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Gingrich calls on his Super-PAC to correct inaccuracies or pull anti-Bain ads
The Hill dot com ^ | 1-13-12 | Justin Sink

Posted on 01/13/2012 10:01:01 AM PST by bigbob

Newt Gingrich has called on the Super-PAC funding a series of ads critical of Mitt Romney's job creation record at Bain Capital to fix inaccuracies in the ads or remove them from the air.

“I am calling for the Winning Our Future Super-PAC supporting me to either edit its “King of Bain” advertisement and movie to remove its inaccuracies, or to pull it off the air and off the internet entirely," Gingrich said in a statement released Friday.

“Furthermore, I am once again calling on Governor Romney to issue a similar call for the Super-PAC supporting him to edit or remove its ads which have been shown to contain gross inaccuracies, something the Governor has thus far refused to do."

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


TOPICS: News/Current Events; Politics/Elections
KEYWORDS: bain; cronycapitalism; kingofbain; newt; superpac
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Newt attempting to mitigate the damage done on his behalf by his superpac, which of course he cannot control or have direct contact with.

Will it help Newt? Or will Romney refuse, following the rule of not interfering when your enemy is self-destructing?

1 posted on 01/13/2012 10:01:05 AM PST by bigbob
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To: bigbob

It gets weirder and weirder.


2 posted on 01/13/2012 10:04:54 AM PST by truthkeeper (Vote Against Barack Obama in 2012! (That's my story and I'm sticking to it.))
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To: bigbob

He’s said he has no control over the SuperPACs, so which is it??


3 posted on 01/13/2012 10:07:28 AM PST by fred4prez
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To: bigbob

Romney will maintain he has no control and the ads are correct. Even anti-Newt pro Romney Fox news showed all of the old false ad yesterday when they had the Romney guy Mr. Talent on with Martha McCallum talking. (America’s Newsroom) That is the same old false ad that Gingrich sent a legal notice to media not to run or they would face legal consequences.


4 posted on 01/13/2012 10:08:11 AM PST by sheikdetailfeather ("Kick The Communists Out Of Your Govt. And Don't Accept Their Goodies"-Yuri Bezmenov-KGB Defector)
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To: bigbob
Go Newt. There are still idiots that believe that both Newt and Romney endorse or have any control over the PAC. You will still find idiots that do not understand the PACs.
5 posted on 01/13/2012 10:10:32 AM PST by Logical me
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To: bigbob

So all of the freepers defending Newt’s stance on Bain Capital, are you willing to admit that Newt went too far? Seems like Newt is.

I like Newt 1000 times more than Mittens and would vote for him in a heartbeat over Willard. However, none of those reasons have to do with Bain Capital and free markets. I guess it doesn’t really matter who I’d vote for because this contest will be long decided by the time I get a chance to vote in Pennsylvania.


6 posted on 01/13/2012 10:11:19 AM PST by Old Teufel Hunden
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To: bigbob

There are “inaccuracies” in the ads? What are they? The article does not elaborate or even explain them. Nor does Newt.


7 posted on 01/13/2012 10:15:15 AM PST by Red_Devil 232 (VietVet - USMC All Ready On The Right? All Ready On The Left? All Ready On The Firing Line!)
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To: bigbob
Photobucket
8 posted on 01/13/2012 10:17:16 AM PST by baddog 219
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To: bigbob

Newt’s superpac should pull the current adds on Bain Capital and put up adds about Romneycare. Show the film clip of Obama claiming that he modelled Obamacare on Romneycare. Play that over and over again in South Carolina and see how conservatives like that.


9 posted on 01/13/2012 10:19:03 AM PST by Old Teufel Hunden
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To: fred4prez

The Pac can do as they please they can comply with Newt’s request or not. The article nor Newt explain what these “inaccuracies” are.


