Words of Advice:

"If Something Seems To Be Too Good To Be True, It's Best To Shoot It, Just In Case." -- Fiona Glenanne

"Flying the Airplane is More Important than Radioing Your Plight to a Person on the Ground
Who is Incapable of Understanding or Doing Anything About It." -- Unknown

“Never argue with stupid people, they will drag you down to their level
and then beat you with experience.” -- Mark Twain

"Stay Strapped or Get Clapped." -- probably not Mr. Rogers

"Eck!" -- George the Cat

Wednesday, August 29, 2012

Romney the Pirate; or "We Buit It With Money We Extorted From the Feds"

Mitt Romney basically enriched himself during the near-bankruptcy of Bain &Company int he early 1990s. He took a fortune out in executive bonuses and consulting fees and stuck the FDIC with $10 million in loan writeoffs.

Because a bank was part of Bain, the FDIC had loaned the bank $15 million. Romney (legally) looted Bain to the point that if the lenders, including the FDIC, didn't write off 70% of the debt, then the bank would fail and the FDIC would get sutck with cleaning up the mess (and paying for it). The FDIC took the deal after its analysis of a liquidation showed that they'd get just over ten cents on the dollar.

And, as head of Bain Capital, Romney stuck Bain & Co. with $4 million in consulting fees.

This is the flag that should be flying over Mitt Romney's houses and campaign offices, for it accurately describes his business ethics.


Actually, that's unfair to pirates and, if any of the old Spanish Main pirates were still alive, they could sue me for defamation. Pirate crews traditionally elected their captains on merit and a captain who failed to lead well would be relieved of his command by the crew. Romney was anointed as the head of Bain Capital by Bill Bain, the very man who almost caused Bain & Co. to fail by taking out so much money.

Romney has the business ethics of a bottom-feeder. Which is to say, none whatsoever.

So when it comes to business lineage, Romney is the Spawn of a Looter.

2 comments:

empireofdirt77@gmail.com said...

In fairness, Willard seems son of a decent man who had scruples. Acorns do roll down Hill: http://empireofdirt77.blogspot.com/2012/08/mitt-romney-not-fit-to-tie-his-fathers.html

Marc said...

Heck, I bet (R)money can't even talk like a pirate! (http://www.talklikeapirate.com)