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Romney's Reality
Author: BobR    Date: 07/13/2012 13:00:39

Most people who walk this earth know the difference between a truth and a lie. We know when we are being truthful and when we are "fudging", or walking outside the lines. There is usually some self-justification involved - trying to get out of a speeding ticket, trying to spare someone's feelings... Politicians seem to push the envelope when it comes to parsing the truth to make it seem like something else. Sales people are event worse (used car salesmen have a reputation for good reason). So what happens when you combine the two?

Mitt Romney has spent his entire business career in business, and a lot of it in upper management, usually as CEO. Most of us are "regular workers" who do our jobs and being accurate and factual is a plus. In business, the CEO is essentially the head salesman. He is tasked with ensuring the "product" is right for the potential customer base, and that the salespeople know what and how to sell the company. When company revenues flag, it is often the CEO that is blamed. When they grow, the CEO is often rewarded financially. Therefore, revenue and profitability are paramount to the CEO.

This was Romney's role at Bain in the 90s: CEO. The wrinkle here is that Bain made money from other companies, so as the other companies' profits rose, so too did Bain's. So it was in Romney's best interest to ensure the other companies made profits.

It's a common story: Company lays off workers (or ships jobs overseas), profits rise, CEO rewarded with bonus. For Bain-funded companies, that means Bain makes more money, which means Romney made more money. This is at the heart of the latest potential scandal for Romney.

According to a Boston Globe investigative report, Romney was reported to still be the CEO, President, and sole stockholder of the company between 1999 and 2002, AND continued to draw a salary > $100,000/yr, based on filings to the SEC. He has told the American people he left the company in 1999 to run the Salt Lake City Olympics. This presents a lose-lose scenario for him:

If he remained as head of the company, then he is lying to his supporters and the rest of America about his role in outsourcing jobs.

If he did not, then he is lying to the SEC.

In Romney's Reality, though, it appears he has managed to find a middle ground. He says he took a "leave of absence" (later on amended to "retired"). There is a problem with this stance too. For most of us, if we take a leave of absence, we are still technically employed by the company, but we aren't paid a salary. We aren't financially rewarded based on how well the company does. In Romney's Reality, drawing a salary while not doing any work is okay (as long as you're the CEO).

There's also the matter of how Bain was represented to potential and existing clients. Was Romney still purported to be running the show, and would his absence have mattered to clients? Was Romney involved in greenlighting any projects? These questions remain unanswered. In Romney's Reality, these are moot questions - he was running the Olympics, and regardless of his level of involvement at Bain, the Olympics were his "main" focus. He believes it, and so should you. So sayeth the CEO politician.

The problem, of course, is that this fits a pattern with Romney, where policy positions are simply sales points on a Powerpoint slide. He's been both for and against a large number of primary voter issues. In Romney's Reality it doesn't matter what he personally believes, because he is selling a product, and as CEO of Romney For President, he has to craft the product to meet the market demand.

Corporations are people, my friend, and sometimes those people are in China, because that's what's good for the corporation. The number one concern for a corporation is money, and jobs are liabilities, so those jobs need to be done as cheaply as possible. More money for the company is more money for the CEO, and CEOs are people, my friend. This is Romney's Reality.

The big problem for the rest of us is when Romney's Reality bumps up against the reality of being President of the United States. You can't outsource the EPA to China to balance the Budget. You can't downsize the federal government employee base without negatively affecting the economy. Nixon and Clinton fudged their way into hot water. Bush fudged his way into an expensive war in Iraq. Fudging does not help the U.S.

Romney's Reality made him a successful business person while apparently allowing him to live with himself, despite the consequences. In the rest of our realities, though, those are consequences the country cannot afford.
 

30 comments (Latest Comment: 07/13/2012 22:47:30 by Will in Chicago)
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Comment by TriSec on 07/13/2012 13:10:00
In Romney's Reality it doesn't matter what he personally believes, because he is selling a product, and as CEO of Romney For President, he has to craft the product to meet the market demand.


*ding*. We have a winner, folks. No further blogging about Romney is necessary.



Comment by Raine on 07/13/2012 13:17:41
Quote by TriSec:
In Romney's Reality it doesn't matter what he personally believes, because he is selling a product, and as CEO of Romney For President, he has to craft the product to meet the market demand.


*ding*. We have a winner, folks. No further blogging about Romney is necessary.

That part stood out to me as well.


http://cdn.theatlantic.com/static/mt/assets/politics/romneyvenn.banner.jpg


Comment by Mondobubba on 07/13/2012 13:19:37
Quote by TriSec:
In Romney's Reality it doesn't matter what he personally believes, because he is selling a product, and as CEO of Romney For President, he has to craft the product to meet the market demand.


