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Greed and Debt: The True Story of Mitt Romney and Bain Capital
Rolling Stone ^ | August 29, 2012 | Matt Taibbi

Posted on 08/30/2012 7:52:49 AM PDT by NetLiberty

The great criticism of Mitt Romney, from both sides of the aisle, has always been that he doesn't stand for anything. He's a flip-flopper, they say, a lightweight, a cardboard opportunist who'll say anything to get elected.

The critics couldn't be more wrong. Mitt Romney is no tissue-paper man. He's closer to being a revolutionary, a backward-world version of Che or Trotsky, with tweezed nostrils instead of a beard, a half-Windsor instead of a leather jerkin. His legendary flip-flops aren't the lies of a bumbling opportunist – they're the confident prevarications of a man untroubled by misleading the nonbeliever in pursuit of a single, all-consuming goal. Romney has a vision, and he's trying for something big: We've just been too slow to sort out what it is, just as we've been slow to grasp the roots of the radical economic changes that have swept the country in the last generation.

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


TOPICS: Business/Economy; Culture/Society; News/Current Events; Politics/Elections
KEYWORDS: baincapital; business; election; mittromney
A very enlightening article on Romney's sorry past as an asset stripper at Bain Capital
1 posted on 08/30/2012 7:52:57 AM PDT by NetLiberty
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To: NetLiberty

Not drunk enough to read the crap that Taibbi writes.


2 posted on 08/30/2012 7:55:39 AM PDT by 1rudeboy
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To: 1rudeboy

+1


3 posted on 08/30/2012 8:02:48 AM PDT by griswold3 (Big Government does not tolerate rivals.)
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To: NetLiberty

Thank you for your left wing posting. Now rejoin your friends at the Democratic Underground.


4 posted on 08/30/2012 8:04:34 AM PDT by laconic
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To: NetLiberty

Ahh, Rolling Stone - truly a bastion of in-depth, investigative journalism without a smidge of propagandist world view. Who wouldn’t get their analyses here?

Where is that ‘Post Tripe Here’ category again?


5 posted on 08/30/2012 8:04:40 AM PDT by bboop (Without justice, what else is the State but a great band of robbers? St. Augustine)
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To: NetLiberty

Matt Taibbi would not know the truth if it punched him in the nose.


6 posted on 08/30/2012 8:04:57 AM PDT by jospehm20
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To: NetLiberty

A story in the Rolling Stone bashing a Republican? Wow, that’s so surprising.

Did I miss when FR migrated to a Democrat site?


7 posted on 08/30/2012 8:05:31 AM PDT by brownsfan (Voting for Obama again is like backing the Titanic up and hitting the iceburg again!)
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To: 1rudeboy
I'm sure Rolling Stone did a similar article on the Resko thing with Obama, and the commodities trading of Hillary, right?
8 posted on 08/30/2012 8:05:51 AM PDT by pieceofthepuzzle
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To: brownsfan
Did I miss when FR migrated to a Democrat site?

Ever since the day it was announced that Romney would not be supported and that attacks on Mormons were fair game, this site has not been the same.

9 posted on 08/30/2012 8:07:21 AM PDT by comebacknewt (Newt (sigh) what could have been . . .)
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To: bboop

You could bring Karl Marx back from the grave, have him criticize Bain, and someone would find it “enlightening.”


10 posted on 08/30/2012 8:09:43 AM PDT by 1rudeboy
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To: NetLiberty

The King of asset strippers.....wait for it.....Obozo!


11 posted on 08/30/2012 8:13:36 AM PDT by Huskrrrr
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To: comebacknewt

“Ever since the day it was announced that Romney would not be supported and that attacks on Mormons were fair game, this site has not been the same.”

Similar to the man without a country, a political site without a party?


12 posted on 08/30/2012 8:16:05 AM PDT by brownsfan (Voting for Obama again is like backing the Titanic up and hitting the iceburg again!)
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To: NetLiberty

“A separate report on household incomes from June 2009, when the recession was declared officially over, finds an overall decline of 4.8 percent from then until June 2012. That’s almost twice the drop from 2007 to 2009, when the recession was at its worst.”

