Archive for January, 2008
[…] “McCain isn’t a prohibitive favorite, but he’s a strong one,” writes William Kirstol in a weeklystandard blog burst titled Kristol: The Next 12 Hours
What could change the situation? It’s hard to believe paid advertising across 22 states (even if Romney’s willing to splurge) could fundamentally change the dynamic. There could always be some sort of scandal, revelation, or gaffe, or course – though that would be far more likely if there were a new, suddenly-emerged frontrunner, than with the most veteran and best-known candidate in the field. So the most likely game-changer, if there were to be one, would be tonight’s debate. It’s likely to be Romney’s last direct shot at McCain. If Romney were to land a really telling blow, it could shape the narrative for the rest of this week. If not, if this debate follows the course of almost all its predecessors and has no decisive moment, then all attention turns to Clinton-Obama, and McCain should have a pretty clear path.
The Romney camp has twelve hours to come up with a startling factoid, formulation, or revelation. The McCain camp has twelve hours to prepare for any such eventuality. If McCain does well tonight, he should be the GOP nominee […]
Sen. McCain can win. But Romney cannot be defeated, at least not decisively, and at least not yet. Romney’s vast personal fortune, Sen. McCain’s ceiling of 36% in the earlier primaries according to Kristol, alleged conservative disaffection—all these things suggest that Romney could stick it out. However:
“Two questions come to mind” for Matt Lewis in a townhall.com blog burst titled Romney after Tsunami Tuesday?
- Would this shrewd business man, who has already spent well-over 20 million dollars of his own money, continue spending money on what could be a losing cause? Smart businessmen don’t throw away money.
- Would Mitt Romney want to be blamed for a Republican loss in the General Election. Fair or not, if he prolongs the race too long, that’s what some people would say …
Ronald Reagan went all the way to the Convention in ’76, and was rewarded with the nomination in ’80. That could happen for Mitt, too. Or, he could be more like Ted Kennedy — who was blamed for costing Jimmy Carter the election that same year […]
Our comments and reflections: Romney’s shrewdness does not extend to the management of his political operations. Evidence: his appallingly low ROI for his every campaign dollar.
And whether or for what Romney gets blamed will affect Romney’s decision not in the least—recent history alone predicts this. Romney had it within his power to attempt to repair the damage that his negative advertising wrought in Iowa and New Hampshire; he has had the chance to reach out to Gov. Huckabee and Sen. McCain supporters. But he never has, and he probably never will. Conclusion: the man simply does not care what people think of him, he does not care how much his arrogant behavior costs him in polling numbers or at the ballot box, and he has no loyalty to either party or principle to moderate his behavior.
Our prediction: Romney will stick it out to the end. When the GOP collapses into a smoking wreck, Romney will turn and blame conservatives for failing to support him in sufficient strength, intensity, or depth.
yours &c.
dr. g.d.
Jason Bonham quotes Romney in a race42008.com blog burst titled Romney on Good Morning America
[Romney] “I think there will be a movement within the Republican party to coalesce around a conservative candidate. Mike Huckabee, of course, might stay in, and that might be one of the reasons he does so – is to try and split that conservative vote.”
Is this a wish? Is this a prayer? Media pressure will soon begin to mount against the hapless candidate, so is this the rationale—the reasoning, the alibi—for sticking it out after Florida decided for the now “presumptive GOP nominee, the honorable Sen. John McCain?
Note that this new talking point represents no fresh thinking, no new analysis, no current assessment of the situation or its many factors. Precisely the opposite is the case: this is the same argument for Romney’s fitness as a candidate that Romney has retailed for months and months, the so-called two-man-race theme that dates back at least to Iowa. See:
Romney’s 2-man race theme; an alibi for collapsing poll numbers?—this is from way back in October
Michael Scherer elaborates on the 2-man-race theme from Petersburg FL in a http://www.time.com article titled Is Romney Fighting the Last War?
[…] The Romney campaign, humbled by recent defeats, now hopes to rebrand his insider strategy as an outsider one. As the candidate soldiers on to the 21 states that will vote on February 5, the campaign holds out hope that the old coalition can be reborn anew. “We feel as though the conservatives are beginning to rally around Mitt,” said Ann Romney, after her husband delivered an upbeat concession speech Tuesday night, in a downtown St. Petersburg theater.
