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COMMUNITY PUNDITS
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HITO 05:44 PM on 03/06/2013
Solamere was started by Tagg, Spencer Zwick and Eric Scheuermann a month after Mitt ended his presidential run in February 2008.  Only Scheuermann had a private equity background.  Zwick had been the top-fund-raiser for Mitt's campaign. 

It is not unusual for start-ups looking for investors to approach friends and relatives. But the overlap between the elder Romney’s political  Read More... When Mr. Zwick was leading Solamere’s fund-raising in 2008 and 2009, he was also raising money for the leadership PAC, which paid his finance consulting firm, SJZ, LLC, more than $425,000 during those years. 
Solamere began sending offering memorandums to prospective investors in May 2008, around the time the leadership PAC began collecting checks, raising the possibility that Mr. Zwick was soliciting some people for both ventures. 
Mr. Zwick insisted there was no conflict, explaining that the work he did for the political committee was relatively low-key. He said the payments to his firm went to other contractors, and that he was a volunteer. 

Nobody knows how to double dip like Mitt's friends.

nytimes 4/30/12
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fattbastird
fire the laser
06:26 PM on 03/06/2013
Romney was the silliest candidate in history. He is lazy, uninformed, and spoiled.
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fattbastird
fire the laser
06:25 PM on 03/06/2013
Romney never left the private sector.
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HUFFPOST SUPER USER
ECB
Your micro-bio is empty
06:23 PM on 03/06/2013
Darn, I was hoping he would run in 2016, I need the laughs.
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06:23 PM on 03/06/2013
Romney is returning to the private sector? Did he ever leave?
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HUFFPOST SUPER USER
ECB
Your micro-bio is empty
06:23 PM on 03/06/2013
Good point.
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grandma58
http://parkersnowefiberartblog.blogspot.com/
06:33 PM on 03/06/2013
No he never left.
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Star2000dancer
Pay it forward, the movie..
06:19 PM on 03/06/2013
I think he's dangerous everywhere he goes.*
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HUFFPOST PUNDIT
HITO
06:21 PM on 03/06/2013
he's as dangerous as heisstupid
(what happened to my fan of you?  fixed it.  )

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Star2000dancer
Pay it forward, the movie..
06:23 PM on 03/06/2013
I remember the day it left.  I wondered what happened.  You, I keep track of.  But, I couldn't find you.  Then, I've been gone for quite awhile.  Missed ya' gal! ;)*
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HUFFPOST SUPER USER
kimbanyc
12/10/13 8903 fans 1/10/14 8054 fans
06:39 PM on 03/06/2013
BRING BACK THE HAT!!!!!!!
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llyd wlsh
chem, nuke, bio hazard
06:19 PM on 03/06/2013
you gotta wonder just how damaged the mittens brand has become when you can only get a part-time job at your kid's business

sad
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forpeace
The World is beautiful, but people don't see that.
06:19 PM on 03/06/2013
.

Look at the bright side!

If Tagg fires Mitt, he can always go back to M o rmon Church and continue to be a bishop.

.
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llyd wlsh
chem, nuke, bio hazard
06:18 PM on 03/06/2013
well, you can't pick your family so tagg, i guess you're stuck with your daddy
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HUFFPOST SUPER USER
kimbanyc
12/10/13 8903 fans 1/10/14 8054 fans
06:17 PM on 03/06/2013
Romney's bankruptcy rate was 25%. According to the Wall Street
Journal, the average Bankruptcy rate for venture capital firms (like
Bain) is 5% to 8%.

Romney's bankruptcy rate is 4 to 5-times worse than average for a
private equity firm

3. Bain Capital made a total $776 million bankrupting 8 companies.

1. AMPAD - Profit: $102 million - Bankrupt: 2002
2. DDI CORP - Profits: $36 million - Bankrupt: 2003.
3. DAMON CORP - Profits: $1.5 million - Bankrupt: 2009
4. DADE BEHRING. Profits: $365 million - Bankrupt: 2002
5. STAGE STORES. Profits: $100 million - Bankrupt: 2000.
6. GS INDUSTRIES. Profits: $65 million - Bankrupt: 2001.
7. DETAILS. Profits: $93 million - Bankruptcy: 2003.
8. WORD WIDE GRINDING. Profits $16.5 million - Bankrupt: 2001

The $776 million represents more than half their profits during the period.

