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Romney's Former Firm Bain Advised Obama on Auto Bailout
CNBC ^ | 1-12-2012 | Eamon Javers

Posted on 01/12/2012 8:39:31 PM PST by TitansAFC

Mitt Romney told CNBC Wednesday that he’s happy to have a debate about private equity alleged role in killing American jobs — because President Obama also forced companies to shed jobs at car dealerships during the auto bailout.

So it is somewhat ironic that Romney’s former firm, Bain & Company, was among the private consulting firms that advised the Obama auto bailout team.

And what did Bain recommend? Cutting dealerships.

Romney’s ties to Bain Capital and its predecessor firm Bain & Company have come under scrutiny in recent days as his GOP rivals accuse him of “vulture capitalism” that made profits for him and his partners but resulted in the loss of jobs for average workers.

The car dealership episode was one of the most controversial of the auto bailout — as many dealers across the country complained they were being put out of business by government fiat. A special inspector general looking into the matter concluded that the decision to slash dealerships resulted in the loss of thousands of jobs. But the Obama administration argued at the time that there were too many dealerships chasing too few customers and streamlining them was an important piece to getting GM [GM 24.67 0.20 (+0.82%) ] and Chrysler back on their feet.

In an interview on CNBC’s Squawk Box Wednesday, Romney, the front-runner for the GOP presidential nomination, said: “I'm looking forward to having the debate with president Obama. Because as you know, he became a private equity owner. He took over General Motors and Chrysler. And he cut, shut down factories, shut down dealerships, laid off thousands of people as a result of that. And the reason he did that was to try to save the business.”.....

(Excerpt) Read more at cnbc.com ...


TOPICS: Front Page News; Government; Miscellaneous; News/Current Events; Politics/Elections
KEYWORDS: bailouts; bain4autotakeover; bain4dnc; bain4obama; bain4tarp; dnc4romney; iag4romney; loserromney; mitt; obama; romney; romney4autotakeover; romney4dnc; romney4obama; romney4tarp; soros4romney

1 posted on 01/12/2012 8:39:43 PM PST by TitansAFC
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To: TitansAFC

Two wrongs don’t make a right mitt!


2 posted on 01/12/2012 8:43:24 PM PST by Randy Larsen (Todd Palin gets my vote for toughest first dude ever!)
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To: TitansAFC

Bain Capitalism


3 posted on 01/12/2012 8:45:09 PM PST by vbmoneyspender
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To: TitansAFC

Is anyone surprised by this?

Didn’t Bain express interest in buying Chrysler at one point?


4 posted on 01/12/2012 8:57:24 PM PST by TBP (Obama lies, Granny dies.)
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To: TitansAFC

1998...that’s the year Romney left Bain Capital.

I wonder where Obama was and what he was doing then...?


5 posted on 01/12/2012 9:08:28 PM PST by bigbob
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To: TitansAFC

The more we learn about The Willard, the more we see why the regnant quislings want him to be their opponent. His machinations at Bain were shot through with cronyism - how about a loan into Bain which was mysteriously forgiven by a failing bank??? No wonder the odious snake won’t produce his tax returns - when they hit the street he is a dead snake. Just remember what he did to Sarah during the 2008 campaign - all you Willard koolaid trippers. He pulled it on the Newtster and as a result he’s looking like Wile E. Coyote, passing the anvil in free fall. See you later, Willard, after you auger in, you fricking backshooter.


6 posted on 01/12/2012 9:08:53 PM PST by Bedford Forrest (Roger, Contact, Judy, Out. Fox One. Splash one.<I>)
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To: Bedford Forrest

The forgiven loan was in the amount of several million dollars.


7 posted on 01/12/2012 9:10:23 PM PST by Bedford Forrest (Roger, Contact, Judy, Out. Fox One. Splash one.<I>)
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To: TitansAFC
"""Bain & Company, was among the private consulting firms that advised the Obama auto bailout team.""""

A CONSULTING FIRM, OH NO, and how much were they paid to LOBBY????/sarc. errr' advise, lol.

8 posted on 01/12/2012 9:35:28 PM PST by annieokie
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To: TitansAFC

Didn’t the “Bath-House Barry” administration TARGET Republican leaning dealerships to close?


9 posted on 01/12/2012 9:36:21 PM PST by Mortrey (Impeach President Soros)
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To: TitansAFC

Mitt Romney left Bain ten years before Obama came to office. Any consultations between Obama and Bain are irrelevant.


