Runaway SuperPACs and the Devolution of Mitt Romney

by Nomad

In yet another case of an "evolving" opinion, Republican Mitt Romney has once again betrayed the high-minded rhetoric of his past campaigns in favor of a more corrupt but lucrative political strategy. Romney has now made it quite clear, he has a price and he is ready to take bids.

Back in 1994 in Burlington, Massachusetts, Mitt Romney spoke about the growing influence of political action lobbying organizations. He told the gathered businessmen the Burlington Business Round Table, 

“I also would abolish PACs. You probably have one – I don’t like them. I don’t like the influence of money – whether it’s business, labor or any other group. I do not like that kind of influence. Lobbyists, I want to register, know who they are. I want to make sure gifts are limited. I think we have to really become much more vigilant in seeing the impact on money – and I don’t care how it’s organized – on politics.”

The "evolved" Romney of today is, however, far less idealistic and, with the Supreme Court's support of Citizens United, he seems quite willing to sell himself to whomever has the cash. Romney's SuperPAC (the nonsensically named) Restore Our Future announced in June that it had collected $100 million. Late last year, I wrote a detailed post on the early million dollar contributors to Restore our Future and the methods they used to remain covert. Open Secrets has a updated list of the names and amounts of the top contributors.

Leaked Notes for RNC Opening Speech: It's a WINNER!

Here are the leaked notes to the opening speech at Republican National Convention to be held in Tampa next month. It certainly covers all of the voting demographics. Sounds like a winning platform to me. 

Mitt Romney and The Ampad Affair: A Bain Success Story

by Nomad

T

here’s an old saying that you can judge a tree but by the fruit it produces. For people it is a case of looking at the actions and not merely by the words. That’s especially true with politicians.

In the Republican party’s presumptive nominee Mitt Romney’s case, if the things he has said can be pretty awful, his past actions are generally far worse. As a corporate head, his treatment of the American worker offers a clear picture of the kind of disdain, or at least, indifference, he harbors for the working class. In July 1994, a Bain-controlled paper company Ampad purchased a Marion Indiana paper plant. 

Two years before, Bain Capital saw Ampad as a troubled company in a thriving market, and so, began the process of restructuring, reducing waste and whatever else was needed with aim of taking the company public. In turn, as it had done with many companies, Bain would sell the stock of newly revitalized Ampad at a profit. 

This is what equity companies do. They buy companies with problems and after increasing their value, then sell them. There are many ways to boost profits, including cost-cutting, modernizing plants, adding products, expanding into new markets, and acquiring similar companies. It might even require hiring more workers. But that wasn’t the case in Ampad.

The Republican Party’s Problem Child: We Need to Talk about Mitt

by Nomad

I f you have been following the latest campaign news, you have undoubtedly heard that the presumptive nominee has finally got himself in what I call, the classic liar’s bind. 

That is, he has told so many different lies to so many people (and under oath as well) that there is now no possible way that any of them can be plausibly fit together into a “workable” truth. In short, the man the Republicans are counting on to put them back into power is an unmitigated mess. 

His timeline about when he left Bain Capital has recently been cast in significant doubt. Again. 

From the latest news, it seems as though he has lied under oath to either the SEC or the Massachusetts Ballot Law Commission. And if those reports are true that he was still involved in the decision making at Bain Capital, it opens a whole Pandora’s Box of problems. Bain’s corporate behavior after 1999 regarding closing of American companies, firing of American workers and outsourcing to China and Mexico will all undermine his claims of being a job creator. (For a examination of that issue click here and here.. and here.)

Mitt Finds a Mate? Michigan Governor Rick Snyder

by Nomad

While nearly every name -except Sarah Palin -has been floated, Michigan Governor Rick Snyder is the latest to be a possible vice-presidential pick for Mitt Romney.

Snyder's not what anybody would call a shining star, something of an unknown, but considering some of the other possible choices, lack of public familiarity isn't such a bad thing. In many ways, the selection of Snyder makes a lot of sense.

Last month, when Romney toured the state, he was joined by Snyder who stated:

“Our comeback is being slowed down by the mess in Washington And if you look at the issues there, they’re the same issues we had here. We need more and better jobs.”

Without question, things in the state have, indeed, been rough, but, as the LA Times reports, the situation is slowly improving:

When Obama took office in January 2009, Michigan’s unemployment rate was 11.3%. It rose to 14.2% in August 2009, but had slid back to 10.9% by the time Snyder took office in January 2011, according to the U.S. Bureau of Labor Statistics. Since then, it has declined further to 8.5%.

That's great news for one of the most desperate areas of the country. But that kind of news is probably not the best news for the Republican campaign. In an effort to find some kind of negative aspect, Snyder blames Washington for the delay in the improvement. Blaming Washington plays well, of course. 

However, when it comes to how the problem developed in the first place, some people thing, Snyder has a few fingers pointed in his direction.