Wednesday, January 11, 2012

Mitt Romney: vampire capitalist

Goldman Sachs can never escape Matt Taibbi's labeling them 'a great vampire squid wrapped around the face of humanity'.
Will Bain Capital share the same opprobrium? Mitt Romney spent a goodly amount of time at Bain, a venture capital company, using little of its own money to buy and sell and like vultures pick apart until the bones are exposed to the winds the companies they bought and cannabilised.
Romney, like it or not, will probably be the Republican Party's standard bearer in the upcoming 2012 elections. He talks a good talk about how he, honed in business, can save the US economy from itself.
Now his rivals for the nod of the GOP spot for presidency have brought up Romney's business experience and his lackluster track record as a 'jobs creator'. Four words suffice to brand him as a vulture capitalist: 'American Pad and Paper', a company Romney trashed but walked away with millions for Bain whilst leaving hundreds out of work. Not only that, the man hungering for the White House is no businessman in the true sense of the word. He's never run a company, built anything, only found money to buy, ravage, and sell the wreck he and Bain made of it. More, he is now taking credit for companies like Staples who are thriving even though he left Bain long ago when the retailer was floundering.
So, Romney is one and the same time a vampire squid and a vulture capitalist.
More damaging are the attack ads against Romney and the exposure to the public of the inner workings of venture capitalists like Bain Capital. Already there is much unease among its partners and in its boardroom. Like vampires, Bain cannot thrive in the light of day.
God bless the 'New York Times' long investigative piece on Romney's payoff from Bain which until today and seemingly to the day he dies, his personal wealth increases by millions a year from proceeds of Bain's funds. And the 'Wall Street Journal' has also stepped into the fray by its coverage of the workings of Bain.
The superfund tied to Romney's campaign trashed Newt Gingrich in the Iowa causes, killing his chances to come out top dog instead of number 4 in the polls. Gingrich has denounced Romney's dirty money but that hasn't stopped him from using funds in attack ads in South Carolina to strip Romney of his pure white toga of ethical business practices. In fact, both in its short and long version, Gingrich's ad is a denunciation of Bain and its ilk and the corruption finance capital have brought on the US financial and global stage.
Like Banquo's ghost, Romney cannot escape his cannibal business past!

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