Janusi
Warlord
Alright, if Romney wasn't the sole owner, Chairman of the Board, CEO, and President of Bain from 1999 to 2002 then who was? Who was making the decisions if it wasn't Romney and why can't the Romney campaing point him out?
Romney's Vulture Capitalism
- Thread starter Cutlass
- Start date
How can severance pay be given to someone claiming to still hold down 4 roles with a company?
ParkCungHee
Deity
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- Aug 13, 2006
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- 12,921
You asked why you'd pay a man $100,000 for doing nothing.
With CEO severance payments being what they are it might be a good idea to just pay them not to quit.
With CEO severance payments being what they are it might be a good idea to just pay them not to quit.
Ayatollah So
the spoof'll set you free
Ding ding ding ding! We have a winner. That's pretty much the line he's taking: being CEO was only a technicality. Wow, he actually IS as out-of-touch as Dems say, if he thinks that's gonna fly with voters. Obama is practically home free (until Europe says, "Honey, I blew up the world economy.")
@ Cutlass: What you said, about screwing the workers, retirees, and sometimes bondholders. But you forgot to mention taxpayers. By loading up the victim company with debt, a tax write-off is created on what used to be pure profit. The tax consequences partially offset the negative impact of the debt on the value of shares in the acquired company.
"A crime so monstrous, it's perfectly legal." --Terry Pratchett, Jingo. Different subject, yet still apropos.
cegman
Scott Walker Supporter
Again I repeat
http://www.youtube.com/watch?v=jSo5bTbwFoM&feature=player_embedded
I'm sorry JollyRoger but I have what is believed to be an unbiased source. As far as I am aware CNN is non-biased according to Formy. I've heard people here call it left wing media. I'm not aware of every hearing it called a right wing media outlet. Is that not enough for you?
http://www.youtube.com/watch?v=jSo5bTbwFoM&feature=player_embedded
I'm sorry JollyRoger but I have what is believed to be an unbiased source. As far as I am aware CNN is non-biased according to Formy. I've heard people here call it left wing media. I'm not aware of every hearing it called a right wing media outlet. Is that not enough for you?
cegman
Scott Walker Supporter
You're right he's a horrible person he left his position to go onto bring the Olympic games in Salt Lake City out of a mess. If I remember correctly those games were pretty good by the time they happened. He seems like such a horrible manager.
He left a job to take another job he felt was more important. The people that took over are Obama supporters. I cannot find it but on the same Meet the Press episode (on MSNBC) that Cory Booker comment on the bain capital ads it was said that the people running Bain Capital are large Obama donors...
kramerfan86
Deity
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If he was the CEO at the end of the day what happens is his responsibility, even if he didnt play a direct role. That's the blessing and curse of having the big title. If he didnt want the responsibility he shouldnt have kept collecting checks.
Core Imposter
Felon
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Romney is a lot of things. Most I don't like.
But he has a habit of getting things done. Not a man to take lightly.
But he has a habit of getting things done. Not a man to take lightly.
Cegman . . . you can CNN us to death all you want, but that doesn't make the SEC documents with Romney's signature disappear.
Ziggy Stardust
Absolutely Sane
Like the way he, just about, handled the clowns that competed with him for a chance for ticket to the White House? (Ignoring the factor they all kind of spontaneously imploded all by themselves)
Yeah, that was impressive.
Well, he got lots of tax increases done. But still managed to increase the deficit. He killed jobs as governor of Mass. He failed to reform the management of the Big Dig, so he didn't get that done. All he's really managed to "get done" is to make everyone but himself worse off.
cegman
Scott Walker Supporter
You asked for an explanation. I gave you one. The probably believable sources of CNN said they had to keep his name on those documents because of the upheaval and paperwork it took to change ownership of the company.
I'm confused as to what you don't understand.
I can do the paperwork for a change in ownership in 30 minutes or less. Changing the President or CEO takes even less effort. Just a simple board resolution.
Janusi
Warlord
Romney wasn't just the owner, he was also the CEO and that comes with certain legal responsibilities. Right now, Romney is arguing that he was comfortable being legally responsible for decisions he had no knowledge or control over.
Even if it is true, which I doubt, that sort of irresponsible attitude simply won't do for a presidential candidate.
Owner, President, CEO, and probably Grand Poobah.
And you are right, the reason why this is an issue is because it's a matter of who is responsible for decisions made during that time period, as well as a matter of whose signatures are on SEC documents.
And you are right, the reason why this is an issue is because it's a matter of who is responsible for decisions made during that time period, as well as a matter of whose signatures are on SEC documents.
cegman
Scott Walker Supporter
I dunno about you but boards don't always agree. The upheaval could easily have caused a fair amount time to resolve.
Now really like was stated earlier if he managed to do the Olympics and form boards to help improve these companies at the same time he is a very skilled man.
There was only one shareholder. A shareholder's resolution takes minutes to draft, not years. Romney had a chance to exhibit leadership, yet he chose to leave his company in a situation that was misleading to the SEC and those relying on SEC documents.
Do businesses have a long-term sede vacante problem I don't know about? I thought that was a Catholic thing.
I mean, I Romney can't delegate the top roles of a company he owned because of fear of internal strife, how can we expect him to negotiate the trickier role of President? If he can't ride a bike with training wheels, why do we think he deserves the Yellow Jersey?
caketastydelish
Deity
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- 9,716
Depending on who you ask, he did the roles in that company quite well.
According to supporters of the "free market" the point of a company is to make money, and he made himself quite personally rich. Sure he screwed tons of people over in the process, but that goes with the "every man for themselves" attitude.
I personally think what Romney did was disgusting, but then again, his supporters would say otherwise. As Romney said himself, he will not "apologize for being a successful businessman"
He certainly made loads of personal gain while in that business. Sure he screwed others over, but again, that's the "free market".
According to supporters of the "free market" the point of a company is to make money, and he made himself quite personally rich. Sure he screwed tons of people over in the process, but that goes with the "every man for themselves" attitude.
I personally think what Romney did was disgusting, but then again, his supporters would say otherwise. As Romney said himself, he will not "apologize for being a successful businessman"
He certainly made loads of personal gain while in that business. Sure he screwed others over, but again, that's the "free market".
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