*ding*. We have a winner, folks. No further blogging about Romney is necessary.




As the famously laconic citizens of the most northen of the New England states would say, "ayup."

Comment by wickedpam on 07/13/2012 13:21:50
Morning

Comment by Raine on 07/13/2012 13:28:43
There is more to come WRT Romney


Obama for America National Press Secretary Ben LaBolt that there is now proof that Romney flew back to Massachusetts for Bain Capital board meetings after 1999:
Now, he was CEO, chairman of the board, sole owner and sole shareholder. We’re supposed to believe that he didn’t have any involvement with any of these companies? You know, a new report has emerged tonight in sworn testimony in 2002, Romney said that he left Salt Lake to travel back to Massachusetts to appear at board meetings. And so the suggestion that he’s not involved in any of this – that he’s legally responsible, but not personally responsible simply isn’t credible.


Comment by Raine on 07/13/2012 13:37:32
hearing rumblings that Romney is taking the day off...

Comment by Scoopster on 07/13/2012 13:39:59
Mornin' all & Happy Fridee! :

Comment by wickedpam on 07/13/2012 13:48:41
Quote by Raine:
hearing rumblings that Romney is taking the day off...



I smell Koch brothers conference call and planning meeting

Comment by Raine on 07/13/2012 13:57:39
Stephanie Cutter tweeted this information out last night:

Neither the Securities and Exchange Commission nor any state securities
commission has approved or disapproved of these securities or determined if
this prospectus is truthful or complete. Any representation to the contrary is
a criminal offense.


Credit Suisse First Boston Merrill Lynch & Co.

Thomas Weisel Partners LLC

The date of this prospectus is January 24, 2002.


(snip)
Includes: (a) 16,303,749 shares of Class A common stock owned by Bain
Capital Fund VI, L.P., whose sole general partner is Bain Capital Partners
VI, L.P., whose sole general partner is Bain Capital Investors, LLC, a
Delaware limited liability company wholly owned by W. Mitt Romney; (b)
2,181,587 shares of Class A common stock owned by BCIP Associates II, whose
managing general partner is Bain Capital Investors, LLC, a Delaware limited
liability company wholly owned by W. Mitt Romney; © 398,580 shares of
Class A common stock owned by BCIP Associates II-B, whose managing general
partner is Bain Capital Investors, LLC, a Delaware limited liability
company wholly owned by W. Mitt Romney; (d) 757,406 shares of Class A
common stock owned by BCIP Trust Associates II, L.P., whose managing
general partner is Bain Capital Investors, LLC, a Delaware limited
liability company wholly owned by W. Mitt Romney; (e) 195,878 shares of
Class A common stock owned by BCIP Trust Associates II-B, whose managing
general partner is Bain Investors, LLC, a Delaware limited liability
company wholly owned by W. Mitt Romney; (f) 847,004 shares of Class A
common stock owned by BCIP Associates II-C, whose managing general partner
is Bain Capital Investors, LLC, a Delaware limited liability company wholly
owned by W. Mitt Romney; (g) 54,346 shares of Class A common stock owned by
PEP Investments Pty, Ltd., whose controlling persons are Timothy J. Sims,
Richard J. Gardell, Simon D. Pillar and Paul J. McCullagh; (h) 465,512
shares of Class A common stock owned by Sankaty High Yield Asset Partners,
L.P., whose sole general partner is Sankaty High Yield Asset Investors,
LLC, whose managing member is Sankaty High Yield Asset Investors, Ltd., a
Bermuda corporation wholly owned by W. Mitt Romney; and (i) 183,334 shares
of Class A common stock owned by Bain Capital, L.L.C.


Comment by BobR on 07/13/2012 14:12:13
This is too funny:



Comment by wickedpam on 07/13/2012 14:13:21
omg - that's a thought - what if they don't nom Mitt because of all of this? I really hope the campaign has contingency plans for Santum

Comment by Raine on 07/13/2012 14:45:43
Quote by wickedpam:
omg - that's a thought - what if they don't nom Mitt because of all of this? I really hope the campaign has contingency plans for Santum
I am sure Ron paul is sitting in a corner creepily rubbing his hands together...


Comment by Mondobubba on 07/13/2012 14:53:32
Me: How may I help you with your website?
Moron: I don't know, you're the experts!

Comment by wickedpam on 07/13/2012 14:54:49
Quote by Mondobubba:
Me: How may I help you with your website?
Moron: I don't know, your the experts!




Comment by Mondobubba on 07/13/2012 15:04:47
Quote by wickedpam:
Quote by Mondobubba:
Me: How may I help you with your website?
Moron: I don't know, your the experts!





You are beinging to understand why I am getting burnt out.

