"We built him"
But...of...course:
Bain Capital was not in the business of creating jobs, or even saving
companies over the long-term. Its model had a relatively low rate of
success; a study by Deutche Bank found
that 33 out of 68 major deals cut on Romney’s watch lost money for the
firm’s investors. Its richest deals made up for the flops, however, and
Bain’s partners were guaranteed hefty fees regardless of how the
businesses they “restructured” ultimately performed.
Romney and his partners then exploited a loophole in the tax code
that allowed them to pay just 15 percent of their growing fortunes in
taxes — a rate less than what many of their companies’ employees forked
over to Uncle Sam.
“By and large, [government] gets in the way of creating jobs,” Romney said during a GOP debate last year. But, as the Los Angeles Times
noted, “during his business career Romney made avid use of
public-private partnerships, something that many conservatives consider
to be ‘corporate welfare.’”
Rising Hegemon
3 comments:
He's not the black guy.
and as long as MITT made fees and cuts. only the house wins.
There's also a large tax advantage (thanks, Uncle!) in financing companies with debt, rather than equity, which is why so many of Bain's deals saddled companies with huge debt while Bain execs extracted "management fees" from them. And the law governing those deals allowed them to do it without being responsible for the debt themselves.
No, Mitt, don't say Unca Sam never did anything for you.
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