quote:

ORIGINAL: tj444

quote:

ORIGINAL: Musicmystery

In addition, the problem with Romney's style of "business" is that it's really how to carve. Anyone can go into a business and make cuts--and some excel at this. Trouble is, that doesn't grow a business. It's good for a quarter or two, and then you need a real business plan. Liquidators don't even try to muster a business plan, but rather carve out assets and fold the rest for their own capital gain. It's not a "business" in any growth way that would serve the country as experience.

There was (imo) a massive difference between Bain & Company & Bain Capital.. Bain & Company was just a consultant company.. which specialized in helping business owners turn their own company around.. (which makes the FDIC thing sorta ironic, I guess, they can help other businesses turn around and yet need to turn themselves around)..

Bain Capital was (from what i have read) Romney's idea and the first year or two it was tough since no one wanted to invest with him and take the risk of him being new at it all.. I dont think the majority of the businesses Bain Capital bought were carved up, some areas of duplication if they existed, yes, that would have happened anyway.. Imo, a company that grows (like Staples did) is worth immensely more in the long run than chopping it up and selling off assets. Imo his main objective was to make the most money in the long run as he could so his first objective was to turn the companies he could around.. but not all businesses can be turned around and some will fail, once that happens all that is left is to auction off the remnants..

I think part of what made Romney rich was his luck in timing, he was buying and turning around companies when the economy was expanding due to boomers careers taking off and high consumer spending, imo its harder now cuz the boomer bulge is getting ready to retire (which tends to mean less consumer spending from them)..

That is just my take on him.. (from what i have read so far..)

as far as him helping Bain & Company.. who would not feel an obligation to help the one that gave you your start, that took a huge risk with you and that helped you to make the wealth you have? Imo, anyone in his position would have done the same thing for someone that started you off in your career.. cuz without Bain opening the door.. Romney might have ended up as just another used car salesman.. lol
[sm=2cents.gif]

quote:

ORIGINAL: Kana

You did finance for a living, right tj. CPA IIRC or something like that?

quote:

ORIGINAL: tj444

quote:

ORIGINAL: Kana

You did finance for a living, right tj. CPA IIRC or something like that?

ummm.. no.. [&:] ..I am sensing a trick question here.. [8|] [:D]

quote:

ORIGINAL: Kana

quote:

ORIGINAL: tj444

quote:

ORIGINAL: Kana

You did finance for a living, right tj. CPA IIRC or something like that?

ummm.. no.. [&:] ..I am sensing a trick question here.. [8|] [:D]

No tricks. Confusing you with someone else. Maybe Tazzy or some other nipple :-)

quote:

ORIGINAL: Kana

quote:

ORIGINAL: tj444

quote:

ORIGINAL: Kana

You did finance for a living, right tj. CPA IIRC or something like that?

ummm.. no.. [&:] ..I am sensing a trick question here.. [8|] [:D]

No tricks. Confusing you with someone else. Maybe Tazzy or some other nipple :-)

quote:

ORIGINAL: Kana

Ahhhhh, thanks!
Christ-Hibbie is really a lot like me. That's kinda scary...

quote:

ORIGINAL: Kana

quote:

ORIGINAL: tj444

quote:

ORIGINAL: Kana

You did finance for a living, right tj. CPA IIRC or something like that?

ummm.. no.. [&:] ..I am sensing a trick question here.. [8|] [:D]

No tricks. Confusing you with someone else. Maybe Tazzy or some other nipple :-)

quote:

ORIGINAL: Musicmystery

Federal records, obtained under the Freedom of Information Act, reveal that Romney's initial rescue attempt at Bain & Company was actually a disaster – leaving the firm so financially strapped that it had "no value as a going concern." Even worse, the federal bailout ultimately engineered by Romney screwed the FDIC – the bank insurance system backed by taxpayers – out of at least $10 million. And in an added insult, Romney rewarded top executives at Bain with hefty bonuses at the very moment that he was demanding his handout from the feds.

How had Romney scored such a favorable deal at the FDIC's expense? It didn't hurt that he had close ties to the agency – the kind of "crony capitalism" he now decries. A month before he closed the 1991 loan agreement, Romney promoted a former FDIC bank examiner to become a senior executive at Bain. He also had pull at the top: FDIC chairman Bill Seidman, who had served as finance chair for Romney's father when he ran for president in 1968.

The federal documents also reveal that, contrary to Romney's claim that he returned full time to Bain Capital in 1992, he remained involved in bailout negotiations to the very end. In a letter dated March 23rd, 1993, Romney reassured creditors that his latest scheme would return Bain & Company to "long-term financial stability." That same month, Romney once again threatened to "pay out maximum bonus distributions" to top executives unless much of Bain's debt was erased.

