Let Tagg Go Bankrupt

Tagg Romney is bringing Daddy Mitt Moneybags on to run his company, one week out of every month.

Bailout, thy name is Romney.

Mitt Romney had the good fortune to never have to worry about student loans while attending some of the most expensive schools in America.

Romney later had a comfortable jump start in the working world thanks to his father giving him millions.

There’s nothing wrong with the old man bailing you out if your family can afford it (mine certainly couldn’t), but when you ignore the fact that your own life was one big free ride, and then you lecture others about “self reliance,” it makes you a bit of a fraud, in addition to an obnoxious jerk.

You see, in Romney-land, which is really just a suburb of GOP-land, if you’re a worker at GM or another big company that’s in trouble, you need tough love, not a bailout. In the Republican mindset, anyone who needs help is part of the socialist 47% that wants free stuff.

That is, unless you’re family.

tagg-romney

Entitled young socialist.

For Mitt Romney’s son Tagg “Ponzi Scheme” Romney bailouts make sense because Tagg’s last name is Romney.

Let me remind you of Mitt Romney’s infamous 47% comments:

There are 47 percent who are with him, who are dependent upon government, who believe that they are victims, who believe the government has a responsibility to care for them, who believe that they are entitled to health care, to food, to housing, to you-name-it. That that’s an entitlement. And the government should give it to them. And they will vote for this president no matter what…These are people who pay no income tax.Romney went on: “[M]y job is is not to worry about those people. I’ll never convince them they should take personal responsibility and care for their lives.”

Dependent on daddy?  Check.
Believe they are victims? Check.
Daddy has a responsibility to care for them? Check.
Believe they are entitled to daddy’s help? Check.

As a businessman myself, Tagg’s bailout makes me wonder whether nobody else would work for Tagg since they would either want to run Tagg out the door, or they would want to be paid too much.  Daddy-ums, on the other hand, has a magic Rolodex.

Bailouts for the 1% are so much more agreeable than bailouts for the 47%, don’t you think?


An American in Paris, France. BA in History & Political Science from Ohio State. Provided consulting services to US software startups, launching new business overseas that have both IPO’d and sold to well-known global software companies. Currently launching a new cloud-based startup. Full bio here.

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  • http://twitter.com/dstroup92 Duncan

    I used to work in consulting and the word leverage was used to make everything we did sound important or powerful. Now a days I chuckle whenever I see it because I remember how the word would drive a Partner that had a degree in English because of how the word was used as a verb even though it was a noun. So the smartest guys in business can’t use simple english.

  • http://www.facebook.com/people/Amy-Lubchansky/503387280 Amy Lubchansky

    You know, the bitter tears are STILL refreshing and delicious. “Life records”, lolz.

  • SkippyFlipjack

    Right, responsible writers would research information about the company’s poor finances if they wanted to call this move a “bailout”.

  • Ninong

    Well I guess I didn’t pay attention to the “bailout” part because I have no idea why Mitt wants to get involved in his son’s business. Maybe he’s just passing the time waiting for all the permits to be issued so that he can bulldoze the house on the beach in LaJolla that he paid $12 million for in 2007 and begin construction of his new 11,000 sq ft ‘cottage’ with the parking basement for Ann’s Cadillacs, serviced by a car elevator.

  • SkippyFlipjack

    Right, that’s all background, but this post is making the silly and baseless claim (a claim the post you replied to was refuting) that Mitt’s joining the firm constitutes a “bailout”. As I said, it’s a claim you’re not willing to sign on to, which I think makes sense.

  • Ninong

    Excuse me? I don’t think I mentioned the word ‘bailout’ one way or the other. I’m simply pointing out that virtually all of the money they raised came from 64 wealthy friends of Mitt’s that they came to know by being involved in Mitt’s campaign for president in 2008. In fact, they began organizing just one month after Mitt gave up his quest. Of course, he came back four years later and managed to somehow find himself the last man standing when the other candidates eliminated each other. Would that make him the odd man out? No doubt his nomination was not expected early in the campaign, least of all by people like Newt Gingrich.

    Anyway, I’m just tagging along to point out that Taggart’s company was funded by his daddy’s wealthy friends. And that his first partner had acted as Mitt’s campaign fund raiser and that their first address was the Romney Campaign Headquarters in Boston.
    They later brought in a third partner who did have some experience running a private equity fund. Those three are all still there. I have no clue how well they’re doing or whether they’re in need of a “bailout” of any kind. So I wouldn’t know whether Mitt’s role as chairman of the executive committee has any special meaning. Maybe he just wants something to do?

  • SkippyFlipjack

    So you’re saying that Mitt’s joining the firm isn’t a bailout.

  • Ninong

    Well, let’s see. First of all, this is about a lot more than a “father helping a son.” Solamere Capital was formed by Taggart and the Romney Campaign’s main fund raiser just one month after Romney gave up on the 2008 GOP presidential nomination campaign. Solamere’s first address was Romney Campaign headquarters in Boston. They later moved into the same building as Romney’s PAC, Free and Strong America. That was convenient because Spencer Zwick, the Romney fund raiser and Taggart’s new partner in Solamere, was also raising money for the leadership PAC, which paid his consulting firm, SJZ, LLC, more than $425,000.

