If you can read this, either the style sheet didn't load or you have an older browser that doesn't support style sheets. Try clearing your browser cache and refreshing the page.

(Rolling Stone)   Romney's company was saved by a federal bailout, and he gave his execs bonuses instead of paying back taxpayers   (rollingstone.com) divider line 599
    More: Fail  
•       •       •

5765 clicks; posted to Politics » on 30 Aug 2012 at 2:12 PM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



599 Comments   (+0 »)
   
View Voting Results: Smartest and Funniest

Archived thread

First | « | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | » | Last | Show all
 
2012-08-30 01:42:58 PM
FTA: According to the candidate's mythology, Romney took leave of his duties at the private equity firm Bain Capital in 1990 and rode in on a white horse to lead a swift restructuring of Bain & Company, preventing the collapse of the consulting firm where his career began. ...In fact, government documents on the bailout obtained by Rolling Stone show that the legend crafted by Romney is basically a lie. ...Romney's initial rescue attempt at Bain & Company was actually a disaster - leaving the firm so financially strapped that it had "no value as a going concern." Even worse, the federal bailout ultimately engineered by Romney screwed the FDIC - the bank insurance system backed by taxpayers - out of at least $10 million. And in an added insult, Romney rewarded top executives at Bain with hefty bonuses at the very moment that he was demanding his handout from the feds.
 
2012-08-30 01:43:33 PM
There have been a half-dozen things that on their own should have sunk Rmoney's campaign, but half the country will still vote for him.
 
MBK [TotalFark]
2012-08-30 01:43:43 PM
USA! USA! USA!
 
2012-08-30 01:44:54 PM

MBK: USA! USA! USA!



SEAT THEM NOW! SEAT THEM NOW!
 
2012-08-30 01:45:05 PM
Democrats need to make a new commercial and play it EVERYWHERE:

The federal records, obtained under the Freedom of Information Act, reveal that Romney's initial rescue attempt at Bain & Company was actually a disaster - leaving the firm so financially strapped that it had "no value as a going concern." Even worse, the federal bailout ultimately engineered by Romney screwed the FDIC - the bank insurance system backed by taxpayers - out of at least $10 million. And in an added insult, Romney rewarded top executives at Bain with hefty bonuses at the very moment that he was demanding his handout from the feds.

Don't add anything to that except "I'm Barack Obama and I approve the shiat out of this message."
 
vpb [TotalFark]
2012-08-30 01:52:16 PM
He built that.
 
2012-08-30 01:54:02 PM
Next you're going to claim he didn't save the Olympics on his own.
 
vpb [TotalFark]
2012-08-30 02:04:59 PM

Quasar: Next you're going to claim he didn't save the Olympics on his own.


He not only saved the Olympics all by himself, but he won all the medals too.
 
2012-08-30 02:05:32 PM
The entire premise of his company was to give out bonuses instead of paying creditors. That's what they did. This is only noteworthy for being the taxpayer instead of shareholders.
 
vpb [TotalFark]
2012-08-30 02:06:49 PM

AdolfOliverPanties: Democrats need to make a new commercial and play it EVERYWHERE:

The federal records, obtained under the Freedom of Information Act, reveal that Romney's initial rescue attempt at Bain & Company was actually a disaster - leaving the firm so financially strapped that it had "no value as a going concern." Even worse, the federal bailout ultimately engineered by Romney screwed the FDIC - the bank insurance system backed by taxpayers - out of at least $10 million. And in an added insult, Romney rewarded top executives at Bain with hefty bonuses at the very moment that he was demanding his handout from the feds.

Don't add anything to that except "I'm Barack Obama and I approve the shiat out of this message."


If he screwed the FDIC then he screwed the taxpayers.

Now, THAT's how you get rich!
 
2012-08-30 02:15:12 PM
It will help them create more jobs...eventually...soon...actually to be honest I don't know when.
 
2012-08-30 02:15:51 PM
NO WAI!!
 
2012-08-30 02:15:57 PM
If the government didn't do bailouts this wouldn't happen. Don't blame a business for trying. Romney's not the one who wants to give more bailouts to the undeserving.
 
