Posted on 02/14/2021 9:48:40 AM PST by boycott
NOTE DATE PUBLISHED: August 29, 2012
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Take a typical Bain transaction involving an Indiana-based company called American Pad and Paper. Bain bought Ampad in 1992 for just $5 million, financing the rest of the deal with borrowed cash. Within three years, Ampad was paying $60 million in annual debt payments, plus an additional $7 million in management fees. A year later, Bain led Ampad to go public, cashed out about $50 million in stock for itself and its investors, charged the firm $2 million for arranging the IPO and pocketed another $5 million in “management” fees. Ampad wound up going bankrupt, and hundreds of workers lost their jobs, but Bain and Romney weren’t crying: They’d made more than $100 million on a $5 million investment.
To recap: Romney, who has compared the devilish federal debt to a “nightmare” home mortgage that is “adjustable, no-money down and assigned to our children,” took over Ampad with essentially no money down, saddled the firm with a nightmare debt and assigned the crushing interest payments not to Bain but to the children of Ampad’s workers, who would be left holding the note long after Romney fled the scene. The mortgage analogy is so obvious, in fact, that even Romney himself has made it. He once described Bain’s debt-fueled strategy as “using the equivalent of a mortgage to leverage up our investment.”
Romney has always kept his distance from the real-life consequences of his profiteering. At one point during Bain’s looting of Ampad, .....
This is typical Romney, who consistently adopts a public posture of having been above the fray, with no blood on his hands from any of the deals he personally engineered. “I never actually ran one of our investments,” he says in Turnaround. “That was left to management.”
(Excerpt) Read more at rollingstone.com ...
A lot of hard working people were robbed of their careers, income, and retirement. Mitt didn't care about any of those people when he gutted their companies.
And this dork wanted to be President of the USA?
How was this Rolling Stone piece viewed in 2012?
Did the Obama campaign plant the story?
I never understood how you make money off of debt, but it doesn’t sound very moral to me.
What’s saddest is how many voted for him and defended him just because he was wearing an R jersey.
Article states....”Romney, who consistently adopts a public posture of having been above the fray”....
The creeps never not been part of the fray!
How was this Rolling Stone piece viewed in 2012?
Did the Obama campaign plant the story?
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Unfortunately, the choice for us was either obama or mitt. We didn’t want to see truth at the time. And I wouldn’t doubt if obama’s campaign helped influence the story. But it still doesn’t change truth. Mitt is no better than Bernie Madoff.
Perfect. This is how we win. We keep exposing both parties. Bain Capital donated bg money to the Lincoln pedo project as well.
Mitt is Bernie...but with magic underwear.
If you read the entire article, you will find that they took good successful businesses and absolutely looted them. A lot of good hard working people lost everything — jobs, income, security, pensions, etc. Mitt pocketed it.
Mitt is Bernie...but with magic underwear.
EXACTLY!!!
Perfect. This is how we win. We keep exposing both parties. Bain Capital donated bg money to the Lincoln pedo project as well.
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Agree. We have to expose both parties.
Magic Underwear - bump for later...
Mitt Romney needs to become a Democrat... well OFFICIALLY anyways.
BAIN Romney Soros made money in Ukraine
(destroying the extant gov’t,
then making Soros Emperor),
made billions selling baby parts
from Planned Parenthood to locations WW,
and probably much much much worse.
> How was this Rolling Stone piece viewed in 2012?
> Did the Obama campaign plant the story?
These are my concerns as well. There’s enough on Romney without having to resort to hit pieces manufactured in 2012 when he was running against Obozo. Patriots and conservatives should be very cautious about using a source like Rolling Stone.
If Mitthole was not opposing MAGA he would be getting carpet bombed on a daily basis by Democrats and their fake newsers. He is a target rich environment if there ever was one.
Mitt Romney is the bane of our existence.
Interesting dynamic developing within the leftist ranks. Many voted for Trump and it is being looked at now as a corrupt elite verses the rest of us.
Been watching interesting Podcasts by this guy on You Tube.
“Timcast IRL”
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