Via Greg Sargent, David S. Bernstein at the Boston Phoenix has a Romney anecdote too good not to share:
The story comes from the Boston Globe’s seven-part 2007 series on the life of Romney. In Part 3, William Bain tells Romney that he and the Bain partners have chosen him to head a new spinoff company, Bain Capital:
In early spring of 1983, with the sun pouring into his office in the Faneuil Hall marketplace, Bain offered Romney the job that would make his career. Romney balked, catching Bain off guard.
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Romney explained that he didn’t want to risk his position, earnings, and reputation on an experiment in investing. The offer was appealing, Romney recalled in a recent interview, but he wasn’t going to make such a decision in a “light or flippant manner.”
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So Bain sweetened the offer. He guaranteed that if the experiment failed, Romney would get his old job and salary back, plus any raises handed out during his absence.
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Romney had one more concern: the impact on his reputation should he prove unable to do the job. In the end, Bain agreed to craft a cover story if necessary, promising to bring Romney back to the consulting firm and explain Romney’s return as a matter of his being more valuable to Bain as a consultant.
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“So,” Bain says, “there was no professional or financial risk.”To me, this vignette perfectly gets to the core of Mitt Romney (not to mention the whole rigged game of American wealth and finance). Romney always leverages his considerable assets — his business and managerial skills, his personal access and influence, his wealth — to manipulate circumstances to avoid personal risk. And while that includes risk to his personal finances and professional career, the number-one goal is to protect, at all costs, the Mitt Romney brand…
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Most striking about this Bain anecdote is the pre-arranged dishonesty — a conspiracy before the fact, so to speak, to lie and cover up for failure. He was already adept at the tactic back then, in his 30s, when his leverage and power was still relatively weak. I would argue that he has made similar arrangements at almost every step along his path. Of course, it’s very hard to tell whether people have agreed to lie on someone’s behalf or not. But it certainly seems that Romney has always been able to seize credit for successes, and avoid blame for problems…
Sterling character, that Romney fella — takes a mort of regular polishing to keep the tarnish off. Not so suprising that “most of Romney’s big early donors from his first presidential campaign have deserted him in his second“:
There is no single explanation for the desertion of more than 10,000 individuals — a potential loss of some $25 million to the campaign.
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But one conclusion is inescapable: even among his supporters, there’s not much enthusiasm for a Romney presidency.
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And that, according to his supporters and detractors alike, stems from Romney’s ever-changing persona. Whatever version of Romney you once supported, it’s not the same Romney who is asking for your money today…
Well worth clicking through, for much more detail at the link.
Villago Delenda Est
How the fuck does this dumbfuck, who is such a coward, think that he can enter the world of politics where such things are simply not under your control anymore?
jibeaux
They’re in the Kubler-Ross stages right now, I would say currently in fairly protracted bargaining (Perry – Cain – soon to come: emerged….Gingrich! After that, I’m not sure. The donut of the month club to Christie’s house, probably), but moving, inexorably, towards Acceptance of Romney. And ironically, the decades of calculation applied so almost scientifically into crafting a shell for this hollow soul will be what brings him down.
At least that’s the hope, anyway.
Belafon (formerly anonevent)
But Obama keeps negotiating with the Republicans.
/troll-fire-bagger
Imagine four years of Mitt cowering in the corner.
JPL
The only thing I can assume is that if Romney were the President now, Osama would be alive. He certainly wouldn’t risk a failure.
PeakVT
@Villago Delenda Est: Fox and the media landscape it has re-made.
Culture of Truth
If this anecdote is true, it suggests this much: the guy is no fool, and gets what he wants.
Belafon (formerly anonevent)
@Culture of Truth: He sounds an awful lot like the whiny SoS from Independence Day, who was lucky he didn’t get offered up as bait.
Zifnab
All the talent in the world and only Millard Romney has the brass tacks to lead Bain Capital. He was so incredibly talented that Bain was willing to eliminate even the shadow of the risk of failure in pre-exchange for Romney’s service. That’s how stellar and astounding Romney’s performance was expected to be.
/Republican hand-job response
JGabriel
@Culture of Truth:
It suggest Romney’s a perfect fit for the modern business world … and likely to make just as much a hash of the presidency as the last “businessman” we elected to the office.
.
Culture of Truth
@Belafon (formerly anonevent): That guy converted to Judaism as aliens destroyed America, which sounds like a suitable denouement for Mitt
Willard
Oh neat. Well the deal at Bain is exactly how the presidency works. If he fails to perform, he gets to revert to being candidate Romney. The cover story will be that he is so much more valuable to the American people as a candidate.
