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Sometimes it pays to be a heartless, Job-crushing Millionaire ...

and Pays, and Pays, and Pays ...

Romney still making millions from Bain: report
Reuters -- Dec 19, 2011

In the final deal of his private equity career, Romney negotiated an agreement with his former partners that has paid him a share of Bain's profits ever since, bringing his family millions in income each year and bolstering the fortune that has helped finance his political aspirations, the paper said.

Nice "Work" if you can get it -- right Mitt?

Who knew being a multi-tasking Job Destroyer could pay so well ...

Well, HOW well does it pay?

What kind of income does Mitt get -- for just being Mitt?

13 Years After Quitting, Romney Still Makes Millions From Bain Capital
by Christopher Robbins, --  Dec 19, 2011

But if Romney didn't ask for a larger piece of the pie at the time, the company's growth has done it for him. In 1999, Bain managed $4 billion in assets. In 2005, it had grown to $21 billion, and currently, it holds around $66 billion. Out of Romney's estimated net worth of $190-$250 million, between $12.4 million and $60.9 million are Bain assets, according to a 2011 campaign disclosure. The total could be far more because of blind trusts and other assets held by Romney's wife.

[...] what may matter most about Romney's Bain income in a showdown with Obama is how it's taxed 15% instead of the usual 35%, because it is seen as "carried interest." A law professor notes that the carried interested exemption -- or "carried," as it's called by the people lucky enough to benefit from it -- is part of a set of options that are not available to the ordinary taxpayer. [...]

Romney hasn't worked in the private sector for 13 years, so it's unclear when he has "labored" over these recent profits. But the former governor wants you to know that he's living paycheck to paycheck, just like us.

And it's not just any old sweat-equity Income either;  it's that fancy 1%-er Income, called "carried interest" -- which gets that special Non-patriotic Tax Rate of 15%  ... Nice Tax Loophole if you can get it, right Mitt?  

No wonder Willard the Job Cremator "likes firing people" -- because it pays really, really well.

Why You Cannot Say You 'Like' Firing People
by James Fallows, The Atlantic -- Jan 9 2012

[Romney] was making a reasonable point about the need for choice and competition -- just as John Kerry was making a reasonable point about the different stages of the legislative process when he said "I actually voted for the $87 billion, before I voted against it." It was completely "unfair" to use that line against Kerry, because if you stopped to listen to his reasoning, the phrase was merely one clumsy out-of-context portion of a larger "sensible" statement about how Congressional politics works. Exactly as with Romney and "firing."

But of course that clip hurt Kerry -- in part because the Bush campaign team immediately rammed it home, and in part because it connected with an existing vulnerability or impression about Kerry. I think this moment from Romney may hurt him too, for all the "unfairness" of criticizing what he said, because it touches something so emotional and raw.

Fair is fair.  I think you guys call it "swift-boating," right SuperPAC operatives?

I wonder if Mitt is liking that Heat in that Kitchen yet?

If not, well he can always explain: How we can all become Millionaires like him too.

Afterall the world could always use more Job Destruction -- right Mitt?   There's still Workers out there, just waiting to be shown the downsizing door.  So many Jobs, so little time ...

No wonder you don't want those Tax Returns scrutinized, Mitt -- you just might get Fired yourself, before you even get to the 3rd interview.  Bummer Dude.

It sucks to be on the other side of the "Pink Slip" threat for a change, eh Willard?  No worries, there's always a bright future in Lobbying, for a guy with your rationalization skills ...

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Comment Preferences

  •  1% Mitt is going to hear about... (5+ / 0-)

    Bain for the next 298 days, and ultimately, I think it will bring him down.

    “I trust in God, but God wants to see us help ourselves by putting people back to work.” President Obama 11/2/11

    by BarackStarObama on Thu Jan 12, 2012 at 10:26:05 PM PST

    •  I think you're right. The evisceration (5+ / 0-)

      of our industries and communities occurred before the dot com bubble and then the housing bubble.  So, those disasters sort of overshadowed what came before.  But, middle America wouldn't have needed to "liberate the equity in their houses (and farms) for the market," if their regular earnings hadn't been severely depressed by the shuttering of whole industries.
      Romney is a trader.  Traders delight in moving things around, without giving any thought to whether they're needed or not.  Oddly enough, traders do not figure in our economic theory, which is constrained to dealing with producers and consumers. It's as if the traders and merchants didn't even exist and that's where all the mischief lies.

      People to Wall Street: "LET OUR MONEY GO"

      by hannah on Fri Jan 13, 2012 at 02:32:12 AM PST

      [ Parent ]

      •  Of course all of us are sooner or later, traders. (3+ / 0-)

        But as the bearded Marx observed in Das Capital, not all traders trade alike. Some trade goods for money to acquire other goods. Capitalists trade money for goods to acquire other people's money.

