And because he just can’t seem to be able to take a hint NeverTrump former Massachusetts Governor Mitt Romney, who’s as popular with Republican’s as Hillary is with Democrats, is contemplating running for public office again. Great, just what we need, more swamp!
Of course, Romney is unelectable in all 50 states, except one that is. Utah. Where they care more about a person’s religion than the content of his character. Rumor has it that Utah Senator Orin Hatch is contemplating retirement and doesn’t plan to run for reelection in 2018. If this happens it’s starting to point to the fact that Mitt Romney has been quietly positioning himself to run to replace him. And be forewarned, if this does indeed happen, he will win. in a landslide.
Here is a little reminder of who Mitt Romney really is and the epic rebuttal from Judge Jenine Pirro.
Even more troubling to some, Bain arguably drove some companies to the ground by taking on more debt to give investors dividends earlier.
“These were not businesses close to collapse,” said Josh Kosman, author of “The Buyout of America.” “They borrowed all this money against the company and then borrowed money again to take a dividend because the company was stable.”
This week, Romney’s campaign fired back at Gingrich, calling attention to the former House speaker’s work consulting for troubled mortgage giant Freddie Mac.
“Newt Gingrich comes from the world where politicians are paid millions after they retire to influence their friends in Washington,” Staples founder Tom Stemberg said in a statement distributed by the Romney campaign. “Mitt Romney comes from the private sector, where the economy is built by hard work and entrepreneurial drive.”
The business of private equity depends on debt for its profitability. A company like Bain Capital raises money from big investors, such as pension funds or university endowments, to form a fund. The firm then goes looking for companies to acquire, using money from the fund, plus much more borrowed from lenders.
The private equity firm holds on to the company until it can be sold for a profit, perhaps paying out shareholder dividends in the meantime. No matter what, the firm collects fees from investors. It’s not unusual for companies to go bankrupt after being acquired by private equity firms. But that track record has also made the industry controversial because the financiers can make money on fees and dividends even if the businesses they buy go bust.
Evaluating Romney’s time at Bain depends on how you define success. He consistently delivered for investors, producing as much as 173 percent in annualized returns, according to a prospectus obtained by the Los Angeles Times. But the businesses under his firm’s care did not always fare as well — and their names are less well-known than the ones the Romney campaign prefers to tout, such as Domino’s Pizza, Sports Authority and Staples.
In 1992, Bain bought American Pad & Paper for $5 million. The company turned a profit of $100 million for investors but later filed for bankruptcy in 2000. Layoffs at the company dogged Romney during his 1994 Senate race against Sen. Edward M. Kennedy (D-Mass.), who ran political ads showing Ampad factory workers who had lost their jobs as Bain cut costs. The Romney campaign argued that those job cuts came when he was on leave from the firm.
A year after the Ampad deal, Bain acquired steel firm GS Industries. In 2001, the company filed for bankruptcy.
In yet another bad outcome, Bain bought the electronics company DDi, based in Anaheim, Calif., in 1997. Six years later, it declared bankruptcy. Another example: Stage Stores, which Bain bought in 1988 and later filed for bankruptcy in 2000.
In the case of medical diagnostics firm Dade Behring, more than 1,000 jobs were cut as Bain and other investors tried to make the company more profitable through acquisitions and consolidation.
Investors tried to extract money from the firm. In June 1999, Bain and its co-investor, Goldman Sachs, sold back shares worth $365.4 million to Dade, but to do this, the private equity firms had to borrow more money.
The amount of debt they took on would become fatal. When interest rates rose, Dade’s borrowing costs shot up as well. In 2002, the company could not keep up with its payments and filed for bankruptcy.
Scott Barrett, who was chief executive of Dade Behring from 1994 to 1997, said that by the time of the share payout, Romney had already left Bain Capital. The company was ultimately acquired by Siemens.
Yes, Mitt, you are correct, we feel anger, an anger you know nothing about, nor will ever feel. An anger of not knowing if our next paycheck will be enough to cover what we need for the month. Or the anger you feel when you pray each day that you don’t get sick, because thanks to Obamacare, the not so distant cousin of Romneycare, many of us have been driven to go without health insurance.
So you see Mitt, when you blew the 2012 election you went home back to your mansions to continue construction of that car elevator for your Malibu home, and were later pictured having a great day at Disneyland with your beautiful family, we Trump Supporters went back to trying to make ends meet and figure out how to stay healthy, while only dreaming of being able to afford a weekend at Disneyland with our families. For you, the 2012 loss was no big deal, but for us common folk, it meant four more years of Obama’s anti-middle class policies.
Please share if you agree Mitt Romney needs to retire to one of his seven mansions….
FOLLOW us on Facebook at Freedom Daily!