The True Story of Mitt Romney and Bain Capital

[vetteman9368]

Originally Posted by Joecooool

To sum up for the lazy -

Romney invested in companies with leveraged buy outs using very little of his own money and borrowing heavily from banks. The loans from the bank would go in the purchased company's name and not Bain's. Most loans were for 90% or more of the purchase price.

After they bought a company, Bain would immediately charge millions of dollars in fees to act as advisors on how to then pay back the loan - that they didn't have until Bain bought them.

This resulted in mass lay offs.

Bain would continue to charge millions in fees to the companies until they went bankrupt.

Bane would then use tax loop holes that they had lobbied for to write off the bankruptsy and get tax breaks for putting the company they leveraged out of business.

The profits would then be taxed at the much lower capital gains rate, another perk they had successfully lobbied for.

Hundreds of thousands of Americans lost their jobs.

American tax payers were left holding the bill.

that fact that you actually believe that shit is incomprehensible

[Loco Vette]

Originally Posted by Joecooool

To sum up for the lazy -

Romney invested in companies with leveraged buy outs using very little of his own money and borrowing heavily from banks. The loans from the bank would go in the purchased company's name and not Bain's. Most loans were for 90% or more of the purchase price.

After they bought a company, Bain would immediately charge millions of dollars in fees to act as advisors on how to then pay back the loan - that they didn't have until Bain bought them.

This resulted in mass lay offs.

Bain would continue to charge millions in fees to the companies until they went bankrupt.

Bane would then use tax loop holes that they had lobbied for to write off the bankruptsy and get tax breaks for putting the company they leveraged out of business.

The profits would then be taxed at the much lower capital gains rate, another perk they had successfully lobbied for.

Hundreds of thousands of Americans lost their jobs.

American tax payers were left holding the bill.

Phil, if I am going to wade through all of the tripe you post and tease out the purported facts that it is based on, then go to the effort to research the purported claims and debate them, that energy is only going to be expended on someone who is going to engage in an open and honest debate.

The last time I had a hope that you would do so was in the gun thread you started. I offered my thoughts, you stayed out of the thread entirely for something like three days, then came in and posted your usual baseless condescending dismissal.

So, since you seem to enjoy going out and finding the most ridiculous crap from any source you can that will inflame people over here, and then dismiss the arguments as arrogantly as possible, my refusal to play your game is based on how I value my time as opposed to being "lazy".

Not all of us spend our time split between fishing and pot stirring.

[RedLS1GTO]

Hundreds of thousands of Americans lost their jobs.

I didn't have to read any more than this 1 line to give it:

2 out of 5

Had you specifically called out the number of black Americans who mercilessly lost their jobs you might have improved the score.

[Broken Wind]

That's going to leave a mark.

[Giraffe (He/Him)]

Originally Posted by Broken Wind

That's going to leave a mark.

It's mostly filling up my hard drive.

[Loco Vette]

Originally Posted by Loco Vette

Not all of us spend our time split between fishing and pot stirring.

Just as I expected, crickets from the Keys.

For the heck of it, I actually read the OP. It took 10 minutes and the first "fact" that was checkable was on the THIRD PAGE and, unsurprisingly, turned out to be bullshit.

Anybody have a .gif of a crapbomb I can use?

[VITE1]

Look who parks their cash at Bain - NYPOST.com

Look who parks their cash at Bain

Last Updated: 3:45 AM, September 1, 2012


Deroy Murdock


Democrats convened in Charlotte, NC, will double down on their claim that Bain Capital is really the Bain crime family. They will accuse Republican nominee Mitt Romney and Bain’s other “greedy” co-founders of stealing their winnings, evading taxes and lighting cigars with $100 bills on their yachts.

But Bain’s private-equity executives have enriched dozens of organizations and millions of individuals in the Democratic base — including some who scream most loudly for President Obama’s re-election.

Government-worker pension funds are the chief beneficiaries of Bain’s economic stewardship. New York-based Preqin uses public documents, news accounts and Freedom of Information requests to track private-equity holdings. Since 2000, Preqin reports, the following funds have entrusted some $1.56 billion to Bain:





* Illinois Municipal Retirement Fund ($2.2 million)

* Indiana Public Retirement System ($39.3 million)

* Iowa Public Employees’ Retirement System ($177.1 million)

* The Los Angeles Fire and Police Pension System ($19.5 million)

* Maryland State Retirement and Pension System ($117.5 million)

* Public Employees’ Retirement System of Nevada ($20.3 million)

* State Teachers Retirement System of Ohio ($767.3 million)

* Pennsylvania State Employees’ Retirement System ($231.5 million)

* Employees’ Retirement System of Rhode Island ($25 million)

* San Diego County Employees Retirement Association ($23.5 million)

* Teacher Retirement System of Texas ($122.5 million)

* Tennessee Consolidated Retirement System ($15 million)

These funds aggregate the savings of millions of unionized teachers, social workers, public-health personnel and first responders. Many would be startled to learn that their nest eggs are incubated by the company that Romney launched and the financiers he hired.

Leading universities have also profited from Bain’s expertise. According to Infrastructure Investor, Bain Capital Ventures Fund I (launched in 2001) managed wealth for “endowments and foundations such as Columbia, Princeton and Yale universities.”

