Matt Taibbi on Mitt Romney's Crooked, Dirty Game
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Ahmed Shihab-Eldin: I feel as though Romney himself has actually been forced to outline that very thing. It is ultimately about making a profit for investors, or someone in his campaign kind of admitting that that is the intent.
Matt Taibbi: Well, yes and no. He wrote a book called Turn Around, and he's pitched himself as a guy who is going to turn around America because that's what he does, is turn around companies. But that's not really true. When you take over these companies, you have all these tools at your disposal that allow you to extract value from the company without the company succeeding. You can force them to take out a bank loan and pay you a dividend. There's all these different things you can do.
Ahmed Shihab-Eldin: So there’s multiple alternatives…
Matt Taibbi: Right. And so you can succeed in a private equity deal without turning a company around. And that’s a critical distinction that people don’t get.