10 posted on 01/13/2012 10:19:36 AM PST by Red_Devil 232 (VietVet - USMC All Ready On The Right? All Ready On The Left? All Ready On The Firing Line!)
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To: bigbob; TBBT; TitansAFC; Gator113; dixiechick2000
what the hell are you smoking Bob?

those ads have creamed Romney in SC with Newt now in the margin of error

they did their damage and now Newt can play “innocent”

it's war...Romney drew first blood in Iowa and toppled Newt from a nice perch and now he's getting it back

and will have to answer for maybe/maybe not shady biz claims

he says he created 100,000 new jobs...he did not

and so forth

now Newt and his Supers need to pour on the regional heat and pound Mitts social issue liberalism

this is where Mitt is weakest and believe me...it plays in Dixie

Southerners unlike New Hampshire care quite a bit about abortion, queer marriage and whatnot

these next debates will be killer and SC will be watching

thank you Sheldon Adelson...you gave Newt a chance basically all by yourself...big hug..I knew there was a reason I stayed at the Venetian last June

11 posted on 01/13/2012 10:21:43 AM PST by wardaddy (I fear we cannot beat Roger Ailes and beltway GOP)
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To: Old Teufel Hunden

I’ve been upset about the choice of attacking Romney’s Bain experience from the get-go. Out of all the other weaknesses that they could have targeted, it’s just a shame that conservative Republicans decided to get into a urinating contest over capitalism instead.

As I understand it, the candidates cannot legally have any direct contact or influence over what the superpacs do. So what Newt is trying to do here is indirectly indirect the content of the ads, which the superpac can ignore if it chooses.


12 posted on 01/13/2012 10:26:10 AM PST by bigbob
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To: fred4prez

So long as Newt is seen being his rational, reasonable self, posing this rational and reasonable suggestion to edit all inaccuracies, or else do away with the film, does not say that the Newt-PAC production has any inaccuracies.

Newt is quite capable of pointing out inaccuracies, IF and where they exist, and is free to criticize PAC creations, regardless who produced them, including his own.

More information needed. This is a smoke and mirrors war between Romney and Newt. I hope Newt wins.


13 posted on 01/13/2012 10:33:31 AM PST by RitaOK (LET 'ER RIP, NEWT. NEWT 2012)
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To: bigbob

I think Newt’s strategy may be a sound one here. He’s setting this up as an issue at the debate. He can turn to Romney and say I’ve called off the dogs. Are you going to do the same?

I don’t know exactly what is in Romney’s attack adds (having never heard them) so I can’t say if Newt has a legitimate beef or not.

I understand Romney’s Superpac latest attack add is against Santorum about earmarks. He’s my guy but that is probably true. Thing is, if you’re in the Congress for 20 years, chances are you are going to have voted for earmarks whether you agreed with them or not. There might be a great bill but it has earmarks you don’t agree with. So you vote for it because the bill overall is good. Earmarks is not that big of an issue with me. It’s a small part of the federal budget and there are much bigger fish to fry. For all we know his signature bill (welfare reform) had odious earmarks in it. He still should have voted for it IMO. So while it’s true, it’s misleading.

These guys need to go after Romney on Romneycare!!!!


14 posted on 01/13/2012 10:34:00 AM PST by Old Teufel Hunden
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To: wardaddy

OK, you make an interesting point. I can understand it better if Newt’s superpac did this as part of a strategy, countering what they felt were inaccurate ads by Romney with similar attacks of their own, with the intention all along of backing off after the damage is done. Maybe something analogous to a boxer getting in a couple of “low blows” to soften up his opponent early in a fight.

Don’t get me wrong, I think Newt is the best anti-Romney choice, I just didn’t think that attacking capitalism was the way to go.


15 posted on 01/13/2012 10:35:00 AM PST by bigbob
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To: Old Teufel Hunden

What Mitt did at Bain Capital should be a warning sign that this man is ruthless and everyone should consider it to be a huge character flaw.

Mitt has no values in life as he has flip-flopped on every single one of them depending on the office he is seeking.

He has no feelings and will lay off hundreds of people to reach his goal.

Decent human beings don’t change their values nor do they make huge profits by screwing folks.

In the end, he will screw the entire county to reach his goal of being President of the United States - the most powerful person in the world.


16 posted on 01/13/2012 10:43:09 AM PST by tirednvirginia
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To: Red_Devil 232
There are “inaccuracies” in the ads? What are they? The article does not elaborate or even explain them. Nor does Newt.