        Courage is contagious. - Daniel Ellsberg

        by semiot on Fri Jan 13, 2012 at 05:02:56 AM PST

        [ Parent ]

        •  These guys trade money for (2+ / 0-)
          Recommended by:
          semiot, cassandracarolina

          financial instruments that go bad, if they're not bad to begin with.  There are no goods in "creative destruction."

          I wonder if these triangulators behave as they do because they simply don't get direct connections.  All their behavior is ulterior or indirect as if their signaling system were out of whack. Imagine having to rely on echos and never knowing where the sound originates.  It must be a very confusing situation.

          People to Wall Street: "LET OUR MONEY GO"

          by hannah on Fri Jan 13, 2012 at 05:35:21 AM PST

          [ Parent ]

        •  Also, money used to be finite (2+ / 0-)
          Recommended by:
          semiot, cassandracarolina

          (certainly when Marx was writing).  Having it transformed into an infinity of symbols must be very discombobulating. Trying to control the economy by controlling the currency is to swim against the tide.

          Much as writing renders our ideas visible on the page and memorable, money incorporates value in numerical symbols that don't have any intrinsic value now that they're no longer composed of precious metals. Money makes values tangible and, ipso fact, easier to keep track of.
          People who hoard the stuff have power in being able to deprive others (temporarily) of its use, but they don't have any real wealth.  For money to have value, it has to be spent, much as an idea, to be worth something, has to be expressed (shared).  Shouting at the mountains doesn't count.

          People to Wall Street: "LET OUR MONEY GO"

          by hannah on Fri Jan 13, 2012 at 05:45:29 AM PST

          [ Parent ]

  •  "swiftboating" refers to something (2+ / 0-)
    Recommended by:
    semiot, cassandracarolina

    different.  The swiftboat veterans agenda was to call into question a known and recognized achievement of which Kerry could be properly proud and denigrate his service to the country (in the military, as a veteran objecting to the war and as a public servant).  The reason it was so effective was because it is hard to defend oneself against false accusations, even more so in an area where it's not expected.
    Moreover, back then our awareness of how such slander works was not as keen, so Kerry's supporters weren't prepared to offer a defense either.  It seemed such an outlandish charge, it took almost everyone by surprise.

    Willard Romney is a grossly flawed man.  He's got no moral core.  If he's being closely directed, like a robot whose wires are all properly connected, his behavior is acceptable.  Left to his own devices, he's a mess.  Since corporations are organized so that nobody does anything that he's not been instructed to do, the corporation is the ideal venue for such a person.  
    We used to refer to paper-shufflers, forgetting that those papers were filled with directives which got pushed around until they landed with someone who would try to carry them out.  If they worked, the boss took the credit; if they failed, someone down the totem pole got fired.  Romney, because he came in with money, started as a boss.  He's never had to do anything but issue directives.

    Nice that we have the names and faces of some of the people who got the ax whenever Bain failed.

    I hope they don't make too much of an issue over the tax rate.  It's my guess that Willard doesn't even care and he probably doesn't know how much money is in his accounts.  He obviously doesn't know how to use it.  Why else would he order up a bigger house when he's never even home?

    Money is a symbol.  In Willard's case, it's a symbol of obsessive greed and lust and pride.  We don't know if he envies his dad, but if he does, that's four of the seven deadlies. Money actually makes it easier to identify where people's weaknesses lie.

    People to Wall Street: "LET OUR MONEY GO"

    by hannah on Fri Jan 13, 2012 at 02:23:19 AM PST

    •  The real problem with Mitt (1+ / 0-)
      Recommended by:
      Willard Romney is a grossly flawed man.  He's got no moral core.  If he's being closely directed, like a robot whose wires are all properly connected, his behavior is acceptable.  Left to his own devices, he's a mess.

      Very well put, hannah. I also wonder whether his attraction to the whole world of "betting" on outcomes in the Bain deals was not some kind of addiction, the gambler's adrenaline rush. 22% of his deals apparently lost money, probably some of them lost a lot of money, but when he won, he won BIG.

      Gambling is probably taboo in the Mormon faith, but this kind of gambling might have given Mitt the perfect "cover". It's not gambling if he's using someone else's money, and if some of the proceeds go back to his church. It still has all the thrills and more of the greatest evening at the casino, and the odds are a lot better.

      The nervousness we see in Mitt in any social situation may be the manifestation of continuing withdrawal symptoms now that his Bain gambling days are behind him and he's trying to reinvent himself. It's not working.

      You cannot enlighten the unconscious.

      by cassandracarolina on Fri Jan 13, 2012 at 06:39:31 AM PST

      [ Parent ]

  •  Leave Mittens' money aloooone! (1+ / 0-)
    Recommended by:

    Courage is contagious. - Daniel Ellsberg

    by semiot on Fri Jan 13, 2012 at 04:57:24 AM PST

  •  Mittens is vulnerable on Bain and on his religion. (1+ / 0-)
    Recommended by:

    Mormonism is even more invasive than Catholicism.  He was a bishop in the church which conveyed a great deal of power, the details of how he exercised that power will make most people very uncomfortable.  Read the new Vanity Fair piece.

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