in annual fees, plus additional fees for each acquisition Ampad makes. Ampad borrows more to acquire an envelope and stationery maker and uses some of the proceeds, about $60 million, to pay Bain investors.
· 1996: Ampad completes an initial public offering. Bain sells about 3 million shares, reaping about $45 million to $50 million for investors and itself. It also takes $2 million in fees for arranging the IPO, plus other fees.
· 1998: With Ampad struggling, Bain agrees to cut the annual fee $1.5 million a year. It also agrees to start forgoing payment until the company turns around.
· 1999: Revenues continue to slide. Ampad closes a plant near Buffalo, with up to 185 losing jobs.
· 2000: Creditors force Ampad into Chapter 11 bankruptcy to reorganize.
· 2001: Judge puts Ampad into Chapter 7 to liquidate assets and pay creditors. Senior secured lenders get less than 50 cents on the dollar.
STOCK PRICE
July 2, 1996: $15.13 - IPO Price
Jan. 27, 1997: $26.00 - Peak
Sep 16, 1997: $13.13 - Stock loses 42% of its value
Nov 1, 1999: 35 cents - Ampad looks to sell assets to reduce debt
Jan 14, 2000: 15 cents - Ampad forced into bankruptcy