It's been a while since I saw the ads, but the one thing that I remember that struck me as inaccurate was a claim that Newt supports amnesty for 11 million illegals. I think that is a gross exaggeration of his position and don't blame him for taking exception to it.

Newt has made clear through his lawyers letter to tv stations that he considers the claim he was fined $300,000 for ethics violations to be false. Newt claims he was not fined, but was asked to reimburse for the cost of the investigations. His basis for this is lost on me, the sanction was clearly reported as a fine when it happened and as I recall Newt did admit wrongdoing and apologize.

17 posted on 01/13/2012 10:45:52 AM PST by freespirited
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To: fred4prez

Because of the idiotic campaign finance laws no candidate can coordinate strategy with a pac. Newt is probably breaking the law by making this statement.


18 posted on 01/13/2012 10:46:05 AM PST by DManA
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To: bigbob; dixiechick2000

I am not 100% sure about Bain...I actually know someone personally here in Nashville that was in their local office where they worked on healthcare starts....they are just another boutique capital firm

But they also were big into leveraged buyouts..something I am familiar with on a small scale from experience and I am not a fan. They often reward management and the buyout firm at the expense of shareholders and debt holders....and yes employees and yes I am old school...I do think a business has some responsibility to it’s employees

It’s debatable that is good for capitalism. Rush in his hurry to stay neutral (putting it nicely) treated these attacks as on capitalism itself...as though anything goes in capitalism..something I see folks say here on occasion which I do not agree with...we have reigned it in on occasion...monopolies and collusion etc

and Rush aped the establishment GOP and Roger Ailes in doing so...Rush must think one not critique business period.

I disagree and to quote another freeper...

“To claim if Newt attacks Mitt on Bain is an attack on capitalism”

is akin to:

“Saying to be anti abortion is an attack on the medical profession”

Romney can defend himself or not.


19 posted on 01/13/2012 10:47:44 AM PST by wardaddy (I fear we cannot beat Roger Ailes and beltway GOP)
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To: bigbob

The candidates cannot have direct contact with these Super-PACs.

Romney grins and smiles and says “I can’t do anything about it”

Gingrich just called him out on it. If Gingrich can call on his Super-PAC to correct the problems with the Bain ads, then Romney can clearly call on his Super-PAC to correct the problems with the anti-Newt ads.


20 posted on 01/13/2012 10:52:01 AM PST by Anitius Severinus Boethius
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To: bigbob

Your questions are moot since Newt is not self destructing. Take a look at what is going on in the south bigbob.


21 posted on 01/13/2012 10:53:14 AM PST by RobinWWJD
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To: bigbob
What Newt is doing is not illegal. The FEC has stated that a candidate can publicly ask that a PAC not run certain adds. They stated to Romney when Gingrich called on Romney in Iowa to correct the PAC.As long as it is public and not a situation of direct contact it is permissible.
22 posted on 01/13/2012 10:54:11 AM PST by Jim from C-Town (The government is rarely benevolent, often malevolent and never benign!)
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To: Old Teufel Hunden
"He’s setting this up as an issue at the debate. He can turn to Romney and say I’ve called off the dogs. Are you going to do the same?"

Correct-a-mundo. It's a trapdoor olive branch.

23 posted on 01/13/2012 10:57:25 AM PST by moehoward
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To: moehoward

’ “He’s setting this up as an issue at the debate. He can turn to Romney and say I’ve called off the dogs. Are you going to do the same?”
Correct-a-mundo. It’s a trapdoor olive branch.’

Check. Knight captures bishop. Your move Myth.


24 posted on 01/13/2012 11:00:11 AM PST by RobinWWJD
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To: bigbob

“Attacking capitalism” is right-wing hyperbole hype line. Yeah, I went there. If criticizing the practices of ANY business is now akin to “attacking capitalism” then I must have missed the part of the bible where it was declared that anyone who calls themselves a “business” is automatically absolved of all their sins.

Bain’s profits relied in large part on making sure that they paid no penalties when the companies they took over went bankrupt and they took advantage of government funding to cover the cost of pensions that they underfunded. They socialized their losses. That is a valid criticism with a moral basis. It’s not anti-capitalism. Once you start profiting off of other people’s money (banks, governments, insurance) and not your own, you are out of the capitalist realm.

