Monday, February 28, 2005
Romney/Healey: 'Romney Should Resign'

We remember it like it was June 19, 2004. Willard Mitt, the Fraud Governor of the Commonwealth of Massachusetts, frantically waved his arms and hyperventalated that Sen. John Kerry's campaign for President and subsequent absence from the Senate had "cost the Commonwealth" and that Kerry should resign his seat. (source: Boston Herald, 6/19/2004)

Romney's shrill hysteria came days after his Lightweight Lieutenant Governor Sherry Kerry Healey crawled from her State House spider hole to blinkingly croak that by campaigning for President while holding his Senate seat "John Kerry has left the people of Massachusetts under-represented" and should immediately resign his seat. (source: Boston Globe, 6/16/2004)

Healey also said that she was "calling on John Kerry to resign so we can fill that office with someone who is 100 percent devoted to the job." (source: SHNS, 6/15/2004)

So there you have it. Willard Mitt and his Lightweight LG think that elected office-holders running for President should resign their elected office.

For what it's worth, we're with Team Reform. We think that Willard Mitt, who recently campaigned in South Carolina and Utah (source: Boston Globe, 2/26/2005) should resign so we can fill that office with someone who is 100 percent devoted to the job.

Malone Watch

Willard Mitt, who promised not to hire cronies, insiders, hacks or political ne'er-do-wells (correction - the Fraud Governor never promised not to hire ne'er-do-wells) has brought another member of the Lost Tribe of Joe Malone, (whose administration has been called "one of the worst in state government since that of Sir Edmund Andros") (source: RiaF, 12/31/2003)) in from the cold.

The Fraud Governor has appointed Tom Tramarco to the Springfield Finance Control Board. Tramarco, a failed Republican Congressional candidate, "served" as Malone's chief deputy from 1990 - 1998. (source: RSCMEA, March 2005)

Romney also reached into the dustbin of talent to appoint David Railsback to the state's Contributory Retirement Appeals Board. (source: Boston Herald, 1/11/2005) Railsback, who "served" in Malone's Army of Darkness both as a deputy treasurer and as chief financial officer at the state Lottery, is perhaps best known for taking four months of paid vacation in 1998 during which time, by happy coincidence, Malone was running for Governor. (source: Boston Globe, 7/16/1999)

Which means that one of the only members of the Lost Tribe of Joe Malone not yet working for Team Reform is ... Joe Malone.

Now, can someone please explain why the Google entry <"Joseph D. Malone" Romney> retrieves a Bondage.com Fetish, Bondage, and BDSM Message Board? Is this where Team Reform goes to unwind these days?

Willard Mitt and Joe Malone - restoring morality to Massachusetts, one dungeon at a time.

Thursday, February 24, 2005
Dime Dropper

Willard Mitt went to South Carolina, and in one short speech made himself look sillier than a green grocer at a gristle convention.

According to the chairman of the Spartanburg County Republican Committee, Romney told him that he (Romney) is "pro-life." Rick Beltram, the chairman, told the Boston Herald, "I had a meeting with him one-on-one and he told me he is definitely pro-life." And Romney told the Herald that "I am, if you will, personally pro-life." (source: Boston Herald, 2/23/2005)

Personally pro-life, if you will?

Not according to the National Review which last wrote "Mitt Romney has been pro-choice on abortion." (source: National Review, 9/9/2004)

Personally pro-life, if you will?

Not according to Willard Mitt's own Lightweight Lieutenant Governor Sherry Kerry Healey who in 2002 said, "There isn't a dime of difference between Mitt Romney's position on choice and Shannon O'Brien (his opponent, who had been endorsed by NARAL)." (source: Associated Press, 10/3/2002)

Personally pro-life, if you will?

Not according to Planned Parenthood, who said that in 1994 Romney "cast himself as an abortion-rights supporter," and that his aides said was "consistent in his pro-choice position" (source: Boston Herald, 3/19/1994)

Personally pro-life, if you will?