A few minutes earlier, and a couple dozen feet away, Jay Sekulow, a senior advisor to the campaign, put it this way. “Conservatives have a choice now, and it’s a clear choice,” he said. “You have got a conservative and you have got John McCain, who does not take conservative positions on a lot of issues.”
Downstairs, in the theater’s press filing room, Al Cardenas, a Washington lobbyist who chaired Romney’s Florida campaign, continued in the same frame of reference. “We think that the conservative movement activists are now beginning to panic about losing their grip on the Republican Party,” Cardenas said. “They better start working hard, and they have told us they are going to have to start working hard.”
The new Romney strategy has two clear components.
- First, the campaign is determined to marginalize Huckabee, who continues to poll well in many southern states, bleeding off votes from the vital socially conservative leg of the Romney’s stool. “Huckabee has proven he can’t win in the south,” said Eric Fehrnstrom, Romney’s spokesman. “People are going to realize that this is a two person race right now,” said Sekulow.
- Second, Romney will spend much of the next week trying to drum up old conservative distrust of McCain, who leaves Florida with considerable momentum and already-high poll numbers in many of the states that vote on February 5. Though McCain has been hammered by some conservative voices, such as the radio host Rush Limbaugh, he has so far escaped the full ideological revolt that greeted him in 2000, when he lost the nomination to George W. Bush.
[Emphases and formatting are ours]
This final Romney gambit is likely to determine more than just the fate of one, well-heeled candidate. It could set the course for the Republican Party. In the old days, those who supported tax cuts for the wealthy worked closely with those who wanted to amend the constitution to ban gay marriage. Those who wanted to grow the size of the military made common cause with those who saw global warming as an environmentalist scare-tactic meant to interfere with free markets. Those who wanted to overturn Roe v. Wade also wanted to overturn campaign finance reform […]
On its face the claim that conservatives will suddenly awaken to the grim reality of a Sen. McCain candidacy and turn to Romney is plausible but requires argument. The most urgent question this suggests is simply why haven’t conservatives turned to Romney before now? Is it not also plausible—in fact, demonstrable—in fact, part of Romney’s own argument—that the so-called Reagan coalition is dead? And if Romney were the one who could truly pull the sword from the stone, or breathe life into the dead coalition, why hasn’t he done it yet?—we’re all waiting, Romney; don’t tell us what conservatives should do or shouldn’t do, instead: show us what you can do.
Our analysis: Here begins the race to the base, friends and well wishers. Sen. McCain will, we predict, begin to reach out to conservative personalities (right wing shock jocks, talking heads, celebrities, talking heads), professional conservatives (writers, analysts, columnists, editors, think tank researchers), conservative activists, issues coalitions, pressure groups etc. But now he can reach out to them from a position of power, having developed reliable evidence of
(a) his fitness as a candidate,
(b) his fitness as a developer of issues and a builder of coalitions.
Now Sen. McCain has something to offer the base: the influence that flows freely from proximity to power. This is how the primary process as political ritual is supposed to work. It reduces to a barter economy, a patron-client system of tribute where the coin is power and the exchange rate can be murderous.
Romney for his part will reach out to the base too, frantically, desperately, if only to counter Sen. John McCain. But Romney’s position is more tenuous, more perilous. Romney can only issue threats and dire assessments of a Sen. McCain presidency—in simpler terms, Romney’s task, as Romney himself describes it, is “to drum up old conservative distrust of McCain”—i.e. Romney’s task is to slime Sen. McCain so badly that he cannot win.
In other words, Romney is perfectly willing to take the party down with him. So, let Romney unleash if he can the “full ideological revolt that greeted [Sen. McCain] in 2000.” Recent history—Iowa, New Hampshire—would predict that the gotterdammerung that Romney plans for Gov. Huckabee and Sen. McCain will rebound upon himself. See:
yours &c.
dr. g.d.
[…] “But it’s true”—i.e. true that the presumptive GOP nominee is Sen. John McCain, writes the sniveling and asinine Michael Graham in a TheCorner blog burst titled, despairingly, It’s All Over
When the campaign comes here to Massachusetts on February 5th, I’ll proudly cast my vote for any option on the GOP ballot other than You-Know-Who. But it will be a futile gesture. Mr. “1/3rd Of The GOP Primary Vote” is going to be the nominee.