As I understand it, the criticism of the long Bain ad is that some of the stuff that happened to 1 or 2 of the companies in it happened after Romney supposedly left Bain. But even in the ad it says there is evidence Romney worked there after he claims he left, and I believe he still collects a paycheck from them to this day as sort of a pension.


25 posted on 01/13/2012 11:01:08 AM PST by JediJones (Newt-er Romney in 2012!)
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To: Old Teufel Hunden
No! I would have slammed him myself. Ten times harder and especially on his scummy business ethics, or lack there of.

Newt is not attacking from the Left. He is attacking from the Conservative, PRO-Capitalist, ANTI-CRONY-CAPITALIST Right. Romney is not now and never has been a Capitalist. We should all be thanking Newt and the PAC for outing Romney before it is too late!

The reason why Romney is a poor candidate is because he is everything that the Leftists so wrongly claim that the Republicans are. He is a son of wealth who has used his family's wealth and power to increase the wealth of himself and a small cadre of investors at the expense of the larger society. He is by definition not a capitalist, he is a corporatist.
It is highly beneficial that we as conservatives and free-marketeers expose him now before he becomes the nominee.

26 posted on 01/13/2012 11:01:48 AM PST by Jim from C-Town (The government is rarely benevolent, often malevolent and never benign!)
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To: DManA

How long before Romney’s PAC comes out accusing Newt of an “ethics violation” for supposedly breaking this stupid law? This is about as nonsensical a rule as the one they accused him of in the House of teaching a college course that supposedly promoted conservative Republican values.


27 posted on 01/13/2012 11:07:12 AM PST by JediJones (Newt-er Romney in 2012!)
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To: Old Teufel Hunden
“So all of the freepers defending Newt’s stance on Bain Capital, are you willing to admit that Newt went too far? Seems like Newt is.”

I want to see what Newt said directly. Bet he said, IF there are inaccuracies correct them or pull it down. I want Newt, Perry, or Santorum to be the candidate.

Romney has stated than none of the other candidates are as qualified for president as he is, because of his experiences at Bain. He claims he created 100,000 jobs. He has chosen to make this issue front and center, and it needs to be vetted.

Romney talks about Staples and other venture capital deals which worked out real well. He doesn't want to talk about the non-venture “management consulting” part of the business which reminds me of a type of LBO. So other candidates are just supposed to keep hands off of anything Romney doesn't want to talk about?

Romney needs to prove his claims on job creation(it appears he might have padded his resume). He also needs to explain those handful of companies where questions have been raised regarding his mismanagement, fiduciary responsibility to the shareholders where he/Bain profited and the firm went under.

What is over the top is that the GOP E and their synchophants in the media have tarnished the image of Capitalism by framing this as an attack on Capitalism instead of a questioning of Romney's grandiose claims/record.

Personally, I am PO’d that Pubbies have tried to hide these issues from the voters. I think it is pathetic that the only way these candidates get vetted is by other candidates.

If there were any true investigative journalists out there, this would have been discussed adnausem a year ago, and questions would have been raised in the beginning debates.

The free market system has much more to it than private equity firms and leveraged buyouts. Calling an attack on Romney an attack on Capitalism is like calling an attack on a shady bounty hunter an attack on Law Enforcement.

Like Romney said, politics ain't bean bag, and the candidate has to take the heat. Maybe mittens needs to step out of the kitchen.

28 posted on 01/13/2012 11:09:35 AM PST by greeneyes (Moderation in defense of your country is NO virtue. Let Freedom Ring.)
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To: wardaddy
“To claim if Newt attacks Mitt on Bain is an attack on capitalism”

is akin to:

“Saying to be anti abortion is an attack on the medical profession”

Or it's like someone saying how dare you disagree with me because I have a right to free speech. Having freedom doesn't mean you can't be criticized if someone feels you exercise your freedom in an improper fashion. People here criticize others for making all kinds of immoral or unethical choices all the time...but we're simply not allowed to do that when it involves criticizing a business?

