One of the most important exposes written about Willard Romney and his past is, of course, Matt Taibbi’s brilliant article, Greed and Debt: The True Story of Mitt Romney and Bain Capital in the September 2012 issue of Rolling Stone. As of this writing it has garnered over 6,500 comments. If Romney’s record doesn’t scare you, you don’t have a pulse. Here are a few excerpts:
Romney was unquestionably the decider at Bain. “I insisted on having almost dictatorial powers,” he bragged years after the Ampad deal. Over the years, colleagues would anonymously whisper stories about Mitt the Boss to the press, describing him as cunning, manipulative and a little bit nuts, with “an ability to identify people’s insecurities and exploit them for his own benefit.” One former Bain employee said that Romney would screw around with bonuses in small amounts, just to mess with people: He would give $3 million to one, $3.1 million to another and $2.9 million to a third, just to keep those below him on edge.
If you haven’t heard much about how takeover deals like Dunkin’ and KB Toys work, that’s because Mitt Romney and his private equity brethren don’t want you to. The new owners of American industry are the polar opposites of the Milton Hersheys and Andrew Carnegies who built this country, commercial titans who longed to leave visible legacies of their accomplishments, erecting hospitals and schools and libraries, sometimes leaving behind thriving towns that bore their names.
The men of the private equity generation want no such thing. “We try to hide religiously,” explained Steven Feinberg, the CEO of a takeover firm called Cerberus Capital Management that recently drove one of its targets into bankruptcy after saddling it with $2.3 billion in debt. “If anyone at Cerberus has his picture in the paper and a picture of his apartment, we will do more than fire that person,” Feinberg told shareholders in 2007. “We will kill him. The jail sentence will be worth it.”—[T]he Romney who routinely rails against the national debt as some kind of child-killing “mortgage” is the same man who spent decades exploiting a tax deduction specifically designed for mortgage holders in order to bilk every dollar he could out of U.S. businesses before burning them to the ground.—
Romney, on the other hand, is a perfect representative of one side of the ominous cultural divide that will define the next generation, not just here in America but all over the world. Forget about the Southern strategy, blue versus red, swing states and swing voters – all of those political clichés are quaint relics of a less threatening era that is now part of our past, or soon will be. The next conflict defining us all is much more unnerving.
That conflict will be between people who live somewhere, and people who live nowhere. It will be between people who consider themselves citizens of actual countries, to which they have patriotic allegiance, and people to whom nations are meaningless, who live in a stateless global archipelago of privilege – a collection of private schools, tax havens and gated residential communities with little or no connection to the outside world.
- Mitt Romney’s great hypocrisy: Matt Taibbi explains how Romney got rich off debt at Bain (current.com)
- Greed, debt and Matt Taibbi (finance.fortune.cnn.com)
- Matt Taibbi Reveals How Romney Made His Fortune – It Ain’t Pretty, and He Shouldn’t Be Proud of It (kaystreet.wordpress.com)
- Decision 2012 – Matt Taibbi: Romney Hypocrite to Decry Debt Problem (hulu.com)
- Exclusive: Bill Bain Speaks (thedailybeast.com)
- Matt Taibbi Reveals How Romney Made His Fortune — It Ain’t Pretty, and He Shouldn’t Be Proud of It (alternet.org)
- ’47 Percent’ Videomaker Weighs In On Final Presidential Debate (huffingtonpost.com)
- Matt Taibbi: The Secret to Mitt Romney’s Fortune? Greed, Debt and Forcing Others to Foot the Bill (democracynow.org)
- Why Voters Need To Know About #Sensata (ourfuture.org)
- FACT CHECK: Romney’s Tenure At Bain Was Defined By Layoffs, Bankruptcies, Outsourcing (enewspf.com)