Home / General / Romney Corp

Romney Corp


Romney truly is running his campaign like American corporations have run the economy–deliver a failing product but pay the high-ranking officials obscene bonuses:

Another set of expenditures is likely to draw grumbles from Mr. Romney’s allies given his campaign’s current struggles: The day after accepting the Republican nomination, Mr. Romney gave what appeared to be $192,440 in bonuses to senior campaign staff members. At least nine aides received payments on Aug. 31 well in excess of their typical biweekly salaries, including $25,000 each for Matthew Rhoades, the campaign manager; Lanhee Chen, a policy adviser; and Katie Biber, the general counsel. Rich Beeson, the political director, received $37,500.

I mean, by Wall Street logic, I guess you have to do this right. Whereas Wall Street execs need huge bonuses so they don’t run off into the high-flying world of teaching high school business classes, Romney’s top advisers may well bail to the Obama campaign without their bonuses!

  • Facebook
  • Twitter
  • Google+
  • Linkedin
  • Pinterest
  • Bexley

    Nah they’d just head to Wall Street like T-Paw.

    • commie atheist

      TPaw: “Where’s my bonus, Mitt? WHERE’S MY FUCKING BONUS? That’s it, I’m out of here. And remember that fundraiser a few months ago, where you called people who don’t pay income tax a bunch of losers? Guess who accidentally left the camera on his phone running that day? Hasta la vista, baby.”

  • What possible basis could there be for bonuses at that point?

    I mean, OK, maybe after you clinch the nomination but that was months earlier. The convention is kind of just a formality. You’ve already been campaigning in the general, if unofficially.

    And of course, as you allude, it raises the whole “bailout/bonus” spectre.

    • ploeg

      What possible basis could there be for bonuses at that point?

      Talent retention.

      Brownie, you’re doin’ a heckuva job.

      • I could see giving the bonuses out now, but this was directly after the convention when he looked like he might stay afloat.

    • McKingford

      Actually, I would strongly suspect the nomination convention, in making official the Romney nomination, likely kicked in contractual bonuses. Just like Intrade shares didn’t pay out until the convention, despite Romney having locked things up months before, the convention is what made it official.

      • ploeg

        And you want to keep people on board at least long enough to collect the bonuses. It’s common in private enterprise to deliver bonuses for past work months or years after the past work was completed, on the condition that you’re still with the company at the time the bonus is paid.

      • catclub

        Or, more importantly, the release of General election funds.

    • Linnaeus

      Well, if you’re the lord or one of his vassals, you’re entitled to it.

  • Malaclypse

    Grifters gotta grift.

  • FWIW, the salaries were not very high. Probably Obama people in similar positions earn a lot more, and the bonuses were for getting Romney the nomination.

    That thanks to Rmoney, the nomination is not worth a bucket of warm spit, ain’t their fault

  • c u n d gulag

    I wonder if, besides fiddling while Rome burned, Nero gave bonuses to the ones who started the fires while pissing-off the firefighters and dissing the people reporting on it to the plebes?*

    *And yes, I know Nero WANTED parts of Rome to burn down, so he could rebuild them more to his liking.

    • rea

      And he played the lyre–the fiddle hadn’t been invented yet.

      • c u n d gulag

        I know that, believe it or not.

        I also know he didn’t play the piano. :-)

        It’s just that ‘Nero played the lyre while Rome burned’, isn’t the common expression.

        • rea

          Sorry–but I had just explained that last night to one of my grandkids.

  • burritoboy

    We should even admit that it might well be a great model for running small investment partnerships (it’s how we ran the ones I’ve be at), but might well be a horrific model for running a large public corporation or a political campaign. The failure to understand that is actually a huge problem for the American economy as a whole.

    • James E. Powell

      The failure to understand that is actually a huge problem for the American economy as a whole.

      Right. I’m not sure which myth is more pernicious: the federal government should be run like a business or the federal budget is just like a household budget.

  • cpinva

    yeah, i always find that whole “if we don’t pay obscene salaries and bonuses, we can’t get the best people!” quite nonsensical. as if there is a line of potential employers, waiting to hire these people for millions a year. there isn’t.

    Whereas Wall Street execs need huge bonuses so they don’t run off into the high-flying world of teaching high school business classes

    and i’d like tangible evidence that anyone, not on drugs, offered mitt romney $30 million a year to come work for them. i’m betting i won’t be seeing that anytime soon.

    • burritoboy

      Don’t underestimate how good a buyout artist Mitt Romney is. I wouldn’t vote for him, but he is indeed one of the greatest buyout pioneers ever. He could easily raise a billion dollar fund, which, at the usual fees of 2/20, would generate $20 million in management fees, and (assuming 10% returns) another $20 million in performance fees. Total: $40 million a year in revenue.

      And, if he put the work into it and was even halfway lucky, there’s no reason to think Romney couldn’t open a new fund family managing $10 billion or even more. At that level, it would generate revenue on the order of $400 million/year (which, admittedly, would be shared with other partners, sponsoring organizations, etc.)

  • chris9059

    This just reveals the true nature of Romney and his whole crew.they are just a bunch of rent-seeking grifters – in the private sector they extract rents from shareholders, workers and customers and here they are extracting rents from their contributors.

    Rent extraction is the real point, not providing products or services in the private sector or providing policy in the public sector.

It is main inner container footer text