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How Did Mitt Romney Get So Obscenely Rich? Robert Reich Explains

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Published on Apr 11, 2012

How exactly did Mitt Romney Get So Obscenely Rich? Robert Reich explains The Magic of Private Equity in 8 Easy Steps

Comments • 1,069

Ted cox
What is scarier is that Mitt believes that Joseph Smith met an angel named Moroni in the woods in upstate New York who gave him a new golden bible and told him don't let anyone see it, and when you are done transferring it to paper, then give the golden bible back to Moroni so there will be no evidence other than J Smith's word that it even existed. A reasonable angel would have said, hey man show this golden bible to everyone you know so that the world will know you are not a liar.  Maybe that's what led Mitt to a career in the scamming business.
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Bobby Johnson
it's not a golden bible it's the book of Mormon dude get it right
Teh Kingbubbles
+Ted cox met a lot of mormons, but they hide their true beliefs. thank god everything they believe in was leaked and is now in the public domain on the internet.
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Fay Ryuujin
GOP = GreedyOldPricks voting GOP is a suckers bet unless your really rich
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Daniel Davis
These problems were made by Republicans in the 1960's under Ronald Reagan, ever since America has gotten more and more unequal. Also,if you look at parts of America where right-wing polices are practiced, you will find they are nearly all among the poorest, with a few exceptions. And you really believe the left wants to "take money from those who work," you are just fooled by right-wing propaganda. Also, some of the most intelligent hard-working people are left-wing, professors, scientists,doctors, people who work hard to build their and our futures are predominately liberal. Also, look at how fucking unequal our country is, we are as bad as countries in Sub-Saharan Africa. It's seems the right doesn't realize that more money towards low-wage workers and the middle class means a healthier economy with less unemployment. But wait, let me guess, you are brainwashed into believing increasing the minimum wage is bad for economic growth and for job? Research actually shows it has no statistically significant affect on employment, but it does create more demand in the economy. 600 economists and 7 Nobel prize winners signed a letter to the president, urging an increase in the minimum wage to $12 an hour. Yet the right will continue to support outdated, ineffective policies that will keep our middle class from having any income gains (We've had none since the 60's.) Either way, the left and the right need to learn to cooperate to make our country better for all of us, ours and future generations, by not supporting policies among partisan lines, but by proven economic research
Rick Perry
this is more than just being greedy this is Terrorism this is treason this should be death penalty sentence automatically if you behave in a kind of way and I'm talking about everyone in the organization
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britsareweak
The problem with capitalism is eventually the rich run out of everyone else's money
alex m
The problem with socialism is that everyone runs out of everyone's money.
judyleasugar97
No one needs to have a billion dollars or more, particularly if gaining that kind of money ruins lives in the process.
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Ruth J
+carol lungren Why, when MSNBC is the only channel telling the truth? You know that Fox gets kickbacks from the Kochs and other billionaires, don't you?
judyleasugar97
+carol lungren Scratch that, Kochs plan to pour a billion dollars into the next election. Uh, that's way beyond Hollywood donors.
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Kerry Erle
Private equity companies: another example of how people get screwed when governments fail to regulate industry.  
judyleasugar97
Behind every great fortune is a great crime -- Honore de Balzac.
whyamimrpink78
So a company takes money, invests it into a failing.  Then turns that failing company into a productive one. Then they sell it and made a profit.  So what.  What about this. A college student gets a scholarship, or even a college loan.  Works hard and gets an engineering degree.  Then gets a high paying job by selling his skills and labor.  Now he is rich.  Sounds like the same process.
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ExtremeskierX
Your comparison would be correct if the student used borrowed money and never paid it back, this is how profits increase expontentialy. OPM other peoples money, never your own money. Also the company in question is not more productive it is more profitable because of the cuts in employee costs, firings and other cutbacks.
john baker
It's not as simple as you summarized, whyamamrpink78. Research what was done to KayBee Toys. They asked for a little help from an investing firm. They were actually a terrific company, just struggling for a bit. Oops, once they opened the door to the Romney types, they became unwilling victims. The company was gutted, and ultimately sacrificed ~ not for any reason other than to make profits of paper for the finance guys. They didn't offer help when the toy company asked for it. They just wanted a foot in the door to wreak their havoc. Much of what Bain Capital has done, specifically with hostile takeovers, was actually illegal until Reagan loosened regulations.
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bigraviolees
How did Mitt get rich? The same way all GOP do. USING people. Money over lives
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Concerned Citizen
How did Obama get worth 200 million in 7 years on a 500k salary? I'm sure he just was given 196.5 million out of the goodness of people's hearts right?
bigraviolees
+carol lungren  no republican does anyone good . Rich dems are like Bill gates, giving and empathetic. Rich GOP are the Koch's and Lucifer.   You don't know jack shit about me yet as a well programmed stooge you people always want to tell me I Am on welfare have an Obama phone and bridge card. I want to take true, as in all the power from GOP , these racists war  mongering intolerant evil who puppeteer fools like you to vote to cut your nose off to spite your faces
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Misty Petty
You say partners in private equity firms use other people's money. This is true, but they still have to pay it back. THEY ARE TAKING A RISK!
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Egghead Einstein
+Misty Petty The point is moving money around and taking a risk is not going to keep an economy healthy, its not business, it's playing around in the sandbox. Capital investment companies don't get into the nitty-gritty of the companies, they slice and dice and skim and reduce and sell before it becomes obvious. Its like an Arab Shiek buying Apple and telling all Apple users the next iPhone will be in 2025, with a smile! He's firing everyone except basic support staff until 2020.. and all the funds that come in the meantime... he's investing in a chain of 300 halal restaurants. If Apple fails along the way.. ahh. who cares? He's still the Shiek, he's got billions more.. worse case he can sell it to Sony. That's a lot of SHIT for the millions of Apple users to go through because of some asshole who didn't give a flying fuck.
Matthew Allen
+Misty Petty if your job is outsourced does it matter that the price of the product you used to create is lowered? 
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michael reinmund
How did mitt romney become so rich? Well how do most people become rich? Did it just come out the sky? No he did something fucken amazing. He worked hard!
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Egghead Einstein
+michael reinmund Well, if Romney worked hard I'd estimate a lot of us literally moved fucking mountains and carried meteors on our backs. If Bain to you is amazing how do you describe apple or google? Fantabulisticallymiraculoso!?! Because two created visions, while one created paperwork.
GreyWolfLeaderTW
+Frank Bi False. The performance of saving ordinances such as baptism does not "make" a person a member of the Church. It gives them the choice to accept or reject those ordinances being done for them. He performed proxy ordinances on his father-in-law's behalf, but it is up to his father in law to accept or reject them.
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