29 posted on 01/13/2012 11:11:36 AM PST by JediJones (Newt-er Romney in 2012!)
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To: tirednvirginia
What Mitt did at Bain Capital should be a warning sign that this man is ruthless and everyone should consider it to be a huge character flaw.

Exactly right. Some of this is a real issue...both politically (it will come up in the general and be effective), and also as insight into the candidate. There is little secret that Mitt's machine has been involved in the savaging of Palin and other conservatives during the four years leading up to this campaign. His people have also been credited with the stealth attacks that sunk Fred Thompson last time. He is a ruthless competitor.

On the other side, the firing of people is not always wrong. Part of rebuilding a company is turnover and making fundamental changes. That is appropriate and fair. If (and I don't know), their primary track record is the 'vulture' actions of grabbing functioning business and sucking it dry for profit, that's not such a fine attribute. Bain has many great turnaround success stories that are a feather in Romney's cap. I do not begrudge his success before running for office in Massachusetts. My issues with Romney start with his campaigning and governing in the past 20 years.

30 posted on 01/13/2012 11:23:55 AM PST by ilgipper (Everything you get from the government was taken from someone else)
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To: bigbob
“Don’t get me wrong, I think Newt is the best anti-Romney choice, I just didn’t think that attacking capitalism was the way to go.”

There is a heck of a lot more to capitalism and the free market system than venture capital, leveraged buyouts, and management consulting. Heck, up until 30 years ago LBO wasn't even an every day phrase.

The GOP E and their syncophants in the media are the ones that have turned a vetting of Romney's claims and record into an indictment of capitalism. He is on record making his private sector experience the main reason he should go against Obama and no one else.

If I were to criticize a bounty hunter for questionable decisions, would that be an indictment of Law Enforcement? All this outrage about protecting Capitalism is just protecting Pubbies “anointed” one using Alinsky tactics.

This issue was used by Kennedy to defeat Romney in the senate race years ago. He has had years to prepare to demonstrate how he made good management decisions, walked off with profits for Romney & Associates, and left a weakened company which went bankrupt shortly after leaving shareholders and creditors in the cold, and workers as collateral damage.

Management(Bain) has a fiduciary responsibility to make profit not only for Bain, but also the shareholders of the company they are helping to manage to not only make profits for the short term, but keep the firm healthy enough to survive. I want to know whether they fulfilled this responsibility for both companies or just Bain. Did they make decisions that benefited Bain to the detriment of the shareholders of these companies?.

There were some lawsuits out there which creditors brought against Bain. I want to know those details. What was charged, and what was proved, and what was the evidence?. All I've heard so far, is how dare you ask. How dare you attack capitalism.

As a former auditor, if all this reaction happened when I asked a question about management's decisions, it would make me so suspicious, I would insist on seeing every smidge of information and documentation there was before I would sign off on it..

Well as a voter, I feel the same way. Tell me the story, show me the evidence, and I will make up my mind about whether you have demonstrated you deserve my vote.

31 posted on 01/13/2012 11:51:58 AM PST by greeneyes (Moderation in defense of your country is NO virtue. Let Freedom Ring.)
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To: Red_Devil 232

Newt does have the right to publicly ask a PAC to correct inaccuries or pull an ad, just not to go to the PAC directly and privately.
Romney has the same rights but choose to deny (LIE)that he had this right and let his PAC continue to lie and defame Newt.
Newt is fighting fire with fire and the rinos and msm are all upset about the attack on Romney, they would be on much firmer ground had they admonished the Romney campaign for the attacks on Newt.
I would much rather have Newt fighting for me and the country than Romney. He is so much better equipped.


32 posted on 01/13/2012 12:01:42 PM PST by duffee (NEWT 2012)
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To: wardaddy

I’m with you wardaddy. I am no fan of LBO either, and I think this form of consulting is an issue too. When an individual owner hires a management consultant, there is a natural restraint in that the owner will not agree to decisions that will leave him so in debt that his company might go bankrupt.

When the management consultant becomes the controlling decision maker for a corporation, they have an inherent potential for a conflict of interest. Such management has a fiduciary responsibility to both Bain and the shareholders/owners of the company they are managing.

