Title: Who Are You Mitt? Source:
YouTube URL Source:http://www.youtube.com/watch?v=JIeekoQfqVU Published:Jun 20, 2011 Author:RinoMitt Post Date:2011-11-18 04:05:58 by GreyLmist Keywords:Mitt Romney, RINO Views:326 Comments:28
Gingrich is a big time Washington insider who believes in individual health care mandates, who supported the bailouts, who was instrumental in cramming NAFTA down the throats of the American people and who is either soft or wrong on just about every single issue that conservatives care about.
On Romney, aside from the natural born citizen issue (linked in the opening post above) per his eligibility for the Presidency, Democrats questioned his eligibility to run for Governor of Massachusettes because of State residency issues. He was a one-term Governor whose Health Care interests may have been intertwined with his business ventures in the Medical sector. Flagging Original_Intent to that data here and here. The first link notes his reputation as a "turnaround artist", which is overly polite shorthand for cheap buyouts of debt-ridden companies and layoffs. Am posting a list of several more links in the next post, with particular attention to the Clear Channel takeover by the company Romney co-founded, Bain Capital, as it pertains to rigged campaign coverage by the media.
a great Youtube put out by JBS that shows Newt's record. He is a globalist, no doubt about it.
Thanks muchly for posting that great YouTube and I surely do agree without a smidgeon of a doubt that he is a Globalist. Btw, I cross-referenced your vid postings on The Real Newt Gingrich in this topic about him: Alex Jones [Nightly News video]: Newt World Order! for some additional research notings there eventually that I think are of some relevance.
Romney entered the management consulting business, which led to a position at Bain & Company, where he eventually served as CEO and brought the company out of crisis. [My note: an overly polite way to avoid descriptors like ingrate and ruthless takeover-maneuverer] He was also co-founder and head of the spin-off company Bain Capital, a private equity investment firm [that his boss offered to him with financial assistance and no-risk, which] became highly profitable and one of the largest such firms in the nation. The wealth Romney accumulated there would help fund his future political campaigns.
Business career
Romney was heavily recruited and, after graduation, chose to remain in Massachusetts and go to work for Boston Consulting Group (BCG), thinking that working as a management consultant to a variety of companies would prepare him for a future job as a chief executive.[12][35][38][nb 6] Romney's legal and business education proved useful in this role, and he became a rising star[35] while applying BCG principles such as the growth-share matrix. [40] [My note: Yikes. Red Flagging that.]
In 1977, he was hired away by Bain & Company, a management consulting firm in Boston that had been formed a few years earlier by Bill Bain and other former BCG employees.[35][40][41] [sic] With Bain & Company, Romney learned the "Bain way", which consisted of immersing the firm in each client's business,[35][42] and not simply to issue recommendations, [sic] With a record of helping clients such as the Monsanto Company, [et al.,] Romney became a vice president of the firm in 1978 [sic.] Romney became a believer in Bain's methods; [sic]
Romney was restless for a company of his own to run, and in 1983 Bill Bain offered him the chance to head a new venture that would buy into companies, have them benefit from Bain techniques, and then reap higher rewards than just consulting fees.[35][40] Romney initially refrained from accepting the offer, and Bain re-arranged the terms in a complicated partnership structure so that there was no financial or professional risk to Romney.[35][42][44] Thus, in 1984, Romney left Bain & Company to co-found the spin-off private equity investment firm, Bain Capital.[43] In the face of skepticism from potential investors, Bain and Romney spent a year raising the $37 million in funds needed to start the new operation, which had fewer than ten employees.[38][42][45][46] As general partner of the new firm, Romney spent little money on costs such as office appearance, and saw weak spots in so many potential deals that by 1986, very few had been done.[35] At first, Bain Capital focused on venture capital opportunities.[35] Their first big success came with a 1986 investment to help start Staples Inc., after founder Thomas G. Stemberg convinced Romney of the market size for office supplies and Romney convinced others; Bain Capital eventually reaped a nearly sevenfold return on its investment, and Romney sat on the Staples board of directors for over a decade.[35][45][46] [My note: Stemberg would later "inspire" him to craft the Gov-coercive "Romneycare", mandating support of the Medical/Insurance Complex by the citizens of his State.]
