BUSINESS RECORD
Romney spent most of his business career as CEO of private equity firm Bain Capital – as of June 2007 he maintained an investor’s stake in the company.
Bain Capital has been criticized for relentless focus on bottom line at expense of workers and jobs.
Romney describes himself as a “business legend” in his campaign ads and once said of himself: “I’m basicallyin the investor’s Hall of Fame.”
Bain Capital and Bain & Co. employees donated at least $171,000 to Romney’s presidential campaign in Q12007 and gave tens of thousands more in support of his previous political activities.
Bain Capital financed 1988 buyout with junk bonds issued by Drexel Burnham – when SEC filed charges against the firm and CEO Michael Milken, Bain Capital maintained their business relationship; Romney laterreminisced about “the glorious days of Drexel Burnham.”
In 2004, Bain & Co. received a multi-million dollar contract from the National Iranian Oil Company.
Romney sat on board of directors of Bain portfolio company Damon Clinical Laboratories, which in 1996 was fined over $100 million for Medicare fraud committed during Romney’s tenure.
Bain Capital owned company named Ampad that purchased an Indiana paper plant, fired its workers and offered to bring them back at drastically reduced salary and benefits – the firings became an issue in the 1994 Senate race when workers blamed Romney for their situation and appeared in Kennedy campaign ads.
After Romney became governor, Bain Capital teamed up with Chinese appliance maker Haier Group in 2005i n effort to purchase Newton, IA-based Maytag Corp. and send jobs overseas.
At least two Bain Capital companies – Stream International and Modus Media – focused on outsourced technical support services, expanding facilities abroad while contracting operations in the United States.
Bain Capital operated steel company called GS Industries which went bankrupt in 2001 after years of laborstrife, closing a plant in Kansas City and laying off over 700 workers.
Employment:
Consultant, Boston Consulting Group (1975-77)
Consultant, Bain & Company, Inc. (1977)
Vice President, Bain & Company, Inc. (1978-84)
Co-founder and managing general partner, Bain Capital, Inc. (1984-99)
Interim CEO, Bain & Company, Inc. (1991-93)
President and CEO, Salt Lake Organizing Committee (1999-2002)
Political Career:
Republican nominee for U.S. Senate from Massachusetts (1994)
Governor of Massachusetts (2003-07)
Chairman, Republican Governors Association (2005-06)
"If your main argument for how to grow the economy is 'I knew how to make a lot of money for investors,' then you're missing what this job is about," Obama said during a news conference at an international summit in Chicago. "It doesn't mean you weren't good at private equity, but that's not what my job is as president. My job is to take into account everybody, not just some. My job is to make sure that the country is growing not just now, but 10 years from now and 20 years from now."
"What this election is about is the 23 million Americans who are still struggling to find work and the millions who have lost their homes and have fallen into poverty," Romney said. "President Obama refuses to accept moral responsibility for his failed policies. My campaign is offering a positive agenda to help America get back to work."
The company, Konarka Technologies, “filed for Chapter 7 bankruptcy protection and will cease operations, lay off its 85 workers and liquidate”:
“Konarka has been unable to obtain additional financing, and given its current financial condition, it is unable to continue operations,” CEO Howard Berke said in a statement. “This is a tragedy for Konarka’s shareholders and employees and for the development of alternative energy in the United States.”
The demise of Konarka could become a hot topic on the campaign trail because Romney personally doled out a $1.5 million renewable energy subsidy to the Lowell startup in 2003, shortly after taking office on Beacon Hill.
Konarka is the second Massachusetts solar company, along with Evergreen Solar and Beacon Power, to receive taxpayer dollars under Romney’s tenure and subsequently declare bankruptcy.
1) Ranked 47th in job growth: The state’s total job growth was just 0.9 percent, <...> The national average, meanwhile, was better than 5%
2) Suffered the second-largest labor force decline in the nation: Only Louisiana, which was ravaged by Hurricane Katrina in 2005, saw a bigger decline in its labor force than Massachusetts during Romney’s tenure as governor. The US Census Bureau estimated that between July 2002 and July 2006, 222,000 more residents left Massachusetts for other states than came to it. That decline largely explains the state’s decreasing unemployment rate (from 5.6 to 4.7 percent) while Romney was in office, according to Northeastern University economics professor Andrew Sum. At the same time, the nation as a whole added 8 million people to the labor force.
