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2016 Postmortem

hedgehog

(36,286 posts) Tue Aug 7, 2012, 12:54 PM Aug 2012

Did Romney get rich by running legal Ponzi schemes?

Borrow money to buy a company, borrow against the company to produce dividends for self and friends, allow company to go bankrupt.

Sounds like a Ponzi scheme to me!

3 replies

= new reply since forum marked as read

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Did Romney get rich by running legal Ponzi schemes? (Original Post) hedgehog Aug 2012 OP

Then perhaps you should research a Ponzi scheme. Indydem Aug 2012 #1

No, tha tax code enabled Bain and Romney to deduct interest on money borrowed... rfranklin Aug 2012 #2

Mafia bustout does sound closer - I'd love to make this a meme! hedgehog Aug 2012 #3

Indydem

(2,642 posts)

1. Then perhaps you should research a Ponzi scheme.

Reply to hedgehog (Original post)

Tue Aug 7, 2012, 12:58 PM

Aug 2012

They are nothing alike.

rfranklin

(13,200 posts)

2. No, tha tax code enabled Bain and Romney to deduct interest on money borrowed...

Reply to hedgehog (Original post)

Tue Aug 7, 2012, 01:02 PM

Aug 2012

by the companies that they bought. This money was used to pay dividends to Bain. The debt was too much for the companies and they then went bankrupt. But Bain and Romney also looted pension funds to further enrich themselves. It was closer to a Mafia bust-out than a Ponzi scheme.

hedgehog

(36,286 posts)

3. Mafia bustout does sound closer - I'd love to make this a meme!

Reply to rfranklin (Reply #2)

Tue Aug 7, 2012, 02:07 PM

Aug 2012

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