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Politics: Greed and Debt: The True Story of Mitt Romney and Bain Capital
Mitt Romney illustration
By Matt Taibbi
August 29, 2012
The sight was so disgusting that people everywhere were ready to drop an H-bomb on Lower Manhattan and bayonet the survivors. But today that same insane greed ethos, that same belief in the lunatic pursuit of instant borrowed millions – it's dusted itself off, it's had a shave and a shoeshine, and it's back out there running for president.

Mitt Romney, it turns out, is the perfect frontman for Wall Street's greed revolution. He's not a two-bit, shifty-eyed huckster like Lloyd Blankfein. He's not a sighing, eye-rolling, arrogant jerkwad like Jamie Dimon. But Mitt believes the same things those guys believe: He's been right with them on the front lines of the financialization revolution, a decades-long campaign in which the old, simple, let's-make-stuff-and-sell-it manufacturing economy was replaced with a new, highly complex, let's-take-stuff-and-trash-it financial economy. Instead of cars and airplanes, we built swaps, CDOs and other toxic financial products. Instead of building new companies from the ground up, we took out massive bank loans and used them to acquire existing firms, liquidating every asset in sight and leaving the target companies holding the note. The new borrow-and-conquer economy was morally sanctified by an almost religious faith in the grossly euphemistic concept of "creative destruction," and amounted to a total abdication of collective responsibility by America's rich, whose new thing was making assloads of money in ever-shorter campaigns of economic conquest, sending the proceeds offshore, and shrugging as the great towns and factories their parents and grandparents built were shuttered and boarded up, crushed by a true prairie fire of debt.

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I am absolutely horrified to learn of these practices. We as Americans need to do something about where these people are taking this country. There are more regular folks than people with big money so why isn't change being made? Frankly it's scary.
Posted by Jenna November 4, 2012, 5:28 pm
I found this article about mitt Romney offensive. It is not accurate
Posted by GrammiSami October 21, 2012, 4:53 pm
Great article! Hope some of these facts make it into Tuesday's debate.
Posted by shashannon7 October 20, 2012, 11:05 am
Nothing like vilifying something you clearly know very little about: Private equity raiders like Bain almost always get their cash out before a target goes belly up - absolutely false. The thing about it is, nobody gets hurt, says Patnode. Except the people who worked here. - What about the lenders that made the buyout possible? I agree that the tax code is broken (who doesnt?), but the fact that you contribute Romneys success to the government for operating within the rules it set (interest as a tax deduction) is absolutely ridiculous. You sound like a sore loser. We all knew of the media bias, but there is no place for such flawed journalism in RS.
Posted by Chicago515 September 19, 2012, 3:30 pm
I see this rag started blowing obummer too. Get real if at all possible. You'd be better off out of business. I mean we would be better off with out this RAG
Posted by ecky September 17, 2012, 7:51 pm
Guy hates private schools. Hack job.
Posted by Frank September 14, 2012, 10:52 am
I am totally amazed at the charge of hack job etc. Shooting the messenger!! He did an incredible job of research and bringing to lite the dirty secrets of this new culture of greed. And to claim that the govt tax and regs will cause investment to go elsewhere?? They did not read the article (nor pay attention during the past 30 years). THIS is not investment it is the business plan of the Mob (organized crime) That anyone could justify or defend paying anyone $millions when a company is going bankrupt are themselves bankrupt of any values. Any CEO or group of execs whose management results in their company going bankrupt should lose thei jobs WITHOUT millions in bonuses nor severence. Something else. Many of these bankruptcies resulted in pension plans that required bailout by taxpayers. Just one more way that Mitt and his Ilk socialized risk while privitizing profit. Since y'all hate socialism why is there no hue and cry re this Corporate Socialism??
Posted by RussB September 13, 2012, 3:30 pm
Hack job. Calling this journalism is like calling a gecko Godzilla.
Posted by Concerned American September 8, 2012, 10:39 pm
Pretty over the top here. Why is it that all we can do in this country is turn a blind eye to the limitations of our candidates and bash the others? Until someone can unite us and we all get off of our self-serving, self-righteous, entitled soap boxes we'll be stuck with two lousy options with extremest leanings. I'm sick of it.
Posted by Capitalist September 6, 2012, 10:25 am
In other word: Handsome, rich, white, self-serving money managers does NOT equal Presidential leadership. Clinton, despite his obvious fault, was an excellent President. The country was in good shape when he left office. Then came the recession, the financial meltdown, the housing bubble bursting, useless wars, and a rich, white, well-connected President with no regrets? No mistakes? You gotta be kidding. That's why Obama won...arrogance on the part of Bush, and those just like him... People who fit a profile because they were BORN LUCKY
Posted by goldenanalog September 3, 2012, 7:32 pm

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