3) Lost 14 percent of its manufacturing jobs: <...> In 2004, Romney vetoed legislation that would have banned companies doing business with the state from outsourcing jobs to other countries.
4) Experienced “below average” economic growth and was “often near the bottom”: <...> As a result, the state was more comparable to Rust Belt states like Illinois, Michigan, and Ohio than it was to other high-tech economies it typically competes with.
5) Piled on more debt than any other state: Romney left Massachusetts residents with $10,504 in per capita bond debt, the highest of any state in the nation when he left office in 2007. The state ranked second in debt as a percentage of personal income. <..>
According to the disclosure form, Romney's most lucrative assets in 2011 were his investments in Bain Capital. Nineteen different Bain investments are worth a total of at least $4.5 million, but are likely far more valuable because two of those assets are simply described as worth more than $1 million. Federal disclosure rules do not require candidates to list the precise value of assets or earnings, instead relying on broad ranges of wealth.
One can thus calculate a range for how much Romney earned from Bain and other holdings in 2011. Over the course of last year, the former Bain Capital CEO took in somewhere between $720,000 and $6.26 million from holdings in the firm. Money managed by Goldman Sachs was good for at least $1,113,503.01, with the gain on one Goldman fund classified simply as "over $1,000,000." In addition, he received between $100,001 and $1,000,000 from the sale of an asset portfolio managed by Goldman Sachs.
Quote by clintster:
Morning, everybody.
The pic of the day: Space Shuttle Enterprise being towed by barge to the USS Intrepid museum.
Quote by clintster:
Morning, everybody.
The pic of the day: Space Shuttle Enterprise being towed by barge to the USS Intrepid museum.
Quote by Mondobubba:
Am I the only 4Fer who watches "Madmen?"
Quote by wickedpam:
* sigh* Dish has suspended AMC until contract negotiations are done, good thing I don't watch Mad Men or Breaking Bad, come October I"m going to be ticked if its not back. I may have to look into Fios TV
Quote by Raine:Why did I think you already have Fios?Quote by wickedpam:
* sigh* Dish has suspended AMC until contract negotiations are done, good thing I don't watch Mad Men or Breaking Bad, come October I"m going to be ticked if its not back. I may have to look into Fios TV
I keep hoping Fios will show up in our area. I'm a bit over shlomcast.
Quote by wickedpam:
I have Fios for my internet at home. I can't stand Comcast and I will not give my money to a Murdoch/Direct TV. I like my Dish, I'm fine with it - I just want them to have AMC. I don't watch the dumb sports channels or all the kiddie programming - I watch Food Network, DIY, HGTV, Syfy, USA TNT, even ION and AMC. I'm a grown up I like my grown up stations (and the occasional cartoon network for Robot Chicken)
Quote by Raine:
Please take a good look at the new shiny blog.
It is now posted. Thank you for waiting!
Quote by Raine:I thought Murdoch sold his portion of Direct. Maybe Liv can elaborate on that.Quote by wickedpam:
I have Fios for my internet at home. I can't stand Comcast and I will not give my money to a Murdoch/Direct TV. I like my Dish, I'm fine with it - I just want them to have AMC. I don't watch the dumb sports channels or all the kiddie programming - I watch Food Network, DIY, HGTV, Syfy, USA TNT, even ION and AMC. I'm a grown up I like my grown up stations (and the occasional cartoon network for Robot Chicken)
I had SAT TV in NY and I really liked it. Bob and I have talked about ditching the cast but just keeping the email stuff -- this is the big problem. I don;t want to change my email address.
Quote by wickedpam:Quote by Mondobubba:
Am I the only 4Fer who watches "Madmen?"
never got into it - did watch Longmire on A&E last night - that was pretty good
Quote by livingonli:
Good day, folks. Crashed out this morning in the crappy weather and kitty needed attention just now. And just to clarify a few things, Murdoch does no longer own DirecTV, he sold it to Liberty Media a few years ago. In fact, DirecTV avoided a dispute with Fox at the last minute similar to the one Dish and Cablevision had with them in 2010. I came back to DirecTV last year as one of the people who jumped on the free Sunday Ticket promotion although I still have cable for internet and the basic HD channels that they have that Direct does not yet have in HD.