Not according to members of the Massachusetts Republican State Committee who said that Romney "has committed himself to preserving abortion rights, has refused to sign a no-new-taxes pledge, and has called for linking the minimum wage to inflation." (source: NewtonGOP.com, 9/30/2002)

Personally pro-life, if you will?

Then why, in 1994, did Romney say "I believe society should allow individuals to do whatever they choose" and in 1999 say, "we have a choice - whether you are pro or against abortion is irrelevant." (source: WGBH, 3/29/2002)

Personally pro-life, if you will?

Then why did Romney say 'he became committed to legalized abortion after a relative died during an illegal abortion, and that the abortion made him see "that regardless of one's beliefs about choice, you would hope it would be safe and legal." (source: Boston Herald, 10/26/1994)

Personally pro-life, if you will?

Then why did Romney say he would be a strong supporter of pro-abortion laws, "Let me make this very clear: I will preserve and protect a woman's right to choose." (source: priestsforlife.org)

Personally pro-life, if you will?

Then why did Romney say that he would protect the current pro-choice status quo in Massachusetts, and that women should be free to choose based on their own beliefs, not the government’s. (source: his own web-site)

Or was he simply saying those things to get elected? And what else will he say to get elected?

And what type of person runs for office saying they are pro-life, but have no interest in trying to change anti-pro-life public policies? And isn't there something Willard Mitt can take for this? And if he has no interest in changing public policy, why is he running for office in the first place?

Okay, enough about choice.

Let's turn to something Southerners actually care about - horses!

Hey Rick Beltram, are there many horse farms in South Carolina?

And did you know that Willard Mitt's Department of Revenue recently set the excise value of horses at $10,000. (source: MGL, c.59, s.8a)

Per horse!

Let us guess, Fraudo, you're personally anti-tax, if you will, too, right? But pro-horse.

Monday, February 21, 2005
The Borrowers

Remember how Willard Mitt stole, er ... plagiarized, er ... paid homage to William Bennett in his 2005 State of the State address?

Looks like old habits die hard in the Corner Office these days.

Team Reform is using several campaign accounts to gin up support for the Fraud Governor as he approaches the 2008 Presidential sweepstakes. They are seemingly trying to convince middle America that the man who some call Governor Gay for paving the way for gay marriage in Massachusetts and who has repeatedly pledged to be a bulwark for women's pro-choice rights is actually a right-wing conservative looking to extend the reign of the House of Bush.

Good luck with that.

One of their accounts is something called the Commonwealth PAC which was reportedly "formed last summer to distribute money to candidates around the country in an apparent attempt to expand Romney's reach." (source: Boston Globe, 2/13/2005)

Why does this sound familiar? Mayhaps because ... someone else thought of it first.

In 1994, a failed Republican Senatorial candidate from Virginia named Jim Miller formed a political-action committee to support GOP candidates for state and local office. Miller hoped to run again in 1996 and used the PAC to keep his name active in political circles. Miller's 1996 primary opponent, Sen. John Warner, accused Miller of using the PAC as an illegal campaign finance scheme. (source: Virginia-Pilot, 5/10/1996)

Oh yeah, the Virginia-based PAC was called the Commonwealth PAC.

And while two percent of the Commonwealth PAC's monies raised did go to help GOP candidates, an over-whelming percentage of its funds were used to pay for consultants who formed the core of Miller's 1996 Senate campaign, for the purchase of computerized lists of political supporters, and vendors who assisted the campaign. (source: Virginia-Pilot, 5/7/1996)

It's unclear if Willard Mitt's adviser, Virginia-based Mike Murphy, had any connection to Jim Miller's Commonwealth PAC, or if Romney will use his Commonwealth PAC to fund other GOP candidates, or his own expenses. What is clear is that the Commonwealth PAC didn't help Miller. He lost his 1996 election.

And despite the fact that Romney appears to have 'borrowed' the PAC from Virginia, not one Virginia Republican received a donation from the account under Romney's direction.

Strangely, the CommonwealthPac.net URL was purchased by a Cambridge resident just days before the Globe story on Romney's Commonwealth PAC was published.

