The first private equity-led presidential campaign
I’ve linked to this article about Romney’s time at Bain already, but here’s a quote:
[D]uring his management of the private-equity firm Bain Capital from 1985 to 1999…Romney was fabulously successful in generating high returns for its investors. He did so, in large part, through heavy use of tax-deductible debt, usually to finance outsized dividends for the firm’s partners and investors. When some of the investments went bad, workers and creditors felt most of the pain. Romney privatized the gains and socialized the losses.
And here’s a description of his recent activity with his campaign:
Mitt Romney’s campaign handed out more than $200,000 in bonuses last month to senior staffers, according to new disclosure records filed Thursday…The bonuses came the day after Romney formally accepted the Republican presidential nomination at the party’s convention in Tampa. Despite strong fundraising since May, new records show that the campaign was struggling badly for money in August because it had run low on primary funds and was unable to tap into contributions collected for the general election until after the nomination. As a result, the campaign borrowed $20 million.
I can’t see anything in common between these two, except, oh yeah, paying bonuses for failure (the bonuses were paid out on the eve of his not-bounce from the GOP convention).