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Thread: Ann Romney Never Worked a Day In Her Life.

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    Re: Ann Romney Never Worked a Day In Her Life.

    I am not rich and my wife stayed home for years taking care of our kids. It was a life choice…family over a fulltime career at something. She has worked/works at a job part-time off and on, and she did a LOT of work at home too raising our kids. To ever say a stay at home Mom hasn’t worked a day in her life seems to be a common liberal point of view of stay at home Moms as they look down their noses at them.

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    Re: Ann Romney Never Worked a Day In Her Life.

    Quote Originally Posted by Aunt Spiker View Post
    I just don't want people getting the sense that his business was golden or nice - it was down and dirty, just like most large corporations are.
    That's being charitable. The truth is that what Romney did was immoral and unethical, though apparently not illegal.

    Seemingly alone among private-equity firms, Romney’s Bain Capital was a master at bait-and-switching Wall Street bankers to get its hands on the companies that provided the raw material for its financial alchemy. Other private-equity firms I worked with extensively over the years — Forstmann Little, KKR, TPG and the Carlyle Group, among them — never dared attempt the audacious strategy that Bain partners employed with great alacrity and little shame. Call it the real Bain way.

    Here’s how it worked. Private-equity firms are always eager to find companies to buy, allowing them to invest chunks of the billions of dollars entrusted to them and from which they earn hundreds of millions in fees. One ready source of these businesses is Wall Street bankers hired to sell companies through private auctions. The good news is that when a banker puts together a detailed selling memorandum about a company, chances are very high that company will be sold; the bad news is that these private auctions tend to be very competitive, and the winning bidder, by definition, is most often the one willing to pay the most. By paying the highest price, you win the company, but you also may reduce the returns you can generate for your investors.

    I never negotiated directly with Romney; he was too high-level for any interaction with me. Rather, I dealt often with other Bain senior partners, who were very much in his mold. In my experience, Bain Capital did all that it could to game the system by consistently offering the highest prices during the early rounds of bidding — only to try to low-ball the price after it had weeded out competitors.

    By bidding high early, Bain would win a coveted spot in the later rounds of the auction, when greater information about the company for sale is shared and the number of competitors is reduced. (A banker and his client generally allow only the potential buyers with the highest bids into the later rounds; after all, you can’t have an endless procession of Savile Row-suited businessmen traipsing through a manufacturing plant if you want to keep a possible sale under wraps.)

    For buyers, the goal in these auctions is to be one of the few selected to inspect the company’s facilities and books on-site, in order to make a final and supposedly binding bid. Generally, the prospective buyer with the highest bid after the on-site due-diligence visit is selected by the client — in consultation with his or her banker — to negotiate a final agreement to buy the company.

    This is the moment when Bain Capital would become especially crafty. In my experience — which I heard echoed often by my colleagues around Wall Street — Bain would seek to be the highest bidder at the end of the formal process in order to be the firm selected to negotiate alone with the seller, putting itself in the exclusive, competition-free zone. Then, when all other competitors had been essentially vanquished and the purchase contract was under negotiation, Bain would suddenly begin finding all sorts of warts, bruises and faults with the company being sold. Soon enough, that near-final Bain bid — the one that got the firm into its exclusive negotiating position — would begin to fall, often significantly.

    Of course, some haggling over price is typical in any sale, and not everything represented by sellers and their bankers is found to be accurate under close examination. But Bain Capital took the art of negotiation over price into the scientific realm. Once the competitive dynamics had shifted definitively in its favor, the firm’s genuine views about what it was willing to pay — often far lower than first indicated — would be revealed.

    At such a late date, of course, the seller is more than a little pregnant with the buyer. Attempting to pivot and find a new buyer — which knew it had not been selected in the first place, but was now being called back — would be devastating to the carefully constructed process designed to generate the highest price. Once Bain’s real thoughts about the price were revealed, the seller either had to suck it up and accept the lower price, or negotiate with a new buyer, but with far less leverage.

    Needless to say, this does not make for a very happy client (or a happy banker). By the end of my days on Wall Street in 2004, I found the real Bain way so counterproductive that I no longer included Bain Capital on my buyer’s lists of private-equity firms for a company I was selling.


    When Romney ran Bain Capital, his word was not his bond - The Washington Post
    Last edited by AdamT; 04-13-12 at 08:44 PM.
    "The necessaries of life occasion the great expense of the poor. They find it difficult to get food, and the greater part of their little revenue is spent in getting it. The luxuries and vanities of life occasion the principal expense of the rich, and a magnificent house embellishes and sets off to the best advantage all the other luxuries and vanities which they possess. ... It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion."

    -- Adam Smith

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    Re: Ann Romney Never Worked a Day In Her Life.

    Quote Originally Posted by mac View Post
    Why don't we quit playing games and you just tell us your lunatic theory?

    I have a feeling after all the build up, it's just going to be more left wing blabber.
    "nah i think the way cons want to turn this into a political issue is funny though" - Philly Boss

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    Re: Ann Romney Never Worked a Day In Her Life.

    Quote Originally Posted by AdamT View Post
    That's being charitable. The truth is that what Romney did was immoral and unethical, though apparently not illegal.
    There are a lot of business practices one might paint as unethical from any given point of view. Did he do anything illegal, that you know of?
    ”People willing to trade their freedom for temporary security deserve neither and will lose both.” --- Ben Franklin

    Quote Originally Posted by The German View Post
    Sterotypes are mostly based on truths.

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    Re: Ann Romney Never Worked a Day In Her Life.

    Quote Originally Posted by Fiddytree View Post
    I'm not a presentist. I have to avoid that each and every day, otherwise I risk distorting the past to fit my morals, the morals of current society.