As for Dish's current dispute with AMC Networks (formerly Rainbow), its roots actually go back several years and is another part of Dish's frequent contract fights with programmers and why I would never go back to them (although I do like the superstations). Back in 2005, Dish cut a deal with what was then Rainbow to buy the communications satellite for Rainbow's failed DBS venture Voom and as part of the deal they agreed to carry many of the former provider's exclusive HD content which at that time made it the HD leader (Strange back in 2005 that there were still not a lot of HD channels). Then in the spring of 2008, Dish pulled the Voom HD channels arguing that they were too repetitive and that Rainbow-AMC was not spending enough on programming from those channels. Rainbow sued arguing breach of contract and this has been wringing through the courts until quite recently when the courts argued that the suit could go through and Dish apparently destroyed their evidence and other information relevant to the case. The courts argued that AMC Networks case could continue and when that happened, Dish announced plans to drop the other AMC Network channels at the end of June (which they seem to have moved ahead on) resulting in AMC, We, IFC, and Sundance all being pulled. They already did the same with MSG's networks in October, 2010 simply because they didn't want to carry Fuse and pulled MSG and MSG Plus from the lineup (they had already dropped Fuse) and those channels have yet to return and since they pulled SNY also last years, its doubtful they will which also means New York customers don't get regional sports on Dish at all.
Quote by Mondobubba:
Damn! Blogger peeps to dish about Betty Draper Francis.
Quote by wickedpam:Quote by livingonli:
Good day, folks. Crashed out this morning in the crappy weather and kitty needed attention just now. And just to clarify a few things, Murdoch does no longer own DirecTV, he sold it to Liberty Media a few years ago. In fact, DirecTV avoided a dispute with Fox at the last minute similar to the one Dish and Cablevision had with them in 2010. I came back to DirecTV last year as one of the people who jumped on the free Sunday Ticket promotion although I still have cable for internet and the basic HD channels that they have that Direct does not yet have in HD.
As for Dish's current dispute with AMC Networks (formerly Rainbow), its roots actually go back several years and is another part of Dish's frequent contract fights with programmers and why I would never go back to them (although I do like the superstations). Back in 2005, Dish cut a deal with what was then Rainbow to buy the communications satellite for Rainbow's failed DBS venture Voom and as part of the deal they agreed to carry many of the former provider's exclusive HD content which at that time made it the HD leader (Strange back in 2005 that there were still not a lot of HD channels). Then in the spring of 2008, Dish pulled the Voom HD channels arguing that they were too repetitive and that Rainbow-AMC was not spending enough on programming from those channels. Rainbow sued arguing breach of contract and this has been wringing through the courts until quite recently when the courts argued that the suit could go through and Dish apparently destroyed their evidence and other information relevant to the case. The courts argued that AMC Networks case could continue and when that happened, Dish announced plans to drop the other AMC Network channels at the end of June (which they seem to have moved ahead on) resulting in AMC, We, IFC, and Sundance all being pulled. They already did the same with MSG's networks in October, 2010 simply because they didn't want to carry Fuse and pulled MSG and MSG Plus from the lineup (they had already dropped Fuse) and those channels have yet to return and since they pulled SNY also last years, its doubtful they will which also means New York customers don't get regional sports on Dish at all.
so its looking like these channels won't be back, does it. *sigh* I didn't want to switch, despite this AMC crap I like Dish
Quote by livingonli:Quote by wickedpam:Quote by livingonli:
Good day, folks. Crashed out this morning in the crappy weather and kitty needed attention just now. And just to clarify a few things, Murdoch does no longer own DirecTV, he sold it to Liberty Media a few years ago. In fact, DirecTV avoided a dispute with Fox at the last minute similar to the one Dish and Cablevision had with them in 2010. I came back to DirecTV last year as one of the people who jumped on the free Sunday Ticket promotion although I still have cable for internet and the basic HD channels that they have that Direct does not yet have in HD.