No word yet on whether it will be offered to Miller as a souvenir.


The Republican State Committee stole several Tom Reilly-centric website URL's. Looks like the RSC should have shepherded their resources more wisely, because they let their lord and master's prize URL - Romney08.com - get away.

And someone also grabbed KerryHealey2006.com. Which no one would need if Willard Mitt were truly running for re-election.

Unless Fraudo is planning on running without his Lightweight LG.

Or perhaps she is looking to move on, herself.

Thursday, February 17, 2005
Stem Winder

We're confused.

When Willard Mitt stood before the Mass Biotech Council and said he'd make "the wooing" of biotech companies to the Commonwealth "a top priority" and do his best to ensure policies that would hurt the industry -- such as restrictions on stem cell research -- were not established in Massachusetts (source: Associated Press, 4/29/2004) did he mean that he would support or oppose the creation of new embryos exclusively for use by scientists?

Because if you can believe what the Fraud Governor is now saying, he wants to impose standards that would "criminalize" some biotech work, and "put the brakes" on new treatments on which the industry is working. (source: Boston Globe, 2/10/2005)

So when was Willard Mitt ly..., er, lying? When he addressed the Biotech Council, or when he was interviewed by the New York Times where Romney decided to come clean with his cloning position?

And when did he decide to throw his wife under the bus?

Romney told the Times, "my wife has (multiple sclerosis) and we would love for there to be a cure for her disease and for the diseases of others. But there is an ethical boundary that should not be crossed." (source: NYT, 2/10/2005)

The message within the message was continued several days later by conservative columnist Cal Thomas who wrote "the radically 'pro-choice' New York Times, which rarely credits any pro-lifer with standing on principle, suggests Romney may be taking this position to curry favor with social conservatives so he might pursue higher office. It is difficult to take such cynicism seriously when one considers that Romney's wife, Ann, suffers from multiple sclerosis, a disease that backers of stem cell research claim might be cured if they are permitted to do whatever they wish to embryos. That the Romneys would put their principles ahead of self-interest is rare in politics." (source: Salt Lake City Tribune, 2/15/2005)

Setting aside the howler that Thomas is implying that Romney is a "pro-lifer," the Fraud Governor has reduced his wife's illness to a political chit. Ann Romney's MS is suddenly proof that Willard Mitt has principles. In fact, his principles are seemingly so laudable that he'd put them ahead of the health of his wife!

Since when is it 'principled' to adopt a political position that works against the health interests of your wife? And how long has Willard Mitt held this 'principled' position? In 2002, when asked if the then Fraud Candidate supported cloning to create human embryos for stem cell research Romney's now $150,000-a-year Loathsome Spokesman said, "We haven't looked at [cloning] closely enough. It's a very complicated subject and we want to know it more thoroughly." (source: Boston Globe, 6/14/2002)

Romney's wife was affected by an illness that could possibly be lessened by stem cell cloning, but Willard Mitt hadn't looked at the subject close enough?

Too bad no one asked the logical follow-up question: "would you turn your back on your wife's health for political gain?" We bet Romney/Healey Inc had parsed every facet of that subject.

Interestingly, way back in aught-two Romney signalled that he would, in fact, turn his back on his wife's health for political gain. During an interview, the Boston Globe asked Ann Romney if she had any "qualms" about leaving Utah given her medical restoration while in that state. Let's pick up the piece as it was written:

"She was diagnosed with multiple sclerosis three years ago, about the time he took over an Olympic operation reeling from scandal. But like him, she has since staged a remarkable turnaround and, at 53, now appears at the top of her abilities. Asked if she has qualms about leaving Utah given her medical restoration, she answers flatly, "Yes . . ."

Then she adds: "It's the one thing that's keeping us . . ."

Her husband nearly spits out his food as he interrupts: "Careful. Hold it. Don't finish that sentence . . ."

Anxious to respect her husband's wish, she nonetheless emphasizes her point. "Yeah, I do, huge qualms, because I've been healthy out here," Ann Romney answers.

