Matt Taibbi Reveals How Romney Made His Fortune — It Ain’t Pretty, and He Shouldn’t Be Proud of It

Rolling Stone Issue #1165

I just received this month’s copy of Rolling Stone Magazine in the mail.

I never read RS in the 70’s, 80’s or 90’s.  However, that has changed.  I discovered that their political reports are informative and quite revealing in a way that mainstream (read… corporate) media avoids.

I look forward to yet another great expose by journalist Matt Taibbi.

Alternet

“Earned” is a very generous way to put it.

Editor’s note: The following is a transcript of a Democracy Now! interview with Rolling Stone contributing editor Matt Taibbi, whose recent article in the magazine gets to the bottom of Mitt Romney’s enormous wealth. 

A new article  by reporter Matt Taibbi in Rolling Stonesheds light on the origin of his fortune, revealing how Romney’s former firm, Bain Capital, used private equity to raise money to conduct corporate raids. Matt Taibbi writes, quote, “what most voters don’t know is the way Mitt Romney actually made his fortune: by borrowing vast sums of money that other people were forced to pay back. This is the plain, stark reality that has somehow eluded America’s top political journalists for two consecutive presidential campaigns: Mitt Romney is one of the greatest and most irresponsible debt creators of all time,” Taibbi writes. He goes on to say, “In the past few decades, in fact, Romney has piled more debt onto more unsuspecting companies, written more gigantic checks that other people have to cover, than perhaps all but a handful of people on [planet] Earth.”

Well, Matt Taibbi joins us now, contributing editor for Rolling Stone magazine. His most recent in-depth piece called “Greed and Debt: The True Story of Mitt Romney and Bain Capital,” author of the book also, Griftopia: A Story of Bankers, Politicians, and the Most Audacious Power Grab in American History.

Read transcript here…

7 comments

  1. Put it on my tab is the American way. Obama has made us all trillionaires and I can’t be more proud Hope we Obama gets elected so we can become ZILLIONAIRES! Our money will be worthless and our future hopeless. Don’t see any problem in Romney being a cheapskate who only used millions in debt.

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    1. Um, where did the “multi-trillion dollar debt” originate, Hoboduke? Wouldn’t you agree that the two wars Bush started, which were NOT paid for until Obama put them on the books in order to see where we stood in terms of our debt and deficits. Bush also created the Prescription Drug program for seniors (which actually was a gift to the Pharmaceutical industry) which he did not pay for.

      So when Limbaugh, Fox News, Beck et al say things like: “Obama drove the debt up to 15 trillion dollars”, no one corrects them and say they are lying. They’d rather it not be known that Bush screwed up royally.

      Why wasn’t there one mention (except for Jed Bush) of George W. Bush at the GOP Convention? because BUSH SCREWED AMERICA…and his predecessor is getting the blame. Shame on you Republicans. Shame on you.

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  2. I feel shame! But Obama makes me smile! He makes home made beer, plays golf, and lives a life we all would envy. It’s great to see him enjoy power and privilege. How about Solyndra? Does that count as a minor screw or we should forget about it? I will just worship my faded Obama HOPE poster and forget about any future for our economy. He’s thinking up new ideas all the time. That’s great for the 23 million waiting 4 years.

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  3. Great article thanks – sadly your commenters aren’t up to much ;)
    I’ve read some excellent pieces in RS – one of my faves was from years ago when Hunter S. Thompson wrote about the Presidential Election trail – I had it in an anthology of his best work.
    It also makes me think of the Dr Hook song…
    D x

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