As for Dish's current dispute with AMC Networks (formerly Rainbow), its roots actually go back several years and is another part of Dish's frequent contract fights with programmers and why I would never go back to them (although I do like the superstations). Back in 2005, Dish cut a deal with what was then Rainbow to buy the communications satellite for Rainbow's failed DBS venture Voom and as part of the deal they agreed to carry many of the former provider's exclusive HD content which at that time made it the HD leader (Strange back in 2005 that there were still not a lot of HD channels). Then in the spring of 2008, Dish pulled the Voom HD channels arguing that they were too repetitive and that Rainbow-AMC was not spending enough on programming from those channels. Rainbow sued arguing breach of contract and this has been wringing through the courts until quite recently when the courts argued that the suit could go through and Dish apparently destroyed their evidence and other information relevant to the case. The courts argued that AMC Networks case could continue and when that happened, Dish announced plans to drop the other AMC Network channels at the end of June (which they seem to have moved ahead on) resulting in AMC, We, IFC, and Sundance all being pulled. They already did the same with MSG's networks in October, 2010 simply because they didn't want to carry Fuse and pulled MSG and MSG Plus from the lineup (they had already dropped Fuse) and those channels have yet to return and since they pulled SNY also last years, its doubtful they will which also means New York customers don't get regional sports on Dish at all.
so its looking like these channels won't be back, does it. *sigh* I didn't want to switch, despite this AMC crap I like Dish
It depends what happens with this lawsuit. Dish wants to get that lawsuit killed but this could be dragged out and it may not settle until Dish loses the suit which is what their own actions are going to result in.
Quote by wickedpam:Quote by livingonli:Quote by wickedpam:Quote by livingonli:
Good day, folks. Crashed out this morning in the crappy weather and kitty needed attention just now. And just to clarify a few things, Murdoch does no longer own DirecTV, he sold it to Liberty Media a few years ago. In fact, DirecTV avoided a dispute with Fox at the last minute similar to the one Dish and Cablevision had with them in 2010. I came back to DirecTV last year as one of the people who jumped on the free Sunday Ticket promotion although I still have cable for internet and the basic HD channels that they have that Direct does not yet have in HD.
As for Dish's current dispute with AMC Networks (formerly Rainbow), its roots actually go back several years and is another part of Dish's frequent contract fights with programmers and why I would never go back to them (although I do like the superstations). Back in 2005, Dish cut a deal with what was then Rainbow to buy the communications satellite for Rainbow's failed DBS venture Voom and as part of the deal they agreed to carry many of the former provider's exclusive HD content which at that time made it the HD leader (Strange back in 2005 that there were still not a lot of HD channels). Then in the spring of 2008, Dish pulled the Voom HD channels arguing that they were too repetitive and that Rainbow-AMC was not spending enough on programming from those channels. Rainbow sued arguing breach of contract and this has been wringing through the courts until quite recently when the courts argued that the suit could go through and Dish apparently destroyed their evidence and other information relevant to the case. The courts argued that AMC Networks case could continue and when that happened, Dish announced plans to drop the other AMC Network channels at the end of June (which they seem to have moved ahead on) resulting in AMC, We, IFC, and Sundance all being pulled. They already did the same with MSG's networks in October, 2010 simply because they didn't want to carry Fuse and pulled MSG and MSG Plus from the lineup (they had already dropped Fuse) and those channels have yet to return and since they pulled SNY also last years, its doubtful they will which also means New York customers don't get regional sports on Dish at all.
so its looking like these channels won't be back, does it. *sigh* I didn't want to switch, despite this AMC crap I like Dish
It depends what happens with this lawsuit. Dish wants to get that lawsuit killed but this could be dragged out and it may not settle until Dish loses the suit which is what their own actions are going to result in.
whats the timeline looking like then? month(s), year(s)
Quote by wickedpam:Quote by Mondobubba:
Damn! Blogger peeps to dish about Betty Draper Francis.
didn't you bail on me for Walking Dead when I wanted to bitch about Lori?
![]()
Quote by Mondobubba:Quote by wickedpam:Quote by Mondobubba:
Damn! Blogger peeps to dish about Betty Draper Francis.
didn't you bail on me for Walking Dead when I wanted to bitch about Lori?
![]()
No, I just got bored with it.
Quote by Scoopster:
Afternoon all & happy half-day meeting Mondee..![]()
In such cases as this one where certain channels are unavailable due to the legal and/or financial squabblings of those who control media access, I've found a simple solution.![]()
Quote by wickedpam:
whats the timeline looking like then? month(s), year(s)
Quote by wickedpam:Quote by Scoopster:
Afternoon all & happy half-day meeting Mondee..![]()
In such cases as this one where certain channels are unavailable due to the legal and/or financial squabblings of those who control media access, I've found a simple solution.![]()
with my luck I'd be the one sued to be made an example of - I don't tempt fate that way
Quote by Raine:
Hey everyone, I just watched a movie on AMC and AMC is running chirons like crazy to get people to pay attention to this Dish network thing.
