(image created by KayInMaine of White Noise Insanity)
Mitt Romney likes to brag that he hasn’t spent many years down in DC hanging out with those people. What Shitty Mitty isn’t telling everyone is that he spent his time over the years with very bad Wall Street insiders who have screwed over the nation and others.
From Think Progress:
The Ponzi Scheme
In 2009, prosecutors announced charges against the Stanford Financial Group, which managed a portfolio of $8.5 billion, for running a “massive, ongoing fraud” against its investors. The Ponzi scheme bust was one of the largest in recent history, second only to Bernie Madoff, who perpetrated a fraud estimated to be around $17 billion. The Stanford Ponzi scheme wiped out the savings of thousands, including many American retirees across the country. In Texas, 1290 people lost their retirement savings because of the Stanford Ponzi scheme; in Louisiana, several hundred reportedly suffered the same fate.
The Romney Business Connection
Solamere Capital, the investment company founded by Tagg Romney with seed money from his father, Mitt Romney and other investors.
Launched in 2008 by Romney’s son Tagg and a few others, including Mitt Romney’s chief fundraiser Spencer Zwick, Solamere Capital is a “fund of funds,” meaning that it primarily invests in other investment companies, like private equity groups.
Mitt Romney himself made a $10 million initial seed investment in Solamere Capital and his personal financial disclosure forms reveal that he has received between $100,000 and $1 million in returns from his stake in Solamere. Romney has come under fire for refusing to release his tax returns, which would likely reveal additional details about his financial relationship with Solamere Capital.
After news of the Ponzi scheme precipitated the collapse of Stanford in 2009, Tagg partnered with several of Stanford’s North Carolina executives to start a firm called Solamere Advisors. At least three prominent brokers who had worked for Stanford — Tim Bambauer, Deems May, and Brandon Phillips — joined Tagg to help run Solamere Advisors, a wealth management business located in Charlotte, North Carolina. “We are excited to be associated with such a highly capable group of financial advisors with a proven track record of meeting the needs of their clients throughout the Southeast,” said Tagg in a press release announcing Solamere Advisors, which borrows its the name from its parent company, Solamere Capital.
Click on the link to read more!
Mitt Romney’s adviser is H. Lee Scott Jr., you know, the Wal-Mart executive involved in a bribery cover-up! Oh man, the list goes on and on. If you’ve ever wondered why Mitty the Millionaire Mormon is so out of touch with the common people of America, now you know why!
Maybe this is why Shitty Mitty won’t release his tax returns for the past 6 years? He’s got a lot to hide from the American people! But hey, when you’re palling around with Wall Street Insiders, hiding the truth is the #1 thing you do! Backroom deals are a plenty….