I originally posted this diary yesterday and then found lots more details from some comments AND then I find this article by Wayne Barrett at The Daily Beast
Clear Channel’s Directors Give Big to Romney, Who Won’t Criticize Limbaugh
that goes into lots more details about the original transaction AND the ongoing relationship....
Here's the original diary from yesterday http://www.dailykos.com/...
PLEASE READ THE COMMENTS as they add a lot more depth with detailed information.
This from a commentator:
because his wife and children inherited Clear Channel from her deceased father. They listed Rep McCaal (R-Texas 10th district) as having $300+ million.
and this
$7.4 million in 2010, $5.4 million in 2011
regarding the Mittster's income stream from Bain
Here's the link to the full article http://www.thedailybeast.com/...
The summary:
The directors of Clear Channel, which hosts Rush Limbaugh’s show, have been big donors to Mitt Romney’s campaigns, which might help explain why Romney has been so reluctant to criticize Rush.
And this is from my diary yesterday:
If the above is true, Romney loses financially if Limbaugh's show suffers? I'm sure that show makes a ton of money for CC. I'm sure that doesn't explain his tepid response to the Fluke controversy(that's just a lack of gonads) but is still weird.
And here are the salacious details:
Romney’s former company, Bain Capital, acquired Clear Channel in 2008 with another Boston-based investment firm, Thomas H. Lee Partners (THL), so five of the entertainment company’s directors that have given to Romney come from Bain,
Let's play connect the dots... Bain/THL assume most of the directorships in Clear Channel
The $26 billion merger, which was launched simultaneously with Romney’s first presidential candidacy in late 2006 and placed Limbaugh, Sean Hannity, and much of the talk-show right under Bain/Lee control, also involved Romney’s longtime law firm, Ropes & Gray, whose managing partner is the trustee of the family’s blind trust.
Giving them effective control of the right wing radio juggernaut. Same law firm as manages his blind trust? Yup, the same blind trust that he uses as a defense when questioned about his finances.
While Bain partners, employees and family members, including the Clear Channel directors, have given a combined $4.7 million to Romney’s two presidential campaigns, THL also has a long history of Romney support, with some donations dating back to Romney’s first, unsuccessful run against Massachusetts Sen. Ted Kennedy in 1994. THL tallies $180,300 including its Putnam affiliate and led by its co-chairs, Scott Schoen, Anthony Dinovi, and Scott Sperling. With Sperling’s wife and son contributing as well, Sperling has donated $25,100 to Romney, starting in 1994. In The Real Romney, the recent biography written by Boston Globe reporters Michael Kranish and Scott Helman, Sperling is credited with spearheading “the biggest investment of Romney’s career,” the highly lucrative purchase and quick sale of a credit company named Experian. Sperling is a Clear Channel director, and THL and Bain are deeply invested in the company, one of the largest deals ever done by either equity firm.
Of course, ALL of them contribute BIG TIME to their benefactor's campaign because they ALL feed from the same trough.
The timing and size of these donations demonstrate Romney’s continuing close ties to those at the helm of this media giant, which has so far taken a hands-off policy about Limbaugh.
Well, why not? Why kill the goose that lays the....
“We respect the rights of Mr. Limbaugh, as we respect the rights of those who disagree with him,” Clear Channel’s Premiere Networks said in a statement. While media companies, including Clear Channel, have terminated or suspended hosts for over-the-top comments, the company appears as unwilling to take on Limbaugh as Romney has. Clear Channel awarded Limbaugh an eight-year, $400 million contract when the Bain/Lee acquisition closed.
Yup, you protect my back, I will protect yours. Something stinks here.