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View Diary: Holy crap: Romney's old firm and Limbaugh (4 comments)

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  •  Bain Capital & partner spent almost $20 billion (2+ / 0-)
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    subtropolis, kurt

    that's with a "B".

    Maybe that's why Romney can't bring himself to condemn Rush. Well, plus his afraid to piss off the base.

    From the WSJ January 12, 2012 - it wasn't such a good deal:

    Perhaps the messiest buyout of the buyout boom was the roughly $20 billion takeover of radio-and-billboard company Clear Channel Communications. The deal, led by private-equity firms Bain Capital — a.k.a., Mitt Romney’s old firm — and THL, took multiple trips to court, a price cut and about two years to close. And if you get people at Bain and THL to take some truth serum, they’ll tell you it was possibly the worst deal they’ve ever done.
    Plus fromForbes February 1:
    In a January 30 report, Moody’s Investor Service said that Clear Channel has $16.5 billion in debt coming due by 2016, the largest debt stock of any company with a rating of B3 or lower [a highly speculative rating] in that time. The agency gives Clear Channel bonds a junk Caa2 rating that indicates very high credit risk.
    Good find Jonathan.

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