2012-08-30 02:16:30 PM

Shaggy_C: Romney's not the one who wants to give more bailouts to the undeserving.


Implying his stupid company deserved shiat.
 
2012-08-30 02:17:06 PM

shower_in_my_socks: FTA: According to the candidate's mythology, Romney took leave of his duties at the private equity firm Bain Capital in 1990 and rode in on a white horse to lead a swift restructuring of Bain & Company, preventing the collapse of the consulting firm where his career began. ...In fact, government documents on the bailout obtained by Rolling Stone show that the legend crafted by Romney is basically a lie. ...Romney's initial rescue attempt at Bain & Company was actually a disaster - leaving the firm so financially strapped that it had "no value as a going concern." Even worse, the federal bailout ultimately engineered by Romney screwed the FDIC - the bank insurance system backed by taxpayers - out of at least $10 million. And in an added insult, Romney rewarded top executives at Bain with hefty bonuses at the very moment that he was demanding his handout from the feds.


It's actually worse. He used the bonuses as leverage; he had negotiations with creditors where they flat out stated that they were legally allowed to use on-hand cash to pay executives bonuses instead of paying the debt, and that unless they accepted a deal to allow them to pay that debt back at 30 cents on the dollar, he'd just go ahead and pay the executives and risk the company collapsing.

I think he did that twice before they gave in.
 
2012-08-30 02:17:28 PM
But...but...HE BUILT THAT!
 
2012-08-30 02:17:30 PM
Of course.

If you look at Jobs and Gates, they took a huge amount of wealth out of the economy, but also added a much larger amount of wealth to the economy in the form of inventions, productivity gains, even contributing to whole new industries.

Romney, well, he just took a huge amount of wealth out of the economy.
 
2012-08-30 02:17:37 PM
In March 1992, according to the FDIC documents, Romney approached the banks and played the bonus card. Allow Bain to pay off its debt at a deep discount, he demanded - just 35 cents on the dollar. Otherwise, the "majority" of the firm's "excess cash" would "be available for the bonus pool to its officers at a vice president level and above."

The next month, when the banks balked at the deal, Romney decided to prove he wasn't bluffing. "As the bank group did not accept the proposal from Bain," the records show, "Bain's senior management has decided to go forth with the distribution of bonuses." (Bain's lawyers redacted the amount of the executive payouts, and the Romney campaign refused to comment on whether Romney himself received a bonus.)
 
2012-08-30 02:18:05 PM

sprawl15: I think he did that twice before they gave in.


Oh, and by "that" I mean he gave that money to his executives instead of paying down the debt. Not just threatened - he actually went through with it such that the creditors agreed to an otherwise ridiculously dumb deal because making 30% was better than making nothing.
 
2012-08-30 02:18:20 PM
I am really starting to understand why Obama hates this asshole. Think they are hoping someone shoots him so they can get Ryan as President?
 
2012-08-30 02:19:14 PM
At this point, I'm not even sure I believe Romney is a Mormon.
 
2012-08-30 02:19:15 PM

Quasar: Next you're going to claim he didn't save the Olympics on his own.


Well, of course he didn't!! Do you think Mitt Romney can bribe himself?!
 
2012-08-30 02:19:47 PM
Romney didn't make millions because he was smart or hard working. He made millions because he was completely unburdened by any sense of morals or ethics.
 
2012-08-30 02:20:12 PM

coyo: Of course.

If you look at Jobs and Gates, they took a huge amount of wealth out of the economy, but also added a much larger amount of wealth to the economy in the form of inventions, productivity gains, even contributing to whole new industries.

Romney, well, he just took a huge amount of wealth out of the economy.


Isn't that the American Dream, though?

Who said anything about having to give any of it back?
 
2012-08-30 02:21:09 PM
Does Romney say anything truthful?

This guy is as rotten as they come. Everything he has done since becoming a candidate has been deceitful.
 
2012-08-30 02:21:36 PM

shower_in_my_socks: There have been a half-dozen things that on their own should have sunk Rmoney's campaign, but half the country will still vote for him.


They don't believe it. All of this is lies.. All lies. This is just the media being the media.
 
2012-08-30 02:22:33 PM

vpb: He built billed that.


