Monday Reads

Good Morning!

The news has gone to the dogs and the dogs don’t want it!  I’d suggest Ed Gillespie retire.  This has to be the most stupid talking point that I’ve ever heard.  Twitter was abuzz with #retroactive all day yesterday.  How will Romney get away with all these dives, dodges, and distractions?  Show us your taxes Mitt Shady!!!!

Democrats have raised questions about when exactly Romney left Bain. Romney has said he left in 1999 to oversee preparations for the Salt Lake City Olympics, but SEC documents show him listed as Bain’s CEO beyond that time.

Gillespie on Sunday sought to clarify the matter, saying that Romney initially thought he would be leaving Bain on a temporary basis, but the challenges of the Olympics led him to “retire retroactively.”

“There may have been a thought at the time that it could be part time, but it was not part time,” Gillespie said.

“He took a leave of absence and in fact he ended up not going back at all, and retired retroactively to 1999 as a result,” he added. “He left a life he loved to go to Salt Lake City and help a country he loves more, and somehow Chicago… is trying to make it something sinister.”

Even pundit/right wing wanker Bill Kristol thinks Romney is ‘crazy’ not to release the taxes.

Bill Kristol and the Obama campaign agree on something: Mitt Romney should immediately release his tax returns.

“He should release the tax returns tomorrow. It’s crazy,” Kristol said on “Fox News Sunday.” “You gotta release six, eight, 10 years of back tax returns. Take the hit for a day or two.”

The conservative commentator said the presumptive Republican presidential nominee then should give a speech on Thursday calling for a “serious” debate with President Barack Obama on capitalism, allowing the campaign to turn the page and put the focus back on the president’s record.

Andrew Sullivan calls it Romney’s Deeper and Deeper Hole.

So either Ed Gillespie and Romney are lying now, or Romney and his lawyer were lying then. Which is it? They were and are obviously trying to have it every which way to suit whatever purpose at the moment. But legally, CEOs are responsible for their companies, whether they are managing them full time, part time or even retroactively retiring while managing them. Period. The buck stops with the CEO, just as much as it stops with a president. As a Bain partner at the time said today:

“Mitt’s names were on the documents as the chief executive and sole owner of the company,” Ed Conard, who served as a partner at Bain Capital from 1993 to 2007, said in an exclusive interview with Up w/ Chris Hayes. Asked again if Romney was chief executive officer of Bain Capital from 1999 to 2002, Conard said, “Legally, on documents, I suppose, yes.”

Despite Romney’s statements that he left in 1999, Conard’s new remarks suggest that, in fact, Romney’s continued ownership of the firm enabled him to negotiate a better exit deal. “We had to negotiate with Mitt because he was an owner of the firm,” Conard said.

Romney, in other words, doesn’t have a leg to stand on. He has been running a campaign against the “Obama economy” insisting that the president own every single month he has been in office in order to condemn his economic management all the more – despite at least a first year in which Obama cannot really be held responsible for the fallout of an economic collapse he inherited. So Romney insists on maximal responsibility for Obama and the economy.

But responsibility for Bain? Think about it.

Okay … sit down and drink plenty of coffee before you read this one.  Dubya is releasing a book on what to do to improve the economy.  For humanity’s sake, hasn’t the man done enough damage??

For the first time since leaving office three and a half years ago, Mr. Bush is advancing a variety of ideas about how to jump-start economic growth by restructuring taxes, expanding trade, encouraging innovation, fixing immigration and overhauling Social Security. He wrote the foreword for the book, a collection of essays from an array of economists, including five Nobel Prize winners, and he proposes a national goal of expanding the economy by 4 percent a year on a sustained basis.

“The 4% Solution: Unleashing the Economic Growth America Needs,” to be unveiled by the former president in Dallas on Tuesday and published by Crown Business, is neither campaign template nor partisan screed. It is a wonky paean to free enterprise.

It is also the next step in a gradual return to the public stage by a president who has largely remained out of the limelight since turning over the White House to President Obama.

Robert Reich continues his roll.  He believes we’ve got the perfect storm and that our democracy is being sold. I love the title of his new book:  “Beyond Outrage”.

It’s a perfect storm:

The greatest concentration of wealth in more than a century — courtesy “trickle-down” economics, Reagan and Bush tax cuts, and the demise of organized labor.

Combined with…

Unlimited political contributions — courtesy of Republican-appointed Justices Roberts, Scalia, Alito, Thomas, and Kennedy, in one of the dumbest decisions in Supreme Court history, “Citizens United vs. Federal Election Commission,” along with lower-court rulings that have expanded it.

