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Mitt Romney Politics

Mitt Romney – Bain Was Formed To “Harvest” Companies For Potential Profit

Another gem from Mother Jones:

In the clip below, Mitt Romney is describing the real reason for Bain. Not to act as a job creator like Romney often says, but to invest in other companies with the hopes that in five to eight years, Bain could “harvest” to make a profit.

I’ll let Romney explain in his own words:

Bain Capital is an investment partnership which was formed to invest in startup companies and ongoing companies, then to take an active hand in managing them and hopefully, five to eight years later, to harvest them at a significant profit…

Yes, we all know the real reason anyone goes into business is to make a profit. But if you listen to Mitt Romney on the campaign trail, he will have you believe that Bain existed for the sole purpose of creating jobs. Romney is often heard saying, “I know how to create jobs. I’ve done it before,” and he attacks the president, falsely stating that Mr. Obama’s policies “destroys jobs.”

We’ve seen ads from the Obama reelection team detailing companies that went bankrupt after they were bought by Bain, while Romney and his investors walked away with huge profits. Romney’s campaign usually respond by saying that Bain created more jobs than were lost. His campaign also points to Staples as their success story. But hearing Romney’s mission statement in the video, it seems that Staples’ success was in spite of Bain’s intervention, not because of it.

Here’s the video, filmed in 1985.

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Cancer Politics

Was Romney’s Greed The Cause Of Someone’s Death

It’s a little ad made by Priorities USA – the SuperPAC supporting President Obama. The ad featured Joe Soptic, a steelworker who lost his job when Romney’s Bain Capital bought the company. Following Bain’s proven method for making a profit, Joe lost his job and his family’s health insurance coverage. Shortly after, his wife was diagnosed with stage 4 cancer.

She died 22 days later.

“I don’t think Mitt Romney understands what he’s done to people’s lives by closing the plant,” Joe says. “I don’t think he realizes that people’s lives completely changed.”

Romney’s Bain however, made a huge profit.

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Mitt Romney Politics taxes

Mitt The Mystery Romney – Not Right For America

There was a time in American politics when a candidate auditioning for the highest job in the land had to be vetted. Americans wanted to know everything about that candidate: their morals, their beliefs, their past associations, their work experiences, their family background, their taxes, their beer drinking skills and more.

But apparently, all those expectations stopped when Republicans decided that Mr. Romney’s past is none of our business. And Romney went through much trouble to destroy records from his time as Governor of Massachusetts and records dealing with his Olympics tenure.  There are more questions than answers pertaining to his work at Bain Capital and his taxes are hidden.

Plus, he’s not a drinker!

Republicans have decided to go to the polls this November and hire a worker they know nothing of. This is not acceptable in the real world and it should not be acceptable for someone applying for the most important job in the nation.

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Mitt Romney Politics

Stephanie Cutter “Retroactively” Apologies To Mitt Romney – Video

We’ve all heard of the controversy surrounding a statement Stephanie Cutter made about Mitt Flip Romney. But for those who may have forgotten, here’s a brief rundown:

Stephanie Cutter – an employee of Barack Obama – suggested that Mitt Romney may be a felon for lying to the Securities Exchange Commission (SEC) about his time at Bain. Documents presented to the SEC showed Romney being directly involved with Bain after 1999, the time Romney said he left.

To explain Romney’s departure, Ed Gillespie – one of Romney’s surrogates – said Romney “retroactively” retired from Bain. “He took a leave of absence and in fact he ended up not going back at all, and retired retroactively to 1999 as a result,” Gillespie said.

After Cutter made her statement that Romney is possibly a criminal, Romney took offence and demanded an apology. So in the video below, Stephanie apologies…well, kinda…well, not really! LOL

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Mitt Romney Politics

Mitt Romney: Chairman, CEO and Sole Shareholder, But Not Responsible?