Voters have a right to know whether Bain subordinated the interest of any companies they were managing to their own interests, were they just guilty of poor decisions, or whether unforeseen events tipped the balance into failure.

I think it is pathetic that these candidates are only vetted if another candidate asks questions. And it is outrageous when Alinsky tactics are employed to try and shut up the person asking pertinent questions.

I like your medical analogy better than mine. I said that it was like criticising a bounty hunter’s questionable actions was an attack on Law Enforcement.


33 posted on 01/13/2012 12:16:44 PM PST by greeneyes (Moderation in defense of your country is NO virtue. Let Freedom Ring.)
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To: duffee

I agree with you. I would rather Newt than the Plastic smiling RINO Mith!


34 posted on 01/13/2012 12:23:12 PM PST by Red_Devil 232 (VietVet - USMC All Ready On The Right? All Ready On The Left? All Ready On The Firing Line!)
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To: freespirited

No! No! Newt is asking the PAC supporting him to remove “inaccuracies” in their ads about Romney. I was asking what are those specific “inaccuracies” in those ads?


35 posted on 01/13/2012 12:27:08 PM PST by Red_Devil 232 (VietVet - USMC All Ready On The Right? All Ready On The Left? All Ready On The Firing Line!)
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To: wardaddy
But they also were big into leveraged buyouts..something I am familiar with on a small scale from experience and I am not a fan. They often reward management and the buyout firm at the expense of shareholders and debt holders....and yes employees and yes I am old school...I do think a business has some responsibility to it’s employees.

I sympathize. If you spend some time in investing and finance, you eventually learn that the guy walking around with a white hat is really wearing a grey hat. In my case, I lost my innocence over the Hunt Brothers flap. Some of the governors of the commodities exchange who shut down silver trading on the long end, on the basis that the Hunts were trying to corner the market, were short silver at the time. In other words, those people were saving their own bacon while putting on the white hat. Some would say that they moved the goal post in order to do so.

Of course, there's always an option for those who still have some idealism: it's usually rebelish. The Hunt Brothers were victims of a group of wicked Establishment short sellers who aim to keep silver down by rigging the market their way. Michael Milken was a hero who was persecuted by the "JustUs" legal system. And so on.

As cynicism sets in, though, you see a lot of grey. The black hats begin to look grey as well. The only unambiguous market evil that's left is corporate fraud, which makes some short sellers the good guys.

As for so-called "vulture capitalism," here's my take: A pure vulture capitalist is doing the work that used to be done solely by bankruptcy trustees. Central to the job of a bankruptcy trustee is asset-stripping. On the one hand, doing the work at a profit gives the vulture capitalists an incentive to push companies into bankruptcy. On the other hand, loopholes in the Bankrupcy Code have made the process of bankruptcy less onerous at the operational level than they used to be.

Yes, it's true that bankruptcy-for-profit incentivizes vulture capitalists in a certain way. But, fee-based bankruptcy a la trusteeship incentivizes the designated asset strippers in another way. At the worst, the former is a Gordon Gekko - but the worst of the latter is something out of Bleak House.

"You can have any colour you want, as long as it's grey."

36 posted on 01/13/2012 12:51:54 PM PST by danielmryan
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To: Red_Devil 232

Sorry, I misunderstood you. Haven’t seen the ads you’re talking about. Do you have links?

I’ll take a guess that Newt was referring to material highlighted in the Wapo fact checker column, link in above post.


37 posted on 01/13/2012 12:56:11 PM PST by freespirited
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To: tirednvirginia

He has no feelings and will lay off hundreds of people to reach his goal.


You do understand, in the actual conservative world, the goal is to have no feelings and lay off TENS OF THOUSANDS of people who work for the government to reach our goal?

Or do we not want to hurt anybody’s feelings?


38 posted on 01/13/2012 1:03:20 PM PST by magritte
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Slap those Dems!




