Skip to main content
No. of Recommendations: 0
Wow. You really don't know anything about him, do you.

He started his business with a loan from rich daddy. He then proceeded to run it into the ground, and ended up lobbying for a bailout from the government. He got the bailout, and somehow also ended up with $10M from FDIC. He then proceeded to become a vulture capitalist, creating nothing but his own personal wealth.

Here's David Stockman (from the Reagan administration) with more on this:

http://www.thedailybeast.com/newsweek/2012/10/14/david-stock...

Except Mitt Romney was not a businessman; he was a master financial speculator who bought, sold, flipped, and stripped businesses. He did not build enterprises the old-fashioned way—out of inspiration, perspiration, and a long slog in the free market fostering a new product, service, or process of production. Instead, he spent his 15 years raising debt in prodigious amounts on Wall Street so that Bain could purchase the pots and pans and castoffs of corporate America, leverage them to the hilt, gussy them up as reborn “roll-ups,” and then deliver them back to Wall Street for resale—the faster the better.
Print the post  

Announcements

What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.