FTFY.
 
2012-08-30 02:22:34 PM
JERB CREATORS
 
2012-08-30 02:22:47 PM

Philip Francis Queeg: Romney didn't make millions because he was smart or hard working. He made millions because he was completely unburdened by any sense of morals or ethics.


And that's how America works. That's why the middle class should be revolting against the rich. Because they aren't any better. They're just established. And they don't want to give up one ounce of power. In fact, they want more. Today they hide behind the umbrella of "Republicans." Please do not give them even one more bought and paid for vote.
 
2012-08-30 02:22:59 PM
Yeah, but how many Republicans read Rolling Stone?
 
2012-08-30 02:23:15 PM

justtray: Does Romney say anything truthful?

This guy is as rotten as they come. Everything he has done since becoming a candidate has been deceitful.


I know politicians are known to stretch the truth from time to time and spin certain things, but this campaign is just on a completely different level. It's to the point where you're actually looking for them to say something that is actually true.
 
2012-08-30 02:24:03 PM

Philip Francis Queeg: Romney didn't make millions because he was smart or hard working. He made millions because he was completely unburdened by any sense of morals or ethics.


That's how 95% of rich people get rich.
 
2012-08-30 02:24:18 PM

shower_in_my_socks: There have been a half-dozen things that on their own should have sunk Rmoney's campaign, but half the country will still vote for him.


Not half the country - half the voters. There is a reason why the republicans are trying to suppress voter turn out - more people prefer the democratic viewpoint, however a lot of those people are not passionate about politics, and probably wont vote. If everyone in the country HAD to vote, the Democratic candidate would win in a landslide. The Republican's count on the fact that their side is more dedicated, so when fewer people vote they get a higher percentage.
 
2012-08-30 02:24:35 PM
this should be breaking news on every channel, but it won't even get a blip. liberal media, my ass.
 
2012-08-30 02:24:35 PM

shower_in_my_socks: There have been a half-dozen things that on their own should have sunk Rmoney's campaign, but half the country will still vote for him.


Newt Gingrich - NEWT FARKING GINGRICH - called Romney a "vulture capitalist", and it looked like that might sink Romney.

Until Newt backtracked and that statement fell down the memory hole. So Romney is just a hard-working guy who follows every law to the letter and no more.
 
2012-08-30 02:24:44 PM

Quasar: Next you're going to claim he didn't save the Olympics on his own.


Except for the $1.5 billion he got from the federal govt, yeah.
 
2012-08-30 02:24:46 PM
The people who support Romney are worth despising.
 
2012-08-30 02:24:53 PM

Quasar: Next you're going to claim he didn't save the Olympics on his own.


Only someone the caliber of Romney could get the federal government to pony up 1.7 billion for Salt Lake. LEADERSHIP!
 
2012-08-30 02:24:59 PM
Best part:

Bain's lawyers redacted the amount of the executive payouts, and the Romney campaign refused to comment on whether Romney himself received a bonus.

Which just tells us that he clearly did get a bonus. Please, please, please let this get MSM traction.
 
2012-08-30 02:25:37 PM

justtray: Philip Francis Queeg: Romney didn't make millions because he was smart or hard working. He made millions because he was completely unburdened by any sense of morals or ethics.

And that's how America works. That's why the middle class should be revolting against the rich. Because they aren't any better. They're just established. And they don't want to give up one ounce of power. In fact, they want more. Today they hide behind the umbrella of "Republicans." Please do not give them even one more bought and paid for vote.


Kind of hard to do a revolt when you're working 60-80 hours a week for ultimately people like him. Plus: kids, houses, car payments, savings.

We really should just be supporting the Democratic Party for awhile. Encourage them on their progressive streak, and come together in condemning shiat their more conservative elements tend to get away with (NDAA).
 
2012-08-30 02:25:57 PM

Philip Francis Queeg: Romney didn't make millions because he was smart or hard working. He made millions because he was completely unburdened by any sense of morals or ethics.


High Integrity, Moral Decency Has Cost Idiot Man Millions
 
2012-08-30 02:26:11 PM
It's amazing how the Rmoney campaign is being built almost entirely out of bullshiat. They're being intellectually dishonest with everyone.