10 posted on 01/13/2012 3:27:01 AM PST by WFTR (Liberty isn't for cowards)
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To: bigbob
In 1998, Obama was running his own company. His company walked in the streets of Chicago and told everyone that would listen how miserable their lives are because of evil corporations not moving to the neighborhoods. It can't be for the fact that companies that were in the neighborhoods got tired of being robbed and vandalized then moved.
11 posted on 01/13/2012 3:33:43 AM PST by tobyhill (Obama, The Biggest Thief In American History)
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To: WFTR
Chaney/ Halliburton redux!
12 posted on 01/13/2012 4:02:32 AM PST by goodtomato (I'm really, really blessed! WWW.MIKEMcCALISTERFORSENATE.COM check him out!)
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To: bigbob
*** 1998...that’s the year Romney left Bain Capital. I wonder where Obama was and what he was doing then...? ***

Barry O'Bozo would have been *busy* in the IL Gen. Assembly voting, PRESENT 52 times. And when it wasn't in session he would have been up in Chi cruising Gay Bars on the 'Near North Side' (aka: Boys Town).

And Voting PRESENT is something he does by not addressing any problems and passing them of to 'super commissions'. And hitting the links 80+ times.
(Barry is the most incompetent POTUS since Pierce and/or Grant!)

back in 'my day' Millard Filmore used to get the rap as 'the overall worst' POTUS in our history. Thank god he's been forgotten and replaced by Carter, O'Dummy and even Billy-Jeff. Filmore was always one of my faves - FOR be slammed ;-) (I thought he got a bad rap)

13 posted on 01/13/2012 5:21:48 AM PST by Condor51 (Yo Hoffa, so you want to 'take out conservatives'. Well okay Jr - I'm your Huckleberry)
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To: TitansAFC

Why, what a coincidence! It also happens that John Holdren, Obama’s “Science Czar” who advocates depopulation and forced sterilization, also advised Romney on environmental policy.

http://www.nationalreview.com/planet-gore/280238/romneys-john-holdren-problem-greg-pollowitz

But I’m sure the party-line Republicans wouldn’t lie to us. Why, Willard Romney the open socialist has to be better than Obama! He has perfect hair and a different letter in front of his name!


14 posted on 01/13/2012 6:10:57 AM PST by Cato in PA (Romney and Obama: the hammer and sickle of socialism)
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To: TitansAFC

Private equity has a lot of DEBT coming DUE in the next few years.

This debt was issued to buy companies that are failing.

Private equity would want ANYONE from a private equity BACKGROUND in the White House.

To find a sympathetic ear there when they ask for a bailout in one form or another, i.e., loans, guarantees, etc.

Romney is the guy who would bail out anyone and everyone that needs a bailout.

He won’t say that directly now. He says hardly anything substantive now.

There is a coming crash starting in Europe and spreading to the U.S. and worldwide.

The question for the U.S. voter is, do they want someone in the White House who will see the wisdom in switching to a local economy, running government surpluses and eliminating vast amounts of regulation and simply allowing free enterprise to work. Or do they want a statist in the White House who will implement price controls and government takeovers to manage the chaos.

I know which I prefer, and it ain’t Romney or Obama.


15 posted on 01/13/2012 7:12:43 AM PST by PieterCasparzen (We have to fix things ourselves.)
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To: TitansAFC

FWIW, CNBC just retracted this entire report:

“Correction: Romney’s Former Firm Bain Didn’t Advise Obama”

http://www.cnbc.com/id/45979278


16 posted on 01/13/2012 7:49:17 AM PST by Qbert ("The best defense against usurpatory government is an assertive citizenry" - William F. Buckley, Jr.)
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To: TitansAFC

How could reducting the number of independent car dealerships POSSIBLY help the auto manufacturers? It may help the remaining dealers, yes, but NOT the car makers! The pool of legal buyers from the factories was REDUCED. Was there ever ANY intellectual economic justification for this? If so, WHAT??


17 posted on 01/13/2012 10:13:57 AM PST by 2harddrive
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To: TitansAFC

How could reducting the number of independent car dealerships POSSIBLY help the auto manufacturers? It may help the remaining dealers, yes, but NOT the car makers! The pool of legal buyers from the factories was REDUCED. Was there ever ANY intellectual economic justification for this? If so, WHAT??


18 posted on 01/13/2012 10:14:59 AM PST by 2harddrive
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To: TitansAFC

How could reducting the number of independent car dealerships POSSIBLY help the auto manufacturers? It may help the remaining dealers, yes, but NOT the car makers! The pool of legal buyers from the factories was REDUCED. Was there ever ANY intellectual economic justification for this? If so, WHAT??


19 posted on 01/13/2012 10:14:59 AM PST by 2harddrive
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To: TitansAFC

Obama was NOT ‘trying to save the busniess’!!!!

Obama was appeasing the UNIONS!!@!

IF Mitt is this stupid that he cannot ‘CONNECT THE DOTS’ he surely does NOT belong in the Oval office!!!!


20 posted on 01/13/2012 10:17:12 AM PST by ridesthemiles
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To: Mortrey

True- but Democrat & Independent voting dealership owners also got hosed.


21 posted on 01/13/2012 10:25:14 AM PST by ridesthemiles
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