Romney was still running Bain Capital two years after he claims he left

The more everyone finds out about Mitt Romney's finances, the more questions they have. Perhaps that's why he's hiding as much as he thinks he can get away with. 

Today, The Boston Globe reported that Romney was still running Bain Capital two years after he claims he left the firm, directly contradicting his campaign's denial that he was involved in deals that led to layoffs, bankruptcies, and American jobs getting shipped overseas. 

It's a pattern of secrecy, and this is just the latest example of him trying to hide the truth from voters. There are a number of issues in play right now -- and voters deserve answers: 

1) Mitt Romney refuses to release multiple years of taxes, ignoring decades of precedent. 

2) He won't disclose his "bundlers," the people raising millions for his campaign. 

3) He is the sole owner of a questionable shell corporation in Bermuda. 

4) Until recently, Romney kept cash in a Swiss bank account. 

5) According to the Globe, he hasn't been honest about when he was running Bain Capital, even though legal documents refute his claims. 

Everyone deserves the right to judge for themselves whether Romney's motivations, experience, and perspective are what they want in a president. But Mitt Romney doesn't want people to have the information they need to 
make those judgments. 

More to come . . .

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AFL-CIO Now blog: Venture Capitalist says Taxing the Rich Does Create Jobs

by Mike Hall, Dec 5, 2011

Nick Hanauer is another multimillionaire who says its time to tax the rich. The venture capitalist, who has launched more than 20 companies and is an original investor in Amazon.com, says Republicans are completely wrong when they claim that raising taxes on the rich—the so-called job creators—would kill job growth because “Rich people like me don’t create jobs, middle-class consumers do.”

So let’s give a break to the true job creators. Let’s tax the rich like we once did and use that money to spur growth by putting purchasing power back in the hands of the middle class. And let’s remember that capitalists without customers are out of business.

Hanauer also points out that the 99 percent have not gotten a fair shake.

If the average American family still got the same share of income they earned in 1980, they would have an astounding $13,000 more in their pockets a year. It’s worth pausing to consider what our economy would be like today if middle-class consumers had that additional income to spend.

Click here to read his full column at Bloomberg.

It should be clear by now the economy that the policies of FDR and the Democrats produced is a lot fairer and more robust economy than the GOP vision that started with Reaganomics and went down the tubes with the Bush Ownership Society. 

Unfortunately, the Democrats had an opportunity to fix the tax system in 2008, but they didn't. This was the biggest failure of the Obama adminstration. 

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BuzzFlash: BoA trying to get the FDIC to insure derivatives

The Wall Street prefers privatized profits and socialized crony capitalism. The Bank of America has allegedly transferred 75 trillion dollars in potentially toxic derivatives so the "money" to be covered by the Federal Deposit Insurance Corporation (FDIC).

The taxpayers may once again insuring the risky financial bets of another bank "too big to fail." The  loss of $75 trillion,possibly insured by government money, dwarfs budget deficit "austerity" talks.

The Federal Deposit Insurance Corporation (FDIC) is a United States government corporation created by the Glass–Steagall Act of 1933.

It provides deposit insurance, which guarantees the safety of deposits in member banks, currently up to $250,000 per depositor per bank.

The FDIC currently insures deposits at nearly 8 thousand  institutions.

The FDIC also examines and supervises certain financial institutions for safety and soundness. The FDIC performs certain consumer-protection functions, and manages banks in receivership. (failed banks).

We don't know how the BOA would be able to get derivatives insured by the FDIC. Congress need to change the law and Obama needs to write an Executive Order so this country doesn't get stuck with another TRAP like bailout.

A Reuters columnist recently wrote a column "Is Bank of America preparing for a Chapter 11?" It is starting to look that way.

The FDIC was designed to protect small deposits to prevent bank runs. It was not designed to protect big banks or worthless derivatives. Let the BOA fail!

Derivatives are like casino chips to high stakes venture capitalists. Let these billiaonaires and millionaires go bankrupt for playing such a risky game.

A word to our readers : Get your deposits out of BoA ASAP!

soruces: BuzzFlash and Wikipedia

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