Combined with…

Complete secrecy about who’s contributing how much to whom — courtesy of a loophole in the tax laws that allows so-called non-profit “social welfare” organizations to accept the unlimited contributions for hard-hitting political ads.

Put them all together and our democracy is being sold down the drain.

Want some alternative Journalism?  Here’s a conversation with Noam Chomsky and Tariq Ali with Julian Assange of WikiLeaks on Journeyman TV on the Arab Spring.

Then, you can listen to AlterNetRadio:  The GOP’s Slow-Motion Coup; America’s Workplace Bondage; Did Mitt Bait NAACP?

First up is The Atlantic‘s James Fallows, who tells Joshua Holland that even when they stick to the rules, Republicans pay no heed to the long-standing norms that once made the institutions of our democracy function. The veteran reporter also takes political reporters to task for obscuring this reality by writing generically about Washington’s “dysfunction.”

Then AlterNet’s own Lynn Parramore joins us to discuss her recent piece, “Fifty Shades of Capitalism: Pain and Bondage in the American Workplace.” It’s a provocative discussion.

Finally, did you hear about Mitt Romney going to the NAACP convention this week? It didn’t go well! Imani Gandy, better known as the Angry Black Lady, surveys the wreckage.

Back to  Mitt Shady; here’s some more interesting tidbits from his former partner at Bain.

Yet because he retained technical control of Bain Capital’s management and because his wealth remained heavily tied up with the firm, Mr. Romney’s name or signature appears on dozens of documents filed with the Securities and Exchange Commission between February 1999 and August 2001, when he finalized a retirement deal with the active Bain partners and transferred to them his shares of Bain’s management entity.

“Mitt’s name were on the documents as the chief executive and sole owner of the company,” Edward W. Conard, a Bain partner at the time, said during an appearance on MSNBC on Sunday. “And it took several years for us to sort out how to put the management team in place.”

All told, Mr. Romney’s name appears on at least 142 such forms, some of which have been the subject of news coverage in recent days, fueling questions about whether Mr. Romney ever really left. One such form, posted last week by Talking Points Memo, lists Mr. Romney’s “principal occupation” as “managing director” of Bain Capital Investors VI Inc., a private equity fund.

 Yes.  He can run.  But, he cannot hide.  Show us your taxes Mitt Shady!
What’s on your reading and blogging list today?

51 Comments on “Monday Reads”

  1. Pat Johnson says:

    I would also like it known that though I “officially” retired 4 years ago I actually had done so “retroactively” 10 years before!

    Which means I continued to come to work everyday, drew a salary, but “unofficially” I was not there.

    I hope this clears up any doubts.

  2. RalphB says:

    Nice morning roundup. This is a question I’ve asked myself since Bain went kaboom.

    What’s Left?

    I want to pull out of the details of the latest lie Mitt Romney can’t sustain to ask a simple question: what is this guy going to run on? Let’s take a look at where we’re at in this campaign:

    • dakinikat says:

      I loved that link to Bloomberg with yet another equity capital guy calling out Bain for what it was too. I know a bunch of these guys and they hate being lumped in with Romney who they consider a pirate. There is no place for him to run too except to appease the folks that hate Obama which means ugly race baiting and more lies. Greg Sargent was tweeting yesterday that he’s looking for the first republican who will come out and suggest they dump mitt shady.

      • RalphB says:

        Apparently Romney is attacking Obama now with donor payoffs and layoffs. More Solyndra and all that crap is sure to be coming. Should make for some interesting responses.

      • RalphB says:

        Been doing it from day one so why would he stop now? I doubt it will work anyway,

      • dakinikat says:

        Here’s the Link for those who missed Ralph’s comment yesterday:

        Romney’s Bain Yielded Private Gains, Socialized Losses

        Mitt Romney touts his business acumen and job-creation record as a key qualification for being the next U.S. president.

        What’s clear from a review of the public record during his management of the private-equity firm Bain Capital from 1985 to 1999 is that Romney was fabulously successful in generating high returns for its investors. He did so, in large part, through heavy use of tax-deductible debt, usually to finance outsized dividends for the firm’s partners and investors. When some of the investments went bad, workers and creditors felt most of the pain. Romney privatized the gains and socialized the losses.

        What’s less clear is how his skills are relevant to the job of overseeing the U.S. economy, strengthening competitiveness and looking out for the welfare of the general public, especially the middle class.

