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"In other words, people like Romney are the wolves, culling the herd of the weak and infirm."
Mitt Romney- “I’m a big believer in getting money where the money is, and the money is in Washington."
http://www.alan.com/2012/03/02/romney-in-2002-im-a-big-believer-in-getting-money-where-the-money-is-in-washington/
This week in the Voice, out today: Pete Kotz examines Mitt Romney's brand of capitalism, and finds that it represents everything you hate about America's economic system: "His specialty was flipping companies -- or what he often calls 'creative destruction.' It's the age-old theory that the new must constantly attack the old to bring efficiency to the economy, even if some companies are destroyed along the way. In other words, people like Romney are the wolves, culling the herd of the weak and infirm."
http://www.villagevoice.com/2012-04-18/news/Mitt-Romney-american-parasite/
Mitt Romney, American Parasite
His years at Bain represent everything you hate about capitalism
.....................
His formula was simple: Bain would purchase a firm with little money down, then begin extracting huge management fees and paying Romney and his investors enormous dividends.
The result was that previously profitable companies were now burdened with debt. But much like the Enron boys, Romney's battery of MBAs fancied themselves the smartest guys in the room. It didn't matter if a company manufactured bicycles or contact lenses; they were certain they could run it better than anyone else.
Bain would slash costs, jettison workers, reposition product lines, and merge its new companies with other firms. With luck, they'd be able to dump the firm in a few years for millions more than they'd paid for it.
But the beauty of Romney's thesis was that it really didn't matter if ([font color=purple]America?[/font])the company succeeded. Because he was yanking out cash early and often, he would profit even if his targets collapsed.
His years at Bain represent everything you hate about capitalism
.....................
His formula was simple: Bain would purchase a firm with little money down, then begin extracting huge management fees and paying Romney and his investors enormous dividends.
The result was that previously profitable companies were now burdened with debt. But much like the Enron boys, Romney's battery of MBAs fancied themselves the smartest guys in the room. It didn't matter if a company manufactured bicycles or contact lenses; they were certain they could run it better than anyone else.
Bain would slash costs, jettison workers, reposition product lines, and merge its new companies with other firms. With luck, they'd be able to dump the firm in a few years for millions more than they'd paid for it.
But the beauty of Romney's thesis was that it really didn't matter if ([font color=purple]America?[/font])the company succeeded. Because he was yanking out cash early and often, he would profit even if his targets collapsed.
http://www.villagevoice.com/2012-04-18/news/Mitt-Romney-american-parasite/
10 replies
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= new reply since forum marked as read
... no, wait, that insults lampreys.
http://en.wikipedia.org/wiki/Lamprey