    Besides that early $10 million investment from Mitt, Taggart and Spencer managed to raise $244 million from “relationships” they developed working for Mitt’s campaign. In fact, that $244 million came from just 64 wealthy “relationships.” According to a filing with the SEC, Taggart and partners will collect at least $16.8 million in fees over the first six years of the fund. Since neither Taggart nor Spencer had any experience running a private equity fund, they brought in Eric Scheuermann, who did have experience, as another partner. Later they were joined by Laura Coleman, the director of donor relations for the Romney 2008 campaign. She worked with them for eight months in 2008.

    So Taggart’s business venture was based entirely on his “relationships” with wealthy donors to his father’s presidential campaigns. It’s only fitting that daddy Mitt should now join the firm. After all, he knows all of the employees and all of the wealthy investors personally.

  • Ninong

    Poor Ali Goria. Poor baby! It must be tough being a loser in a party full of other losers! You lost. Try to let go.

  • http://www.facebook.com/profile.php?id=100002166668687 Ali Goria

    Oh is Romney running again or is it a slow news week? BTW where are the life records of Mr. Obama?

  • SkippyFlipjack

    Lack of attention and information on Chris in Paris’s part, yes. No “bankrupt” and no “bailout”. Intellectually dishonest “reporting”.

  • Ryan Budge

    You don’t see any difference between government bailouts paid by your neighbor versus a father helping a son? Low information voters should write articles

  • SkippyFlipjack

    A few weeks ago someone in a post pointed out that yes, bloggers are journalists. This post by Chris is a good example of bloggers acting instead as silly partisan hacks. A journalist reported that Romney joined Tagg’s firm. A good blogger would add analysis to the news, or do some more digging to find the truth in the story. A bad blogger adds nothing but misleading buzzword-driven commentary. How is the health of Tagg’s investment firm? A “bailout” would mean that it’s not doing well; do you know that for a fact? If you do, why isn’t it included in the reporting above? This is the type of post that sparked the “Drive-by Chris” label — spouts of unsubstantiated dreck followed by the sound of crickets, as he never chooses to defend his points in the comments.

    But at least it gives the commenters yet another opportunity to rail about Romney and bankers, so I guess it’s serving a purpose.

  • http://www.facebook.com/kim.obrien.775 Kim O’Brien

    My family has a motto – there is a difference between people who EARN money and people who MAKE money . I only put my trust in people who earn money.

  • HillDweller
  • Naja pallida

    You would think wrong. But I’m sure this isn’t a first. My Congressman and my Senators are all teabagger know-nothings who want Gitmo to stay open, and love the idea of unchecked power – as long as they get to control it. I’ve even resorted to calling and writing people who don’t represent me, just to try and get a response. Nobody in Congress has the courage to address Gitmo.

  • Mike Meyer

    I’m ashamed MY country has a GITMO. Aren’t YOU?

  • Mike Meyer

    THEY ARE AMERICAN WAR CRIMINALS, backed by America, no need to ask.

  • Mike Meyer

    Oh, but I DO call about this and other subjects. Its just that I think YOU DON’T. I even go so far as to advertise Boehner’s number(1-202-225-0600) AND when Nan was Speaker (1-202-225-0100) for which I’ve was banned on many LIBERAL sites over my calls to end GITMO and when Deadeye&his pet goat, Codpiece were in office, impeachment.

  • Naja pallida

    And while he’s at it, call Republican members of Congress, who are the ones keeping it open, blocking any action in Congress on it.

  • lynchie

    Why don’t you phone Bush and Cheney and find out why they put them there

  • SkippyFlipjack

    Oh come on. Going to work for his son’s company is a ‘bailout’? What an unserious excuse for analysis.

  • http://adgitadiaries.com/ karmanot

    It amazes me that no investigative journalist has made the connection between lil Tag’s money laundering in the off shore investments of his daddy and scam artist Texan Allen Stanford.

  • http://adgitadiaries.com/ karmanot

    YES!

  • http://adgitadiaries.com/ karmanot

    CHEEZ WHIZ! and Ritz crackers are a step above Cheetos. There’s hope. Well, OK maybe not.

  • http://adgitadiaries.com/ karmanot

    We have yet to experience a Montessori troll.

  • http://adgitadiaries.com/ karmanot

    Thank goddess, on those we can pin kick me tags.

  • http://twitter.com/cambridgemac Michael Connolly

    Drones. That’s the solution. Target them at Wall Street. Much cheaper than Gitmo or regulation. And now it’s legal, as long as the Emperor’s staff has a discussion before they press the button!

  • redacted

    Yeah, too bad Republicans in Congress blocked all efforts to address the situation at Gitmo early in President Obama’s first term.

    Unlike the breitbart/glenn beck world from which your information exclusively originates, ‘Mike’, we here in reality actually know how to REVIEW THE CONGRESSIONAL RECORD.