He’s going to win the big, left-leaning states on Tuesday. Huckabee will stay in and deny Romney a one-on-one contest for GOP voters that Captain Amnesty would almost certainly lose. The result: More wins for He Who Must Not Be Named, and fewer wins for Romney—regardless of delegate count.
Florida has launched the one ship that Romney’s money and Rush Limbaugh cannot stop: The U.S.S. Inevitable. It’s gonna happen. Even if there were a realistic pathway to stop him, the media have seized control of the process now and are declaring him inevitable. He is, after all, the favorite son of the New York Times.
So it is over. Finished. In November, we’ll be sending out our most liberal, least trustworthy candidate vs. to take on Hillary Clinton—perhaps not more liberal than Barack Obama, but certainly far less trustworthy.
And the worst part for the Right is that McCain will have won the nomination while ignoring, insulting and, as of this weekend, shamelessly lying about conservatives and conservatism.
You think he supported amnesty six months ago? You think he was squishy on tax cuts and judicial nominees before? Wait until he has the power to anger every conservative in America, and feel good about it.
Every day, he dreams of a world filled with happy Democrats and insulted Republicans. And he is, thanks to Florida, the presidential nominee of the Republican party […]
Note the bitterness. Note the spite. You think Sen. McCain was bad before, you Florida swamp-bunnies who allowed this to happen? You just wait. But what is worse for Graham is that he feels slighted by both Sen. McCain and Florida: “the worst part for the Right is that McCain will have won the nomination while ignoring, insulting and, as of this weekend, shamelessly lying about conservatives and conservatism.”
Translation: The voters have returned a decision that undermines the premises of the National Review itself. Further, these morons endorsed Willard Milton Romney.
Victor David Hanson pleads with his colleagues to not retail rumor without foundation and write responsibly
“At the risk of offending some in the Corner, I make the following observation about the recent posts-especially concerning those second-hand reports about what McCain purportedly said in Senate cloak rooms, or what is reported through anonymous sources about interviews he gave, or the legion of his other noted supposed sins,” writes Victor Davis Hanson in an NRO TheCorner post titled A Simple Warning
Note how the writer suddenly cannot a compose a clear or concise sentence.
Translation: This may offend some of you, but I need to comment on the rumors of what Sen. McCain is alleged to have said at this or that point in the past.
Back to Graham:
It is clear that the animus toward McCain shown by Romney supporters is growing far greater than any distaste those who support McCain feel for Romney. I am sympathetic to the McCain effort, but would of course, like most, support Romney should he get the nomination, given his experience, intelligence and positions on the war and the economy. I would worry about his ability to win independents and cross-overs, and note that his present positions are sometimes antithetical to his past ones, but also note that such concerns would be balanced by the recognition that it is hard for conservatives to get elected to anything in Massachusetts, that McCain in turn would have commensurate problems stirring the conservative base, and that McCain too has ‘adjusted’ on things like immigration et alia.
This is so unclear.
Translation: The animus of Romney supporters toward Sen. McCain is out of all proportion to the animus of Sen. McCain supporters for Romney. I support Sen. McCain. But I would support Romney were he to get the GOP nomination. I would still worry about how Romney polarizes people and his present inconsistency with positions he has taken in the past. But I would balance these concerns against how hard it is for conservatives in MA to get elected to anything. Sen. McCain, too, is going to face challenges because of his past positions.
Back to Graham:
[…] But all that said, at some point there should be recognition that some are becoming so polarized-and polarizing-that we are reaching the point that should a McCain win (and there is a good chance he will), and should he grant the necessary concessions to the base (chose someone like Thompson as his VP, take firm pledges on tax cuts, closing the border, etc), go on Limbaugh, Hannity, etc. for some mea culpas, all that still seemingly would not be enough. And if that were true, the result would vastly increase the chances of the Presidents Clinton, under whom there would be a vastly different Supreme Court, some chance of forfeiting what has been achieved in Iraq, and surely greater growth in government and earmarks […]
[…] Some here have become so polarized that should Sen. McCain win and grant all the necessary concessions to the base, that would still not be enough. The sad result of that would be a President Clinton or Obama […]
[…] Keeping all that in mind seems far more important than tracing down the anonymous source who claims McCain said something to someone at sometime […]
Translation: You NRO writers need to be responsible for what you write. Do not just reproduce rumors or issue a single candidate’s spin. Instead: pursue your sources, and cite your sources. Right now, colleagues, you are poisoning your own well; you are fouling your own nest.