The good folks at the Obama Re-election campaign came up with another ad hitting Romney and his refusal to release his taxes to the American people. The ad ask the question, how was it possible that Romney was the Chairman, CEO and sole shareholder of the company, but not responsible for anything that happened under his watch?

Romney is already claiming he is not responsible for any hidden secrets his taxes may reveal because he entrust the investments of his funds to a “blind trust.” Of course we’ve already debunked that claim using Romney’s own words.

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Mitt Romney Politics

Romney Lied: Documents Show He Signed At Least 6 Bain Documents Since 1999

Mitt Romney last Friday said he left Bain in 1999 and had absolutely nothing to do with the company he started – no meetings, no lunches with executives, no phone calls, no business discussions, nothing!

Well of course, that was a lie!

WASHINGTON — Between 1999 and 2001, Mitt Romney, then the CEO of Bain Capital, signed at least six documents that the private equity firm filed with the Securities and Exchange Commission. The documents run in direct contradiction to a claim that Romney has made repeatedly: that he had nothing to do with Bain, and therefore no responsibility for Bain investments, during that period.

It’s also a claim he made in August 2011 on the federal disclosure form he filed as part of his presidential bid. Romney didn’t leave any wiggle room: “Mr. Romney retired from Bain Capital on February 11, 1999 to head the Salt Lake Organizing Committee [for the 2002 Winter Olympics]. Since February 11, 1999, Mr. Romney has not had any active role with any Bain Capital entity and has not been involved in the operations of any Bain Capital entity in any way.”

That is false.

SEC files include at least six instances of Romney signing documents after February 1999, proving — unless the signatures were forged — that his claim to not have “been involved in the operations of any Bain Capital entity in any way” is wrong.

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Mitt Romney Politics

John McCain Confirms That What Mitt Romney Did At Bain Was “Cruel”

John McCain, the Republican Presidential Candidate in 2008 and now a Mitt Flip Romney supporter went on Fox News yesterday and confirmed to host Chris Wallace that what Mitt Romney has tried to deny since he began running for president over 6 years ago. John McCain confirmed that what Mitt Romney did at Bain Capital was in fact, “cruel.”

“This is the free enterprise system. The only place in the world that I can recall where companies never failed was the old Soviet Union. This is what investors do in the free enterprise and capitalism system. And, yes, the free enterprise system can be cruel. But the problem with this administration is that small businesses have been the ones that have suffered the most, the kind that need investors, the kind that don’t need the hundreds of pages, the thousands of pages of regulations that continue to plague them and have them continue to hold back on hiring and investment.”

With friends like these….!

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Mitt Romney Politics

After A Romney Takeover, Fired Employee Admits Feeling Like He Built His Own Coffin

Priorities USA, a SuperPAC supporting President Obama produced the following ad that features a former employee of a company Romney bought when he was head of Bain Capital. The employee is referred to as “former” because of course, Mitt Romney fired all the employees after the purchase was made.

Watch and listen below as the former employee details the circumstances surrounding his termination.

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Mitt Romney Politics

Romney Economics: SCM Company, Captured and Killed for Romney Profit

SCM was another company bought on a $5 million investment, then captured and killed for a $100 million profit by Mitt Romney’s Bain Capital. The hardworking Americans who felt the brunt of Romney’s decisions tells their story below.

Romney has said on many occasions that his business experience qualifies him to be president. Anyone who say looking into Romney’s business experiences at Bain Capital is wrong, has decided to drown in a sea of ignorance.

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Politics

Spineless Democrats Taking Romney’s Side – Throws President Under The Bus

What’s the major difference between Democrats and Republicans? No, it’s not that Republicans think the solution to our economic woes is giving more money to very rich people while Democrats think the rich aren’t paying their fair share. And no, it’s not that Democrats appear to represent the needs of the middle class people while Republicans definitely go to bat for Corporations. The major difference between the two is one group will go to the grave defending their beliefs, no matter how wrong those beliefs are, while the other group have proven time and time again that they have no backbone.

