In Defense of "Vulture Capitalist" Mitt Romney

I kid, I kid!

But seriously, the hatred toward Mitt Romney because of his private equity background has gotten a bit carried away.

Let me get this straight – for 250 years we elect nothing but lawyers (LAWYERS!) and the occasional ex-general to the White House – but someone who built a private equity firm is all of a sudden not good enough?

Look, I understand that your ideal candidate is the folksy owner of a local pharmacy who jerked root beer floats for your grandparents on Main Street and does Habitats for Humanity with his spare time, but seriously, grow up.  Our economy is and has been based on some people being good at taking things away from other people for awhile now – and Mitt Romney is exceedingly good at this game.  If modern-day Capitalist America were a marathon Dungeons & Dragons session, Mitt would be the motherf***ing Dungeon Master.

So yes, his firm Bain Capital came into companies, laid people off and enriched itself.  So what?  That’s a perfectly legitimate role in the scheme of capitalism even if it’s not a role that you personally would ever want to play.  I personally don’t want to be the guy at a multi-national corporation that decides to relocate a manufacturing plant from Kentucky to Kazakhstan – but someone has to if the company is to remain competitive.  I personally don’t want to work as a public defender, sticking up for murderers and rapists in the American justice system – but someone has to if the Constitution is to be upheld.  Mitt’s industry takes over companies that will likely not remain viable for long based on bloated cost structures and unexploited opportunity.  Done correctly, private equity involvement cleans out dead wood and puts the right people into place.  Sure, they enrich themselves along the way – but that’s what they are supposed to be doing – should they work for the entertainment value?  To have a place to go in the morning?  Give me a break.

And besides, Mitt is good at it.  Was a serial business failure like W any better just because we approved of the industries he failed in (oil and baseball)?

So yes, I’m probably voting for Mitt unless someone digs up a graveyard full of infant carcasses behind his house or something.  He’s smart, capable, understands the economy, is not owned by the church or the labor unions and he probably won’t embaraass us on the world’s stage.  he’s not a drinker, a smoker or a philanderer that we know of.  He’s also not borderline illiterate or proud of his own ignorance (which seems to be the in-thing in his party these days).

A casual perusal of the landscape shows that Mitt is the only viable choice for me in a tough year for American political leadership…

1.  Obama: Nice guy, in way over his head, has a flawed ideology and no clue how business works.  I didn’t vote for him in 2008 but when he won I was rooting for him to fix the place.  And then he blew his mandate on Healthcare rather than the economy and straightening out the financial system.  And inexplicably doubled down in Afghanistan.  He needs to go.

2. Huntsman: In a perfect world, he would be vice president and teed up for an eventual run.  He’s probably the most qualified to do the job, but his worldliness, willingness to work with Dems and forward-thinking mentality are all detrimental in the GOP primary process (a process by which the candidate who demonstrates the most willingness to bring back Norman Rockwell’s America wins).  Huntsman thought it would be a good idea to speak flawless Mandarin before an audience of the Republican base, he may as well have put on a pink cowgirl’s costume with ass-less chaps and bowed down to Allah, boy does he not know his audience…

3.  Gingrich:  Newt is the most polarizing of the candidates, the Dems would probably force themselves to fall back in love with Obama just to grab enough independents to beat him.  He can’t convert middle of the road, rational independents like Mitt can.

4.  Paul:  Ron loses as soon as the question of Defense and Military spending enters into the discussion – within his own party, let alone in a national contest.

5.  Santorum:  His childlike sense of wonder and storybook views on science are adorable, but frankly, this is like George W Bush without the charm.  The medieval judgmentalism makes him unlikely to pull swing voters either, hence his candidacy would be a give-away to team Obama.

6.  Perry:  I’m too busy to say anything substantive about Ricky Bobby Rick Perry right now.  Let’s just say my fancy book-learnin’ doesn’t permit the two of us to see eye to eye on very much.

This is a finance blog, so let’s not get too political here, let’s be pragmatic.  Your choice here is basically a bunch of guys who cannot win a national contest, a guy who already won and has proven that he’s not up to the job, OR a guy with business experience who has a good shot at winning over the middle ground – despite the fact that you may not love what he did for a living prior to public life.

Not a very tough choice at all.  At least not for a pragmatist like me.




This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment.

The commentary in this “post” (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Ritholtz Wealth Management employees providing such comments, and should not be regarded the views of Ritholtz Wealth Management LLC. or its respective affiliates or as a description of advisory services provided by Ritholtz Wealth Management or performance returns of any Ritholtz Wealth Management Investments client.

References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others.

Wealthcast Media, an affiliate of Ritholtz Wealth Management, receives payment from various entities for advertisements in affiliated podcasts, blogs and emails. Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. Investments in securities involve the risk of loss. For additional advertisement disclaimers see here:

Please see disclosures here.

What's been said:

Discussions found on the web
  1. immediate edge scam commented on Sep 22

    … [Trackback]

    […] Find More Info here to that Topic: […]

  2. bitcoin evolution reviews 2020 commented on Sep 30

    … [Trackback]

    […] Information to that Topic: […]

  3. Exotic Animals for Sale commented on Oct 13

    … [Trackback]

    […] Read More Information here on that Topic: […]

  4. commented on Nov 26

    … [Trackback]

    […] There you will find 59129 additional Information to that Topic: […]

  5. Ancaster Garage Doors commented on Dec 24

    … [Trackback]

    […] Here you can find 26437 additional Info to that Topic: […]

  6. td canadatrust easyweb secure login commented on Dec 24

    … [Trackback]

    […] Find More on to that Topic: […]

  7. manulife login commented on Jan 26

    … [Trackback]

    […] Find More to that Topic: […]