Mitt Romney's leniency toward corporate welfare queens.
Mitt Romney once seemed like a moderate technocrat. But, as the Republican Convention and the video leak of his comments about the "forty-seven per cent" of Americans who "believe that they are victims" made clear, Romney now seems to fancy himself a small-government zealot, who promises the end of the culture of entitlement.
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Since: Nov 08
#1 Oct 2, 2012
Get your "Gubmint news" Here!!
Fresh off of the Soviet made MSNBC press.
Obama approved and edited gubmint news here.!!!
Hear ONLY what they want you to hear!!
Gubmint news here now!!!!!
#2 Oct 2, 2012
'Mr Bill' continued example of biased and slanted articles.
BS ='Mr Bill'
#3 Oct 2, 2012
Corporate welfare Barack style is to throw money at companies who are poorly managed and ill begotten like Solyndra and GM. They both went down the tubes.
Barack has no business sense. He doesn't know how to pick winners who will succeed and produce jobs.
Romney picked winners at Bain and highly successful enterprises which went on to pay back their debt to Bain and expand, hiring employees across the country.
No one is saying you cannot help in times of temporary crisis to bridge the gap. But welfare should not be a long term solution for the company like GM depends, and it should not be a lifestyle choice for individuals.
#4 Oct 2, 2012
Nothing wrong with small government. That actually would be a refreshing change, financially and for the sake of liberty (cut back BIG BROTHER!).
“It's a Brand New Day”
Since: Feb 06
#5 Oct 2, 2012
Big Brother, in our world, is huge, international, godless CORPORATIONS.
#6 Oct 2, 2012
Has very one forgot the democrats are responsible for sending the most jobs overseas. Remember NAFTA by Clinton and he is promoting Obama. Obama said Bush was unpatriotic because the national debt rose 4 trillion in eight years of Bush as president. Under Obama the NATIONAL DEBT SHOT UP 5 TRILLION IN JUST 3 YEARS.
How many of you know Obamacare actually has a clause that will limit your health care to ASSISTED SUCIDE if your medical expenses get to costing too much. Here are some links to videos done by a young girl that researched Obamacare and some other thing you should know before voting.
This is a short video containing a real clip of Obama and Michel talking about Obama being born in Kenya. Video has some other clips from Obama speeches you may have forgotten but need to remember and pass along to other voters.
http://youtu.be/j6D9eny-Gz4 Who was the first Democrat in history?
These are some other political video done by the same girl and they are educational and eye opening.
Does anyone remember or understand what Obama is saying in his speech. Here is a link to a video of Obama displaying his full intelligence.
#7 Oct 2, 2012
Godless corporations are just that - godless, greedy, impersonal.
Government on the other hand, wants to have its face in everyones business. AND uses our own money to do it!!
#9 Oct 2, 2012
Romney’s wealth is unspeakably vast and his personal consumption grotesquely conspicuous, but that’s his business. What rankles me—and should hurt Romney politically—is that some of that staggering wealth came from taxpayers, through bailouts and subsidies. In 1993 Bain & Co. owed the Bank of New England $38 million. The bank went under, and Romney negotiated a deal with the FDIC that allowed Bain to walk away from $10 million of that debt—sticking the taxpayers with the bill.
When Bain owned Steel Dynamics, Romney and his investors took $37 million in taxpayer subsidies—a sweet deal when they only invested about half that amount themselves. Tad DeHaven of the libertarian Cato Institute told the Los Angeles Times,“This is corporate welfare, an example of the government stepping into the marketplace, picking winners and losers, providing profits to business owners, and leaving taxpayers stuck with the bill.”
Classic crony capitalism: privatize the gain, socialize the risk. When Romney drove GST Steel into bankruptcy, he and his partners made $12 million in profit and another $4.5 million in consulting fees. But Romney stuck the taxpayers with a $44 million tab for the company’s underfunded pensions.
But Romney—like Ricketts and Schilling and so many others—never tires of lecturing the rest of us for being so selfish as to want good teachers, safe streets, and fully-funded fire departments.“Getting our fiscal house in order has become more than just an economic issue,” Romney’s campaign website piously declares.“It’s a moral imperative.”
More here at the link:
#10 Oct 2, 2012
Mitt Romney is a main borne to extreme wealth. A scion,a fortunate son,a man with a blind ear from working Americans,a draft dodger,a master at loading American companies with debt selling off their assets for millions in fees,a source for outsourcing jobs overseas,and a man with an inflated sense of entitlement.
Bain Capital's Federal Bailout;
Mitt Romney likes to say he won't "apologize" for his success in business. But what he never says is "thank you" – to the American people – for the federal bailout of Bain & Company that made so much of his outsize wealth possible.
According to the candidate's mythology, Romney took leave of his duties at the private equity firm Bain Capital in 1990 and rode in on a white horse to lead a swift restructuring of Bain & Company, preventing the collapse of the consulting firm where his career began. When The Boston Globe reported on the rescue at the time of his Senate run against Ted Kennedy, campaign aides spun Romney as the wizard behind a "long-shot miracle," bragging that he had "saved bank depositors all over the country $30 million when he saved Bain & Company."
Under normal circumstances, such ample reserves would have made liquidating Bain an attractive option: Creditors could simply divvy up the stockpiled cash and be done with the troubled firm. But Bain had inserted a poison pill in its loan agreement with the banks: Instead of being required to use its cash to pay back the firm's creditors, the money could be pocketed by Bain executives in the form of fat bonuses – starting with VPs making $200,000 and up. "The company can deplete its cash balances by making officer-bonus payments," the FDIC lamented, "and still be in compliance with the loan documents."
What's more, the bonus loophole gave Romney a perverse form of leverage: If the banks and the FDIC didn't give in to his demands and forgive much of Bain's debts, Romney would raid the firm's coffers, pushing it into the very bankruptcy that the loan agreement had been intended to avert. The losers in this game would not only be Bain's creditors – including the federal government – but the firm's nearly 1,000 employees worldwide.
In March 1992, according to the FDIC documents, Romney approached the banks and played the bonus card. Allow Bain to pay off its debt at a deep discount, he demanded – just 35 cents on the dollar. Otherwise, the "majority" of the firm's "excess cash" would "be available for the bonus pool to its officers at a vice president level and above."
The next month, when the banks balked at the deal, Romney decided to prove he wasn't bluffing. "As the bank group did not accept the proposal from Bain," the records show, "Bain's senior management has decided to go forth with the distribution of bonuses." (Bain's lawyers redacted the amount of the executive payouts, and the Romney campaign refused to comment on whether Romney himself received a bonus.)
Romney's decision to place executive compensation over fiscal responsibility immediately put Bain on the ropes. By that July, FDIC analysts reported, Bain had so little money left that "the company will actually run out of cash and default on the existing debt structure" as early as 1995. If that happened, Bain employees and American consumers would take the hit – an alternative that analysts considered "catastrophic."
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