Sunday, August 12, 2012
Romney spins his Bain career as shared loss with those whose jobs he destroyedMitt Romney articulates a fantasy version his career at Bain Capital in an interview with Josh Tyrangiel for Bloomberg Businessweek (Exclusive Romney Interview: On Humility and Tax Returns 08/09/2012):
Great executives often say that early failure is essential to their eventual success. Aside from not winning a Senate seat in 1994, your record seems almost unblemished. Have you ever massively, embarrassingly failed at anything?But that's the thing about Bain's leveraged buyout (private equity) business: the acquirer can arrange to make money even when the acquired business goes under. Which is why LBO deals are often more financial shenanigans than constructive investment.
Cenk Uygur explains how this works and how the tax system is rigged to encourage it in How you can stop paying so much in taxes -- just like Mitt Romney 08/10/12. The segment begins with a fraudulent tax-avoidance scheme that an Obama commercial had accurately connected Romney with:
Here's another segment from The Young Turks online show that also deals with the tax-avoidance scheme raised by the Obama ad, Mitt Romney 'Son Of Boss' Ad 08/10/2012:
Tyrangiel says in one question, "you’ve promised not to cut defense or Social Security." Is Romney really committed to opposing cuts in Social Security benefits? That would have been a question worth pursuing. Romney doesn't mention Social Security in the interview.
The last segment of interview is intriguing. It sounds to me like the magazine wanted to communicate that Romney was being an arrogant twit by not wanting to even stay for the full interview time to which he had agreed. And Tyrangiel does ask him about those annoying tax returns, letting Romney once again make clear that the mob doesn't need to know about them:
Speaking of small business ...Tags: 2012 election, romney
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No subject for immortal verse
That we who lived by honest dreams
Defend the bad against the worse."
-- Cecil Day-Lewis from Where Are The War Poets?
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