39 posted on 01/13/2012 3:14:45 PM PST by TheOldLady (FReepmail me to get ON or OFF the ZOT LIGHTNING ping list)
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To: freespirited
When Mitt Romney Came To Town — Full, complete version
40 posted on 01/13/2012 3:30:30 PM PST by Red_Devil 232 (VietVet - USMC All Ready On The Right? All Ready On The Left? All Ready On The Firing Line!)
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To: Jim from C-Town
"Conservative, PRO-Capitalist, ANTI-CRONY-CAPITALIST Right. Romney is not now and never has been a Capitalist."

Crony capitalism is when corporations are intertwined with government and the government favors them over everyone else. Think GM, GE and Solyndra. Using that commonly accepted definition, how is Bain Capital participated in Crony Capitalism?

Conservatives don't hate wealth. They don't hate someone who was born wealthy. That is the democrat party.
41 posted on 01/13/2012 4:12:53 PM PST by Old Teufel Hunden
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To: greeneyes
"I want Newt, Perry, or Santorum to be the candidate."

Me to.

"Romney has stated than none of the other candidates are as qualified for president as he is, because of his experiences at Bain. He claims he created 100,000 jobs. He has chosen to make this issue front and center, and it needs to be vetted."

To me, this would be a valid line of attack. If he's padding his stats so to speak by claiming the creation of 100,000 jobs and he didn't do it. Newt should call him out on it. I don't like this line of attack of capitalism itself.
42 posted on 01/13/2012 4:15:36 PM PST by Old Teufel Hunden
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To: Old Teufel Hunden

Mitt Romney and 100,000 jobs: an untenable figure

http://www.washingtonpost.com/blogs/fact-checker/post/mitt-romney-and-100000-jobs-an-untenable-figure/2012/01/09/gIQAIoihmP_blog.html


43 posted on 01/13/2012 4:18:15 PM PST by JediJones (Newt-er Romney in 2012!)
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To: Old Teufel Hunden
Your right, he is more truly a corporatist. Look it up and do some research.

Romney is allot of things: What he isn't is a Capitalist or a Conservative.

The reason why Romney is a poor candidate is because he is everything that the Leftists so wrongly claim that the Republicans are. He is a son of wealth who has used his family's wealth and power to increase the wealth of himself and a small cadre of investors at the expense of the larger society. He is by definition not a capitalist, he is a corporatist.

It is highly beneficial that we as conservatives and free-marketeers expose him now before he becomes the nominee.

44 posted on 01/13/2012 5:07:06 PM PST by Jim from C-Town (The government is rarely benevolent, often malevolent and never benign!)
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To: Old Teufel Hunden
“Newt should call him out on it. I don't like this line of attack of capitalism itself.”

Well I don't consider it an attack on capitalism. There is more to the free Enterprise system than just PE venture capital(good) and LBO/consulting type models.

Remember the term LBO was not even common 30 years ago. The deficiency IMO is the weakening of checks and balances. If a single owner should decide to hire a management consultant, the owner just naturally is not going to risk the long term well being of the company and his livelihood just to enrich the consultant.

At Bain, they came up with a way that they had the say in company decisions, as management and as board members. Both management and the board of a company have a fiduciary responsibility to the shareholders of the company they are “helping”, but at the same time are trying provide maximum returns to the Bain style company. So they are serving 2 masters.

I don't like the business model because in general they aim to get all their money and profits out in a 3-5 year time frame even if the company growth or turn around has not happened. Also, because so much debt is incurred to pay the dividends, consulting, and management fees, there is great potential of decreasing the long term viability of the firm.

To me it's kind of a mutation of capitalism. At any rate, a bank that looked at the loans would have had information to review the business projections(did Bain provide accurate numbers and good assumptions) to justify the loan.

If it was risky, they would increase the interest rate charged to reflect the risk, not necessarily deny the loan(especially during periods of easy money)and the interest rate would be pegged to prime, LIBOR, or some other index(not a fixed loan).

Naturally, if the Bain style company triples their investment, and their fees etc. are paid for by loans vs putting the loans into the business, and the company is so debt ridden it has to file bankruptcy a year or two later questions need to be asked.

Did the management firm fulfill it's fiduciary responsibility to both companies or did it enrich itself at the expense of the other. Also, did the management use good judgment, were the assumptions too rosy etc. etc. Loss of jobs is collateral damage, and while unfortunate, is not generic to my analysis.