        Thanks to leverage, 10 of roughly 67 major deals by Bain Capital during Romney’s watch produced about 70 percent of the firm’s profits. Four of those 10 deals, as well as others, later wound up in bankruptcy. It’s worth examining some of them to understand Romney’s investment style at Bain Capital.

        Romney isn’t a businessman … he’s a pirate who used excessive leverage to plunder functional businesses.

    • dakinikat says:

      Why Now; Why It Matters

      But how does it come into play? Simple. Mitt Romney has two claims on the presidency: successful governor of major state and captain of industry. He’s largely written off the first by disavowing a genuine and perhaps far-reaching accomplishment: health care reform. Which leaves him with Bain Capital.

      The play here is to make this swirl of awfulness the first thing people think of when that phrase gets uttered.

    • bostonboomer says:


      Your link goes to a post on the George H.W. Bush defending Dubya.

  3. dakinikat says:

    More Finance People with Romney Questions:

    The Secret Behind Romney’s Magical IRA

    This great mystery seems to have troubled others, as well. On July 3, Current TV host Jennifer Granholm, a former Democratic governor of Michigan, invited Edward Kleinbard, a law professor at the University of Southern California, on her show to discuss how Romney could have accomplished this remarkable feat. There were “only two possibilities,” Kleinbard told Granholm. Either “from a little acorn, a mighty oak grew very, very quickly, extraordinarily so,” Kleinbard explained, causing Granholm to interject, “What little acorn could grow to be $101 million? I want to get some of that acorn!”

    The other possibility, Kleinbard suggested, was not dissimilar to what Maremont theorized: that Romney contributed limited-partnership interests in Bain’s buyouts to his IRA. What was “quite troubling” to Kleinbard is that he suspected Romney may have contributed these interests to his IRA at a fraction of their market value — “pennies on the dollar” — and well below what he might have charged you or me. When the buyouts became successful, Kleinbard proposed, the pennies on the dollar were suddenly worth real dollars.

    “What’s very frustrating to me about all this is that we can only talk in abstractions and generalities because, again, of the lack of disclosure,” Kleinbard said.

    • RalphB says:

      I gotta admit that $110 million IRA sticks out. What he did sounds legal but unethical. I know, what else is new? 🙂

      • dakinikat says:

        Better question is exactly how many people in the country could wrangle a deal like this? VERY few. These kinds of ‘legalities’ are the result of bribing US congressmen to rewrite the tax code in your favor.

    • bostonboomer says:

      Funny, that guy says Romney was at Bain for only 15 years. I thought it was 25 (although the 25 would bring him to 2002).

  4. RalphB says:

    This won’t help Rmoney 😉

    Real-time Romney ad shocks Schieffer

    “Whatever happened to hope and change?” the spot showed Schieffer saying in footage from the program.

    Schieffer opened a later segment saying he was “shocked” by the ad and distancing himself from it.

    “That was a question that I posed to David Axelrod — not a statement,” he said. “I have no affiliation with the Romney campaign. This was done without our permission.”

  5. dakinikat says:

    NASA History Office ‏@NASAhistory

    @NASA @NASAKennedy Today in 1969: “LIFT OFF! We have a lift-off, 32 minutes past the hour. Lift-off on Apollo 11”

    • dakinikat says:

      1969 was such a kewl year. I was a kid but I remember this clearly.

      • northwestrain says:

        I remember that women were deliberately barred from being Astronauts — although women were used in many of the experiments and research. These women testers were actually superior to the substandard males who went.

        So I ignored the whole non event. With relatives who worked at NASA in Moffet Field since near Sunnyvale (California) — I had an inside track to the sexism involved.

        Sally Ride — she was the first Astronaut of note. Sally’s qualifications were so far superior to the males.

  6. janicen says:

    I saw Carville on one of the shows this morning. He said something pretty funny. He said, about Mitt’s tax returns, “John McCain is the only person who has been allowed to see Romney’s tax returns. He took one look at them and selected Sarah Palin as his running mate.”!!

    • NW Luna says:

      I think it’s just a matter of time before someone from that McCain campaign leaks Romney tax details.

      Palin record as governor wasn’t that right-wing. But since ’08 she starting turning right-loopy into Michelle Bachmann.

      • Beata says:

        Is there someone from McCain’s 2008 campaign who would like to see Jeb Bush become this year’s nominee? I would look in that direction.

  7. bostonboomer says:

    The Obama campaign released a list of specific questions for Romney this morning.

    • dakinikat says:

      Romney just inferred that releasing his tax returns would provide the Obama campaign with opposition research … wow, that’s telling!

      and (whine) Teresa Heinz didn’t have to release her tax returns!!!