Sorry Mondo -- I'm just not into Mad Men. You should reach out to Stan, he loves the show.
I found it terribly boring and insulting even for the period that it is set in.
Quote by Mondobubba:Quote by Raine:
Hey everyone, I just watched a movie on AMC and AMC is running chirons like crazy to get people to pay attention to this Dish network thing.
Sorry Mondo -- I'm just not into Mad Men. You should reach out to Stan, he loves the show.
I found it terribly boring and insulting even for the period that it is set in.
Yes it moves very slowly. It requires careful viewing.
Quote by Raine:
Neil Boortz is retiring.
And Herm Cain will be taking his place. This is pretty amazing to me.
Quote by Mondobubba:Quote by Raine:
Hey everyone, I just watched a movie on AMC and AMC is running chirons like crazy to get people to pay attention to this Dish network thing.
Sorry Mondo -- I'm just not into Mad Men. You should reach out to Stan, he loves the show.
I found it terribly boring and insulting even for the period that it is set in.
Yes it moves very slowly. It requires careful viewing.
Quote by clintster:Quote by Raine:
Neil Boortz is retiring.
And Herm Cain will be taking his place. This is pretty amazing to me.
I heard about it this morning. Until I heard Cain was coming in, I thought the flagship station might consider going to an all-news or mostly news format, or that they were getting ready to swipe Limbaugh from another station in town. Nope.
Although I disliked Boortz' positions on a great many issues, he was fairly open-minded when it came to LGBT issues; I don't think Cain is cut from the same mold. Ah well, good thing I can take iHeartRadio in the car with me now.
Quote by Mondobubba:Quote by wickedpam:Quote by Scoopster:
Afternoon all & happy half-day meeting Mondee..![]()
In such cases as this one where certain channels are unavailable due to the legal and/or financial squabblings of those who control media access, I've found a simple solution.![]()
with my luck I'd be the one sued to be made an example of - I don't tempt fate that way
Four Freedoms Blog does not condone the use of torrent site. That is all.
Quote by Raine:I truly believe that Cain will hurt Boortz' brand.Quote by clintster:Quote by Raine:
Neil Boortz is retiring.
And Herm Cain will be taking his place. This is pretty amazing to me.
I heard about it this morning. Until I heard Cain was coming in, I thought the flagship station might consider going to an all-news or mostly news format, or that they were getting ready to swipe Limbaugh from another station in town. Nope.
Although I disliked Boortz' positions on a great many issues, he was fairly open-minded when it came to LGBT issues; I don't think Cain is cut from the same mold. Ah well, good thing I can take iHeartRadio in the car with me now.
This is going to be interesting.
Quote by livingonli:Quote by wickedpam:
whats the timeline looking like then? month(s), year(s)
This lawsuit is already 4 years old and it hasn't yet gone to trial although the recent court ruling does clear the way for it to finally go to a hearing so we'll see how long that takes. The judicial part does seem to be the slowest.
Quote by clintster:
What I also find interesting is that back when Cain left WSB to run for President, I basically thought that when he eventually failed he would come back to the station. I think he'll end up leaving again in a few years for another failed political run ($5 says he runs for GA governor next).
Quote by Raine:I do hope you are not suggesting that someone such as myself cannot comprehend or understand the show...Quote by Mondobubba:Quote by Raine:
Hey everyone, I just watched a movie on AMC and AMC is running chirons like crazy to get people to pay attention to this Dish network thing.
Sorry Mondo -- I'm just not into Mad Men. You should reach out to Stan, he loves the show.
I found it terribly boring and insulting even for the period that it is set in.
Yes it moves very slowly. It requires careful viewing.![]()
Quote by Mondobubba:Quote by Raine:I do hope you are not suggesting that someone such as myself cannot comprehend or understand the show...Quote by Mondobubba:Quote by Raine:
Hey everyone, I just watched a movie on AMC and AMC is running chirons like crazy to get people to pay attention to this Dish network thing.
Sorry Mondo -- I'm just not into Mad Men. You should reach out to Stan, he loves the show.
I found it terribly boring and insulting even for the period that it is set in.
Yes it moves very slowly. It requires careful viewing.![]()
Noooooooeeee! Like the Sopranos, they might leave a thread hanging for a couple episodes. If you aren't paying attetion you might miss it and wonder what the hell?? The Wire did the same thing.