Sunday, January 15, 2012

Mitt The Ripper

Stephen Colbert's super PAC, Americans for a Better Tomorrow, Tomorrow, has an ad for South Carolina:

Although humorous, this also repeats what Newt Gingrich's super PAC has released in a film "When Mitt Romney Came To Town."
The documentary, titled “When Mitt Romney Came to Town,” paints the GOP presidential frontrunner as a corporate “raider” more unscrupulous even than Wall Street executives, preying on the misfortune of people who lost their jobs when his company, Bain Capital, turned around their companies.
While this in itself is bad enough - Mitt has since dropped his claim of "creating 100,000 jobs," changing it to the amorphous "thousands of jobs," it's turning out that it wasn't just the companies that Bain took over that suffered. Under his leadership, Bain played dirty with Wall Street itself.
Yet, there is another version of the Bain way that I experienced personally during my 17 years as a deal-adviser on Wall Street: Seemingly alone among private-equity firms, Romney’s Bain Capital was a master at bait-and-switching Wall Street bankers to get its hands on the companies that provided the raw material for its financial alchemy. Other private-equity firms I worked with extensively over the years — Forstmann Little, KKR, TPG and the Carlyle Group, among them — never dared attempt the audacious strategy that Bain partners employed with great alacrity and little shame. Call it the real Bain way.
"Anything to get an advantage," seemed to be Mitt's motto when he was with Bain. Mitt's flip-flops on the campaign trail, and hard examination of his actual record, are demonstrating that anyone who thinks he'll be a "moderate" president or "not bad" should think again. As the latter article concludes: "I have no idea how Romney might behave in office. I do believe, however, that when he was running Bain Capital, his word was not his bond." So neither should we believe him.

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