4. All 8 deals were Leveraged Buyouts (LBOs).

5. They borrowed an average of $300 million against the assets of
these companies.

6. They paid themselves an average of $100 million in consulting fees
from the loans.

7. So each new company was saddled with an average of $300 million in
New Debt which virtually guaranteed they would fail.
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HUFFPOST PUNDIT
HITO
06:22 PM on 03/06/2013
excellent kim.  He'll bankrupt his oldcronies from the campaign coffers
06:27 PM on 03/06/2013
These filings you listed, on average, occurred 8 years after bain capital was involved with them. They failed well after they Bain any input in the company. Perhaps it was their bad consulting that lead to them to bankruptcy, perhaps not. To leave out the original date of Bain's involvement with said companies is very misleadinng on your part.
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HUFFPOST SUPER USER
kimbanyc
12/10/13 8903 fans 1/10/14 8054 fans
06:30 PM on 03/06/2013
YEAH THAT WAS THE SAME WEAK TEA THAT LOST REPUBS THE ELECTION    LOLAT U
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independentnomore
I was bipartisan, Sarah & Ted fixed that!
06:34 PM on 03/06/2013
It was Bain Capital leveraging the companies they took over that bankrupted them, that is how they made their money. They invested, raised capital based on the valuation of the company, and used those funds to pay themselves back plus their added 30% commission. These companies could not carry the burden of the added debt that went to Bain.
06:16 PM on 03/06/2013
Mitt's coming back! Let the firing people begin. Which Mitt likes doing.
06:18 PM on 03/06/2013
What's wrong with firing somebody? What a stupid comment! If you don't like the guy that's one thing, but getting on him for firing people? What world do you live in? Should people that are inefficient and costing a company a net loss have a secure job for life?

People get business and charity confused
06:22 PM on 03/06/2013
Mittwitt didn't just fire someone for being inefficient. He fired entire companies, i.e., he bankrupted them. But, hey, he created tons of jobs.....in China.
06:23 PM on 03/06/2013
It's one thing to do layoffs to make a business more efficient. It's another thing to gloat over the suffering of others by stating publicly that you "like firing people."
06:15 PM on 03/06/2013
Funny people in here still taking shots at this guy when Obama is driving this country into the ground. Pathetic. This guy could cure cancer and you bitter people would still hate him.
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forpeace
The World is beautiful, but people don't see that.
06:16 PM on 03/06/2013
njr240
----------
Funny "njr240" who still h ates our President after 4+ years is defending Mitt.
06:22 PM on 03/06/2013
What did I say in defense of Mitt? I just pointed out how petty you all are when the man you voted for doesn't know what he is doing. I have my reasons for disliking Obama, his skin color not being one of them. So you all sit in here talking trash about a man who didn't get a shot. And speculating on what he would have done is pointless, because you can't.
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HUFFPOST PUNDIT
HITO
06:28 PM on 03/06/2013
njr is downRIGHT hysterical.  :-)
06:20 PM on 03/06/2013
I agree with your first part obama is terrible for this country, HOWEVER: Romney had no cure at all, just another bureaucratic that caves to special interests. He would be slightly (and i stress slightly) better than obama but.... romney is a fraud bro.
06:25 PM on 03/06/2013
See I don't tie in what he did with his own business to running this country. All politicians are bought out, but the BS rhetoric all the clowns are spewing is sad. They think everything he did in his business is what he would have done with this country. The truth is, no one know what he would have done as he didn't get a chance. At this point, I would rather him have gotten his chance.
HUFFPOST SUPER USER
bobhay
teach a man to fish
06:26 PM on 03/06/2013
and obama is not a fraud?
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HUFFPOST SUPER USER
SueMVetforObama2
2013 Republican Shutdown & Tantrum
06:14 PM on 03/06/2013
A new job? Romney funded Solamere and it was run by his son and Romney's campaign manager...

during his failed campaign.
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Jennifer Mead
Girls dig unix
06:27 PM on 03/06/2013
They got so much money I just wish he would buy his own country and play "leader" there. We all know he doesn't pay taxes and therefore doesn't deserve to be in this country getting all of the things that taxes pay for: military, national parks, police, schools, roads, bridges etc.
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grandma58
http://parkersnowefiberartblog.blogspot.com/
06:38 PM on 03/06/2013
He does have a whole lot of money in countries that are know for human trafficking so one never really knows what the mittens is up to.
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Star2000dancer
Pay it forward, the movie..
06:13 PM on 03/06/2013
Is that a bank? Swell.
screwitall
excellence
06:12 PM on 03/06/2013
Mitt to return to the private sector, just proves all news isn't bad
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Jennifer Mead
Girls dig unix
06:28 PM on 03/06/2013
I guess that embarrassing smack down he took at the ballot box this last go around made him go away. thank goodness.
screwitall
excellence
06:43 PM on 03/06/2013
Now if the other clown would follow .
06:12 PM on 03/06/2013
We would be a whole lot better off if he was in the WH, Obama is an utter disaster.
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forpeace
The World is beautiful, but people don't see that.
06:14 PM on 03/06/2013
Jonny Five
-------------

Dear Ann, stop it!!
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Jennifer Mead
Girls dig unix
06:30 PM on 03/06/2013
A recovery after a financial drubbing is so disastrous... whine whine whine, we wanted Romney to cut taxes further and get rid of regulations whine whine whine. You aren't the majority and by the way things look, you are becoming completely irrelevant.