You know what, Romney is too valuable as to candidate to risk losing him to the presidency.
JGabriel
@jibeaux:
There’s still Paul, Santorum, and Huntsman.
No, wait, Paul and Huntsman both announced themselves as anti-torture in the last debate.
There’s still Santorum.
.
Culture of Truth
What I mean is this – Rick Perry, Bachmann, Santorum, and Cain are useful idiots who inevitably get conned in Bain-like deal. Romney is the guy doing the con.
Enhanced Voting Techniques
So what does No Risks Willy plan to do about Iran? Negotiations might fail, war might fail, doing nothing might fail. There is a no risk free option on Iran and no one to blame.
Presidentz Mittens = four years of blamestorming.
aimai
A) golf claps for correct use of my favorite expression “a mort of”.
B) That’s our Mitt (he was my governor, after all) a fake and a coward right down to his wingtips.
C) That’s why we in Massachusetts say that Mitt gives the words trimming, lickspittle, ass covering, and dishonest a run for their money.
aimai
Villago Delenda Est
@Willard:
You mean the way his sons are more valuable as campaigners for their dad than campaigners in Iraq, putting their precious asses on the line?
Villago Delenda Est
@Enhanced Voting Techniques:
No matter what happens in Iran under a Romney administration, somehow Obama, Clinton, or Carter will be to blame.
Belafon (formerly anonevent)
@Culture of Truth: I am surprised he hasn’t flip-flopped more on his Mormonism.
jibeaux
@JGabriel: Yeah, I have a hard time believing even Republican primary voters are really going to take a shine to him. His Senate gig looks like a fluke now, after he lost re-election by a margin of what, nearly twenty points? Charisma seems to be what’s driving them right now, and santorum ain’t got it. But I wouldn’t rule out reanimating Reagan’s corpse in there after the Christie donut thing and before Acceptance of Romney.
jl
I disagree. Finally, a criticism of a GOP presidentin’ primaryate I can disagree with.
Dude, the riskless sinecure, the inside track, the trick, the bolt down a well paved and prepared career road (when the chance came up) with an eye on the main chance, that was SOP for bland white men for decades.
Edit: Also, too: Willy Loman, American icon.
It has gone away, and that is why so many of them are pissed.
As a member of the club, I had plenty of corny white dudes lean over and tell me, confidentially, look all this school, idealism, research to find truth stuff, come on, it won’t pay. You have a chance to get a free ticket and ride, boy, you should take it.
So, damn, I could be boozy middle age fart white guy with a big house and nervous wife in San Marino, golf at the country club, but I am a ridiculous person who never learned to put childish things away.
On this one, leeeeaaavvvve Mitt allllloooooone! Please. He was following a cultural norm. Hard to believe, but the ways of the white male US duffer are strange.
catclub
@Belafon (formerly anonevent): He has flip-flopped exactly zero on his Mormonism. I give him full credit for that.(But I also allowed that a ‘profound conversion experience’ could still be in the cards if necessary.)
I give George Bush full credit for not letting Cheney bomb Iran.
feebog
Isn’t the behavior described in this incident pretty much the template for the Banksters leading up to the 2007/08 crash? Take all the risks you want, the taxpayers via the good ol’ boy club that was the Bush Administration will cover your bets.
JustMe
Honestly, I can’t be down on Romney for this. He was being pretty shrewd and protective of his professional standing and wasn’t going to let anyone take advantage of him.
Zifnab
@catclub:
Was that even Bush’s call? Or did half a dozen generals lead by Colin Powell drag GW Jr into a private room and explain to him what happens to Presidents that piss off the US military too much? Bombing Iran would have been a catastrophe. We were not ready to add another front to the Afghan/Iraq War.
burnspbesq
Anyone who finds this story surprising must never have worked in a private-sector enterprise with more than ten employees. Risk aversion is as natural as breathing.
Nutella
Wow, that Bain story really clarifies the difference between the Masters of the Universe and us plebes: They have no financial or career risk at all. Only the little people have risk.
Remember this when they tell us that CEOs have to be paid the big bucks because of ‘risk’.
The receptionists and mail clerks living paycheck to paycheck until they get laid off by Bain: They’ve got risk.
Roger Moore
@jibeaux:
If you think the bargaining stage is taking a long time, just wait till we get to Depression. I predict that for a lot of wingnuts, it will last until after November.
catclub
@Zifnab: 1. Colin Powell was already gone.
2. Those same generals always happened to end up doing what Bush wanted. Take needed resources from Afghanistan for the Iraq war buildup? Yes Boss. The surge, when the Generals wanted to start winding down? He finally found a general that wanted to do that and that one gets promoted, the others get fired.
