Mitt Romney, Bain Capital Partners celebrate raising 1st fund
When someone at Americans United for Change found this photo and posted it on the Internet, Mitt Romney was quick to say that Democrats would use it against him. Most likely, Romney sees the wisdom in the phrase “a picture is worth a thousand words.” In this photo, it was worth $37 million.
The photo shows a young Mitt Romney surrounded by six of his fellow partners at Bain Capital celebrating their achievement of raising $37 million for their first fund in the 1980s.
Romney’s counter to any negative portrayal of this photo is to claim that Democrats and the President Obama as those who don’t like people who are successful. Here’s where arrogance slips a veil of conceit and illusion over the eyes of Romney and those who support him.
Romney sets out to counter his religion that is seen by the Christian right as a cult, with an ad campaign that portrays his family life as that of the television family famous in the 1950s, Ozzie and Harriet Nelson. He tries to woo conservative voters by saying he doesn’t smoke or drink. When anyone attacks his success, he counters by claiming his attackers don’t like successful people.
It’s not real; it’s an illusion. The picture above is probably the most real imagery of Romney we’ve seen thus far. Allowing Romney to become president is like opening up the door to the henhouse and walking the fox inside.
Specifically, it’s not about his religion, his family values, whether he drinks or smokes or not; it’s not even about the fact that Romney has a strong track record of being a successful business person. It’s about how he got to where he is. The loss of jobs, one’s home and slipping into poverty knows no political boundaries. The millions of Americans out of work now can readily relate to the hundreds of workers Romney put out of a job and the sickening ripple effect on the stockholders, creditors and vendors he bilked from the chilling way he managed Bain Capital.
In 2007, The Boston Globe did an excellent piece on Romney and Bain Capital that says it all. The story reveals how Romney bought out one company, American Pad & Paper Co. (Ampad), and used another company Bain had a major share in, Staples, to crush Ampad under the guise of helping Ampad to become successful. By implementing some strategic management procedures that benefited only Bain, coupled with choking Ampad with extortionist management fees for the privilege of being screwed, Romney was far more profitable than his first fund achievement of $37 million; he brought in $100 million for Bain.
In 1992, Mitt Romney was running Bain Capital, a private equity firm. Bain Capital bought American Pad & Paper Co. (Ampad) for $5 million.
Over the next several years Romney’s firm bled the company dry. Hundreds of workers lost their jobs. Stockholders were left with worthless shares. Creditors and vendors were paid less than 50 cents on the dollar. While they were exploiting the company, Romney’s firm charged Ampad millions of dollars in “management fees.” In all, Romney and his investors reaped more than $100 million dollars from the deal. [....]
Religion and success are not what’s stopping Republicans from trusting Mitt Romney. It’s his glib self-portrayal of a self-rightous, family guy who apparently will say anything to get a vote and do anything to make a million. Republicans don’t trust him and neither do the rest of us.
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