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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region Forums"Did you know that Romney had a serious stake in the CDO-Derivatives game?"
by jamess
Remember Romney's startling heartless statement (... I know, Which one?)
This one:
Romney rejects foreclosure relief
by Steve Benen, washingtonmonthly -- October 18, 2011
Which is worse -- that one, or his startlingly callous Let Detroit Go Bankrupt screed?
Hmmph! That some contest!
<...>
Did you know that Romney had a serious stake in the CDO-Derivatives game?
(you know those same Toxic Assets that tanked the economy -- during Romney's "unmentionable years."
Island tax havens factor into Romney's business success
by Bob Drogin Los Angeles Times, Staff Writer -- December 17, 2007
In Bermuda, Romney served as president and sole shareholderf or four years of Sankaty High Yield Asset Investors Ltd. It funneled money into Bain Capital's Sankaty family of hedge funds, which invest in bonds and other debt issued by corporations, as well as bank loans.
<...>
"It's just a mail drop, essentially," said Marc B. Wolpow, who worked with Romney for nine years at Bain Capital and who set up Sankaty Ltd. in October 1997 without ever visiting Bermuda. "There's no one doing any work down there other than lawyers."
<...>
Did you know that Romney's Sankaty operation, at the depth of the housing market crash, tried "like heck" to profit from other people's misfortune -- tried to re-leverage those lemons, by re-issuing even more of those same Collateralized Debt securities ... to "Buy Low" ...
Sankaty, which manages $20 billion of debt, offered today to buy 51 pieces of collateralized loan obligations, according to a list obtained by Bloomberg News. CLOs are a type of collateralized debt obligation that pool high-yield, high-risk, or junk loans and slice them into securities of varying risk and return. Alex Stanton, a spokesman for Sankaty, declined to comment.
Boston-based Sankaty is seeking to take advantage of a 90 percent decline in the prices of some pieces of CLOs, even as the debt packaged in them has gained in value. [...]
CLO securities ranked AA, the third-highest level of investment-grade, are priced between 20 cents and 30 cents on the dollar, according to a Citigroup report yesterday. CLO securities ranked A and below are quoted at less than 10 cents, the report said.
- more -
http://www.dailykos.com/story/2012/07/22/1112576/-Live-long-and-Foreclose
Rosa Luxemburg
(28,627 posts)Ruby the Liberal
(26,219 posts)LBOs cloaked as "Private Equity" are glorified 2/20 hedge funds.
Jim__
(14,083 posts)That should go a long way toward finishing his candidacy.
Live and Learn
(12,769 posts)hell yes, this needs to get out.
grantcart
(53,061 posts)Just wish all of the voters in Nevada and Arizona learn about it.
ProSense
(116,464 posts)nc4bo
(17,651 posts)our political, economic and financial problems.
To his fucking neck.
For those concerned that coming out early with Romney's problems take heed. There is enough stink in this skunk to last until Election Day but it needs to be hammered and drumbeat every single day regardless of the chestbeating and feet stomping the GOP can throw at us.
Their candidate is seriously flawed.
emulatorloo
(44,171 posts)Or a more untruthful one. Or a more arrogant entitled one.
smirkymonkey
(63,221 posts)third world by the time his term is up. That is, if he serves a full term.
going for the gold. Romney gets in and it validates every crooked, illegal and immoral thing he has ever done.
LittleGirl
(8,288 posts)Is this the best they could come up with? To represent them? Really? Romney?
If they truly wanted to beat Obama, they have a very weak candidate and I think they know, they can't win with this one, so why try?
That's my hope anyway.
Ruby the Liberal
(26,219 posts)of him not being the solution - he's the problem.
That is great.
agent46
(1,262 posts)I'm becoming convinced that not only is Romney a fully vetted Neocon but also an example of the newly emerging nakedly fascist theocratic right wing. He is dangerous because he is the next iteration of Authoritarian plutocrat intending to rule America and its Empire territories as a strongman. This is not America.
PatrynXX
(5,668 posts)he was one of many who bet against the American people.. Which is how a company made it's money in 1987 in North Cedar IA. Id rather have cedar falls/ North Cedar know for it's people not for 1/2 wits stealing $200 million from the company there.. Peregrin?? something like that. on Futures markets. When the stock market crashed in 1987 he made millions for it. I'd say Mitt is heading the same way this guy did. To Jail.. X_X
aint_no_life_nowhere
(21,925 posts)He's 10 out of 10.
Liberal_in_LA
(44,397 posts)That's the new GOP meme. anything said negatively about Mitt's background = jealousy, class warfare
Ikonoklast
(23,973 posts)Then get out of your home as he forecloses on you, moran.
ProSense
(116,464 posts)"you people"
ProSense
(116,464 posts)Mitt's international trip.
London Fund-Raisers Put Romney in a Scandals Glare
http://www.democraticunderground.com/1002982711