Where Did Romney’s Money Come From?

We all know that Mitt Romney is very wealthy. We know he was a ‘businessman’ who worked at Bain Capital. The question remains is how did he accumulate this kind of wealth while working anywhere? How?

Bain & Company, a management consulting firm, hired Mitt in 1977 at the age of 30. After one year, Mitt was made a vice president. Vice president at 31, after 1 year. Then in 1984 Romney went to the spin off Bain Capital. Bain Capital was a venture capital firm. Venture Capital firms invest in new companies providing needed capital. Staples Inc was one of Bains first successes.

Bain Capital later morphed in to leverage buyouts. Leveraged buyout firms acquire controlling interests in a company’s equity where a significant percentage of the purchase price is financed through leverage borrowing. After buying these firms, Bain Capital would soon sell them.

Romney reaped so much money through this buying and selling of companies to make himself a multimillionaire.

Did Mitt (real first name Willard) earn his money? Yes, he did. De he take an inordinate amount of money for someone who just finagled with the bottom line of buying and selling a company? Yes.

My question is why did someone who really did not contribute anything to the bottom line of any of these companies make so much money? Why did someone who never spent one minute working on a real product get rich? Romney did not create any product. Mitt just worked for a company that figured out how to buy a company that needed money on the cheap. Then, not long after, sell the company for more than they paid for it.

Mitt Romney good businessman? Maybe. Good salesman. Definitely. Is that what the US needs? Another good salesman?

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