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Archive for March 29th, 2012

By on March 28, 2012in Michigan, Mitt Romney

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.

Not.

Maybe his dad thought the trees were a better height in Wisconsin. Derp.

SOURCE

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WSJ

Updated March 28, 2012, 10:09 p.m. ET

By MARK MAREMONT

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.

MORE HERE

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