How to buy corporate capital?
Is the Bloomberg news service turning into The Agonist? Or at least The Agonist, circa 2005, when what was written here was so out of the mainstream that most writers had to hide behind pseudonyms if they wanted to keep their day job? I ask this because I was surprised to see the type of article that is now passing for ordinary on Bloomberg. Here are the Top 5 most popular articles on the news service today, according to their website: “Hardheaded Socialism Makes Canada Richer than U.S.”, “The Secret Behind Romney’s Magical IRA”, “China’s GDP Hit Tells Story of Hubris Run Amok”, “Romney’s Bain Yielded Privatized Gains and Socialized Losses”, and “Do Business Schools Incubate Criminals? ”
The title of that last article is pretty much rhetorical, which says a lot about how times have changed if major business publications are giving credence to claims that business schools churn out criminals. It is the two Mitt Romney articles that really interest me, given how unfavorable they are to the champion of capitalism that the Republicans have put forward as their presidential nominee.
The article about Bain Capital features stories that most of the readers of The Agonist should know about, because we’ve been writing about these circumstances for years now. This is all about the equity extraction business, which is Bain Capital’s bread and butter and Mitt Romney’s fundamental business experience. In classic Republican hypocrisy mode, Mitt Romney has been saying that Bain Capital is proof that he knows how to create jobs. This is, in a way true – it’s just that the jobs he creates are all in India and China, which really means he’s running for CEO of the wrong country. What the Bloomberg article shows is that the greatest “success stories” at Bain Capital were all about using leverage – excessive debt in other words – to buy companies, pay huge dividends to Mitt Romney and his fellow investors, and in the process destroy the companies at the cost of thousands of lost American jobs.
Source: The Agonist blogs
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Expected a lot in exchange for political gifts
They called it 'the matrix,' a computer program that brought a scientific dimension to Enron's effort to seduce politicians and sway bureaucrats.
With each proposed change in federal regulations, lobbyists punched details into a computer, allowing Enron economists in Houston to calculate just how much a rule change would cost. If the final figure was too high, executives used it as the cu...k attitude,' in reference to Comedy Central's animated series populated with profane and irreverent third-graders. The idea, the executive said, was to push hard and not worry about making friends.
'The ingrained philosophy was, me first, money counts and the government should eliminate my taxes,' said another former manager. 'That's all they cared about -- what impacted them personally.'
Props to Intellectual Property — E-Commerce Times
Let's estimate this using the most inclusive definition of intellectual property: patents, copyrights, trademarks, trade secrets, customer lists, business know-how, and other secret sauce. Relationship to Market Capitalization. An oft-cited statistic …
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