Newspaper article St Louis Post-Dispatch (MO)

Evaluating Romney the Private Equity Manager; Conflicting Responsibilities; A Fund Manager Will Pick Profits over People, Because Thats His Job

Newspaper article St Louis Post-Dispatch (MO)

Evaluating Romney the Private Equity Manager; Conflicting Responsibilities; A Fund Manager Will Pick Profits over People, Because Thats His Job

Article excerpt

After two years of interminable campaigning and voter abuse, the presidential election is less than a week away. As a serious voter, I watched in wonderment as unqualified candidate after unqualified candidate demanded my attention. People sent these candidates money to further their campaigns, and self-styled pundits held straight- faced discussions about their qualifications and chances for election. Many millions of dollars went into the coffers of media, who were delighted to permit this fleecing of the voters.

Finally, the cast of characters is reduced to just two major contenders who continue this charade of democracy. The cost of the election is now beyond millions and into billions, and the electorate knows little more than was known at the start of the campaign. Those who pay for the candidates determine what information is provided and skew it to benefit their interests.

President Obamas claim for re-election rests on his first-term accomplishments or lack of. It is a matter of public record, and one can agree or disagree with what has been accomplished and have at least the basis for voting. But, how can Mitt Romney be evaluated? The information on Romney is cloudy and incomplete, often obviously in error or purposely distorted. A vote for Romney is either based on faith or on disappointment or dislike of Obama.

Although a former governor of Massachusetts, Romneys professional or business background is as a private equity manager. In his capacity as a private equity manager, he cannot legitimately claim the mantle of job creator. His only responsibility was to provide profits for his investors, for which he was amply rewarded. In his quest for profits, he and other equity managers find it necessary to reduce manpower requirements in order to garner profits for their shareholders and personal gain for themselves. For example, the historic airline TWA no longer exists. A private equity manager, Carl Icahn, sold it off, leaving employees high and dry, and walked away with a reported $190 million. …

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