We concur.
yours &c.
dr. g.d.
[…] “Neither Hillary nor McCain can claim the economy as an especial preserve,” argues Dick Morris in a http://www.dickmorris.com blog titled McCain may win, Romney can’t
Can Romney? Inexplicably, the McCain campaign has not spoken of the layoffs that must have accompanied Romney’s efforts to “turn around” failing companies. Hedge funds are notorious for cutting jobs and the Clintons will make Mitt eat every single one. McCain has no such vulnerability and, hopefully, will make Romney’s layoffs an issue before Super Tuesday.So McCain can win and Romney won’t. That’s the long and the short of it […]
“On the stump in economically struggling Michigan and South Carolina recently, Mitt Romney has been making the case that ‘it always makes sense to fight for every single good job,'” writes Lisa Lerer for the Politico in an article titled Romney changes tune on layoffs
But this position seems to be at odds with the Republican contender’s one-time role as chief executive officer of Bain Capital, a large private equity firm.
In 1992, the firm acquired American Pad & Paper. By 1999, the year Romney left Bain, two American plants were closed, 385 jobs had been cut and the company was $392 million in debt.
The next year, Ampad was forced into bankruptcy.
Bain Capital and Goldman Sachs bought Dade International for about $450 million in 1994.
The firm quickly fired or relocated at least 900 workers. Over the next several years, it sunk increasingly into debt and laid off 1,000 workers.
In 2002 — after Romney had left Bain — it filed for Chapter 11 bankruptcy protection.
A 1997 buyout of LIVE Entertainment for $150 million resulted in 40 layoffs, roughly one in four of the company’s 166 workers.
The job cuts affected all aspects of the company, from production and acquisition to legal and public relations.
In 1997, Bain bought a stake in DDI Corp., a maker of electronic circuit boards.
Three years later, Bain took the company public and collected a $36 million payout.
But by August 2003, the company filed for bankruptcy protection, laying off more than 2,100 workers.
Four months after the bankruptcy, unhappy shareholders sued company executives, the initial public offering underwriters and Bain for mismanaging the IPO and failing to disclose company financial information. (Romney was not named in the suit.)
In March, all the defendants settled for $4.4 million.
Some job losses can be a natural part of the private equity business.
Firms like Bain Capital buy controlling stakes in troubled companies, then revamp them and sell them for a profit — a process that can include management changes and “cost-cutting,” often code for job cuts […]
Yuh-huh. See:
- Gavin: “Throughout his 15-year career at Bain Capital, which bought, sold, and merged dozens of companies, Romney had other chances to fight to save jobs, but didn’t—His ultimate responsibility was to make money for Bain’s investors, former partners said.”
- Romney: MY feelings are more important than YOUR jobs
yours &c.
dr. d.g.
Wonkosphere is “your listening post for the 2008 Presidential Election,” and “the best place to keep a finger on the pulse of the 2008 Presidential election.”
[Wonkosphere] uses patented technology to scour the blogosphere and analyze what is being said, who is saying it, and whether they’re ranting or raving. Updated every 4 hours […]
yours &c.
dr. g.d.
“Mark Larsen of The Morning Magazine – heard weekday mornings from 6 to 9 am on NewsTalk AM 1040 in Tampa Bay, Flordia—interviewed Mitt Romney this morning,” writes Jason of the CanYouSpeakThis blog in a post titled Interview With Romney Pushes Mark Larsen To Support Ron Paul
The sneers and chuckles from Romney pushed him over the edge and drove him to support the only real candidate: Ron Paul.
Listen to an audio clip at YouTube.com.
yours &c.
dr. g.d.
P.S. We have no brief for the honourable Dr. Ron Paul. We are for whoever is opposed to Willard Milton Romney.
[…] “Most observers thought that debate was won by former Massachussetts Gov. Mitt Romney, but Mr. Romney handed back whatever advantage he might have won with some clumsiness of his own,” writes Jack Kelly in a realclearpolitics.com article titled Only Hillary Can Reunite Republican Party
Mr. Romney received a modest bump in the polls immediately after the debate, but it dissipated when Florida’s popular governor, Charlie Crist, and Sen. Mel Martinez, popular with Cuban-Americans, endorsed Sen. McCain. Both likely would have remained neutral were it not for the heavy handed tactics of Mr. Romney’s operatives, said the American Spectator’s “Prowler.”
