Romney’s unimpressive New Hampshire victory

This video from the USA is about Mitt Romney flip flops.

By Patrick Martin in the USA:

Romney wins New Hampshire Republican primary

11 January 2012

Former Massachusetts governor Mitt Romney won the New Hampshire primary Tuesday, giving him a significant lead in the contest for the Republican presidential nomination. Romney was projected as the winner by the television networks as soon as the final polling stations closed at 8 p.m. His share of the vote was estimated at 37 percent.

Right-wing libertarian Ron Paul finished second with 24 percent, and former Utah governor Jon Huntsman was third at 17 percent. Trailing with 10 percent apiece were former House speaker Newt Gingrich and former Pennsylvania senator Rick Santorum, the co-leader with Romney in the first Republican contest, the Iowa caucuses.

Voter turnout was modest despite the intense campaigning by five candidates, mild weather, the lack of any contest in the Democratic Party, and primary rules allowing independents and registered Democrats to cast ballots in the Republican race.

Paul’s campaign benefited in particular from self-described independent voters, whose support for the candidate was based on Paul’s denunciation of war and attacks on civil liberties, which he combines with opposition to the Federal Reserve, absolute defense of property and calls for immediate cuts of $1 trillion in government spending.

While there were initial predictions of a record turnout, this apparently did not materialize. Romney could actually receive fewer total votes as the winning candidate in 2012 than he did in finishing second to John McCain in 2008.

Romney’s victory came despite a last-minute barrage of attacks on his record as the CEO of Bain Capital, a private equity firm specializing in the takeover and restructuring of financially struggling companies, many of which resulted in bankruptcy, closure and mass layoffs. Romney headed the company from 1984 to 1999, amassing a fortune estimated at more than $250 million in the process.

A devastating analysis published Monday in the Wall Street Journal examined 77 deals in which Bain invested in a company during that period, including 22 cases in which the takeover ended in bankruptcy or the takeover target went out of business. Overall, Bain reaped phenomenal profits, reporting $2.5 billion in gains for its investors on about $1.1 billion invested, with annual profit rates averaging between 50 percent and 80 percent.

While these numbers place Bain Capital in the second or third tier in terms of the size of its operations, the rate of profit typifies the completely predatory role of takeover firms, corporate raiders, hedge funds and other financial “innovators,” as they are so diplomatically described in the business press.

Mitt Romney, Bain Capital and American capitalism: here.

Romney’s Bain Made Millions as South Carolina Steelmaker Went Bankrupt: here.

Barely a week after presidential candidate Mitt Romney’s role as former head of the private equity firm Bain Capital erupted as an issue in the Republican primary campaign, there is a concerted effort by the media to bring an end to the discussion: here.

5 thoughts on “Romney’s unimpressive New Hampshire victory

  1. Pingback: US Republicans’ far-Right extremism | Dear Kitty. Some blog

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  4. Pingback: South Carolina primaries plutocracy | Dear Kitty. Some blog

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