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Bain-Owned Firm Files for Chapter 11

Contec Holdings Ltd., the cable-box repair company owned by Bain Capital Partners, filed for Chapter 11 bankruptcy protection Wednesday with a plan in hand to restructure some $360 million in debt.

Senh: This sounds familiar. Bain buys a company, saddle it with debt, force it to go into bankruptcy, and then leaves with millions for their "management services."

 

Matt Taibbi: 'Mitt Romney Is One Of The Greatest And Most Irresponsible Debt Creators Of All Time'

Mitt Romney

According to Rolling Stone contributing editor Matt Taibbi, Mitt Romney made his fortune exploiting two strategies that the Republican presidential candidate now decries: creating massive amounts of debt and milking federal government handouts... "The entire purpose of the business model that Romney helped pioneer is to move money into the archipelago from the places outside it, using massive amounts of taxpayer-subsidized debt to enrich a handful of billionaires. It's a vision of society that's crazy, vicious and almost unbelievably selfish, yet it's running for president, and it has a chance of winning."

Senh: If you still don't know how Mitt Romney became super rich, this article explains it all pretty well. It's scary that he could be the President of the United States.

 

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