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Tag Archives: bain capital

Romney didn’t save the Olympics

There’s a lot of hype about Willard Mitt Romney’s role in saving the 2002 Salt Lake Winter Olympics; Mittens of course is trying to showcase his position of “savior” of the games as a natural springboard to the Presidency, but I’m not sure there’s a lot of bobsledding or downhill skiing competitions scheduled through the Oval Office.

Of course Mitten didn’t handle the scheduling of events, or the producing of the opening or closing exercises, or the choice of venues for the events, anymore than he sold concessions, so, what exactly did Romney do?

Romney was asked to step in as a titular head of the committee after his predecessors had been caught in a scandal of providing money and hookers to the Internal Olympic Committee to help sweeten the deal of choosing Salt Lake City. They needed someone who looked squeaky clean in a business suit, and they picked a millionaire businessman, with perfect hair and a Pepsodent smile. Let’s be serious, he made business decisions; he didn’t “save the Olympics”.

As far as his role there preparing him for being President, really? That’s like saying Coach Smith at the local high school set up a great track meet he should be the mayor; or Joe Jones, owner of the local tire store, helped setup advertising for the state basketball tournament he’d make a great governor. Since when does running the business end of a sporting event qualify someone for being President? The short and long answer is it doesn’t, any more than Mittens time as a pirate at Bain Capital has. It’s all resume padding.

Mittens has exaggerated his spot as the head of the Salt Lake Olympics, just like his claim that he was a “severe conservative” governor, or that he was a job creator. One thing’s absolutely clear about Romney; he may not be very good at hyping his career, but he’s good at trying to sell stuff; the key operating word being “trying”.

What’s truly amazing is how Romney can be showered with wonderful accolades for having saved a sporting event, but conservatives won’t give the President any credit for having gotten Bin Laden?

 
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Posted by on February 19, 2012 in 2012 Election

 

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Mittens Stashed Millions in Offshore Accounts?

ABC News is reporting Republican Tea Party (GOTP) presidential candidate Willard Mittens Romney has stashed millions of dollars in offshore investments, a new report from ABC News finds.

The story shines more light on the never ending story that Mittens lives in a different reality from the rest of us, a reality where only elite 1% dwell.

According to ABC News, the former Bain Capital executive who’s reportedly worth upwards of $250 million holds around $8 million of his personal wealth in as many as 12 funds based in the Cayman Islands. Romney also lists a separate investment, valued between $5 million and $25 million, placed on the same Caribbean island chain.

ABC News reports that Romney’s former company – a company Mittens still gets paid from as art of his “retirement plan” – holds some 138 shrouded offshore funds in the Cayman Islands alone. Romney’s campaign of course is attempting to maintain that such behavior is not unusual, and that Romney himself has paid all the appropriate U.S. taxes on his holdings within the accounts.

Mittens is a liar, he’s a cheat, a fraud and he hides money in off shore accounts so he can evade taxes; yeah, he’s just the type of guy we need in the White House.

 
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Posted by on January 18, 2012 in 2012 Election

 

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$362,000 in Speaking Fees is ‘Not Very Much’?

The Huffington Post’s reporting Republican Tea Party (GOTP) presidential front runner Willard Mittens Romney has a new definition of “not much”, it’s $362,000; and what’s more amazing is Mittens finally admitted the effective tax rate he’s been paying for the last several years is “likely below” that of middle-class workers, which would also include members of the military.

Romney was asked at a campaign stop what his effective tax rate is. It was also a very hot topic of discussion at Monday night’s debate, at which Romney repeatedly declined to fully commit to release his tax returns.

“It’s probably closer to the 15% rate than anything,” Mittens mewed. “For the past 10 years, my income comes overwhelmingly from investments made in the past, rather than ordinary income or earned annual income. I got a little bit of income from my book, but I gave that all away. Then, I get speakers fees from time to time, but not very much.”

And exactly how much is not very much to someone like Willard? Oh, it’s not very much, according to a report in USA Today, over the course of a year, Mittens eeked out a mere $362,000 in speakers fees — a period during which he joked he was “unemployed.”