So yes, I give Bush the credit for not letting Cheney bomb Iran.
Judas Escargot
@Nutella:
“The Aristocrats!”
Rick Massimo
But – but he’s a bold, entrepreneurial job-creating machine! He DESERVES billions of dollars for his boldness! Or something!
“Romney always leverages his considerable assets—his business and managerial skills, his personal access and influence, his wealth …”
Don’t forget his dad’s name. That’s where it all began. Of course.
patrick II
I don’t blame Romney for this. Look at from the other side. Underlings are given tasks and then hung out to dry when things go wrong. Sometimes people are given “promotions” to tasks doomed to failure by a boss trying to do them damage. I had a friend given impossible software development task and then was asked to retire when the task didn’t make the timetable. My friend secretly wanted to retire from a company he thought was going down hill so he took it, it failed as expected, he took a golden parachute and left — a double double cross. They play hardball in the executive suites.
I wonder what Bain’s motivation for telling that story to the reporter was? Dislike, admiration, vindictiveness? Is Bain for Cain?
Violet
@burnspbesq:
I completely agree. There is nothing unusual in what Mitt did as far as negotiating about his job and avoiding risk for his career. It’s smart to do something like that because corporations won’t stand up for you if the new job doesn’t work out, which might be through no fault of your own, but due to something like the company deciding they don’t want to support it as much as they thought, etc. You can be left out to dry and your reputation in your industry will take a hit. I really can’t fault Mitt for any of the first part of the story, since he’s just protecting his own interests and is smart enough to know the company won’t protect them for him unless he makes them.
JGabriel
Zifnab:
The story as I heard it (don’t remember the link, sorry) was that it was a cabinet meeting — or maybe the Iraq War Group or some other staff meeting (heh, he said staff) — late in Bush’s second term, when Dick (heh, he said … oh, forget it) started in on his usual “We MUST Bomb Iran” schtick.
George, who was apparently sick of Dick’s shit turned to the rest of the meeting and asked, “Who here agrees with Dick? (pause) Raise your hands? (pause)(still pausing) No one else agrees with you, Dick. Next on the agenda.”
One can argue that the world would be a much better place if Bush had his “Fuck Cheney” moment in 2000. But credit where credit is due.
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Mike G
Doesn’t everyone working for corporations get sweetheart deals like this? (/snark)
Another spolit rich brat Repuke, propelled through life by his daddy’s money and connections. Didn’t we just see this movie?
John Weiss
Mittens?! Aw, come on. The guy tied his dog to the roof of his car! And he is no LBJ by a long shot!
Ruckus
@Willard:
You know what, Romney is too valuable as to candidate to risk losing him to the presidency.
We might actually be able to convince mittens of this.
mclaren
Yes, but what you fail to realize is this is true for all mega-billionaires. The way people become immensely rich, studies show, is by avoiding all risk.
Future billionaires like Ted Turner and Bill Gates always crafted their deals in such a way that they never put any money themselves. There’s a myth that successful entrepeneurs get rich because they bet big on huge business gambles which then pay off. Just the opposite turns out to be true!
The billionaires get rich because they carefully set up deals in which they use other people’s money to pay for the investments. If the deal falls through, the other people are the ones who lose, not the successful entrepeneur. And if the investment pays off, the future billionaire is the one who captures the lion’s share of the profits.
negative 1
I hate to defend Mitt but I think that this anecdote was a professional hit job. More than once in my corporate tenure the way to get rid of people was via a ‘Childrens’ Crusade’ approach. Simply send them off to do an impossible or completely unsupported task in a misfit department, when it inevitably fails, cut the department. The worst that happens is that it succeeds, in which case it’s not really that bad. I don’t blame him for trying not to be a victim of this, likely he’d done it to others at some point.
Remember that for all of the ‘tough talk’ from the repub class, corporations are generally giant p***ys who won’t fire anyone. The best they’ll do is giant layoffs to cover themselves against wrongful termination lawsuits.
joeshabadoo
I’ve known this is how people get rich for quite some time.
Donald Trump didn’t make money by putting his own money into his shitty buildings. Remember how he talked about how he personally never went bankrupt? The suckers and even his own company could go under but he would end up on top (thanks to starting with daddy’s money of course)
When someone starts a new business I have no problem with the them not risking their own money. They are putting in the time, work (like Romney did there) and ideas. I do have a problem with them not even getting a hit in the reputation department. Once someone does something big once it often seems like no number of fuckups can bring them down to the trustworthyness of someone who is just starting out. Going below that requires something special.