The Daily Item, Sunbury, PA

October 25, 2012

1 percenter


Daily Item

---- — All those Mitt Romney supporters who tout his business experience and spectacular success as the C.E.O. at Bain Capital from 1984 to early 1999 should be sure to read the article in the Oct.22, 2012 issue of Newsweek on page 24, by David Stockman, Ronald Reagan's Budget Director, titled "The Great Deformer".

In this article, David Stockman, who has extensive knowledge into the machinations of leverage buyouts from his 17 years with the private equity firm, Blackstone, and his own firm, states that, "Mitt Romney was not a businessman; he was a master financial speculator who bought, sold, flipped, and stripped businesses."

In truth, leverage buyout firms like Bain Capital are more like "vulture investors who feed on failing businesses."

They strip-mined cash from healthy businesses and recycle it mostly to the top 1 percent.

Mitt Romney's only loyalty is to the 1 percent of the super wealthy who are bankrolling his campaign for president. As President Barack Obama stated in the last debate, Mitt Romney's only plan is to aid the top 1 percent of the population.

David Moser,

Milton