She is not sure whether to credit the high altitude, the mountain air, or the resort life in a Deer Valley home where her visiting children and grandchildren ski on a hill behind their house, and where moose make almost daily visits to their back door.

"I don't know, but not knowing is scary enough," she says.

From all outward appearances, the 55-year-old Romney is poised to enter this year's governor's race with a Republican primary challenge he once dismissed against Acting Governor Jane Swift. He has commissioned a poll to gauge his political standing and has done nothing to dissuade a draft movement among state Republicans.
It's hard to conceive the glow around him ever being more luminous, and his multimillion-dollar fortune and fund-raising connections would make him the envy of any late-entry candidate. An announcement of candidacy could come as early as Tuesday.

For the next 48 hours, all that's left is a final gut check and family conversations, including consideration of Ann Romney's health. But one of her husband's aides emphasized that his wife's condition is unlikely to hold back his political career and that she is once again poised to become his number one cheerleader." (source: Boston Globe, 3/17/2002)

Yay Team.

So here's a question: why was former Governor Michael Dukakis excoriated for taking a 'principled position' against the dealth penalty at the theoretical expense of his wife, but Willard Mitt is lauded for taking a 'principled position' against stem cell cloning at the actual expense of his wife?

Hey Cal Thomas, you owe Mike Dukakis an article.

So is Willard Mitt's position grounded in public policy, or was it framed by his main handler, Wispy Mike Murphy, who was in the pay of American's to Ban Cloning, a special interest group led by William Kristol, the editor of the Weekly Standard, and is Murphy trying to use this as a wedge issue to make Romney - aka Governor Gay, an avowed advocate of a woman's right to choose, the man who took a softer approach to crime - more attractive to the conservative right?

Or is this strictly about jobs?

Inquiring minds want to know.

Monday, February 14, 2005
Precedent Romney

Call it Precedent Romney. 'Perform poorly - you're gone.' It's Fear Factor, Beacon Hill-style. Never a glad hander, Romney is now a full-fledged Commander in Chafe, imposing a Mussolini-esque imprint on his Executive Branch. Do it, or die.

In the wake of one of the worst snow storms on record, Romney whacked Department of (MDC job) Conservation and Recreation Commissioner Katherine Abbott for not clearing sidewalks fast enough.

Willard Mitt is large, in charge, and taking names. Until the cameras go away.

Because last Thursday night, after the Fraud Governor cleaned house at DCR, it snowed again. But not a record breaking school's-out-for-three-days type of storm. This was a paltry little shower that no one noticed four minutes after the snow stopped. Unfortunately, someone appeared not to have noticed while the snow was coming down, because the DCR controlled Furnace Brook Parkway was slicker than snake stuff, and caused a Quincy police officer to crash his car. (source: Rat Line)

So who was responsible for keeping the Parkway safe on Thursday night, acting DCR Commissioner Steve Pritchard, or MassHighway Commissioner John Cogliano? And if their negligence caused a police officer to crash and "our focus has to be on public safety. That comes first, and there really can't be any latitude on that front," can we have another blood sacrifice? Please?

Invoke Precedent Romney! Pritchard or Cogliano must go! Actually, since a police officer was involved, Pritchard and Cogliano must go.

But why stop there? Last fall, Willard Mitt (wearing a Red Sox jacket and snazzy work gloves) tied-up traffic during a publicity stunt when he used state equipment to take down the Reverse Curve sign over Storrow Drive. Several ambulances were reportedly stuck in the ensuing tie-up. (source: BU Daily Free Press, 10/29/2004)

Hey Fraudo, remember "our focus has to be on public safety. That comes first, and there really can't be any latitude on that front"? (source: Boston Globe, 2/5/2005) You're fired.

Lightweight Lieutenant Governor Sherry Kerry, you're in charge.


Earlier this month, the Lightweight LG was being chauffeured to an event in Newton when her State Police driver "used his emergency lights to force other motorists out of the way" on Route 128. (source: Associated Press, 2/8/2005) Using a State Police car to force other motorists out of the way when "our focus has to be on public safety. There really can't be any latitude on that front"? You're fired.

