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Bain Capital Bailed out?

iliveonramen

iliveonramen

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Very interesting article. Two things pop in my head when reading it and supporting documents. First is...how the **** is it Always Taibi that comes out with breaking news stories. It's like the rest of the media forgot their damn job and just run around parroting what people in power tell them. Our news media is a ****ing joke.....okay...done venting.

The other thing that comes to mind is how after all this talk about love and caring about people Mitt basically had a show down with the government over money owed the government....either forgive the debt we owe you (over 30 million dollars) or we'll ransack our company and pay huge bonuses and you'll have a large investment firm failure on your hands. Of course this is also after Bain had previously raided their profits in the for of exec compensation.





Copies of Federal Documents with explanations about the bailout Mitt Romney's Federal Bailout: The Documents Pictures | Rolling Stone
The Federal Bailout That Saved Mitt Romney | Politics News | Rolling Stone
 
If Romney gets elected this will have to be remembered as one of histories greater ironies. Romney had his entire career saved by government intervention in 1992 and two decades later anti-government rhetoric will be a massive part of what puts him into office.
 
Jesus, what a scumbag this guy is.
 
It shows that he's willing to leverage against Americans for his self interest.
 
iliveonramen said:
Very interesting article. Two things pop in my head when reading it and supporting documents. First is...how the **** is it Always Taibi that comes out with breaking news stories. It's like the rest of the media forgot their damn job and just run around parroting what people in power tell them. Our news media is a ****ing joke.....okay...done venting.

The other thing that comes to mind is how after all this talk about love and caring about people Mitt basically had a show down with the government over money owed the government....either forgive the debt we owe you (over 30 million dollars) or we'll ransack our company and pay huge bonuses and you'll have a large investment firm failure on your hands. Of course this is also after Bain had previously raided their profits in the for of exec compensation.





Copies of Federal Documents with explanations about the bailout Mitt Romney's Federal Bailout: The Documents Pictures | Rolling Stone
The Federal Bailout That Saved Mitt Romney | Politics News | Rolling Stone
Click to expand...

Uhh Matt Taibi writes a lot of bull****, too.

Section 11 of 13. Amortization schedule and debt restructuring, is that to private individuals or is that to the government? Cant really tell which from the context, and would be relevant to the discussion since that amortization plus the debt settlement looks like about 30million. Dunno though, hard to tell anything with piecemeal documents.
 
the company was bleeding capital each year and each year its senior staff received bonuses ... apparently for leading to company deeper into debt
so much for personal responsibility
 
I can't believe anyone thinks this kind of business experience is what we need in charge of the government.
 
Grendel said:
I can't believe anyone thinks this kind of business experience is what we need in charge of the government.
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Why arent any of the Romney supporters here trying to defend Shltt Romney on this one?
Bain Capitals Vulture business tactics are what is WRONG with the US economy right now.
Rid our economy of these vultures and close their dark dirty tax shelters and caves and loophole safe houses and all the ill of our economy will be taken care of.
Everything wrong with our economy traces back to corruption and unethical business.
Romney wants to make this worse. Obama wants to end it!
 
iliveonramen said:
Very interesting article. Two things pop in my head when reading it and supporting documents. First is...how the **** is it Always Taibi that comes out with breaking news stories. It's like the rest of the media forgot their damn job and just run around parroting what people in power tell them. Our news media is a ****ing joke.....okay...done venting.
Click to expand...

i will say that Taibbi wrote an amazing article about US health care during the debate that yielded the PPACA. his take was dead on.
 
OpportunityCost said:
Section 11 of 13. Amortization schedule and debt restructuring, is that to private individuals or is that to the government? Cant really tell which from the context, and would be relevant to the discussion since that amortization plus the debt settlement looks like about 30million. Dunno though, hard to tell anything with piecemeal documents.
Click to expand...

This is from section 1 "The government, which was owed more than $30 million in all, had become a creditor to Bain when it took over the failed Bank of New England in early 1991." Do you have a reason to believe that isn't true? I thought that high level banks and corporations usually keep good records of what is owed between them. My feeling is that Rolling Stone didn't believe that number would be questioned because it is assumed that it is an easy number to discern. I'm no expert in banking or journalism though so I could be wrong.

To me the Rolling Stone documents and article did a good job at providing the evidence necessary to prove the bigger picture. Bain & Company was in massive amounts of debt, about $30 million of which was to the FDIC, while Romney was in charge of it. "Romney then consolidated Bain's massive debts into a single, binding loan agreement with four banks, which received liens on Bain's assets and agreed to delay repayments on the firm's debts for two years." However the documents show that it quickly became clear that Bain & Company was not going to be able to meet its obligations. The result was that the assets Bain's creditors had possession of were absolutely worthless. Romney then used this to his advantage by threatening to dump most of Bain's cash reserves into executive bonuses so that the creditors had to forgive some debt if they wanted to walk away with anything.

Bain wasn't saved by successively creating value, it was saved by threatening to screw everybody around them. Romney decided destroying his reputation as a businessman, as well as a large portion of those he did business with, would be OK as long as his buddies (and probably himself) made money.

A central platform of Romney's campaign is his experience in the business sector. So it is reasonable to ask what type of business man he was. I think this incident shows Romney only cares that him and his buddy get theirs, regardless of the consequences.
 
E-M said:
This is from section 1 "The government, which was owed more than $30 million in all, had become a creditor to Bain when it took over the failed Bank of New England in early 1991." Do you have a reason to believe that isn't true? I thought that high level banks and corporations usually keep good records of what is owed between them. My feeling is that Rolling Stone didn't believe that number would be questioned because it is assumed that it is an easy number to discern. I'm no expert in banking or journalism though so I could be wrong.

To me the Rolling Stone documents and article did a good job at providing the evidence necessary to prove the bigger picture. Bain & Company was in massive amounts of debt, about $30 million of which was to the FDIC, while Romney was in charge of it. "Romney then consolidated Bain's massive debts into a single, binding loan agreement with four banks, which received liens on Bain's assets and agreed to delay repayments on the firm's debts for two years." However the documents show that it quickly became clear that Bain & Company was not going to be able to meet its obligations. The result was that the assets Bain's creditors had possession of were absolutely worthless. Romney then used this to his advantage by threatening to dump most of Bain's cash reserves into executive bonuses so that the creditors had to forgive some debt if they wanted to walk away with anything.

Bain wasn't saved by successively creating value, it was saved by threatening to screw everybody around them. Romney decided destroying his reputation as a businessman, as well as a large portion of those he did business with, would be OK as long as his buddies (and probably himself) made money.

A central platform of Romney's campaign is his experience in the business sector. So it is reasonable to ask what type of business man he was. I think this incident shows Romney only cares that him and his buddy get theirs, regardless of the consequences.
Click to expand...

Meh, I think they are presenting enough to support their narrative. A full release would be more damning if Taibbi's assertions were true...imo.
 
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