      Fox and Friends fellates Romney …

      • dakinikat says:

        I just had to pull yet another site off of our links. What is it with these old Hillary supporters that they don’t see this guy represents absolutely EVERYTHING that is wrong with this country?

      • bostonboomer says:

        Did I miss something? When did Teresa Kerry run for President?

        And of course Romney’s lying when he says that it wasn’t an issue in the 2004 campaign. It was very much an issue.

      • NW Luna says:

        What is it with these old Hillary supporters that they don’t see this guy represents absolutely EVERYTHING that is wrong with this country?

        I know I’ve said this before, and although I protest-voted for McCain in ’08, my desire to still protest Obama is totally overruled by Romney’s atrocity.

      • northwestrain says:

        Illogical that passionate Clinton supporters would switch to Mittens — he is against everything that Hillary Clinton stands for.

  8. bostonboomer says:

    This morning on MSNBC, I heard some Republican from Arkansas named Tim Griffin say that Romney is planning to release more years of his tax returns. Politico reported it:

    Rep. Tim Griffin said Mitt Romney was preparing Monday to release additional years of tax returns. And then he said Romney wasn’t.
    “He is releasing them,” the Arkansas Republican said on MSNBC. “My understanding is that they are preparing to release them.… I talked to some folks at the campaign this morning, a friend of mine, and they are in the process of reviewing them to release them.”

    But after “Daily Rundown” host Luke Russert declared Griffin’s statement “breaking news,” Griffin stumbled back.

    “No … all the two years is the tax returns they’re releasing,” Griffin said. “Whether they release more, we’ll see.”

    (Griffin did not identify his “friend,” but Romney campaign manager Matt Rhoades worked for Griffin in the RNC’s research department during the George W. Bush administration, and a Washington Post profile from November describes Griffin as Rhoades’s “mentor.”)

    Oopsie! Are these guys Keystone cops or what?

  9. bostonboomer says:

    Andrew Sullivan: Romney’s Deeper and Deeper Hole

    UPDATE: Sorry, Dak, I forgot I had read that in your post. My only excuse is that my brain is fried from the heat.

    • Pat Johnson says:

      Romney’s campaign is chiefly relying on people that dak referred to up thread that she had to pull of the blog roll as they continue to support him.

      Those whose hatred for Obama goes beyond all reason. Do any of them actively consider what this man stands for? Not at all. As long as it isn’t Obama they would be just as happy finding excuses to support Jerry Sandusky had he been the nominee. This is how blatantly stupid some of them have become.

      I don’t lke Obama much either but the Obama/Hillary war is long over. We should be deaing with the here and now. Instead replays and insipid nonsense is flowing out in an attempt to satisfy themselves, that after 4 years of obstruction and lies, Mitt Romney is the “best choice” overall to bring “freedom” back to the nation.

      As the GOP continues a daily onslaught AGAINST every principle ever offered up by the New Deal, these haters – and this is exactly what they are – would rather turn this nation over to a bunch of corporate vultures out to decimate every single safety net that holds the lower and middle class in place just to be able to say “I told you so!” by placing their future into the very same hands they openly and loudly condemned during the Bush/Cheney years.

      This isn’t political, it’s stupidity.

      • dakinikat says:

        When you’re sole criteria for supporting Romney is arguing that Obama is an asshole, you’ve basically lost touch with reality, imho.

      • Beata says:

        Thank goodness there are still a few islands of sanity left. Sky Dancing is one of them.

        • dakinikat says:

          It’s pretty bad when the trolls you have to deal with are people who used to think we all were wonderful until we refused to switch to right wing talking lies. Romney isn’t a ‘businessman’. He’s a friggin’ pirate.

      • NW Luna says:

        I even like Obama in his campaigning-against-Romney mode.

  10. mablue2 says:

    Really? Mitt Sahdy? That’s you going on the offense?

    • NW Luna says:

      Heh. What a lukewarm ad. “Donor class,” indeed. They aren’t fooling any but themselves.

      • dakinikat says:

        Mitt Romney IS the donor class. He’s like leaving out the middle man and electing the Lobbyist for the 1% and the middle class job destroyers directly.

  11. NW Luna says:

    Category: “What could possibly go wrong?” Subcategory: Environment.

    Coast Guard: Inspection shows no damage to Shell drill ship that drifted toward Alaska island.

    Initial estimates showed the Noble Discoverer came within 100 yards of shore in Dutch Harbor before it was towed farther off shore and re-anchored Saturday….

