Posts Tagged ‘Miit Romney’

Mitt Romney, Financier

August 26, 2012

Mitt Romney, Financier

Mitt Romney, Republican candidate for president, earned his fortune the old-fashioned way, by gambling speculating with other people’s money. It wasn’t a great deal for investors, but Mr. Romney did just fine. We have every confidence he’d use the same methods with your money if he got his hands on the Federal Treasury.

Mr. Romney brags about his record as a businessman, but his private sector experience has been in finance, not manufacturing or a service business. He’s never made anything but Private Equity deals. Can’t understand how Private Equity works? PE firms like to pretend they’re venture capitalists, but look up “Leveraged Buyout” and you’ll see why PE is called “Vulture Capitalism.” It’s also been called “Casino Capitalism,” and not just because a Bain-related firm financed Sheldon Adelson’s gambling joints. Outfits like Bain always bet with the house — they privatize gains and socialize losses.