According to BuyOuts magazine and S&P Capital IQ, Bain’s other college clients have included Cornell, Emory, the Massachusetts Institute of Technology, Notre Dame and the University of Pittsburgh. Preqin reports that the following schools have placed at least $424.6 million with Bain Capital between 1998 and 2008:

* Purdue University ($15.9 million)

* University of California ($225.7 million)

* University of Michigan ($130 million)

* University of Virginia ($20 million)

* University of Washington ($33 million)

Major, center-left foundations and cultural establishments also have seen their prospects brighten, thanks to Bain Capital. According to the aforementioned sources, such Bain clients have included the Charles Stewart Mott Foundation, the Doris Duke Foundation, the Metropolitan Museum of Art, the Ford Foundation, the Heinz Endowments and the Oprah Winfrey Foundation.

Why on Earth would government-union leaders, university presidents and foundation chiefs let Bain oversee their precious assets?

“The scrutiny generated by a heated election year matters less than the performance the portfolio generates to the fund,” California State Teachers’ Retirement System spokesman Ricardo Duran said in the Aug. 12 Boston Globe. CalSTRS has pumped some $1.25 billion into Bain.

Since 1988, Duran says, private-equity companies like Bain have outperformed every other asset class to which CalSTRS has allocated the cash of its 856,360 largely unionized members.

Is Bain really a gang of corporate buccaneers who plunder their ill-gotten gains by outsourcing, euthanizing feeble portfolio companies and giving cancer to the spouses of those whom they fired? If so, union bosses, government retirees, liberal foundations and elite universities thrive on the wages of Bain’s economic Darwinism.

If, however, these institutions relish the yields that Bain Capital generates by supporting start-ups and rescuing distressed companies, 80 percent of which have prospered, then this money is honest — and Team Obama isn’t.


Read more: Look who parks their cash at Bain - NYPOST.com

[Sea Six]

Originally Posted by VITE1

Look who parks their cash at Bain - NYPOST.com

Look who parks their cash at Bain

That's going to singlehandedly assure Joecooool's absence from this thread.

[Loco Vette]

Originally Posted by Sea Six

That's going to singlehandedly assure Joecooool's absence from this thread.

I have to get Paul to teach me how to do that.

[Fasglas]

Originally Posted by Sea Six

That's going to singlehandedly assure Joecooool's absence from this thread.

[VITE1]

Originally Posted by Loco Vette

I have to get Paul to teach me how to do that.

Google. It provided facts.

[Joecooool]

Originally Posted by VITE1

Look who parks their cash at Bain - NYPOST.com

Look who parks their cash at Bain

So?

Its not like the members have any say where their money is invested. I doubt 1% even know where their fund managers invest their savings. Are you actually implying that members of these groups each research the hundreds if not thousands of funds that are part of their retirement program???

What point are you trying to make?

Regardless, it doesn't change the sleazy way Romney made his money.

[vetteman9368]

Originally Posted by Joecooool

So?

Its not like the members have any say where their money is invested. I doubt 1% even know where their fund managers invest their savings. Are you actually implying that members of these groups each research the hundreds if not thousands of funds that are part of their retirement program???

What point are you trying to make?

Regardless, it doesn't change the sleazy way Romney made his money.

Some might consider war profiteering sleazy as well

[Loco Vette]

Originally Posted by Joecooool

So?

Its not like the members have any say where their money is invested. I doubt 1% even know where their fund managers invest their savings. Are you actually implying that members of these groups each research the hundreds if not thousands of funds that are part of their retirement program???

What point are you trying to make?

Regardless, it doesn't change the sleazy way Romney made his money.

Bullshit. The OP was 7,000 words of rhetoric and 5 actual things that were actually checkable.

You are here really to tell me the people who make all of their money off telling other people how badly they are being treated have no say about where they invest the proceeds?

Wanna square up? Actually do it. I am tired of this.

[VITE1]

Originally Posted by Joecooool

So?

Its not like the members have any say where their money is invested. I doubt 1% even know where their fund managers invest their savings. Are you actually implying that members of these groups each research the hundreds if not thousands of funds that are part of their retirement program???

What point are you trying to make?

Regardless, it doesn't change the sleazy way Romney made his money.

A) Romney made money by providing value to his investor. The way he did it is to find underperformed companies and made them better or broke them up. It's call Financial Darwinism. The strong eat the weak. It's works so live with it.

B) Those Union and pension groups require very high return on their investments because they make big promises to their members. Yet many, if not most, spend members dues to finance the person running against their investments. Don't you see the typical liberal Hypocrisy there?

[Giraffe (He/Him)]

Wanna square up? Actually do it. I am tired of this.

What exactly does this mean? "Square up"

[Loco Vette]

Originally Posted by Thomas

What exactly does this mean? "Square up"

Go toe to toe and exchange blows (or in this case ideas) rather that the approach he has engaged in so far.

[Giraffe (He/Him)]

Originally Posted by Loco Vette

Go toe to toe and exchange blows (or in this case ideas) rather that the approach he has engaged in so far.

We have a new format for civil debate. So far it's working [Jeff '79] swimmingly [/Jeff '79]

What's this "He" business.

[Loco Vette]

Originally Posted by Thomas

We have a new format for civil debate. So far it's working [Jeff '79] swimmingly [/Jeff '79]

What's this "He" business.

I have no issue with you, you at least defend your positons, regardless of whether I agree with them or not. Not so with the OP.

[Sea Six]

Originally Posted by Thomas

What exactly does this mean? "Square up"

Actually, the term is "square off", if he actually meant he wanted to fight.

To square up means to set the record straight, or to have a redistribution to make things fair... As in, I owed another person $10 for gas money, so I squared up with them last night.