    A Dutch Harbor captain, Kristjan Laxfoss, disputed the number, saying that he took photos that appeared to show the vessel came much closer to the shore. Laxfoss said the vessel was not moving and appeared grounded. “There’s no question it hit the beach,” he said. “That ship was not coming any closer. It was on the beach.” ….

    “Shell can’t keep (its) drill rig under control in a protected harbor, so what will happen when it faces 20 foot swells and sea ice while drilling in the Arctic?” Greenpeace said in a statement.

    • northwestrain says:

      After the coast guard’s behavior in the Gulf of Mexico oil spill mess — I believe that we need an independent agency to monitor the oil companies ships and ocean drilling. I tend to believe the local knowledge of the Captains up there in Alaska over the coast guard.

    • Fannie says:

      Sounds like J P Morgan, Chase and Goldman are buying crude oil and selling it to refineries…………watch gas sky rocket.

  12. northwestrain says:

    Here’s a story that I’ve been following for years — RAPE in the military — covered up, dismissed and ongoing.

    Way back in 1992 news of the Tail hook sexual assaults brought to the public’s awareness that women are routinely raped and or sexually molested and that the rapist almost always gets away with the crime. Rape happens in all branches of the military — including the Coast Guard.

    The current rape scandal focuses on the Air Force. My guess is that the women will be black listed — a few rapists will go to trial. And the rapes will continue — because basically the command structure (male) doesn’t give a damn and many in the command structure are guilty as well.

    Will the current Commander in Chief take action — or continue the pattern of in action started by poppie Bush and Cheney (as Secretary of Defense) — of ignoring and blaming the victims.?

    I grew up in the Navy and witnesses how the Navy command structure handles rape. On many military bases way back in the cold war era — the fly boys went off for six month deployments. Wives and family remained at the home base. And these wives were raped — in the middle of the night a man would enter the homes, rape and leave. We had a dog — and the guy avoided homes with dogs. It turns out that the rapist was an officer — in charge of housing. He knew exactly which house to enter. He had the master key to all the houses. When he was identified — he was merely transferred to another base. The victims were blamed. Some men returned home and beat their wives.

    We know from research that most rapist are repeat offenders — serial rapists. So the military rapists are undoubtedly a very few guys who know how to play the system. Those few guys are making the military look very bad. The men who help the rapists continue to rape — are as bad or worse than the rapist. One more reason to hate Dickie Cheney.

  13. Joanelle says:

    OT: I just read about how Hill’s motorcade was pelted with tomatoes and mobs chanted outside her hotel last night.

    Our girl is looking exhausted, I don’t remember Albright or Rice ever looking so worn – of course they didn’t travel quite so much and probably had a stylist with them. She need a break

    • northwestrain says:

      Exactly what one would expect from a “country” like Egypt. Women there are sexually harassed nearly every time they step outdoors. A donkey is more valuable than a woman.

      When people were excited about the “revolution” in Egypt — I said to wait and see how the women are treated and IF the women win any human rights as the result of their “revolution. Then we were “treated” to a demonstration of vile hate directed at one woman — the woman wearing the blue bra — the woman who was stripped and beaten and stomped in the stomach.

      Woman hold a demonstration and they get beaten and raped. One or more female reporters have been raped and/or sexually assaulted while reporting.

      So it is no surprise that the creepy males would do their best to act like the jack asses that we know them to be. The creeps weren’t attacking American policy or the CIA — the MF creeps were attacking Secretary of State Clinton BECAUSE she is a woman.

      The Egyptian “revolution” was in fact a de-evolution. Males (not all thankfully) have been able to let lose their shadow self — the nasty evil part of themselves.

      As far as I can see human rights for women went back a few steps (miles) in time.

      • dakinikat says:

        Women’s rights aren’t doing so well in this country either the last few years. When the going gets tough, the men try to control their women, I guess.

      • northwestrain says:

        and it seems like many of the GOP women in power want to keep other women in their place. This is what happened in Washington State when the religious right wing nutjobs ran wild in the 1980s. The press was so rude and mean to Geraldine Ferraro — just because she was a female. She was treated rudely by the extreme right the rest of her life. She should have been respected as the first woman VP candidate. I’ll never forgive the media — but then the media is consistent with they misogynistic message.

        In some ways America isn’t much better than the Egyptians in the blatant rejection of human rights for women. The US Navy’s Tail hook scandal in a Vegas hotel was similar to what Egypt’s women had to endure (oh a larger scale) when Egypt’s women were campaigning for human rights.

        No wonder there are so few liberal to moderate women candidates for political office. The religious nut cases don’t count as female — they are too often tools of the male religious nutjobs.