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August 8, 2013

Report: Obama Vacation Residence Owned by Corporate "Restructurer"

Topics: Political News and commentaries

Hmmm..., how do you spell, 'H-Y-P-O-C-R-I-T'!

Didn't Team Obama, and especially Obama himself, constantly blast Romney during the 2012 campaign for "corporate restructuring"!

Clearly, Obama's moral objections to Romney's behavior ends at the door of his exquisite new vacation rental property.

Keith Koffler reports at White House Dossier:

When he vacations on Martha's Vineyard, President Obama will stay at the $7.6 million home of a wealthy financier who specializes in corporate restructuring, the type of thing Obama and his allies mercilessly slammed Mitt Romney for during the 2012 campaign.

The owner, David Schulte, is the founder of Chilmark Partners, a company that has been "been providing companies, creditors, and other key stakeholders with clear, careful advice in complex restructuring situations for more than 27 years," according to its website. The firm also "has decades of mergers and acquisition experience, both in distressed contexts and for healthy companies." Schulte "has more than 30 years of restructuring experience" and before Chilmark "created and ran Salomon Brothers Corporate Reorganization Group."

Bain Capital, which Romney led, took controlling stakes in companies and restructured them - sometimes painfully - in an effort to profit from a newly lean and mean corporation. For this basic exercise in capitalism, Romney was relentlessly pilloried during the 2012 campaign as an iniquitous corporate looter by Obama and his Democratic allies.

More here.

Obama's vacation mansion alone will cost taxpayers $50,000 ... and that doesn't include all the extra planning, staff, and security costs.

The Obama family's vacation in Africa cost American taxpayers $100 million, the highest cost for any presidential vacation since Bill Clinton spent $50 million for a single vacation and it wasn't to Arkansas.

Posted by Hyscience at August 8, 2013 8:56 AM

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