So Willard the putz was making “not very much” while joking about being “unemployed” to an audience in Florida in June, once more proving how out of touch this guy is; really, $362,000 while joking about being unemployed to unemployed people?

And what is the spoiled rich boy’s estimated wealth? Well, it’s supposed to be in the neighborhood of between $190 million to $250 million; but wait, that’s not all, when Mittens left his much publicized “employment creating” position with Bain Capital in 1999, he reportedly negotiated a retirement package guaranteeing him a percentage of the firm’s profits. Thus, he’s still earning money from some of the more outrageous takeovers in Bain’s portfolio; you know, like the notorious KB Toys takeover and bankruptcy where the robber barons of Bain made millions while employees lost their jobs, retirements, everything.

Now for the icing on the cake, according to the Congressional Research Service, persons earning more than $35,350 in income pay a 25% tax rate on any earnings above that amount, and many families earning less than $100,000 per year pay an effective tax rate just above that, but Mitten’s wealthy welfare comes from a loophole in the tax code – written by fellow millionaires in Congress – taxing long-term capital gains at a lower 15% rate. Private equity executives are then “paid” with capital gains instead of regular income. Thus the alleged “job creating” executives, like Romney, report (legally lie) to the Internal Revenue Service they weren’t being reimbursed a salary for work they performed but instead were merely investors reaping the rewards of risk taking.

Once again Mittens proves he’s nothing like the 99% of us who aren’t paying taxes at a 15% tax rate, and who don’t look at $362,000 at being “not much”; for most Americans that’s not only a lot of money, it’s a fortune, it’s more than ten years salary. Romney’s a fraud; he’s the rich kid who in the words of the late Texas Governor Ann Richards was “born with a silver foot in his mouth”.

 
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Posted by on January 17, 2012 in 2012 Election

 

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Mittens likes to fire people

Wow, really? According to the Associated Press (AP) Republican Tea Party (GOTP) guess we’re stuck with him front-runner Mittens Romney has declared, “I like being able to fire people who provide services to me”. What do you know about that, finally something truthful has fallen out of Romney’s lips.

Of course it wasn’t long before rivals shot at him, “Gov. Romney enjoys firing people. I enjoy creating jobs,” said former Utah Gov. Jon Huntsman.

But not to be out done, the Reverend Ricky Perry posted a ringtone to his campaign website that consisted of Mittens mewing, “I like being able to fire people,” over and over.

Romney’s remark about firing people was the second jarring moment for the front-runner in the span of less than 24 hours.

On Sunday afternoon, the millionaire businessman told an audience that he understood the fear of being laid off, adding, “There were a couple of times when I was worried I was going to get pink-slipped.” His aides refused to provide details, but that’s not surprising because there were no details to provide; Romney has never been, nor will he ever be someone who had to worry about losing his job.

Romney has repeatedly attempted to tout his career in business as the core credential of his candidacy, saying over-and-over his firm, Bain Capital, created 100,000 jobs as it started some firms while taking over, remaking and then spinning off others.

Newton Leroy Gingrich however disputed Mittens oft repeated claim saying that Bain Capital “apparently looted the companies, left people totally unemployed and walked off with millions of dollars.”

Perry has also been attacking Romney’s so-called business “sense”.

“If you’re a victim of Bain Capital’s downsizing, it’s the ultimate insult for Mitt Romney to come to South Carolina to tell you he feels your pain. Because he caused it,” he said.

“I have no doubt that Mitt Romney was worried about pink slips – whether he’d have enough of them to hand out.”

As proof of his criticism the Reverend cited Holson Burns Group Inc. of Gaffney, S.C., where he said 150 workers who made photo albums lost their jobs. “They looted that company,” Perry said, referring to Bain Capital.

Romney is not one of us, he was born with a silver foot in his mouth and one day he’ll die with the same foot firmly planted there; he’s never created any jobs but has decimated more than one company; his knowledge of how to create jobs might fill the proverbial thimble, while his knowledge of firing people would fill volumes.

 
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Posted by on January 9, 2012 in 2012 Election

 

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