The Prowler reported Monday he’d been told by a consultant who’s worked for both Gov. Crist and Sen. Martinez that: “It finally got to the point for the both of them that they just got fed up with the constant harassment. They weren’t going to endorse Romney, and under the right circumstances, one or both of them might have chosen to sit the primary out, but the Romney people just made it intolerable.”
Aggressive, obnoxious stupidity. None of the other candidates like Mitt Romney. This is an indication why […]
[…] Both Sen. McCain and Gov. Romney are too flawed to reunite and reinvigorate a dispirited Republican party. There is only one candidate who can do that. And she might lose to Barack Obama […]
Oh, how the mighty have fallen.
From the Prowler release that Kelly references:
[…] “In the past week both Florida Sen. Mel Martinez and Gov. Charlie Crist wavered on their promised endorsements for Sen. John McCain, before finally having their fill of the heavy-handed arm-twisting of the Mitt Romney campaign,” writes the Prowler for the American Spectator in a Washington Prowler column titled Heavy-Handedness Backfires
“It finally got to the point for both of them that they just got fed up with the constant harassment,” says a source close to both men who has worked for them as a political consultant. “They weren’t going to endorse Romney and under the right circumstances, one or both of them might have chosen to sit the primary out, but the Romney people just made it intolerable.”
In the middle of last week, it appeared that both Martinez and Crist would sit out what has become the battleground state for the Republican nomination for President.
It is believed that the Romney campaign has been able to use its candidate’s unfettered wealth to run a successful absentee ballot program, something the other campaigns have not been able to do as well. Those absentee ballots may swing Romney to victory, and keeping Martinez and Crist on the sidelines was part of the strategy for victory […]
Apparently the strategy included arrogant threats:
[…] If Sen. John McCain was anticipating endorsements from Sen. Mel Martinez and Gov. Charlie Crist in the Florida primary, he’s in for a disappointing surprise, according to Romney campaign aides.
“If those guys want a political future in this state, they will sit on the sidelines,” says one Romney adviser. “We have some of the biggest Florida fundraisers with us right now, and if Mel or Charlie went with McCain, we’d make them both pay when it came time for them to get donor dollars for another race.” […]
A dream is a wish your heart makes. And Romney operatives are thugs.
yours &c.
dr. g.d.
[…] “It’s the perfect opportunity for a Wall Street Republican to make the case that what the country needs now is good business mind, not a former war hero,” writes Rex Nutting, Washington bureau chief of MarketWatch, in a MarketWatch article titled Romney running for tycoon in chief; Commentary: Will business background be a plus?
Unfortunately for Romney, that appeal isn’t working in the Republican primaries.
Polls show that national security concerns continue to rank much higher among Republican voters, even if worries about the economy are growing. According to the Rasmussen Poll, Republican voters in Florida would rather pick a commander in chief than a chief executive for the U.S. economy.
Romney’s support has soared over the past two weeks, especially in Florida. He’s tied with Sen. John McCain in the latest polls ahead of Tuesday’s vote. But the Romney surge isn’t related to the bad news about the economy; rather, he’s picking up conservative voters stranded by Fred Thompson’s withdrawal from the race and Huckabee’s partial pullback from Florida.
Romney leads McCain among conservative voters, and he’s hoping that his message of economic competence could gain him support among voters who see themselves as moderates, where McCain holds a sizable lead.
Romney has been going directly after McCain, his chief rival for the nomination, accusing him of being out of touch on the economy. He has mocked McCain for saying “economics is not something I’ve understood as well as I should.”
McCain has fired back, saying that while Romney was making millions and working for “profit,” he was serving “patriotism.”
So far, the economic themes haven’t been registering for Romney.
According to pollster Scott Rasmussen, “McCain actually holds a slight lead over Romney among voters who name the economy as the top issue.” Seven of 10 Republicans say the best thing the government can do to help the economy is get out of the way, which is more McCain’s view than Romney’s.
Maybe Romney understands the economy, but it looks as if it’s McCain who understands Republicans.