The unfortunate and early passing of Andrew Breitbart is a perfect example of how Republicans are. Andrew was a hero among his fellow conservatives especially when he was wrong. We all remember how the conservative bloggers, news agencies like Fox News and even some Republican politicians jumped to Breitbart’s defense when it was proven that he falsified a video of Shirley Sherrod, wrongly claiming that she was racially biased against a white farmer. And although the facts later showed that Breitbart was wrong, he refused to apologize. On March 1st. 2012,  Andrew Breitbart died and while many expressed happiness in his passing, I was only able to issue the following tweet:

But on the Democratic side, things are totally different. Democrats it seems are on a mission to throw each other under the bus especially when they are on the right side of an issue, and this week, we’ve seen multiple examples of this.

It started with Cory Booker on Meet The Press. Although Mr. Booker is considered a surrogate of the Obama administration, Booker went against the administration and sided with Mitt Romney on an issue Democrats should easily be winning. The issue that caused Booker to abandon the Democratic ship has to do with Mitt Romney’s claims of being a better “Jobs Creator” than President Obama. Romney cites his “business experiences” as his primary qualifier for being president and regularly tells his audience how beneficial this experience would be in “fixing the economy.”

As it turns out, Romney’s business experience has  nothing to do with “creating jobs.” Over the course of his work at Bain Capital, Mitt Romney’s primary objective was making a profit for himself and his partners by any means necessary. Often times, thousands of hardworking middle class Americans lost their jobs, pensions and health care so that Mitt Romney could achieve his primary objective. The profit-making goal of what Romney did at Bain was often called “Destructive Capitalism,” and that description came from Mitt Romney himself.

So it would seem that an examination of Romney’s record at Bain is not only warranted, but necessary. And the Obama re-election team are putting out web ads almost daily, detailing how Romney was more of a job destroyer than a job creator. Seems like the right thing to do, right? Not if you’re Cory Booker. Sunday on Meet The Press, Booker – the Obama surrogate – said this;

 I have to say from a very personal level, I’m not about to sit here and indict private equity. It’s to me, we’re getting to a ridiculous point in America. Especially that I know I live in a state where pension funds, unions and other people are investing in companies like Bain Capital. If you look at the totality of Bain Capital’s record, they have done a lot to support businesses to grow businesses and this to me, I’m very comfortable.

The last point I’ll make is, this kind of stuff is nauseating to me on both sides. It’s nauseating to the American public. Enough is enough, stop attacking private equity, stop attacking Jeremiah Wright. This stuff has got to stop.

Realizing the huge political mistake he made, Booker later explained that he is for Obama and would do all he can to help the President win re-election. But the damage was already done as the Romney campaign took Booker’s words and made their own ad in support of Romney’s Bain activities.

Cory Booker however, was not the only Democrat to throw the President under the bus on this issue. Ed Randell, a former Governor of Pennsylvania told Buzzfeed that he too was “very disappointed” in the Obama ads questioning Romney’s business accolades.

“I think they’re very disappointing,” Rendell said of the ads attacking Bain. “I think Bain is fair game, because Romney has made it fair game. But I think how you examine it, the tone, what you say, is important as well.”

As for Booker, “I admire him,” Rendell said. “People in politics should tell the truth. He could have qualified it better, he could have framed it better, but if you’re in this business, none of us like negative ads.

The Hill is reporting at least a half-dozen high profile Democrats joining the chorus against the President including “Sen. Dianne Feinstein (D-Calif.), a widely respected member of Congress, who stopped short of criticizing the president, but made it clear that the campaign should pivot.

“It’s done,” she said. “Go on to other things now.”

Sen. Chris Coons (D-Del.) told The Hill, “I think the average American … hopes that this campaign will focus on competing visions for how to strengthen our economy, help create jobs and move the country forward.”