So the real issue is Romney. Was there any mistakes? Was it poor judgment? Is he so honest that he would always be even handed with the interest of Bain vs the company being managed? Were there events that happened in the economy that should have been allowed for that were overlooked?

I worked for a company that did plenty of acquisitions and mergers, but I would never work as this type of management consultant. Equating this model to Capitalism is like equating a bounty hunter to Law Enforcement.

If I wanted a law in order candidate, I would not choose a bounty hunter. If I want a jobs creator I would not pick someone from the LBO/consultant type of business. Even if they are perfect, the model is not politically viable for too many voters.

If mittens had been the number 1 job creator in the USA as Mass. Governor, he could at least show he knew how to translate his knowledge into policies that help job growth, but his state was in the bottom 4.

The main concern of Americans in the swing states is jobs. I don't think Romney can win on this issue. In fact, defending him has already tainted the term Capitalism. Pubbies themselves should have never labeled these questions as attacks on capitalism. They should have just said, I am sure Romney can answer any questions there might be about this hand full of companies.

Now I don't use the term Vulture capitalism, but I don't ignore that the term exists. It is a well-known term. And like the definition of pornography, Americans know it when they see it. I'm afraid if Romney is the candidate, that's all they will be able to see.

45 posted on 01/13/2012 7:41:35 PM PST by greeneyes (Moderation in defense of your country is NO virtue. Let Freedom Ring.)
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>> “King of Bain”

LOL, now that’s funny.


46 posted on 01/13/2012 7:43:06 PM PST by Gene Eric (C'mon, Virginia -- are you with us or against us?!)
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To: sickoflibs

Ping


47 posted on 01/13/2012 7:53:09 PM PST by Pan_Yans Wife ("Real solidarity means coming together for the common good."-Sarah Palin)
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To: Pan_Yans Wife

:) Thanks!


48 posted on 01/13/2012 9:21:59 PM PST by sickoflibs (You MUST support the lesser of two RINOs or we all die!)
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To: Pan_Yans Wife; ding_dong_daddy_from_dumas; stephenjohnbanker; DoughtyOne; calcowgirl; Gilbo_3; ...
Thanks for the ping,

This story was big on FNC today but not mentioned on MSNBC which is now the Bain's 24/7 channel. It is like Christmas every day now over there at MSNBC, they are celebrating that Republicans finally woke up to the evils of the rich and of capitalism that they lectured us about for years.

From what they were saying at FNC the 'King of Bain' had some very gross errors in it. I did find these with a few minutes of google search:

■The film talks about layoffs at DDi Corp. and discusses questionable manipulation of stock prices after the circuit board company went public. But Romney had left Bain Capital a year before any layoffs and a public stock offering that ultimately netted Bain and Romney a big payday. The company’s subsequent bankruptcy filing came two years after Bain had largely divested from the company, and was the result of the dot-com bust. Moreover, the company emerged from bankruptcy, and its current CEO credits those early Bain investments for setting the foundation for the company’s current success.
■The film claims Romney was involved in the acquisition, management and demise of the now-defunct KB Toys. He wasn’t. Bain bought the toy company nearly two years after Romney left Bain.
■Likewise, the closing of UniMac’s plant in Marianna, Fla., occurred seven years after Romney left Bain and nearly two years after Bain sold UniMac’s parent company to another private equity house
Facts Strained in ‘King of Bain’

This other vid has been posted online by a pro Gingrich PAC called 'Winning Our Future.' and I found it posted on FNC.
FNC Politics , January 11, 2012, HERE IT IS...The Full Romney/Bain Documentary

49 posted on 01/13/2012 9:34:23 PM PST by sickoflibs (You MUST support the lesser of two RINOs or we all die!)
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To: ding_dong_daddy_from_dumas; stephenjohnbanker; DoughtyOne; calcowgirl; Gilbo_3; NFHale; Impy; ...
Found it, full version of ‘The King of Bain’video
'The King of Bain' (subtitle 'When Romney came to town') Paid for by Winning Our Future.
50 posted on 01/13/2012 9:50:44 PM PST by sickoflibs (You MUST support the lesser of two RINOs or we all die!)
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