In the end, the government surrendered. At the time, The Boston Globe cited bankers dismissing the bailout as "relatively routine" – but the federal documents reveal it was anything but. The FDIC agreed to accept nearly $5 million in cash to retire $15 million in Bain's debt – an immediate government bailout of $10 million. All told, the FDIC estimated it would recoup just $14 million of the $30 million that Romney's firm owed the government.

It was a raw deal – but Romney's threat to loot his own firm had left the government with no other choice. If the FDIC had pushed Bain into bankruptcy, the records reveal, the agency would have recouped just $3.56 million from the firm.

The Romney campaign refused to respond to questions for this article.

http://www.rollingstone.com/politics/news/the-federal-bailout-that-saved-mitt-romney-20120829?print=true

quote:

ORIGINAL: DaddySatyr

I won't buy the rag but does Rolling Stone treat us to any photos of these "federal records" or did they just go out and hire Dan Rather under a "nom de plume"?



Peace and comfort,



Michael

quote:

ORIGINAL: LookieNoNookie

quote:

ORIGINAL: Musicmystery

Federal records, obtained under the Freedom of Information Act, reveal that Romney's initial rescue attempt at Bain & Company was actually a disaster – leaving the firm so financially strapped that it had "no value as a going concern." Even worse, the federal bailout ultimately engineered by Romney screwed the FDIC – the bank insurance system backed by taxpayers – out of at least $10 million. And in an added insult, Romney rewarded top executives at Bain with hefty bonuses at the very moment that he was demanding his handout from the feds.

How had Romney scored such a favorable deal at the FDIC's expense? It didn't hurt that he had close ties to the agency – the kind of "crony capitalism" he now decries. A month before he closed the 1991 loan agreement, Romney promoted a former FDIC bank examiner to become a senior executive at Bain. He also had pull at the top: FDIC chairman Bill Seidman, who had served as finance chair for Romney's father when he ran for president in 1968.

The federal documents also reveal that, contrary to Romney's claim that he returned full time to Bain Capital in 1992, he remained involved in bailout negotiations to the very end. In a letter dated March 23rd, 1993, Romney reassured creditors that his latest scheme would return Bain & Company to "long-term financial stability." That same month, Romney once again threatened to "pay out maximum bonus distributions" to top executives unless much of Bain's debt was erased.

In the end, the government surrendered. At the time, The Boston Globe cited bankers dismissing the bailout as "relatively routine" – but the federal documents reveal it was anything but. The FDIC agreed to accept nearly $5 million in cash to retire $15 million in Bain's debt – an immediate government bailout of $10 million. All told, the FDIC estimated it would recoup just $14 million of the $30 million that Romney's firm owed the government.

It was a raw deal – but Romney's threat to loot his own firm had left the government with no other choice. If the FDIC had pushed Bain into bankruptcy, the records reveal, the agency would have recouped just $3.56 million from the firm.

The Romney campaign refused to respond to questions for this article.

http://www.rollingstone.com/politics/news/the-federal-bailout-that-saved-mitt-romney-20120829?print=true

You're smarter than this.

quote:

ORIGINAL: DaddySatyr

I won't buy the rag but does Rolling Stone treat us to any photos of these "federal records" or did they just go out and hire Dan Rather under a "nom de plume"?



Peace and comfort,



Michael

quote:

ORIGINAL: Kana

quote:

ORIGINAL: DaddySatyr

I won't buy the rag but does Rolling Stone treat us to any photos of these "federal records" or did they just go out and hire Dan Rather under a "nom de plume"?



Peace and comfort,



Michael

Yep. Hate to tell ya, but when it comes to finance news, RS really tends to be on point.
Tiabbbi's articles are properly sourced and academically valid

quote:

ORIGINAL: Kana
Yep. Hate to tell ya, but when it comes to finance news, RS really tends to be on point.
Tiabbbi's articles are properly sourced and academically valid

quote:

ORIGINAL: DaddySatyr

quote:

ORIGINAL: Kana
Yep. Hate to tell ya, but when it comes to finance news, RS really tends to be on point.
Tiabbbi's articles are properly sourced and academically valid

I hear ya. Whenever I need financial news, I look to Rolling Stone.

Conversely, when I want to know what's hot in the current music scene, I tend to consult the Wall Street Journal.



Peace and comfort,



Michael

quote:

ORIGINAL: Kana

Doood, I have an MBA In finance. I have enough credits to have an AA in accounting and have a degree in law, summa cum TYVFM. I've done consulting, I've done financial research. I've worked in the finance department of a major U, the State Legislature and authored or co-authored papers that went to the Oval Office.
I know a wee bit about finance. I ain't shitting you-RS does a good job on finance.

Wall Street Journal has a great entertainment section, focuses on whats hot in NYC and around the world. Not what one would expect from a newspaper of their caliber, but there it is. The Economist, a pretty stodgy rag if there ever was one, does terrific sports pieces, especially baseball. The National Enquirer of all people broke the John Edwards sex scandal story. Again, quite the unexpected source.

Contempt prior to investigation is the hallmark of small minded people-you're better than that.