Important! Starting Monday, June 13, 2011, the Paul Drockton Radio Program will Start at 2 PM Pacific, 3 Mountain, 4 Central, 5 Eastern and run for two full hours on Renseradio.com (Click on the Windows Media Player to listen)
In politics, sometimes the worst thing that can come out about a candidate is the truth. Mitt Romney has portrayed himself as a job creator that will get the American economy back on the right track. His failure to get 50% of the vote in Iowa and New Hampshire shows that an "anyone but Romney" attitude prevails within the Republican Party.
Now things get interesting. Romney will face-off with Ron Paul and others in South Carolina. The latest polls show Romney in a statistical tie with Gingrich. (Source)
Newt Gingrich's "Super PAC" has just released its South Carolina surprise, and its a doozy. The documentary is called "When Mitt Romney Came to Town". It interviews real people accross the United States that lost their jobs and communities to Mitt Romney, corporate raider.
The film also demonstrates how Romney bankrupted 4 relatively large companies for fun and personal profit. It seems that he really does enjoy firing people. Romney is accused of running "pump and dump" schemes whereby:
1. Bain Capital takes over a company
2. Romney drastically cuts payroll (fires employees) to raise company profits and starves production.
3. Lehman rates the company as a "strong buy" and the stock surges.
4. Romney heavily leverages the company with debt to sell his and Bain's stock in the company at a ridiculous profit.
5. Once Romney and Bain milk the company for all its worth, the stock price collapses.
6. Since Romney ran a Hedge Fund, it is more than likely that he and Bain also made a fortune in Put Options on the company's declining stock.
In one example:
"KB Toys was purchased and taken private in 2000 by the leveraged buyout firm of Bain Capital for $305 million, Bain announced the purchase on Dec. 8th, 2000. Only $18 million of the purchase money was cash, the rest was borrowed against the assets of the company.Sixteen months after the buyout, Bain Capital paid itself $85 million in dividends in early 2002. Two years later, due to... its enormous debt, on January 14, 2004, K·B Toys filed for Chapter 11 bankruptcy protection and closed 365 stores.
K·B closed 156 stores on November 8, 2007. The Gordon Brothers Group handled the liquidation of these stores. On February 9, 2009, K·B closed the remaining stores following the second bankruptcy filing in four years. In addition, K·B Toys' website was closed down.
The K·B Toys brand and related intangible assets were sold by Streambank LLC to Toys R Us on September 4, 2009 for a reported $2.1 Million." (Source)
Romney and Bain cost America 16,000 jobs when they took down KB Toys. (Source)
I will be playing and discussing the video on my radio show this afternoon. You can also watch it HERE
Romney claims to have a net worth of $250,000,000. That figure does not include all of his offshore holdings. The man likely made billions off of the pain and suffering of his fellow Americans. Not a good image during the 2nd "Great Depression's" election year.
Obama would have a field day with this stuff come November. Just another reason for Republicans to vote Ron Paul.