If Romney can get past McCain and win the nomination, he’ll try to persuade independents and hesitant Democrats that his business background qualifies him to be president.
But if he does make it past the convention, it’ll be an uphill struggle to run as a tycoon after the mess Wall Street has made of the economy, with its overhyped dotcoms, its phony accounting, its bloated bonuses, and its toxic mortgages […]
The emphases are ours, all ours.
We heartily concur. See:
- Gavin: “Throughout his 15-year career at Bain Capital, which bought, sold, and merged dozens of companies, Romney had other chances to fight to save jobs, but didn’t—His ultimate responsibility was to make money for Bain’s investors, former partners said.”
- Flaherty: “Layoffs are a common result of private equity takeovers, with [Romney’s] Bain Capital no exception”
- Romney in FL wants credit for being a major player in the financial services sector—at the very moment that that sector is crashing and taking the US economy down with it
yours &c.
dr. g.d.
“Mitt Romney’s had an 8 to 1 television ad advantage in Florida … “ writes Marc Ambinder in a theatlantic.com blog burst titled Romney’s Major Florida Advantage
… part of the reason why he’s made the competitive. Heck, most of the reason he’s made the race competitive has been his ads.
According to Neilsen, he’s run 4,475 ads compared to John McCain’s 470 through 1/22.
McCain did not run a single ad until January; Romney ran more ads in September than McCain has run to date […]
8 to 1 advantage in television advertising. Yet Romney is deadlocked with Sen. McCain. Yet more evidence of Romney’s outrageously low ROI for his every campaign dollar. Yet more evidence that Romney’s funding levels are not a reliable indicator of his fitness as a candidate.
Also see:
- Tim Russert: Romney “could buy the (GOP) nomination”—our response: that was Romney’s intention all along
- Cox: “Romney has been accused of trying—though often failing—to buy elections—But Florida is the first state money really can buy.”
yours &c.
dr. g.d.
“In early 1995, as the Ampad paper plant in Marion, Ind., neared its shutdown following a bitter strike, Randy Johnson, a worker and union official, scrawled a personal letter to Mitt Romney, pouring out his disappointment that Romney, then chief executive of the investment firm that controlled Ampad, had not done enough to settle the strike and save some 200 jobs,” writes Robert Gavin of the Boston Globe in an article titled As Bain slashed jobs, Romney stayed to side
“We really thought you might help,” Johnson said in the handwritten note, “but instead we heard excuses that were unacceptable from a man of your prominent position.”
Romney, who had recently lost a Senate race in which the strike became a flashpoint, responded that he had “privately” urged a settlement, but was advised by lawyers not to intervene directly. His political interests, he explained, conflicted with his business responsibilities.
Now, Romney’s decision to stay on the sidelines as his firm, Bain Capital, slashed jobs at the office supply manufacturer stands in marked contrast to his recent pledges to beleaguered auto workers in Michigan and textile workers in South Carolina to “fight to save every job.”
Throughout his 15-year career at Bain Capital, which bought, sold, and merged dozens of companies, Romney had other chances to fight to save jobs, but didn’t. His ultimate responsibility was to make money for Bain’s investors, former partners said.
Much as he did when running for Massachusetts governor, Romney is now touting his business credentials as he campaigns for president, asserting that he helped create thousands of jobs as CEO of Bain. But a review of Bain’s investments during Romney’s tenure indicates that job growth was not a particular priority.
Romney’s approach at Bain Capital was more reflective of the economic philosophy articulated by his opponent, John McCain: to acknowledge that some less efficient jobs will be lost and concentrate on creating new jobs with potential for higher growth.
In many cases, such as Staples Inc., the Framingham retailer, and Steel Dynamics Inc., an Indiana steelmaker, the companies expanded and added thousands of jobs. In other cases, such as Ampad and GS Industries, another steelmaker, Bain-controlled companies shuttered plants, slashed hundreds of jobs, and landed in bankruptcy.
But in almost all cases Bain Capital made money. In fact, the firm earned substantially more from Ampad than Staples. Staples returned about $13 million on a $2 million investment; Ampad yielded more than $100 million on $5 million, according to reports to investors.
