Wednesday, April 11, 2012

Difference

This is a quote from Wikipedia about Mitt Romney and his time at Bain Capital:
"Bain Capital's leveraged buyouts sometimes led to layoffs, either soon after acquisition or later after the firm had left.[55][48][60][61] How jobs added compared to those lost due to these investments and buyouts is unknown, due to a lack of records and Bain Capital's penchant for privacy on behalf of itself and its investors.[66][67][68] In any case, maximizing the value of acquired companies and the return to Bain's investors, not job creation, was the firm's fundamental goal, as it was for most private equity operations.[61][69] Bain Capital's acquisition of Ampad exemplified a deal where it profited handsomely from early payments and management fees, even though the subject company itself ended up going into bankruptcy.[48][62][69] Dade Behring was another case where Bain Capital received an eightfold return on its investment, but the company itself was saddled with debt and laid off over a thousand employees before Bain Capital exited (the company subsequently went into bankruptcy, with more layoffs, before recovering and prospering).[66] Bain was among the private equity firms that took the most fees in such cases."[57][62]... (Above emphasis mine.)


By 2010 and 2011, Romney and his wife were receiving about $21 million a year from investment income, of which about $3 million went to federal income taxes (based upon the beneficial rate accorded investment income by the U.S. tax code) and about $3.5 million to charity, including to the LDS Church.[76][77] In 2010, the Romney family's Tyler Charitable Foundation gave out about $650,000, with some of it going to organizations that fight specific diseases.[78]
That works out to a tax rate of 14.3%. Most of us pay more like 35% on unearned income.


We will have a choice for President of the United States between a man, who after graduation from Harvard Law School, could go to a large law firm and earn "BIG BUCKS" but who decided instead to be a community organizer in Chicago and work in low income areas and assist those who lived there. Or we can choose a man who ... well see above.

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