Secretary of State Bill Galvin, you're in charge.


Dueling Sound-Bites

Romney's $150,000-a-year Loathsome Spokesman was clear. The poor clean-up by DCR was not a fiscal crisis, but a leadership crisis. "DCR has the resources it needs to do its job. It was time to make a change in leadership." (source: Boston Globe, 2/6/2005)

Maybe someone should tell the flack formerly known as the stout, Reese Witherspoon-wannabe dye-job aide to Romney’s $150,000-a-year loathsome spokesman who last week criticized state legislators for not supporting the Fraud Governor's funding request for DCR's snow-plowing budget saying "if (they were) truly concerned about the need for funding (they) would have supported Romney's higher budget request." (source: Boston Globe, 2/13/2005)

If DCR had the resources it needed to do its job, why did Willard Mitt request its adequate budget be increased? Especially during this, the worst economic period since the Great Depression.

So is it a big deal that the DCR has only only eight working snow-removal machines to clear 900 miles of sidewalk. (source: Boston Herald, 2/13/2005)

Hardly. If each machine cleared snow at the rate of three miles per hour, those 900 miles would be whisker clean in less than 38 continuous hours. With or without help from Precedent Romney.

Thursday, February 10, 2005
When You're Out You're Out

Riddle us this: if the Department of (MDC job) Conservation and Recreation's Commissioner is now a former commissioner and the former commissioner's chief of staff is now a former chief of staff because the Department did such a miserable job of cleaning up the Blizzard of 2005, then why hasn't the DCR Operations Czar been broomed as well?

Let's put this another way: Katherine Abbott and Katherine Abbott's chief of staff purportedly lost their jobs because the DCR didn't OPERATE as it should have in the wake of a snow storm. (source: Boston Globe, 2/8/2005) So why hasn't the Fraud Governor also asked Larry Dorman, the DCR head of operations (ahem, OPERATIONS) to hand in his three-year average salary as well?

If memory serves, DCR didn't even have an inventory of which sidewalks it should clear in the event of a snowstorm. (source: Boston Globe, 2/6/2005) This would appear to be an OPERATIONS issue.

So if Abbott was truly tossed due to an OPERATIONS short-coming, it makes sense that Dorman, her OPERATIONS guru, would follow her out the door despite being a former business partner of Doug Foy, Willard Mitt's economic development czar. (source: Boston Herald, 4/22/2004)

Because as Willard Mitt so succinctly said, "our focus has to be on public safety. That comes first, and there really can't be any latitude on that front." (source: Boston Globe, 2/5/2005) Perhaps we missed the rest of his sentence, "unless you're tight with my man, Foy."

(Then again, Foy's turned his back on all that he used to believe sacred. Perhaps its time he turned his back on Dorman as well.)

Then again - again, maybe snow had nothing to do with Abbott's off-loading, because this is what we're hearing:

Katherine Abbott wouldn't play ball. In fact, despite Willard Mitt's claim's to be against political patronage, Romney tried to stick failed legislative candidates into the DCR's payroll, like Mary Connaughton (who was already sitting at the table as an employee of Framingham State College.) (source: Boston Globe, 2/8/2005; OCPF)

Abbott, however, refused saying she wanted rid DCR of its "pervasive reputation of cronyism and malfeasance."

Wait a minute, Abbott didn't say she wanted to rid the department of its pervasive reputation; that's what Romney said when he rolled the MDC into the DCR. (source: Boston Herald, 4/22/2004)

Silly us.

Anyway, Abbott told Team Reform to pound sand. So Team Reform told Abbott to hit the bricks.

Oh yeah, we missed one key part: Team Reform wanted Abbott out because Abbott recently married her long-time female partner.

Zounds! Could this be true? Could Team Reform have used the Blizzard of 2005 to clear out an undesireable?

So which was it, Fraudo? Was Abbott whacked because she's a married gay who wouldn't pick up your political hacks, or because the snow didn't get cleared?

