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Re: We Didn't Buy His Bull
by FredrickBernanke

And by the way, Mitt's business success was as a Leveraged Buyout (LBO) wizz. LBO's are when the acquieing entity puts up maybe 10% of the value of the comapny to be acquired and then uses the assets of the acquired company as collateral to borrow the balance of the purchase price.

The result is usally but not always humungus profits for the LBO guys (Mitt) and radical job losses for the company acquired.

It may not be pretty, but it sure is profitable.

My favorite Mittism was when he said during one of the debates that one of his great regrets in life was "not serving in the military." And he had the audacity to say it while sitting next to John McCain!

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