Letter: Admiration does not follow Romney
Tuesday, January 17, 2012
The Jay Ambrose Jan. 12 column “Mitt’s brilliance gets under Newt’s skin” is a sycophantic rant about a businessman who uses leveraged buyouts to enrich himself and his few cronies. Romney’s firm that he co-founded, Bain Capital, using little of its own money, leverages debt against a company using that company’s assets as collateral to buy it. This creates giant debt in the company.
For an example, Bain bought the company American Paper and Pad (Ampad) in 1992. Its debt in 1993 was $11 million, by 1999 after a buyout, debt was $400 million. End result was bankruptcy, and everybody was laid off.
Who profited? Romney and partners. This is the great businessman Ambrose touts.
Romney is nothing but a corporate vulture who feeds on the carcass of the American worker.