Read more: http://www.sfgate.com/business/bottomline/article/Middle-class-shrinks-as-incomes-decline-3819526.php#ixzz252jRdiDO


13 posted on 08/30/2012 8:21:05 AM PDT by Huskrrrr
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To: NetLiberty

Why don’t you post this at DU where it belongs?


14 posted on 08/30/2012 8:21:45 AM PDT by anoldafvet
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To: 1rudeboy
I posted this article because in this article Taibbi covers the federal tax breaks that made the Bain Capital hedge fund deals possible. Without this form of "government aid" making debt interest tax deductible for companies like Bain, most of these deals wouldn't have worked. That's something I didn't know before.

Anyone who's actually been in business knows about guys like Romney. They're the priviledged financial guys who take over a company, push a bunch of people out of their jobs to cover the debt they load the company up with, and then install some clueless MBAs who don't understand the business they're in. The company collapses but the hedge fund operators like Romney always seem to make out just fine.

And before anyone else accuses me of being a democrat troll, check my profile--here since 1998 and participated in the original FR March for Justice for the Clinton impeachment. I take a backseat to no one on my conservative cred, but I think it's important to know who is being put up in front of us to vote for in November.

15 posted on 08/30/2012 8:22:05 AM PDT by NetLiberty
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To: NetLiberty

I didn’t realize one thing: Marx’s criticism would be more credible than Taibbi’s.


16 posted on 08/30/2012 8:25:28 AM PDT by 1rudeboy
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To: NetLiberty
"Anyone who's actually been in business knows about guys like Romney. They're the priviledged financial guys who take over a company, push a bunch of people out of their jobs to cover the debt they load the company up with, and then install some clueless MBAs who don't understand the business they're in. The company collapses but the hedge fund operators like Romney always seem to make out just fine"

Disagree 100% with everything you said here, and I have been in business for a number of years.

Bain Capital, and companies like them, are one of the best things going for the economy. They take over highly distressed companies, most of which would die quick deaths without intervention, and work to turn them around.

Not all of them make it, but the Bain track record is remarkably good. Thousands of Americans today can attribute their current jobs directly to a Bain-directed turnaround.

While there are some companies and people (Al Dunlap) out there who do the things you describe, Bain Capital under Mitt Romney was absolutely not one of them.

17 posted on 08/30/2012 8:29:19 AM PDT by comebacknewt (Newt (sigh) what could have been . . .)
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To: NetLiberty
Without this form of "government aid" making debt interest tax deductible for companies like Bain, most of these deals wouldn't have worked.

Interest on debt is always deductable at the corporate level. Just as are all other expenses (with the exception of some salaries exceeding 1 million).

Deductions are not loopholes they are as much a part of the tax code as the rate itself.

Which isn't to say our tax code isn't a mess. It is.

18 posted on 08/30/2012 8:30:08 AM PDT by NeoCaveman ("If I had a son he'd look like B.O.'s lunch" - Rin Tin Tin)
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To: NetLiberty
Ok I know we are all suppose to be in the tank for Romney, else we are for the perfumed prince. That aside, Romney has his own difficulty in accepting his own responsibility for his accumulation of his wealth. Else he would have NEVER said he ran his business just like Obama bailed out the auto industry. I never met a poor person that created any jobs except for government job creation to hand out tax payers dollars to the poor that are unlucky at life's lotteries.
19 posted on 08/30/2012 8:34:47 AM PDT by Just mythoughts (Have you donated to the 'resurrection of Akin' yet?)
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To: comebacknewt

I have thought of this for a while, but have not posted it before.

In his time at Bain Capital, Mitt Romney was the economic equivalent of a trauma surgeon. Trauma surgeons take bodies in dire straights and attempt to repair them and restore them to whole. Mitt Romney did essentially the same thing with companies. Many times they can be saved, but sometimes, in spite of heroic efforts, they can’t. The bodies (companies) may fail even though the organs (employees) are intact and fully functioning.


