Friday, August 31, 2012

Coming: "Romney Got a Bailout" Foofraw

From the Obama Partners at Rolling Stone, Sept 13 issue,

The Federal Bailout That Saved Mitt Romney

Except it wasn't really a bailout. 
FDIC accepted a deal for 5 million and forgave 10 million owed to a bank it had taken over. 

Whether the Bain Capital partners 'looted' the Bain & Co. consulting house depends on your point of view. A consulting house doesn't invest.

What's stated then ignored is Bain Capital wrote off  75 million owed them.
It will be interesting to see how this shakes out.

- On writing this I've not looked at any rebuttal.  Just the RS article.  {But I was jogged into it by a progressive on another site, wondering how I would explain it.}

Indeed Rolling Stone DID include all the pertinent facts, As far as I've read so far...kudos to them for that.
It's just their interpretation that's a little odd... to anyone who has the least idea of how corporate systems work.  I barely know, but the holes in the bailout argument were apparent to me.  While I DO understand how 'Progressives' would see it.... HOWEVER..
Key Point: A 'bailout' implies that tax money was somehow involved. Ummmm... nope.
I suggest anyone who doesnt understand how it's not especially shady or illegal read the article over several times until they at least understand the viewpoint.  It's all there.
Key points:
1. Bain and Company is a consulting house. 
2. Bain Capital is an Investment house.
- How much operating capital - Reserves- are required for each. The idea that the partners, being the same in both, somehow 'raided' the consulting house is ludicrous.

RS explains how Bain and Company came on hard times. As a separate corporate entity it would have been ethically wrong, if not outright illegal, for the Bain Capital partners to just inject cash to keep it afloat.
RS implies that it would have been better for the consulting house to go into bankruptcy. Better for whom?  FDIC as the operator of the seized bank would still have taken the hit, If not a bigger one.
RS correctly points out that Bain and Company... whose business it is to advise  clients on avoiding bankuptcy and hostile takeover... would have been effectively killed by declaring.
And FDIC was simply doing what it does in these cases, I see no evidence of 'cronyism' or special favors.

Leading us to the poison pill: Using the 30 million reserves still held for unearned bonuses.  That is standard operating procedure and meant to be used AGAINST takeover and milking assets, then selling off the remainders.
Exactly what Bain and Company counseled their clients to do, one would assume.

Update - Third Thought: What Rolling Stone wrote around, and didnt focus on, was why Bain and Company had all those loans outstanding in the first place. 
Why would any bank extend such credit lines to a floundering company? 
Perhaps THAT is the devil in the details. Just sayin'...

.. but I'll defend your right to say it!

... cuz the more you talk the dumber you look.  And it's great entertainment.
Probably not to the death, though.

Chrissie doesn't like being being heckled

That 'tingle' is now a running sore spot.

Chrissie Still Worries about a rising tide, calls 'soooo-ey!'

Jason Biggs, American Idiot

sends out sick tweets about Paul and Janna Ryan


Ignorance, thy name is Joe Robinson
- Read down the comments!
BeBe Winans hatefest


Occupy RNC ends in tears, frustration.

“I love that we have an anarchist forum here, and I really love us, but I hate that our forum can’t even talk with their conservative forum,” he said. “The police just silence us, the Republicans just silence us. We are just getting silenced everywhere we go. It’s like no one wants to even hear what we have to say.”
- Insta-tip: "It’s easier to have an “open discussion” with people when you’re not dressed as a giant floppy vagina. "
And what's there to talk about?  You're a freaking anarchist.

Why I -and most Tea Partiers- Accept Mitt

Actually I wanted Mitt in 08.  Like most conservatives, I cannot trust John McCain.  And Mitt is, first and foremost, an excellent businessman/ CEO.  And that is certainly what we need.
Conservative griping about 'Romneycare' brushes over the facts.
MA was going to pass some healthcare legislation. Romney was Governor in a  capital where 80% of the elected were Democrat.  He had the choice of vetoing and being over-ridden, or guiding the inevitable program.

But people dont instantly 'Like' Mitt.

Learning to Like Mitt

Andrew Ferguson, reluctant Romneyite

 I never liked Mitt Romney. My distaste for him isn’t merely personal or political but also petty and superficial. There’s the breathless, Eddie Attaboy delivery, that half-smile of pitying condescension in debates or interviews when someone disagrees with him, the Ken doll mannerisms, his wanton use of the word “gosh”—the whole Romney package has been nails on a blackboard to me.

Well, there it is.   Not only that.. what you see is what you get.. he is almost too good to be true.

The Romneys present a picture of an American family that popular culture has been trying to undo since—well, since An American Family, the 1973 PBS documentary that exposed the typical household as a cauldron of resentment and infidelity. 

And now, here, 40 years later, it’s as though it all never happened: a happy American family, led by a baby boomer with no sense of irony! Romney is the sophisticate’s nightmare.
..that last is worth a few million votes right there.
And then, there's his personal and private sense of charity..
Obama usees 'Brothers Keeper' in a speech to raise taxes but wont give a dime to his own brother. But Mitt will help out a total stranger with thousands.
Well there must be a flaw somewhere.. oh, yeah!

He put his dog on the car roof.

But if ..
The Campaign Is A Battle For America’s Heartland.

Then it's about people who like all the above values, once they see they are real.
And know that dogs love their muzzles to be in the wind.