“It’s not that employment grows, it’s that their investment grows,” said Howard Anderson, a professor at MIT’s Sloan School of Management. “Sometimes its expansion, and sometimes it’s shutting things down” […]
[…] Bain acquired GS Industries in 1993. The steelmaker borrowed heavily to modernize plants in Kansas City and North Carolina, as well as pay dividends to Bain investors. But as foreign competition increased and steel prices fell in the late 1990s, the company struggled to support the debt, according to Mark Essig, the former CEO. GS filed for bankruptcy in 2001, and shut down its money-losing Kansas City plant, throwing some 750 employees out of work.
Ampad, too, became squeezed between onerous debt that had financed acquisitions and falling prices for its office-supply products. Its biggest customers – including Staples – used their buying power and access to Asian suppliers to demand lower prices from Ampad.
Romney sat on Staples’s board of directors at this time.
Creditors forced Ampad into bankruptcy in early 2000, and hundreds of workers lost jobs during Ampad’s decline. Bain Capital and its investors, however, had already taken more than $100 million out of the company, in debt-financed dividends, management fees, and proceeds from selling shares on public stock exchanges.
By the time Ampad failed, Randy Johnson, the former union official in Marion, Ind., had moved on with his life. After the Indiana plant shut down, he worked nearly six months to help the workers find new jobs. He later took a job at the United Paperworkers union.
“What I remember the most,” said Johnson, “were the guys in their 50s, breaking down and crying.”
In his reply to Johnson’s letter, Romney said the Ampad strike had hurt his 1994 bid to unseat Senator Edward M. Kennedy, and no one had a greater interest in seeing the strike settled than he.
“I was advised by counsel that I could not play a role in the dispute,” Romney explained, adding, “I hope you understand I could not direct or order Ampad to settle the strike or keep the plant open or otherwise do what might be in my personal interest” […]
Yuh-huh. See:
- Romney: MY feelings are more important than YOUR jobs
- Flaherty: “Layoffs are a common result of private equity takeovers, with [Romney’s] Bain Capital no exception”
- Samuelson: “it is becoming clear that capitalism’s most dangerous enemies are capitalists”—our conclusion: capitalists like Romney
- Etc., etc.
yours &c.
dr. g.d.
willard milton romney
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- Former Utica Mayor and School Board President Pleads Guilty to Mail Fraud Scheme (US Department of Justice)
- Biden taps Obama, George Clooney, Julia Roberts and the Clintons for mega fundraisers (NBC News)
- Trump appointee blasts Fifth Circuit over "landmines" in its recent decisions (Chris Geidner/Law Dork)
- A wargame simulated a 2nd Trump presidency. It concluded NATO would collapse. (Michael Peck/Business Insider)
- He's Running for Senate With an Immigrant's Origin Story. Here's the Rest. (New York Times)
- Switzerland's Nemo wins 68th Eurovision Song Contest after event roiled by protests over war in Gaza (Jill Lawless/Associated Press)
- Trump insults prosecutor at Jersey Shore rally filled with vulgar jabs (Marianne LeVine/Washington Post)
- Trump blasts Biden as 'total moron' before crowd of 100K at NJ rally: 'Whole world is laughing at him' (New York Post)
- Manafort will no longer take on Republican convention role (Washington Post)
- Trump, escalating attacks at rally, says Biden is 'surrounded by fascists' (Politico)
- latest Romney
- Inside Utah Politics: Sen. Mitt Romney and a military veteran - MSN
- Who will replace Sen. Mitt Romney? Trump endorsed in the race – Deseret News - Deseret News
- Mitt Romney says his dog scandal doesn’t compare to Kristi Noem’s: ‘I didn’t shoot my dog’ - The Guardian US
- Sen. Romney links TikTok ban to pro-Palestinian content - Axios
- Mitt Romney Reveals Twisted Reason Why Congress Moved to Ban TikTok - The New Republic
- Romney and Blinken blame TikTok and social media for ‘awful’ PR against Israeli war effort in Gaza - The Independent
- Romney: ‘You don’t pay someone $130,000 not to have sex with you’ - The Hill
- Utah Republicans to select nominee for Mitt Romney's open US Senate seat - The Associated Press
- Can Biden Make Trump Seem Like Mitt Romney? - The New York Times
- Lawmakers Admit They Want to Ban TikTok Over Pro-Palestinian Content - Rolling Stone
who is willard milton romney? 