And if her anti-hack, sexual-standing was not an issue, why is Doug Foy's former business partner Larry Dorman, the DCR OPERATIONS wizard who couldn't get a few sidewalks clear, still lugging a large light, two sugars around on the taxpayers dime?

Inquiring minds want to know.

Monday, February 07, 2005
Rally Cap

After the Blizzard of 2005, the Department of (MDC job) Conservation and Recreation (DCR) was criticized for failing to adequately clear its roads and boulevards. (source: Boston Globe, 2/6/2005)

A DCR spokesman took full blame for the poor job performance, saying "the buck stops here. This is something we have responsibility for. We admit here was an operational failure. We're going to take corrective action." (source: Boston Globe, 2/5/2005)

The corrective action turned out to be immediate. The agency commissioner, Katherine Abbott, was forced to resign. (source: Boston Globe, 2/5/2005) (So much for being a team player. Guess Team Reform forgot how Abbott iced John Kerry's request for a fireworks permit during the Democratic National Convention. (source: Boston Globe, 7/9/2004))

Abbott's demise was predicted in 2003 by a spokesman for an environmental advocacy group who said upon the occasionof her appointment that "whoever takes the (Commissioner's) job will be facing some challenges. For nearly 10 years, we've expected our commissioners to do more with less, and that can't continue forever without having a negative impact on our beaches, our parks, and our other recreational resources." (source: Boston Globe, 9/16/2003)

The Department's operating budget has been reduced by 37 percent since 2001, and its snowplows shared between urban and suburban divisions. (source: Boston Globe, 2/6/2005)

However Romney's $150,000-a-year Loathsome Spokesman disagreed that the Department's shortcomings were money-driven saying "DCR has the resources it needs to do its job. (Fraud) Governor Romney insists on high standards of performance and accountability in government, particularly when public safety is involved. It was time to make a change in leadership." (source: Boston Globe, 2/6/2005)

And Fraudo agreed, having said "our focus has to be on public safety. That comes first, and there really can't be any latitude on that front." (source: Boston Globe, 2/5/2005)

At least no latitude that is not sanctioned by Romney. Because according to the Commonwealth's newest former-DCR Commissioner, (and confirmed by Romney's $150,000-a-year Loastsome Spokesman), Team Reform used tax-payer dollars, including monies that had been appropriated for public safety to DCR, to help pay for a Super Bowl rally for the New England Patriots. (source: Boston Herald, 2/6/2005)

Let's scroll those past one more time:

--"Our focus has to be
on public safety.
That comes first,
and there really can't
be any latitude on that front."--

--Team Reform used tax-payer dollars,
including monies that had been
appropriated for public safety to DCR,
to help pay
for a Super Bowl rally
for the New England Patriots.--

Furthermore, at least one Boston official is blaming the unplowed VFW Parkway sidewalks on Team Reform's diversion of monies, saying "if they hadn't spent (so much on) the Patriots fans, those sidewalks would been cleared." (source: Boston Herald, 2/6/2005)

Wait a minute. Team Reform claims that there can't be any latitude from public safety, and fires a commissioner for contributing to a lack of public safety, but has admitted that it diverted monies that may have contributed to a lack of public safety?

So whose bright idea was it to divert state public safety tax dollars to pay for a sports rally?

Have they been asked to resign?

And how many other state agencies were forced to pony up state taxpayer funds so Willard Mitt could hob-hob with other jock sniffers? Excuse us, alleged jock sniffers.

Note to the Fraud Governor: the next time you whack someone, make sure they won't whack you back - at least not during the same news cycle.

Thursday, February 03, 2005
Bain Bane

Last week, when Gillette and Proctor & Gamble announced their impending nuptuals, Willard Mitt seemed downright somnolent.

His reaction bordered on boring: "I understand that there are going to be a lot of job losses. That's very unfortunate. I wish I had the power to prevent this acquisition from occurring. I don't." (source: Boston Herald, 1/29/2005)

But now we get it.

The Fraud Governor could not very well attack the merger without ... attacking himself.