    No, no, no, no, no, no. No you don't label me that way. How the heck can anyone distort the reality that if you were a Slave owner, that you were some of the most disgusting type of human being on the face of the planet? You are going to have to illiterate a massive amount of moral structure within your replies, before I buy into that misnomer.

    Hey, look - you are not the only one out there! I'm not tossing that out as an excuse for you, I'm just laying out the facts. There are tons of Americans out there, who think that the American Institution of Slavery, has no relevant impact on today's American society and its attached social traits. You are not alone in this delusion and this utter distortion of reality. But, I can promise you that it is real. I grew-up with it and the American Institution of Slavery, was very relevant in my family, as it is to this very day. The fact that I have to explain something like this to one who writes with the degree of fluency that you write with, is also not very surprising.

    I've had in-person, sit down discussions with University Professors, who did not understand what the heck I was talking about - and these guys are out there "inspiring young minds" for goodness sakes. Or, was that polluting young minds? Never mind, that's a different thread.


    Quote Originally Posted by Fiddytree View Post
    Your preconceived notions about my lack of insight, my lack of empathy, my lack of being confronted with historical realities I find distasteful is simply stunning. Do you have any idea how many people, how many influential people, including Presidents of the United States who were eugenicists? We are talking about a group of people who quite literally, were attempting to create a master race, advocating the sterilization, marginalization, persecution, and deaths of people like me, people that I knew, grew up with, and aided, simply because we existed.
    I can read between the lines, very well. Are you saying that you are Jewish, or Arab/Muslim?

    All I've done was read your posts. And, from reading your posts, you don't seem like someone who understands what the Trans-Atlantic Salve Trade meant to the United States of America, and its current social fabric today. That's the point I'm making and it should be quite clear, that such is the only relevant point I'm making. The nexus between where we are as a nation today in terms of race relations, has a direct corollary, to how people like Jefferson and Washington, handle their moral responsibility to extinguish Slavery from the face of our great country - and they failed to do so.

    I'm saying that in a time that called upon great men of courage, to do the great things, THEY FAILED. THAT is what I'm saying. They utterly FAILED.


    Quote Originally Posted by Fiddytree View Post
    Do I not find that troubling each time I come across those documents? You would be out of your damn mind if you thought I didn't. Yet, I have to be careful, more than careful, about assessing such matters.
    I'm not privy to such documents, so I can't comment on them. But, if those documents are anything like the documents that I have read on issues such as Northwoods, Project T/P Ajax and the like, then I fully understand the concerns you might have about such "leaders," especially when they are given such enormous power - such as that given to one who commands the United States Military.

    So, let's see now: Are we talking Iran, circa 1953/1954? Or, something more recent?
    Last edited by PW4000; 04-13-12 at 08:58 PM.

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    Re: Ann Romney Never Worked a Day In Her Life.

    Quote Originally Posted by mac View Post
    Actually, I think you are referring to the 19th century.

    Noooo, I'm not.

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    Re: Ann Romney Never Worked a Day In Her Life.

    John F Kennedy was exceptionally wealthy for his time, and he was elected president and his wealth didn't come into play in the democrats mind with how well he could run a country. Why is it an issue now with a republican? John Kerry was wealthy from what I hear, and it wasn't an issue.

    Why do liberals demonize successful people? I mean, if you ran a business and you needed a CEO who could make money, would you hire someone who obviously hasn't shown any ability to create wealth beyond a menial hourly job, or someone who has money from investing, making businesses successful etc?

    It doesn't even matter how someone became wealthy as long as it was through legal means. I mean, if a billionaire walks up to me and writes me a check for 10 million dollars, am I suddenly a bad person?

    Why is wealth bad, liberals?
    Last edited by dontworrybehappy; 04-13-12 at 08:58 PM.

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    Re: Ann Romney Never Worked a Day In Her Life.

    Quote Originally Posted by PW4000 View Post
    Noooo, I'm not.
    After reading some subsequent posts...I can see that. I also see that you are familiar with Reynolds wrap. Good day, Sir.
    ”People willing to trade their freedom for temporary security deserve neither and will lose both.” --- Ben Franklin

    Quote Originally Posted by The German View Post
    Sterotypes are mostly based on truths.

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    Re: Ann Romney Never Worked a Day In Her Life.

    Quote Originally Posted by dontworrybehappy View Post
    John F Kennedy was exceptionally wealthy for his time, and he was elected president and his wealth didn't come into play in the democrats mind with how well he could run a country. Why is it an issue now with a republican? John Kerry was wealthy from what I hear, and it wasn't an issue.

    Why do liberals demonize successful people? I mean, if you ran a business and you needed a CEO who could make money, would you hire someone who obviously hasn't shown any ability to create wealth beyond a menial hourly job, or someone who has money from investing, making businesses successful etc?

    Why is wealth bad, liberals?
    Actually, JFK wasn't all that successful in his own right, his father was. So, he was especially privileged. Kerry simply married into his money. Edwards sued people for his. But hey, Gore invented the internet!
    ”People willing to trade their freedom for temporary security deserve neither and will lose both.” --- Ben Franklin

    Quote Originally Posted by The German View Post
    Sterotypes are mostly based on truths.

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    Re: Ann Romney Never Worked a Day In Her Life.

    Quote Originally Posted by mac View Post
    After reading some subsequent posts...I can see that. I also see that you are familiar with Reynolds wrap. Good day, Sir.
    From the weaker minds, will always come the weakest results. When you develop a solitary clue about what it is you pretend to know about, post the subject matter and entertain me.

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