Comment by Mondobubba on 07/13/2012 15:08:53
Quote by Raine:
Quote by wickedpam:
omg - that's a thought - what if they don't nom Mitt because of all of this? I really hope the campaign has contingency plans for Santum
I am sure Ron paul is sitting in a corner creepily rubbing his hands together...



:Shudder:

Comment by wickedpam on 07/13/2012 15:24:20
Quote by Mondobubba:
Quote by wickedpam:
Quote by Mondobubba:
Me: How may I help you with your website?
Moron: I don't know, your the experts!





You are beinging to understand why I am getting burnt out.


I have a customer service in cable background remember - I can completely sympathize


Comment by Mondobubba on 07/13/2012 16:03:17
Quote by Raine:
Quote by wickedpam:
omg - that's a thought - what if they don't nom Mitt because of all of this? I really hope the campaign has contingency plans for Santum
I am sure Ron paul is sitting in a corner creepily rubbing his hands together...



:hisses, hunches: Excellent!

Comment by clintster on 07/13/2012 16:23:47
I know I haven't been posting here much, but I thought I should give you an update.

The Mrs. and I are living apart. We aren't officially separated (yet), but we are taking some time away at the very least. Ian is with his mom and I am trying to make it down to see him every other weekend (I'm with my parents in NC). No new job as of yet, although I did have an interview in GA earlier this week; I'm just waiting to hear something back.

In the meantime, a former colleague of mine, who has left "Schooling" behind for herself and her children, has written an excellent blog post on her feelings at the end of her tenure at our former school. I wanted to share it with you, so follow this link.

Comment by livingonli on 07/13/2012 16:46:59
Hello there. Feeling tired and burnt out. I had to take an early cash out of the old Cablevision plan since there is no other way for me to finally get me the financial difficulties I have and for the money I will probably need for my next move as well. I just hope I finally get a light at the end of the tunnel and can put all this stuff behind me.

Comment by livingonli on 07/13/2012 17:54:00
And of course, I am scheduled to work this weekend so I will not be present at a certain function for this weekend since I can't travel anywhere although even if I had the weekend off it might have been difficult even if I only had to pay for gas.

Comment by wickedpam on 07/13/2012 18:07:58
Clint -


Liv - you know we have a little thing called a train here, right

Comment by livingonli on 07/13/2012 18:42:29
I could do that but even Amtrak is not cheap. But, I still have to work this weekend so I have to knock it out of my plans anyway.

Comment by Mondobubba on 07/13/2012 19:58:24
America, please stop using The Google when you are entering a website's url. That is all. Thank you.

Comment by Mondobubba on 07/13/2012 20:04:14
Woman from NJ My head

Comment by TriSec on 07/13/2012 20:45:48
*sigh*

Just learned that one of my own Webelos leaders has passed on. Moment of silence for Mr. Dave Gould of Saugus, MA (Pack and Troop 61). I went through scouts with his youngest son Jeff.

http://clipart.usscouts.org/library/BSA_Boy_Scout_Ranks/Scout/scout_clipart_bw.gif


Comment by BobR on 07/13/2012 20:47:45
Quote by wickedpam:
Clint -

Liv - you know we have a little thing called a train here, right

There's also the bus ($40-$50 roundtrip)

Comment by Mondobubba on 07/13/2012 21:18:18
Quote by TriSec:
*sigh*

Just learned that one of my own Webelos leaders has passed on. Moment of silence for Mr. Dave Gould of Saugus, MA (Pack and Troop 61). I went through scouts with his youngest son Jeff.

http://clipart.usscouts.org/library/BSA_Boy_Scout_Ranks/Scout/scout_clipart_bw.gif



Boo-hiss. :whips out a Scout Salute:

Comment by clintster on 07/13/2012 22:41:48
Quote by wickedpam:
Clint -


Liv - you know we have a little thing called a train here, right


Thanks, Pammer. It's been a pretty rough day.

Comment by Will in Chicago on 07/13/2012 22:47:30
Hello, bloggers!! I am late today, as I was busy with several things.

First, my sympathies to Clintster. Know that you have friends here,

Secondly, TriSec, I offer my sympathies on the passing of Dave Gould. May he rest in peace and those dear to him comforted.

As for today's blog, I think BobR hit it out of the park. This is a ridiculous situation. There is no way Mitt Romney can avoid seeming to be dishonest -- whatever the ultimate truth of these matters. His claims of retirement and a leave of absence ring hollow. It is on the same order of excuse as a child telling a teacher that the dog ate his homework.

I am not sure how Mitt Romney can get through this. If he is forced to step aside, I cannot predict what the Republicans will do. Suffice it to say, a lot of people in high places are very nervous. They should be. This may be the biggest disaster to hit a presidential
candidate prior to a convention in the last 30 years.