Romney soon switched Bain Capital's focus from startups to the relatively new business of leveraged buyouts: buying existing firms with money mostly borrowed against their assets, partnering with existing management to apply the "Bain way" to their operations [sic], and then selling them off in a few years.[35][42] Existing CEOs were offered large equity stakes in the process, as part of Bain Capital's belief in the emerging agency theory notion that CEOs should be bound to maximizing shareholder value [My note: read maximizing unemployment-lines and whatnot] rather than other goals. [46] [My note: rather than less-greedy goals like people over profits?] Bain Capital lost most of its money in many of its early leveraged buyouts, but then started finding deals that made large returns,[35] [sic.] Romney excelled at presenting and selling the deals the company made.[44] The firm initially gave a cut of its profits to Bain & Company [which had practically gifted the business to him], but Romney later persuaded Bain to give that up.[44] [My note: beaucoup Red Flags in that section]
The firm invested in or acquired many well-known companies such as Accuride, Brookstone, Domino's Pizza, Sealy Corporation, Sports Authority, and Artisan Entertainment, as well as lesser-known companies in the industrial and medical sectors.[35][42][48] [sic, He] opted out of the Artisan Entertainment deal, not wanting to profit from a studio that produced R-rated films.[35] [sic] Romney was on the board of directors of Damon Corporation, a medical testing company later found guilty of defrauding the government; Bain Capital tripled its investment before selling off the company, with the fraud being discovered by the new owners (Romney was never implicated).[35] [sic]
Bain Capital's leveraged buyouts sometimes led to layoffs, either soon after acquisition or later after the firm had left.[35][40][44][45] Bain Capital officials later said that overall, more jobs were added than lost due to these buyouts, but a lack of available records makes such assertions unverifiable.[49] [47] In any case, maximizing the value of acquired companies and the return to Bain's investors, not job creation, was the firm's fundamental goal, as it was for most private equity operations.[49][45] Regarding job losses, Romney later said, "Sometimes the medicine is a little bitter but it is necessary to save the life of the patient. [My note: meaning Coporate "Personhoods", not their "serfs"] My job was to try and make the enterprise successful, and in my view the best security a family can have [My note: if lucky enough not to find themselves among the discard piles of laid-off castaways] is that the business they work for is strong."[44] Bain Capital's acquisition of Ampad exemplified a deal where it profited handsomely from early payments and management fees, even though the subject company itself ended up going into bankruptcy.[35][46] [49] Dade Behring was another case where Bain Capital received an eightfold return on its investment, but the company itself was saddled with debt and laid off over a thousand employees before Bain Capital exited (the company subsequently went into bankruptcy, with more layoffs, before recovering and prospering).[47] Bain was among the private equity firms that took the most such fees.[42][46] Romney said in retrospect: "It is one thing that if I had a chance to go back I would be more sensitive to. It is always a balance. Great care has got to be taken not to take a dividend or a distribution from a company that puts that company at risk. [Having taken a big payment from a company that later failed] would make me sick, sick at heart."[42]
In 1990, Romney was asked to return to Bain & Company, [My note: his benefactor] which was facing financial collapse.[43] He was announced as its new CEO in January 1991[50][51] (but drew only a symbolic salary of one dollar). [43] Romney managed an effort to restructure [My note: read "reduce"?] the firm's employee stock-ownership plan, real-estate deals and bank loans, while rallying the firm's thousand employees, imposing a new governing structure that included [his benefactor] Bain and the other founding partners giving up control, and increasing fiscal transparency.[35][38][43] Within about a year, he had led Bain & Company through a turnaround and returned the firm to profitability without further layoffs or partner defections.[38] [My note: Romney, "The Sharklike"] turned Bain & Company over to new leadership and returned to Bain Capital in December 1992. [35][51][52]
Romney left Bain Capital in February 1999 to serve as the President and CEO of the 2002 Salt Lake City Olympic Games Organizing Committee.[35] By that time, Bain Capital was on its way to being one of the top private equity firms in the nation,[44] having increased its number of partners from 5 to 18, having 115 employees overall, and having $4 billion under its management.[42][45] It had made some 150 deals where it acquired and then sold a company.[47] Bain Capital's approach of applying consulting expertise to the companies it invested in became widely copied within the private equity industry.[15][45] Moreover, Romney had been at the forefront of a modernization wave in American business and the associated emergence of the shareholder value model, which remade American businesses as more productive and efficient but also led to greater income inequality and less stable employment patterns.[46] University of Chicago Booth School of Business economist Steven Kaplan would later say, "[Romney] came up with a model that was very successful and very innovative and that now everybody uses."[46] [My note: Yikes again. Says much about the downward spiral of economic conditions here.]
His experience at Bain & Company and Bain Capital gave Romney a business- oriented world view [sic.] As a result of his business career, by 2007 Romney and his wife had a net worth of between $190 and $250 million, most of it held in blind trusts.[53] Although gone, Romney received a passive profit share as a retired partner in some Bain Capital entities.[53] An additional blind trust existed in the name of the Romneys' children and grandchildren that was valued at between $70 and $100 million as of 2007.[54] The couple's net worth remained in the same range as of 2011, and was still held in blind trusts.[55]