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:588 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.
As a business, Clear Channel is doing quite well. It made revenue of $1.6 billion in Q2 2011, up from $1.5 billion the year before. It showed an operating profit of $311 million, from stations such as KTU in New York and KIIS FM in Los Angeles. Clear Channel's problem is that is also had a quarterly interest payments of $359 million -- more than its operating profits. That interest is being paid on a staggering $20 billion in debt.
That debt came from the financing of a buyout of Clear Channel back in 2006. At the time, Clear Channel was also a healthy functioning business -- it had just $8 billion in debt, and saw net income -- real profits after interest payments - - of $691 million for the year on growing revenues of $7 billion.
But that just wasn't good enough for the folks at Bain Capital Partners, the private equity group. Bain and its partners bought Clear Channel at that time, but the buyout loaded the company with roughly $12 billion in more debts -- which still isn't paid off. The debts are so large they threaten the future of the company. About $1 billion in Clear Channel's debt comes due in 2014, and another $10.4 billion comes due in 2016.
Romney, 54, is giving up his 100 percent control of Bain Capital to 26 managing directors. The firm has made 170 venture and buyout investments in companies like pizza delivery chain Domino's Pizza Inc., brokerage Datek Online Holdings Corp. and retailers Staples Inc. and the Sports Authority Inc.,
Before taking the Olympics job, Romney previously interrupted his business career in 1994 for a failed bid as Republican challenger to Massachusetts Sen. Edward Kennedy.
[Am noting here the media bias against Ron Paul's 2008 Presidential campaign]
this disturbing nugget on the 2008 Presidential race: Clearchannel just recently went up for auction. Mitt Romney's Bain Capital bought it along with Thomas H Lee Partners
Ed. Note -- The original story we posted on this topic inferred that Bain Capital had recently purchased Clear Channel Communications. That is not true. The transaction took place in November of 2006. The facts remain that Bain earns a share of Clear Channel's profits and that Mitt Romney, while a retired partner, still earns money from the private equity firm.
What would it cost to buy the support of just about every nationally syndicated neocon talk show host in America? About $19.5 billion, which is what Mitt Romney's private equity firm, Bain Capital, and Thomas H. Lee Partners have agreed to pay in a leveraged buyout agreement with Clear Channel Communications, the largest radio station owner in the country. This is part of a negotiation that has been pending for over a year.
Clear Channel owns more than 1,100 full-power AM, FM, and shortwave radio stations, twelve radio channels on XM Satellite Radio, and more than 30 television stations in the United States. Premiere Radio Networks, which is the largest syndication company in the United States, is a wholly owned subsidiary of Clear Channel and is home to Rush Limbaugh, Glenn Beck, and many others. Sean Hannity recently signed a large multi-market contract with Clear Channel, as well. From an anonymous email:
"I'll bet those hosts won't reveal that conflict of interest, but it's worth noting when you hear them begin hyping Romney, which has already begun. A lot of GOP supporters will support whomever they are told to support, so be prepared for a big push for Romney. [sic] Rich men can bankroll their own campaigns (a la John Kerry), but it takes a special breed to use investors' money to buy entire networks that can operate as passive wings of a presidential campaign."
It should be noted that Mitt Romney, while no longer the CEO, remains a silent partner of Bain Capital.
Clear Channel Communications was bought out by a partnership between Bain Capital and Thomas Lee Partners. (Source) Bain Capital manages $67 Billion in assets, Lee Partners has about 10 billion in its investment fund. [sic] Mitt Romney was the founder of Bain and is still a major stockholder in the company.
Clear Channel is no stranger to shilling for Republican Neo-cons and their causes:
"The Clear Channel's activities go beyond radio. In March 2003, its affiliate stations throughout the United States organized pro-war rallies, under the name of Rally for America, to coincide with the Bush administration's launch of war with Iraq.
[Am noting here that Romney was a Pro- Vietnam War activist but got a student-deferment, then a draft-deferral from the Mormon church to work in France as a Missionary instead of going to the War he supported and hawked for others, "then got another student deferment.[23] [31] When those ran out, his high number in the December 1969 draft lottery (300) meant he would not be selected.[11][23][31][32]" Ref.]
Romney's Clear Channel Communications is actually doing more than its part to help Democrats maintain their majority in Congress this election cycle. Donating twice as much to Democrats in the House as Republicans. In fact, they donated to many of the Democrats that Rush Limbaugh, Sean Hannity and Glenn Beck name and shame. (Source)