Even my very Republican family members don't trust him and are likely to vote for a 3rd party just out of protest for both candidates. One of them told me the other night that they're "depressed" at what their party has turned into.
 
2012-08-30 02:26:29 PM

GAT_00: The entire premise of his company was to give out bonuses instead of paying creditors. That's what they did. This is only noteworthy for being the taxpayer instead of shareholders.


That. The Bain business model

1. Buy distressed company.
2. Have company borrow massive amounts of money.
3. Instead of using money to salvage business, use money to pay out dividends and plump up balance sheet.
4. When borrowed money is gone, file bankruptcy, and sell off remaining company assets.

Why this isn't fraud is a mystery to me.
 
2012-08-30 02:26:31 PM

Shaggy_C: If the government didn't do bailouts this wouldn't happen. Don't blame a business for trying. Romney's not the one who wants to give more bailouts to the undeserving.


So I would imagine that your solution is to dissolve FDIC. That's precisely the same logic that had Glass-Stegall repealed. You may want to think your cunning plan all the way through.
 
2012-08-30 02:26:48 PM
This seems like kind of a big deal.

/But maybe I'm just jealous of Mitt's hard work and success that he achieved all by himself with no help from us moochers.
 
2012-08-30 02:27:33 PM

whidbey: justtray: Philip Francis Queeg: Romney didn't make millions because he was smart or hard working. He made millions because he was completely unburdened by any sense of morals or ethics.

And that's how America works. That's why the middle class should be revolting against the rich. Because they aren't any better. They're just established. And they don't want to give up one ounce of power. In fact, they want more. Today they hide behind the umbrella of "Republicans." Please do not give them even one more bought and paid for vote.

Kind of hard to do a revolt when you're working 60-80 hours a week for ultimately people like him. Plus: kids, houses, car payments, savings.

We really should just be supporting the Democratic Party for awhile. Encourage them on their progressive streak, and come together in condemning shiat their more conservative elements tend to get away with (NDAA).


agreed. Super depressing.
 
2012-08-30 02:27:57 PM

Shaggy_C: If the government didn't do bailouts this wouldn't happen. Don't blame a business for trying. Romney's not the one who wants to give more bailouts to the undeserving.


Y'know, I remember when you used to make insightful posts. I didn't always agree with them, but you had an interesting perspective and were willing to engage with other Farkers.

Now you're just another threadshiatter. You make one trolly post, then take off to shiat all over another thread. What happened?
 
2012-08-30 02:28:24 PM

FlashHarry: this should be breaking news on every channel, but it won't even get a blip. liberal media, my ass.


May end up on the Daily Show but the three majors are not going to speak a word of it is my guess
 
2012-08-30 02:28:51 PM

Rent Party: GAT_00: The entire premise of his company was to give out bonuses instead of paying creditors. That's what they did. This is only noteworthy for being the taxpayer instead of shareholders.

That. The Bain business model

1. Buy distressed company.
2. Have company borrow massive amounts of money.
3. Instead of using money to salvage business, use money to pay out dividends and plump up balance sheet.
4. When borrowed money is gone, file bankruptcy, and sell off remaining company assets.

Why this isn't fraud is a mystery to me.



This is different from a Ponzi scheme how? At least Madoff admitted that he was running a scam. Romney doesn't even have that level of ethics.
 
2012-08-30 02:28:53 PM

Rent Party: GAT_00: The entire premise of his company was to give out bonuses instead of paying creditors. That's what they did. This is only noteworthy for being the taxpayer instead of shareholders.

That. The Bain business model

1. Buy distressed company.
2. Have company borrow massive amounts of money.
3. Instead of using money to salvage business, use money to pay out dividends and plump up balance sheet.
4. When borrowed money is gone, file bankruptcy, and sell off remaining company assets.

Why this isn't fraud is a mystery to me.


You forgot the part about extracting millions from the company in "consulting fees".
 
Displayed 50 of 599 comments

First | « | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | » | Last | Show all

View Voting Results: Smartest and Funniest


This thread is archived, and closed to new comments.

Continue Farking
Submit a Link »






Report