It is still young in the 2012 Presidential campaign season. With the huge donations flowing to Congress from Wall Street and private equity firms like Bain Capital, expect more Democrats to agree with Romney and come out against the President. We all know that Republicans cater to the rich and their big donors, and now we can safely say that Democrats do the same thing too.

And that’s one thing the two parties have in common – kissing the ring of the rich for more donations.

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Mitt Romney Politics

Romney’s Job Creation Record at Bain is Non-Existent

Mitt Romney is the first one to admit that he is not a politician, although he’s been running for political office for decades. He would rather the American public see him as a private citizen who spent his life running a business and have now decided to run for president. He would love if we forget the political nonsense he has said over the years and his dismal economic record as governor in Massachusetts.

With that in mind, the Obama administration decided to take a look at Romney’s business career – his record at Bain Capital. As the head of Bain, Romney’s decision to take over businesses, selling off their assets and shipping jobs overseas for cheaper labor is how Bain made its money.

Here’s an example…

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Mitt Romney Politics Republican Rick Santorum United States

It’s Capital, Not Capitalism

Mitt Romney has said on the campaign trail that an attack on him is an attack on capitalism. Aside from being a self-serving, disingenuous, mendacious statement (which is enough, don’t you think?), it also shows how shallow and dangerous the Republican party has become.

Romney’s career at Bain Capital is a touchstone for his presidential aspirations, and his success at convincing American voters that it makes him qualified to be president will decide whether he wins in November. As of this moment, I would say that this particular venture is off to a rocky start.

Polling for President Obama’s PAC is showing that anti-Bain rhetoric is a winning issue for him. Rick Santorum is saying that Romney can’t win based on his Bain experience. Rick Perry called out Bain as “vulture capitalism” (and this is officially the last time that anything Rick Perry says will be quoted in the Farmer blog). Newt wants Romney to stop the “pious baloney.” The attacks have continued at such a pace that conservatives are rushing to defend Mitt and capitalism itself.

They must really be worried. After all, the GOP has fought for the last year to defund social services such as Planned Parenthood, enact cuts to education, redesign Medicare so seniors will actually have to pay more, and demonize people who are on unemployment benefits as lazy. Their candidates want to deny law-abiding children of illegal immigrants a shot at the American Dream, obliterate the Federal Reserve, go back into Iraq, make abortion illegal even in cases of rape or incest, oppose full civil rights for gays, keep taxes low on the wealthy so the rest of us have to make do with less, and allow banks and financial institutions to continue to do what got us into this recession in the first place.

But don’t mess with capitalism, mofo.

As usual, they have it all wrong. The questions about Bain Capital and venture capitalism are not about the future of our financial system. The problem is the function of that type of business in the American system. Venture firms do play some positive roles in the economy by either rescuing companies that might otherwise go out of business or by scooping up bargains due to bankruptcies. The makers of Twinkies recently went back into bankruptcy for the second time and I, for one, would like some venture firm to resuscitate it.

The negatives, though, are compelling. These firms have a reputation for chopping up companies into parts and selling them off to make money, and as a result people get laid off and towns suffer. They are seen as paper-pushers whose only concern is for profits and bonuses, not for actually building something. And they’re seen as being cold, calculating, number-crunching entities that don’t care about the effects of their work, only the results. They are ruthless in their Darwinian cruelty, but criticism of their tactics is about capital, not capitalism. Has Bain engaged in this type of behavior? Yes, yes, and yes.

The Republican Party has bet its success on a combination of Cold War-era baiting and big lies, as if their candidates are the only ones who can fix the financial problems created by their ideology. In the end, that strategy will fail because it ignores the fact that more people are not siding with the wealthy (though they don’t always blame them for the inequality). Romney’s defense of capitalism is laudable, but by aligning himself with the 1%, he’s left himself open to the withering attacks not only from his right flank, but from a full frontal assault that’s coming from Obama and the Democrats.

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