Mitt and the Leveraged Tax Buyout

thomas vance Published:

Mitt Romney made his millions perfecting the art of the ‘leveraged buyout’. Find a company that is doing ok. Buy the company and use the assets of the company as collateral for large loans supposedly to expand or improve the company. During the expansion / improvements to the company, pay the Chief Executive Officer and the Board of Directors huge bonuses and salaries based on the wonderful improvements and expansion that is going so well. When the company can no longer support the weight of the debt from the expansion / improvements, the Board declares bankruptcy and while the company collapses, the workers lose their jobs and pensions and the Government and taxpayers clean up the mess, Mitt and his cronies walk away with their millions in salary and bonuses tucked safely away in some Cayman Island or Swiss bank accounts.

While I was figuring this out it dawned on me that the Republicans under Romney are going to , if elected, work a slightly altered version of the ‘leveraged buyout’ using the Federal Government as the company and the American taxpayers as the workers and their pension funds. It’s genius really. The Romney budget calls for huge tax cuts for the wealthy to be paid for by cutting the social safety net of the middle class and poor. It also turns Medicare and Medicaid into voucher programs and too bad if your voucher doesn’t cover your Doctor bill. When the middle class and poor are no longer able to provide enough revenue to offset this huge giveaway to Romney and his wealthy supporters, the country will again be in financial crisis. The next administration will be faced with trying to clean up the mess. Lines at food pantries and welfare offices will increase and more people will be out of work waiting for the economy to recover. When that happens, where will Romney and his cronies be? If everything goes according to plan they will be in their gated mansions sipping on drinks and checking the balances on their Cayman Island and Swiss bank accounts.

We went through this before with President Bush. He gave billions in tax cuts to the wealthy and created unfunded programs that bankrupted the country. He and his gang, just like Romney plans to do, rode off into the sunset with their millions and left the rest of us holding the bag!

Best thing for the American people is to stop this scam artist here and now. If we let Romney and his supporters do this to our country again there may not be a recovery to wait for!

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  • Romney is a disgrace to our Church; constant lying and bearing false witness. I wonder if he is more "culturally Mormon" than he is truly LDS. What he has done is worthy of disfellowship or even excommunication.

  • Who's the Bible thumpers around here, I am merely showing you those who espouse the Bible to make their points that they are inconsistent with their own religious teachings.

  • Look at Romney's record as Gov. of Mass. he ranked 47th out of 50 in job growth. His plan would end Medicare as we know it. Replaced with vouchers and would also end guaranteed benefits for Medicare. New retirees could end up paying up to $6,400. more a year. He hasn't outlined a plan for American relations with any of the other countries. No plan has been laid out to reduce the deficit. The Ryan plan would push 200,000 children from Head Start and cut education by 4.8 million dollars and cut 38,000 teaching jobs. Ryan has citicized the President's decision to save the auto industry but voted for it. Ryan blamed The president for a GM plant closing in WI. but the factory was slated to close before Obama took office. But the killer is they want us to trust them with our lively hood and taxes and claim that they will be the party of transparancy but will not show us their tax returns except for 2 yrs. Funny he gave McCain 23 years worth. The problem is he ain't going to be working for McCain but for the people of the US. Talk about lies and half-truths!

  • Careful, mach570, PART of the Bible may be coming. GOD BLESS AMERICA!!!!!

  • Boy I do need to proof read my typing. Sorry for the errors I pushed the button while talking to another employee. By the way 1713 the only colors I see are red, white, and blue.

  • Spoken like a true liberal 1713.

  • mach570, actually Obamie want to tax all white people (who he hates) and give it to brown people for doing nothing but sitting on their bums smoking dope. Obamie is black, can't you see he's black!

  • Where do you find the Romney Budjat other than on MSNBC,CNN,NBC,ABC,CBS,FOX, etc.Oh by the way all the mentioned news programs have told me that Obama's budjet wants to tax the middle clas and give it to the poor. I know some say he wants to tax only the rich over 200,000, I am just worried that maybe the wont give us their profits but I garantee you they will raise the prices on the items they sell us. Just saying. We as the middle class need to stop both of them. LOL

  • I agree...people need to wake up...the rich want it all. People are going to get dizzy from the lies being told by these two rich republicans. They are trying to win this election either by lieing to you or by blocking votes. If they win this election it only because a bunch a rich people want to BUY to presidency to promote their agenda that only helps them not the people in need.