Sun Sep 16, 2012, 04:43 AM
eridani (49,490 posts)
Did Rmoney and Bain Capital own a bankruptcy ring?
Since Willard “Mitt” Romney entered the presidential race, there has been extra attention given to his business dealings as head of Bain Capital, and it is in part due to his assertion that his best qualification to fix the nation’s economy is his business acumen. However, Romney’s record reveals that much of his wealth came from leveraging companies with crushing debt and using a team of trusted specialists who mastered the art of manipulating bankruptcies that left investors and creditors with little or nothing. After looking at some of the companies Bain Capital managed and eventually bankrupted, a pattern develops that begs the question; did Mitt Romney & Bain Capital own a bankruptcy ring consisting of Jack Bush, Barry Gold, Paul Traub, and Michael Glazer?
5 replies, 1109 views
Did Rmoney and Bain Capital own a bankruptcy ring? (Original post)
|Angry Dragon||Sep 2012||#1|
|B Calm||Sep 2012||#2|
|Fridays Child||Sep 2012||#3|
Response to eridani (Original post)
Sun Sep 16, 2012, 05:36 AM
B Calm (25,499 posts)
2. I worked at a factory for 25 years and
the corporation sold us to a crook in Atlanta with good banking buddies. Within a few years he declared all the profits as his salary, never put a dime back into the factory, and bankrupted a profitable factory settling his debt for pennies on the dollar.
I hate these un-American vultures and now we have one running for president!
Response to eridani (Original post)
Sun Sep 16, 2012, 06:11 AM
JDPriestly (54,843 posts)
4. Wow! Wow! Wow! Wow! Wow! Wow! Wow! Wow! Wow! Wow! Wow! Wow!
Wow! Wow! Wow! Wow! Wow! Wow! Wow! Wow!
To learn that a candidate for the presidency pulled such despicable swindles at a time when so many Americans have been forced into bankruptcy because of foreclosures.
Unfortunately for Romney, more Americans than ever are going to understand this.
Romney -- scammer, big-time scammer.
I don't see how he can continue to run on the Republican ticket.
The website has a definite bias, but its story is based on facts. If I understood the article correctly, it suggests that Romney would take a company he owned into bankruptcy, then file a creditor's claim for payment from that company in the same court on behalf of a different company also owned by Romney, not fully disclosing the fact that he, as owner of the second company was claiming payment from himself as owner of the first company. I gather that Bain had figured out a way to use the bankruptcy laws to squeeze out other creditors, maybe banks. This, however, is a little unclear from the article.
Lots of people were doing leveraged buyouts and then taking companies into bankruptcy. It was a way of sucking out assets from a company, assets like pension funds, like real estate or equipment that could be sold for cash. I do not know if this was illegal technically. Apparently the author of the article thinks that Romney did not disclose conflicts of interest that should have been disclosed. But even the concept of this stinks.
Who would trust someone who made a fortune doing that repeatedly. Not me. Not me.
Meanwhile, the bankruptcy laws have been changed to make it painfully difficult for ordinary people to get discharged from debts in the bankruptcy court -- and most student loans cannot be forgiven in bankruptcy.
Wow! Wow! Wow! Wow! Wow! Wow! Wow! Wow! Wow! Wow! Wow!
Does Romney really think this is too complicated for the people on Main Street? Or does he think this kind of stuff is no problem at all? The nerve of the guy! It's unbelievable.
Response to JDPriestly (Reply #4)
Sun Sep 16, 2012, 07:52 AM
onlyadream (1,295 posts)
5. People don't care
When I initiate a conversation about this with my conservative friends, I get one word. Staples. Sometimes it's followed by a "so what?", they go on to say that if an owner wants to sell a company to someone, that's fine, that's the market, and the new owner can do anything they want.
This further solidifies my view of conservatives. Either they are too emotional, hating the scary blck man, or they are cut throat and heartless. If anything happens in your life, like your job gets outsourced, it's your fault for choosing the wrong profession.