Mitt Romney’s business record: Ten things you need to know

[eridani]

http://www.barackobama.com/truth-team/entry/mitt-romneys-business-record-the-ten-things-you-need-to-know

1.Romney was not in the business of creating jobs: As a corporate buyout specialist, Romney and his partners made millions for investors mostly by buying and selling existing businesses, as opposed to helping create new ones. As Romney’s own colleague said, “I never thought of what I do for a living as job creation ... The primary goal of private equity is to create wealth for your investors.”

Learn more about Romney’s model of business here.

2.Romney loaded companies up with debt, driving several into bankruptcy: Using what’s called a “leveraged buyout,” Romney and his investors would take control of a business, paying only a fraction of the total price. The rest would be paid for by loading the company up with debt that it would be responsible for paying back. Sometimes his firm would keep loading on debt to have the company buy other companies or would use the borrowed money to pay out a “dividend” to themselves—ultimately piling on enough debt to drive the company into bankruptcy.

[beac]

1. I really hope Obama goes there and uses "vulture capitalism" in the debates. n/t