Romney Wants to Privatize Disaster Relief
According to Bill Black, who teaches economics at the University of Missouri and is a former federal regulator. Thanks to Matt Bowler of the San Diego Union-Tribune for the link.
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R. Stone
said...
Greed and Debt: The True Story of Mitt Romney and Bain Capital How The GOP Presidential Candidate And His Private Equity Firm Staged An Epic Wealth Grab, Destroyed Jobs – And Stuck Others With The Bill by Matt Taibbi August 29, 2012
...And this is where we get to the hypocrisy at the heart of Mitt Romney. Everyone knows that he is fantastically rich, having scored great success, the legend goes, as a "turnaround specialist," a shrewd financial operator who revived moribund companies as a high-priced consultant for a storied Wall Street private equity firm. But what most voters don't know is the way Mitt Romney actually made his fortune: by borrowing vast sums of money that other people were forced to pay back. This is the plain, stark reality that has somehow eluded America's top political journalists for two consecutive presidential campaigns: Mitt Romney is one of the greatest and most irresponsible debt creators of all time. In the past few decades, in fact, Romney has piled more debt onto more unsuspecting companies, written more gigantic checks that other people have to cover, than perhaps all but a handful of people on planet Earth....
...A man makes a $250 million fortune loading up companies with debt and then extracting million-dollar fees from those same companies, in exchange for the generous service of telling them who needs to be fired in order to finance the debt payments he saddled them with in the first place...
4 comments:
Greed and Debt: The True Story of Mitt Romney and Bain Capital
How The GOP Presidential Candidate And His Private Equity Firm Staged An Epic Wealth Grab, Destroyed Jobs – And Stuck Others With The Bill
by Matt Taibbi
August 29, 2012
...And this is where we get to the hypocrisy at the heart of Mitt
Romney. Everyone knows that he is fantastically rich, having
scored great success, the legend goes, as a "turnaround
specialist," a shrewd financial operator who revived moribund
companies as a high-priced consultant for a storied Wall Street
private equity firm. But what most voters don't know is the way
Mitt Romney actually made his fortune: by borrowing vast sums
of money that other people were forced to pay back. This is the
plain, stark reality that has somehow eluded America's top
political journalists for two consecutive presidential campaigns:
Mitt Romney is one of the greatest and most irresponsible debt
creators of all time. In the past few decades, in fact, Romney
has piled more debt onto more unsuspecting companies, written
more gigantic checks that other people have to cover, than
perhaps all but a handful of people on planet Earth....
...A man makes a $250 million fortune loading up companies
with debt and then extracting million-dollar fees from those
same companies, in exchange for the generous service of telling
them who needs to be fired in order to finance the debt payments
he saddled them with in the first place...
Read the rest at:
www.rollingstone.com/politics/news/greed-and-debt-the-true-story-of-mitt-romney-and-bain-capital-20120829
You don’t ever want a crisis to go to waste; it’s an opportunity to do important things that you would otherwise avoid.
DOA -- Disaster Owners Association
Check out the video. He looks like a stand-in for Santa Claus!
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