Because once upon a time, way back in 1992, Bain Capital purchased American Pad & Paper (AmPad) from the Mead Corporation in a leveraged buyout. Mead provided short-term financing. The deal left AmPad with acquisition debt it allegedly couldn’t repay due to business losses. (source: Securities & Commodities Litigation Reporter, 4/8/1998)

Now before we get too far into the story, take a deep breath. We know what you're thinking. Oh no - AmPad! This is about that turgid worker's strike, isn't it?

Relax. We're not here to drive nails into your eyes. Today's drivel is about what happened after the workers strike. After the strikers were fired and forgotten. After Willard Mitt returned from his Kamikaze Tour of '94 leave of absence.

In 1992, Bain Capital purchased AmPad. (source: Motley Fool, 1/7/1998) Three of Romney's Bain partners sat on the AmPad board of directors. Romney was chairman of Bain. (source: Boston Globe, 9/23/1994; Boston Herald, 12/29/1994)

In 1995 the Bankers Trust New York Corporation loaned AmPad $230 million dollars to arrange for the sale of $200 million in bonds so it could repay Mead and stay afloat. At that time, however, AmPad had negative shareholder equity of around $66 million dollars. Bankers Trust mandated that AmPad issue stock to pay off its debt and reduce its obligations. (source: Zishka v. American Pad & Paper Co)

To perhaps help present a profitable image on its financial statements for its stock issue, AmPad acquired Williamhouse-Regency, an envelope manufacturer. Bankers Trust financed the deal. AmPad purportedly claimed that its acquisition of Williamhouse positioned it for 30 percent earnings per share growth in 1997 and 1998, and 20 percent earnings growth after that. (source: Zishka v. AmPad)

AmPad’s stock issue went public on July 2, 1996. The issue sold 16.2 million shares of stock at $15 per share, and raised $234 million dollars. AmPad received $172.8 million, which it used to repay and restructure its loan from Bankers Trust. Bain Capital controlled approximately 14 million shares of stock, and sold 3.4 million shares for a profit of between $40 -$49 million (source: Bank & Lender Liability Litigation Reporter, 4/15/1998; PR Newswire, 3/11/1998)

The stock sale flipped AmPad’s negative shareholder equity into $88.9 million positive shareholder equity. Bain’s remaining 10 million shares of AmPad stock increased to a point where the company realized 'a $135 million windfall.' (source: PR Newswire, 3/11/98)

AmPad’s stock eventually rose above $26. (source: Zishka v. AmPad)

In September 1997, AmPad began to realize flat revenues and a decline in earnings per share. Two months later, AmPad revealed it would suffer huge 4th quarter losses. The stock dropped to $7.75 as a result of the announcement. AmPad ended up losing $4.5 million in 1997. (source: Zishka v. AmPad; Buffalo News, 4/8/1998)

One month later, Williamhouse, the envelope company that AmPad purchased to allegedly make it look better for its July 1996 stock issue, began laying off workers at its 220-employee Holland, New York plant 'to improve profits.' (source: Buffalo News – 4/8/98)

AmPad ended up losing $79 million in 1998, and was delisted from the New York Stock Exchange in January, 1999.

Four months later, AmPad announced it would close its Williamhouse factory in Holland, New York to "return the company to profitability." (source: Buffalo News, 5/11/99)

Still with us? Let's recap.

Romney and Bain Capital buy AmPad. AmPad buys Williamhouse-Regency to allegedly improve AmPad's financial appearance, then closes the Williamhouse factory in Holland, NY to "return the company to profitabilty." Oh yeah, as of today AmPad is trading in the pink sheets. Seems "profitability" 'taint what it used to be.

An interesting update: last month, AmPad announced they would "consolidate manufacturing processes and distribute products through an outside company, which will drive company growth, competitive position and responsiveness to customers." (source: Business Wire, 1/20/2005) Victims of the consolidation include a manufacturing plant in Holyoke and distribution facilities in Westfield, Massachusetts.

No wonder Willard Mitt had so little to say about the merger, consolidation and job losses attendent to Gillette and Proctor & Gamble.

We're surprised he said as much as he did.


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