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Tuesday, September 27, 2016

Romney At The GOP’s Favorite Lobby Shop: “I Love You!”

Romney At The GOP’s Favorite Lobby Shop: “I Love You!”

While speaking today to an audience at Chamber of Commerce — the Republican-dominated business lobby that has donated hundreds and millions of dollars to defeat Democratic initiatives like higher taxes on the wealthy and cap-and-trade — Mitt Romney poured his heart out to “job creators”. “Make no mistake, when I am President, you won’t wake up every day and wonder if the President is on your side,” he said. He later added, “I love you!”

The Chamber claims that it represents small business (it hosted today’s conference), but its main clients are the giant, Fortune 500 companies that have demonstrated little modesty fighting every piece of regulation tooth-and-nail even after the financial crisis. The New York Times has previously explained that, because the Chamber also functions as an “educational” group, it’s extremely difficult to find out whose giving them millions and millions of dollars:

The chamber’s increasingly aggressive role — including record spending in the midterm elections that supports Republicans more than 90 percent of the time — has made it a target of critics, including a few local chamber affiliates who fear it has become too partisan and hard-nosed in its fund-raising.

The chamber is spending big in political races from California to New Hampshire, including nearly $1.5 million on television advertisements in New Hampshire attacking Representative Paul W. Hodes, a Democrat running for the United States Senate, accusing him of riding Nancy Pelosi’s “liberal express” down the road to financial ruin.

“When you become a mouthpiece for a specific agenda item for one business or group of businesses, you better be damn careful you are not being manipulated,” said James C. Tyree, a former chairman of the Chicagoland Chamber of Commerce, who has backed Republicans and Democrats, including Mr. Obama. “And they are getting close to that, if not over that edge.”

Romney also used the opportunity to defend his record at Bain, the corporate buyout firm where he worked. “I happen to believe that having been in the private sector for 25 years gives me a perspective on how jobs are created — that someone who’s never spent a day in the private sector, like President Obama, simply doesn’t understand,” he said.

The Obama campaign would point out that Romney’s private-sector expertise isn’t in job creation — it’s in job destruction.

  • And the Chamber of Commerce take money from foreign governments, but have yet to say how they keep it seperate from the money they use for their hate ads. This should be a message to the American public as to where Smitt’s aligence lies, not with the people but with business. He calls these people job creators, but not in the US, they create jobs overseas.

    • CPANY

      You don’t have to keep the money physically separate. You need only to record it in a separate account in the general ledger.

  • montanabill

    Claiming that Romney’s time at Bain resulted in job destruction is simply a bald faced lie. During his tenure some jobs were lost, but far more were created. Most the job loss pointed to by the campaign occurred AFTER Romney had left, but while one of Obama’s money bundlers was ( and is) with Bain. Can anyone see the hypocrisy in this?

    • Some jobs try thousands of jobs, pension funds raided and health benefits canceled. The reason the job losses may have occurred after Bain left is that the companies were left with the debt Bain brought on the companies and then took millions out of the company.

      • montanabill

        Nice try. Get the facts.

    • CPANY

      Hypocrisy in American politics? I don’t believe it.

      Then again, hypocrisy is endemic in politics, regardless of the location. That’s because the political process is based on monet. As the Romans said “Money doesn’t smell.”

    • johninPCFL

      Let’s see…Bain takes no ‘credit’ for any lost jobs at all (because that’s not their focus) but Romney claims credit for all the jobs created during and after both his tenure at Bain and Bain’s ownership of the companies (Staples, for instance, has more than doubled its employment since Bain sold out, but Romney claims every employee as if he personally hired them.) Romney deftly claims that GFT Steel went belly-up “two years after” he left Bain, but it was after Bain sucked $16.8MM (over $12MM while Mitt was running Bain) from the company that it failed.

      • montanabill

        I didn’t hear all of that, but I can you a possible argument as to why such things might have happened. Bain gets involved in companies that are in dire straits. Those companies would almost surely have gone under without intervention, so if intervention doesn’t work after all, is it really Bain’s fault the jobs were lost? If Bain funds a start-up that becomes successful, then, indirectly, Bain is responsible for their employment growth. Without detailed knowledge of the GFT deal, how it operated or its competitive position, such claims are supposition.

        • johninPCFL

          You are wrong. Bain gets involved in companies that can be manipulated or managed for a profit. Sometimes they involve foundering companies (as GFT Steel), sometimes companies that are struggling due to rapid expansion where capital is needed (as Staples was.)

          Adding $2.5MM to Staples (where the bottom line already showed $100MM+ in assetts) and then claiming to be the “White Knight” is preposterous. Similarly, claiming that 89000 workers are due to that $2.5MM investment when Bain sold out when Staples had 42000 employees is equally preposterous.

          Raiding the pension fund of GST Steel (leaving the pensioners penniless) and borrowing heavily against the assetts to pay themselves back $12.8MM for an $8MM purchase, and then collecting another $4.5MM in “management fees” right up until the day they closed the doors should be criminal.

          • montanabill

            I did a post, but since it include a web site address, it has to be approved by a moderator, which I have found never happens. As I said in the post, I’m not familiar with the Staples deal but have to question why a company with $100m in assets needs an infusion of $2.5m from an equity firm.
            The web site I posted has a slightly different take on GST. It is an article from the Wall Street Journal by Kimberly Strassel, “Vampire Capitalism?, Please”.

          • johninPCFL

            Staples had built out a huge number of new outlets and Bain was one of many that bought into the refi effort. There’s was $2.5MM of the $25MM total infusion.

            I’ll take a look at the WSJ piece. The totals may not reflect the timeline, but the composition of the Bain takeout from GST was $12.8MM repayment for the $8MM purchase, partly from the pension plan deflation and partly from bank loans against receivables and property. The management fees were reported seperately and I don’t have verification on them, so maybe the $4.5MM is high.

            The GST bankruptcy was while Bain held the company, but Romney was no longer with Bain. He directed the takeover and subsequent financial manipulations, however.

            BTW, the bankruptcy took down several materials suppliers to GST, and of course the pension plan funding was reconstituted at a minimal level by a federal takeover. In essence, the high water $16.8MM Bain money was fully paid to them not from profits of the company, but from the suppliers and taxpayers, i.e. you and me.

    • Montanabill, you must come from the hills. Who have you been listening to? Rush and Co. They are the ones who lie. Romney has not created anything in his life in America. If he created jobs, it was overseas. That does not help us. Meg Whitman, another rich Republican, will do the same with HP. You watch and see. Of course they will claim they created thousands of jobs. They will just not tell you where.

      • montanabill

        Just to put the mere hint of education into your thinking and knowledge base, google the Wall Street Journal’s Kimberley Strassel article, “Vampire Capitalism? Please”
        Matter of fact, I did come from the hills, the Rocky Mountains. Didn’t stop me from getting a good education though.

  • widollar

    Mitt Romney was the “king of bottom feeders” during his days of taking companies apart and made a large fortune whacking people for himself and his fellow Bain guys. Nice guy this Romney! Hopefully, he will NOT be sitting in the oval office ever!

  • DurdyDawg

    We all know what this toad is, where his allegiance gravitates.. And the biggest laugh of all will be when he concedes to Obama, all those millions those other toads donated will be able to hear the ‘flush’ but remember folks.. These people own big b’ness, they’ll recoup those millions in record time unless you refuse to shop in their stores. Hit ’em where it will make a difference, right in their profit margin.. They deserve it.