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I always see people complaining that Romney has money, how is this bad? He knows how to make it and balance it, isn't that what we would want in a president? He could fix the economy maybe since he knows how to handle money. So what if he has it in foreign accounts? With the taxes we have you know that if any of you on yahoo answers had millions of dollars you would store it where it wasn't taxed also. (I don't even know if he does this, just rumors) I don't get it, whats wrong with him having money?
It is bad because he made his money using the same strategies that millionaires always use: Tax evasion, hidden accounts, blind trusts, etc. Why would he implement more taxes to himself and his friends? He won't. If you look at his budget he cuts everything from the middle class, and leaves the rich untouched rolling in their millions in their swiss bank account.
Truth is everyone in the U.S would do the same if given the chance, we all like money, most of us never had the chance or ability to make millions, Romney aside, all businesses that went overseas done it to make more profit and to get away from government control. We all buy these products because they are cheaper, and we can afford them, go in clothing stores look at the label, China,India and so on. Who wants to pay higher taxes,insurance,wages and higher benefits to American workers when they do not have to, it is a shame that our government has made companies to have to go overseas to make a profit. The government got Japan to bring business to the U.S and hire Americans, they done it with incentives and tax breaks, of course prices are so high on automobiles because of the increased labor prices. Government has hurt the economy by being so large and controlling, look at the farmers in the U.S they do not grow crops so they can get the prices up, food would be a lot cheaper if he government would encourage farmers to grow food instead of paying them not to do so. If food,housing and necessities were affordable people would not have to make as much to be able to live, and more employers would hire.
It's the way he got it - leveraged buy outs. In a LBO a firm (like Romney's Bain) piles a company with a lot of debt so they become weaker and the firm can buy them. Then the company has to borrow a lot of money to pay the debt they owe and the firm takes a profit from this borrowed money. In the past when private equity firms used LBO's the firm had an interest in making the company they bought out more profitable so it was a win-win situation. The NewYorker explains 'But between 2003 and 2007 private-equity funds took more than seventy billion dollars out of their companies. These dividends created no economic value—they just redistributed money from the company to the private-equity investors. As a result, private-equity firms are increasingly able to profit even if the companies they run go under—an outcome made much likelier by all the extra borrowing—and many companies have been getting picked clean'. One company Romney got involved with was his friend's company Staples. Which Romney did improve. However, as Boston.com reports- 'Mitt Romney testified under oath in 1991 that the former wife of Staples founder Tom Stemberg got a fair deal in the couple’s 1988 divorce, even though the company shares Maureen Sullivan Stemberg received were valued at a fraction of Staples’ stock price on the day of its initial public offering only a year later' .On April 28, 1989, the company made its initial public offering at $19 per share and ended its first day at $22.50. This came barely a year after Sullivan Stemberg’s sale of more than half of her shares at less than $2.50 a share (she got screwed and they knew it). Romney “In my opinion, that’s a good price to sell the securities at,” spoke at the Republican National Convention last summer, saying that Romney “never looked at Staples as merely a financial investment. He saw the engine of prosperity it could become.”
It's not bad because Romney has money. In fact, Obama himself is a multi-millionaire! The bad thing is how he got the money. One thing was that he was born into a rich family, born into money. That is why you hear some people say Mitt Romney "grew up with a silver spoon in his mouth". The reason for that saying is because he is out of touch with the 99%, that he doesn't truly understand their problems because he has been in the 1% nearly his entire life. Also, as you probably know, he worked at Bain Capitol. Yes, Romney is experienced with business and may know how to get our economy up and running again, but do you know what he did? As the CEO of Bain Capitol, he raided companies using other peoples money to buy controlling shares, leverage the assets and leaves companies to go bankrupt and put millions of people out of work. Romney is a rich man, but how he got rich makes me a little sick sometimes. He is too attached with those greedy corporate businessmen who only care about money and nothing else, which is why he does not have my vote.
People are hypocrites and want everyone to pay but themselves that is the problem. A friend of mine was trying to make the point that Romney claimed some of his charitable donations as tax right offs and said they were only done for that.. My response was.. 1. There are other ways for a business owner to go about avoiding taxes. You do not pay income tax on it until you claim it as income so he could have invested that money or done over things with it aside from give it away. 2. You would write it off as well but I know for a fact you do not make enough money to do itemized deductions. You simply don't pay enough taxes to do it. 3. You and every other person in the USA attempts to pay as little taxes as possible so until you pay the maximum icome tax rate for our bracket stop complaining. But it's like I said Americans have become selfish hypocrites. Tax the rich, cut military, cut social security, don't cut my social programs tax the working class.. No one wants to make sacrifices they all want it coming out of someone else's pocket.
I can't believe we live in a age where being successful is a sin. Him having money just shows me he is a smart businessman. Jealousy is what I'm thinking. Obama better with money? Roflmfao. 16 trillion and rising. Think people, think. Quit looking for hand outs. If anything Romney should be the poster guy for The American Dream. I'm not saying we all are gonna be millionaires. We should just strive everyday to work harder and be a better person. Not sit on the couch and wait for the mail everyday. I don't feel sorry for any of them.
Claire, The Democrats and Obama wants the U.S. to become a socialist republic like Russian and China. Stock market investors small and large can easily determine if their mutual fund has allocation to foreign stocks.
The far left who want Obama to win don't like it that Romney has enough money to run ads to convince people that Obama is not the right man for the job. It's good Romney has the money; otherwise he wouldn't be able to fight against such lies and schemes that Obama and his supporters have thought up.
You do not have to be that smart to be successful in Business. In fact many of the most successful people in Business have worked their way up from nothing. Being successful in Business can often be as a result of being quite dishonest (look at the number of Wall St crooks). However being dishonest (remember in most trades/transactions there is a loser as well as a winner) in order to make money can and does lead those people to often be highly creative and risk takers. Creative types are at a higher risk for behaving unethically because they find it more easy to find reasons why their behaviour is not a problem. In other words, original thinker’s scientist’s educators etc, are more ethical and tend to be lower risk takers and although they may know a lot more stuff can appear quite boring on the surface. Business people (like say Romney) can be more depraved than the rest of us; they’re just better equipped to find ways of being dishonest without compromising their own self regard. Being a psychopathic liar may be new-jersey for business but it takes more to be a President.
Erlina- Do you have brain damage? Can you talk like a normal human being? Romney has money because he worked for it. You make it seem like he is so greedy and he is just handed money... when really you socialists are greedy and expect money to be handed to you. I cant even believe this bullshit about him being born into money. Guess what! My all of my grandparents have money A LOT of money... but my parents are just average middle class. So why do my parents not have more money??? Because it is not my parents money and it would be wrong for my parents to even think they are entitled to that money when they have not earned it. Any money my parents have was earned by themselves and that's the way it should be and Romney knows that. Romney went to college and got an education which lead to a good job. THATS WHY HE HAS MONEY. Anybody can go to college... you should try it instead of whining about other people having money. People are so stupid. I dont care what these lazy liberal assholes say everyone has the same opportunities but not everyone has the same drive to succeed.
According to federal court documents obtained by the FOIA, much of Bain's success in the 90s was due to a large bailout. "...the federal bailout ultimately engineered by Romney screwed the FDIC – the bank insurance system backed by taxpayers – out of at least $10 million. And in an added insult, Romney rewarded top executives at Bain with hefty bonuses at the very moment that he was demanding his handout from the feds."