Matt Taibbi On Mitt Romney And Bain Capital

If you read nothing else on Mitt Romney, take the time to read at Matt Taibbi's excellent Rolling Stone article on Mitt's Romney history at Bain Capital. Taibbi lays bare how Romney made his fortune by acquiring companies, saddling them with millions of dollars of debt, then charging them millions more to advise them on who to fire. All before either being resold by Bain for huge profits or being forced into bankruptcy, leaving workers without a place of employment.

Here's an excerpt of Romney's "business prowess":

"Take a typical Bain transaction involving an Indiana-based company called American Pad and Paper. Bain bought Ampad in 1992 for just $5 million, financing the rest of the deal with borrowed cash. Within three years, Ampad was paying $60 million in annual debt payments, plus an additional $7 million in management fees. A year later, Bain led Ampad to go public, cashed out about $50 million in stock for itself and its investors, charged the firm $2 million for arranging the IPO and pocketed another $5 million in "management" fees. Ampad wound up going bankrupt, and hundreds of workers lost their jobs, but Bain and Romney weren't crying: They'd made more than $100 million on a $5 million investment."

Job creator my ass. No wonder he wanted Obama to lay off on his business experience a.k.a his entire campaign platform.