    You’re a disingenuous goon vomiting out specious, superficial BS, Mike. You’re a liar, and you’re a truly awful excuse for a citizen.

    If you had any sense or integrity, you’d be ashamed of yourself.

  • nicho

    He never “made” any money. He moved things around and people gave him money. Pole dancers work harder for their money that he did.

  • nicho

    “Home” as in “parents’ basement”

  • Mike Meyer

    I don’t think there’s ANY rule that says WE have to torture THOSE PRISONERS to death over a period of decades, is there?

  • Mike Meyer

    LOL also. THOSE PRISONERS have NO human rights, We could probably get by lining them up and shooting them. The political winds are right in Congress. THOSE PRISONERS keep having hunger strikes in order to get their story in the papers, its a festering sore. Deadmen don’t tell tales to the Hague or anywhere else.

  • UncleBucky

    caps lock, chuckles, caps lock….

  • Mike Meyer

    I’m talking BAILOUTS——GITMO is forever ours, everybody knows that!!! Today its Muslims, tomorrow its Christianist, day after U&I, but NEVER EVER FOR BANKERS.

  • http://AMERICAblog.com/ John Aravosis

    LOL

  • Naja pallida

    Home troll schooled.

  • http://www.rebeccamorn.com/mind BeccaM

    One upside to this: By going to work ‘consulting’ for Tagg’s leveraged buyout rape & pillaging investment/scam firm, Mittens appears to be signalling that he’s done with politics and wants to get back to what he does best: Plundering the companies other people have built.

  • http://www.rebeccamorn.com/mind BeccaM

    Translation: “Access and execute superior private investments” = “Seize, plunder, and liquidate previously healthy companies and their employees.”

  • http://firefeeder.blogspot.com/ Stratplayer

    Romney and his ilk like to style themselves as great “risk-takers,” as opposed to the timid and dependent lower orders, but none of them ever face any real prospect of poverty and privation resulting from the “risks” they take.

  • nicho

    If Mitt had gotten the POTUS job, there would have been no need to bail Tagg out. When you’re the son of the POTUS, problems evaporate before you even know there is a problem.

  • nicho

    Yes.

  • nicho

    He’s in Remedial Troll School.

  • PeteWa

    Mike certainly set the bar on the lowest rung.

  • Naja pallida

    Sadly, it’s not just the Romneys. It’s a generalized rot that exists amongst the CEO class. Failure is always an option, because they’re always going go be bailed out somehow. Either jumping ship with a giant golden parachute – only to get jump on another ship to sink – or with no/low interest loans from their banker co-conspirators. It is just more prominent with the Romneys because it has been going on for three generations now… and I’m sure is due to begin a fourth generation any time now.

  • Naja pallida

    Some of the trolls are a little slower than others.

  • Naja pallida

    As much as I want to see those who committed crimes to be tried and face justice, my personal believe is that Gitmo should be closed, bulldozed to the ground, and the land returned to Cuba. I think it’s long past time we got over ourselves and normalized relations with Cuba, and giving them back a war-occupied territory we’ve held against their wishes since the Spanish-American War would be a good first step.

  • caphillprof

    If we are going to keep GITMO going, then we should use it for too big to fail bankers and House tea party naysayers

  • LanceThruster

    Thank goodness Mitt didn’t get the POTUS job or he’d have no way to help poor old Tagg out. Mom says she’ll help out too as long as they can guarantee that it’ll be FUN!

  • http://AMERICAblog.com/ John Aravosis

    Yes, daddy is coming in to save the company with his big name and his big rolodex, the way daddy always does in Romney-land. It just doesn’t feel very free enterprise-y, the way the Romneys always rely on daddy-ums to save the financial day.

  • http://heimaey.us/ jim morrissey

    Who knows if he would have even made any money at all without daddy?

  • PeteWa

    Aren’t you supposed to be typing ‘Benghazi’ in all caps right now? (plus two additional question marks, and three exclamation points)

  • Naja pallida

    Huh? I think you’d be pretty hard pressed to find any “liberal” on this site who doesn’t want GItmo to close, immediately… but this has nothing to do with the discussion at hand. You might as well have just jumped in with “CHEEZ WHIZ!!!!!!!” and it would have made about as much sense.

  • Naja pallida

    In their world, having money automatically means they are influential. Their actual expertise and lack of real experience means nothing.

  • Mike Meyer

    HOW’S ABOUT GITMO??? They need a bailout there, liberals!!!

  • Just_AC

    ummm, sorry, I don’t get the connection here. From Mitt working a week a month to bailing out a bankrupt firm? Is there more information I’m missing?

  • http://www.facebook.com/monoceros.forth Monoceros Forth

    Never having heard of “Solamere” I had to look them up, and was confronted with this:

    Solamere Capital was formed by a group of influential business leaders to leverage their industry expertise to access and execute superior private investments.

    Using “leverage” as a verb always sends my bullshit detector pinging. And is Tagg Romney an “influential business leader”? What I’m seeing from his CV is a string of sinecure jobs in marketing and “consulting”.

    Gah. Do any of these masters of the Universe ever do anything useful? At least George Romney made cars.

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