Posted on March 29, 2012 by Angie
Posted in 10 Best Achievements, 2012, 2012 Election, Obama, President Barack Obama, President Obama, tagged 10 Best Achievements, 2012, Election 2012, Obama, President Obama on March 31, 2012| Leave a Comment »
Posted in 2012, 2012 Election, Bain Capital, Mitt Romney, President Barack Obama, President Obama, tagged 2012, Bain Capital, Election 2012, Mitt Romney, Mitt Romney tax returns, President Barack Obama, tax returns, uncommon investment arrangement on March 30, 2012| 1 Comment »
President Barack Obama’s re-election campaign called on Republican front-runner Mitt Romney to release his tax returns dating back to the 1980s, to see if they contain information about an uncommon investment arrangement at his former private-equity firm that may have helped swell his individual retirement account.
The request follows a page-one article in The Wall Street Journal on Thursday that recounted how employees at the firm, Bain Capital, …
Respect candidate takes seat from Labour with 10,140 majority, claiming ‘the most sensational victory in British political history’
Patrick Wintour, political editor | The Guardian | Friday 30 March 2012
George Galloway, the leading figure in Respect, has grabbed a remarkable victory in the Bradford West byelection, claiming that “By the grace of God, we have won the most sensational victory in British political history”.
It appeared that the seat’s Muslim community had decamped from Labour en masse to Galloway’s call for an immediate British troop withdrawal from Afghanistan and a fightback against the job crisis.
On a turnout of 50.78%, Labour’s shellshocked candidate Imran Hussein was crushed by a 36.59% swing from Labour to Respect that saw Galloway take the seat with a majority of 10,140.
Posted in 2012, 2012 Election, Mitt Romney, tagged 2012, Closing Michigan Factories, Closing Michigan Factories Is “Humorous", Election 2012, George Romney, lol, Michigan, Michigan factories, Mitt Romney, THAT is funny. Not. on March 29, 2012| 1 Comment »
Oh, now THAT is funny. Not.
Mitt “I’m-a-Michigander-through-and-though” Romney barely got his foot out of his mouth before he stuck the other one back in today. This time it was to have a good belly laugh at the expense of — wait for it — Michigan.
Speaking to a group of Wisconsinites from Texas, he related a “humorous” story about his dad, former President of American Motors and Michigan Governor George Romney sending jobs out of Michigan and to Wisconsin:
“One of most humorous I think relates to my father. You may remember my father, George Romney, was president of an automobile company called American Motors … They had a factory in Michigan, and they had a factory in Kenosha, Wisconsin, and another one in Milwaukee, Wisconsin,” said Romney. “And as the president of the company he decided to close the factory in Michigan and move all the production to Wisconsin.
Now later he decided to run for governor of Michigan and so you can imagine that having closed the factory and moved all the production to Wisconsin was a very sensitive issue to him, for his campaign.”Romney said he recalled a parade in which the school band marching with his father’s campaign only knew the Wisconsin fight song, not the Michigan song.
“So every time they would start playing ‘On, Wisconsin, On, Wisconsin,’ my dad’s political people would jump up and down and try to get them to stop, because they didn’t want people in Michigan to be reminded that my dad had moved production to Wisconsin,” said Romney, laughing.
Oh, hardy har har har. Nothing like closing down Michigan factories to make you LOL and LMAO, eh? Seriously, that is some funny shit.
Maybe his dad thought the trees were a better height in Wisconsin. Derp.
Posted in 2012, 2012 Election, Bain Capital, Mitt Romney, tagged 2012, 2012 Elections, Bain, Bain Capital, Bain deals, co-investing, IRA, Mitt Romney, Philippe Wells, takeover deals on March 29, 2012| 1 Comment »
Updated March 28, 2012, 10:09 p.m. ET
Just after Philippe Wells took a job in 1998 at Bain Capital, then run by Mitt Romney, he recalls hearing an unusual boast from a partner. The man’s individual retirement account had jumped tenfold in five years.
Mr. Wells soon learned how this was possible. Bain, like many other private-equity firms, allowed employees to co-invest in its takeover deals. This posed a risk they could lose their whole investment, as they sometimes did. But because of the firm’s success during the Romney era, employees ended up able to share in returns for Bain investors that averaged 50% to 80% annually.
Bain added a couple of unusual twists that made co-investing even more rewarding. It allowed employees to co-invest via tax-deferred retirement accounts, and to do so by buying a special share class that cost little but yielded much larger gains than other shares when deals proved successful, according to former employees and internal Bain documents analyzed by The Wall Street Journal.
In one particularly successful deal, Bain increased the equity value of a company it had acquired by 36-fold in 20 months. But some Bain employees saw a 583-fold increase over the same period on IRA money they invested in the special share class of that company. Being in an IRA, the gain could then be rolled over, without initially subtracting taxes, into fresh Bain deals, for years of compounding.
Last night on the Jay Leno show, Mitt Romney said he wants insurance companies to be able to deny coverage to people with pre-existing conditions.
Before the Affordable Care Act:
Insurance companies could deny coverage to people with pre-existing conditions, from asthma to cancer.
Insurance companies can no longer deny coverage to children under 19 with pre-existing conditions, and adults with pre-existing conditions who haven’t found affordable insurance can now get coverage through the Pre-existing Condition Insurance Program.
This program serves as a bridge until 2014, when insurance companies won’t be able to turn anyone down or charge more due to a pre-existing condition.
For months now, Mitt Romney’s presidential campaign has overwhelmingly focused on the economy. But as he geared up his candidacy a couple of years ago, Romney opened with an argument heavy on foreign policy. In March 2010, for instance, he published No Apology: The Case for American Greatness, a campaign stage-setter largely based on the idea that Barack Obama was allowing America to slip into decline while bowing and caving to global rivals like China, Russia and Iran. It wasn’t until the recovery sputtered and Obama scored a string of foreign policy successes that Romney adopted a monomaniacal focus on the jobs picture.
But some Republicans remain convinced that they can score points against Obama on foreign policy. And now, in the wake of Obama’s open-mic comment to Russian president Dmitri Medvedev that he can show “more flexibility” on missile defense and other issues after the November election, Romney seems to be reviving his earlier line of attack. Romney pounced on the comment Monday, calling it “an alarming and troubling development” that suggests Obama is “not telling us what he’s intending to do” on various key foreign policy matters. Later in the day he delivered a surprisingly harsh assessment of Russia as “without question our number one geopolitical foe,” a perhaps defensible position when you consider questions like U.N. Security Council vetoes, but still a tough one to square with his past remarks about Iran. (For example: “Right now, the greatest danger that America faces and the world faces is a nuclear Iran.”)