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The terrible managers were the ones Romney put in! That’s the whole way private equity works - they bought the company when the share price was depressed, then loaded the company with debt, paid themselves the proceeds of the loan, then liquidated the company in bankruptcy so they didn’t have to pay it back. The whole private equity scheme is to operate a fraud against lenders.
The terrible managers were the ones Romney put in! That’s the whole way private equity works - they bought the company when the share price was depressed, then loaded the company with debt, paid themselves the proceeds of the loan, then liquidated the company in bankruptcy so they didn’t have to pay it back. The whole private equity scheme is to operate a fraud against lenders.