Wednesday, October 03, 2012

Pirate raider Mitt

Before watching the first debate tonight between President Obama and Mitt Romney, I suggest you take the time to read a couple of online articles on Mitt from Rolling Stone magazine.

”The True Story of Mitt Romney and Bain Capital”.

”Mitt Romney’s Real Agenda”

I don’t know how else to describe what Mitt’s company, Bain Capital, does except call it old-fashioned piracy. Since it is technically legal to raid a company for all its wealth and then scuttle it so it ends up in Davy Jones’ locker we could be polite and call it “privateering,” but despite the veneer of legality, it’s dirty, it’s immoral, and to me it’s piracy.*

The idea, as explained in the article, is to take a little money, say $5 million, get a bank to put up big money, say $500 million, to buy controlling interest in the company. After that loot the place, saddle it with the bank debt (interest alone is enough to sink the company), then walk away with maybe hundreds of millions, and all you’ve had to put up is $5 million!

Pirate Raider Mitt, operating Bain within the law, doesn’t see anything he did as bad, but I’m willing to bet that he has left a wake of ruined lives, and maybe even deaths, behind him, and he’ll never see a day in prison, nor hang from the highest yardarm.

It’s a good idea when assessing the man and what he says in the debate tonight against that background, and wonder what his plan is if elected Pirate in Chief.

*The Mafia calls it a “bust-out.” They don’t even put up the money. They just force their way into a company, saddle it with debt and ruin its credit by buying merchandise to sell out the back door. When the company is bankrupt they torch it and collect the insurance. A win-win…for the Mafia.  Because it’s considered racketeering it’s against the law, but in effect it’s just a cruder version of what Mitt, in his $150 haircut and $3000 suit, did every day with Bain.

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