Lets put aside the blatant bias of the writer.

Bill Bain raped the place clean. (Bias showing) Bill Bain cashed out his equity in the firm. (So its been 27 years, how come no law has been written to prevent that, or force the company into BK, under those circumstances?)

Business began to drop off.

A Bain consultant was tied up in a stock manipulation scheme in London. (results no reported)

Goldman Sachs, is the good guy.....

I like this quote. "No matter who got screwed in the process." Like no one gets screwed under a bankruptcy...

Romney moved decisively... Unlike others we know... He clawed back 25 million (that now is referred to as raided money), as opposed to proceeds of equity.

Romney consolidated the outstanding debt into one loan with four banks (common actually) and the loan is secured with assets.

1992 recession ooops, its really Bush 41 fault....

Trying to save the company, Romney goes back in for more debt restructuring.

But, to make Romney the fall guy, its him thru his super powers, he installs a poison pill, which the banks and FDIC have to swallow.
Really? If the banks saw no future or other reasons to save Bain, why let it go on? The article is incomplete.

According to the article, Romney played hardball because the banks gave him what he wanted. America could use someone who knows how to play hardball.


There isnt much to like about the situation. Ive seen the interview and Romney did not want to be in charge of the spin off company. The deal was reach, he could come back to Bain if the new company did not work out.
He took over a bad situation that someone else created and tried to salvage the company, based on the rules of the day.

In reality, you could change the players and the company.

The company is GM.
Romney is played by Obama
Goldman Sachs is played by Romney.
But in both cases, Romney is the bad guy. So WTF else is new?

In each case, people lost money and jobs. Bain is still running and Obama just hired one of them. GM is still running and wont pay taxes on profits for some number of years and there is some other debt situation with GM that is not resolved, or resolved in a negative loss to someone.

But Obama gets the credit, even though GM is not going to pay their fare share...



I dont know if its different for corporations, but if you write off a debt to a creditor, the IRS counts that as income.

I guess more will come out in the weeks ahead. All democrat talking points will be based on a biased article.