20 posted on 08/30/2012 8:41:59 AM PDT by catman67
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To: NetLiberty

You do understand when Romney was there they acquired 267 companies. most of them faltering with a view to infusing them with capital to turn them around and sell at a profit.It is called free enterprise.They were not in the business of asset stripping.They acquired the faltering company to try to turn around and sell it whole after a few years.Very few of them, less than 4, were “asset stripped” to recoup what was left as a losing investment, all in cases where there was no market for the whole or where the sum of the parts was worth more than the whole.Taibbi is an ultra liberal hates the idea of free markets and will go through any lengths to manipulate the truth with false imagery.


21 posted on 08/30/2012 8:45:55 AM PDT by chuckee
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Comment #22 Removed by Moderator

To: NetLiberty

So, far, I seem to b e the only one who actually read the entire article before making any comments.

The author should have gone straight to the facts he had to present, before putting all his editorializing in.

And, though he does not try to run through every deal Bain made, the deals he does present - just the facts - do not paint a positive picture of what Bain did and what Bain got from the deal.

I am not voting for Obama, regardless, but I think there is more than one good reason Mister Romney was not the choice many of us here at FreeRep wanted, in fact, he was - and with good reason - the choice a majority here did not want.

So, in “don’t through the baby out with the bathwater” fashion, go bookmark the Salon article, and skip the author’s editorialising but don’t throw away the message just ‘cause you don’t like the messenger.

We are going to need our favored friends in Congress to help “keep the powder dry” even with a GOP President.

Crony capitalism and vulture capitalism are not “free enterprise” capitalism (in my book), they do not create value in the economy, they transfer value without merit, either economically or morally.


23 posted on 08/30/2012 8:57:12 AM PDT by Wuli
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To: NetLiberty
>”covers the federal tax breaks that made the Bain Capital hedge fund deals possible”<

So I guess since the Tax Breaks were Legal, Romney isn't a Felon after all.

Now, how about him murdering that guy's Wife?
Can't wait for Rolling Stone to publish a story on that.

24 posted on 08/30/2012 9:02:40 AM PDT by Kickass Conservative (Republicans Hope people are Smart, but Democrats Know people are Stupid.)
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To: NetLiberty

If you are a conservative as you claim, why are you reading tripe from such a biased source and posting it here or anywhere. Romney is our candidate in this election. It is either him or Obama. No one else is going to be elected. This posting is a aid to Obama and nothing else. So why are you doing this if you are such a conservative.


25 posted on 08/30/2012 9:56:33 AM PDT by dirtymac (Now is the time for all good men to come to the aid of their country. Really NOW)
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To: NetLiberty
Oh s@#t, my BS Meter just broke.

That happens every time a poster cites a DISreputable source.

Shame on you.

26 posted on 08/30/2012 10:39:38 AM PDT by Tripoli
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To: NetLiberty

I think it’s pretty sad that freepers are blasted as trolls for posting from liberal sources. That’s pretty “DUesque” if you ask me.

I think it’s important to be informed as to what liberal idiots are pushing out there so we can intelligently refute it.

Thanks for posting and sorry you’re taking so much flak.


27 posted on 08/30/2012 10:45:48 AM PDT by Raebie (WS)
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To: Raebie; NetLiberty
I think it’s pretty sad that freepers are blasted as trolls for posting from liberal sources. I think it’s important to be informed as to what liberal idiots are pushing out there so we can intelligently refute it.

The problem is, the poster, in comment 1, is embracing the liberal idiocy instead of refuting it. Hence the derision being heaped upon him.

28 posted on 08/30/2012 11:02:31 AM PDT by dirtboy
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To: Raebie
I think it’s important to be informed as to what liberal idiots are pushing out there so we can intelligently refute it.

Wouldn't it be more important to get your facts from a credible source first?

29 posted on 08/30/2012 11:28:02 AM PDT by 1rudeboy
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To: 1rudeboy

According to Wikipedia, Jann Wenner’s partner since 1995 has been Matt Nye, a fashion designer. Together, Wenner and Nye have three children, Noah and twins Jude & India Rose


30 posted on 09/09/2012 3:33:27 PM PDT by research99
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To: NetLiberty

Try this:

Greed, debt and Matt Taibbi: What Rolling Stone got right, and wrong, about Bain Capital

http://www.freerepublic.com/focus/f-news/2928713/posts


31 posted on 09/09/2012 10:54:50 PM PDT by Yehuda (http://jewpoint.blogspot.com)
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