The Mitt Romney-Paul Ryan’s Brother Money Connection

Robert Wenzel

economicpolicyjournal.com
August 18, 2012

Mitt Romney and Paul Ryan’s brother provide an object lesson on how crony capitalism is done,

Romney may have breached state ethics laws as Governor of Massachusetts by holding a stake in a company that did lucrative work for his administration and was linked to the family of Paul Ryan, according to the Daily Telegraph.

Imagitas, a marketing company, was contracted by the state of Massachusetts after receiving $5 million  investment from Bain Capital, Romney’s investment firm.

DT has learned that one of Paul Ryan’s brothers, Tobin Ryan, is a former Bain consultant. Both Romney and Tobin Ryan apparently stood to benefit from the $230 million sale of the company in 2005, while Romney remained governor of Massachusetts.

Massachusetts law requires that all state employees divest themselves of financial interests in private sector contracts with state agencies. At the time, failure to do so could have resulted in a $2,000 fine or a 2.5-year prison sentence.

DT goes on:

The finding also sheds light on previously unnoticed connections between Mr Romney’s involvement in the private sector, government and campaign finance.

Imagitas donated tens of thousands of dollars to the Republican Governors’ Association while it was chaired by Mr Romney. A former Imagitas investor and director donates to both Mr Romney and Paul Ryan, who also received thousands of dollars in contributions from his brother Tobin….

For three years from 1995, Tobin Ryan, who is now 47, was a senior manager at Bain & Company, the consulting firm where Mr Romney made his name. Mr Romney was at the time leading Bain Capital, the firm’s investment arm, inside the same Boston headquarters.

In March 1998, Mr Ryan left Bain to become a vice-president at Imagitas. The company had been co-founded by Tom Beecher, another former Bain consultant. Their company secured the $5 million (£3.2 million) from Bain Capital in June 2000.

Flush with funds, Imagitas quickly expanded. It won contracts with several state governments to produce vehicle registration mail-outs, on which it sold advertising. Five colleagues said that Tobin Ryan had responsibility for this project. “He was my boss’s boss,” said Michael Donovan, the firm’s director of government relations at the time.

“A lot of the folks who joined us around that time came from the worlds of politics and government,” said a manager who reported to Mr Ryan on the vehicle registration project. Another, who like several former employees requested anonymity, said Mr Ryan’s role included travelling to states to meet with senior government officials.

In December 2001, Imagitas secured a contract with Wisconsin, whose then-governor, Scott McCallum, was a political ally of Paul Ryan, who is a US congressman for the state. Roger Cross, the administrator of Mr McCallum’s department of motor vehicles at the time, said: “I know Tobin through politics, not business”. Tobin Ryan declined to say whether he had been involved in the Wisconsin deal.

Imagitas announced a similar partnership with Massachusetts in July 2002, shortly before Mr Romney was elected as the state’s Republican governor, and just after Tobin Ryan says that he departed the company. Its work for the state continued for several years under Mr Romney’s governorship. His officials boasted that it saved taxpayers tens of thousands of dollars a year.

Mr Romney’s 2002 financial disclosure form states that he still owned 100 per cent of Bain Capital Investors VI, the fund’s controlling entity, and Bain Capital Inc, their overall parent company. However, the forms did not detail the individual companies, such as Imagitas, in which Bain Capital held investments. New state employees were obliged to prevent conflicts of interest with existing contracts…

Spokesmen for Mr Romney repeatedly declined to confirm or deny that he had profited from the sale of Imagitas, or to answer a series of detailed questions about his financial connections to the firm lodged by The Daily Telegraph earlier this week. “You’ve seen his disclosure forms – you know what’s on them,” one campaign source said….

Another corporate backer to profit was The Carlyle Group, the Washington-based investment firm with extensive links to the Republican party, which put $20 million (£12.8 million) into Imagitas in 2000.

Tobin Ryan omits his work at Imagitas from his corporate biography.

 

 

 

Claim: Koch promised Romney $100 million if he picked Ryan

 

THE PAUL RYAN SELCTION
The Koch Brothers Get Their Man


I've waited a few days to lay out my analysis of the selection of Paul Ryan for the VP slot on the Romney ticket. Unlike politicos like Dick Morris who bad-mouths the selection privately and shills for it publicly, I'll tell you what I really think. My sources tell me David Koch played a key role in Ryan's selection and that Koch's wife Julia had been quietly lobbying for Ryan. The selection was cemented at the July 22nd fundraiser Koch held for Romney at the former's sumptuous Hamptons estate.

Koch pledged $100 million more to C-4 and Super PAC efforts for Romney for Ryan's selection.

The upside of Ryan's selection is clear. Romney, distrusted by party conservatives, won't have to worry about his right flank or the base throughout the fall as John McCain did, theoretically leaving Romney free to seek independent swing voters in the middle. The downside is Ryan may be so tattooed by the Democrats for his "extreme" positions that Romney's ability to win these votes may be limited. The shift of the debate from jobs and the economy to entitlement funding is not beneficial to the Republicans as it will allow the campaign to play out on the Democrats strong suit issue.

The upside of Ryan's selection is clear. Romney, distrusted by party conservatives, won't have to worry about his right flank or the base throughout the fall as John McCain did, theoretically leaving Romney free to seek independent swing voters in the middle. The downside is Ryan may be so tattooed by the Democrats for his "extreme" positions that Romney's ability to win these votes may be limited. The shift of the debate from jobs and the economy to entitlement funding is not beneficial to the Republicans as it will allow the campaign to play out on the Democrats strong suit issue.

http://stonezone.com/article.php?id=516

Views: 114

Comment

You need to be a member of 12160 Social Network to add comments!

Join 12160 Social Network

"Destroying the New World Order"

TOP CONTENT THIS WEEK

THANK YOU FOR SUPPORTING THE SITE!

mobile page

12160.info/m

12160 Administrators

 

Latest Activity

Less Prone posted a video

Chris Langan - The Interview THEY Didn't Want You To See - CTMU [Full Version; Timestamps]

DW Description: Chris Langan is known to have the highest IQ in the world, somewhere between 195 and 210. To give you an idea of what this means, the average...
19 hours ago
Doc Vega posted a blog post

RFK Jr. Appoinment Rocks the World of the Federal Health Agncies and The Big Pharma Profits!

The Appointment by Trump as Secretary of HHS has sent shockwaves through the federal government…See More
yesterday
tjdavis posted a video

Somewhere in California.

Tom Waites and Iggy Pop meet in a midnight diner in Jim Jarmusch's 2003 film Coffee and Cigarettes.
Tuesday
cheeki kea commented on cheeki kea's photo
Thumbnail

1 possible 1

"It's possible, but less likely. said the cat."
Monday
cheeki kea posted a photo
Monday
tjdavis posted a blog post
Monday
Tori Kovach commented on cheeki kea's photo
Thumbnail

You are wrong, all of you.

"BECAUSE TARIFFS WILL PUT MONEY IN YOUR POCKETS!"
Monday
Tori Kovach posted photos
Monday
Doc Vega posted a blog post

Whatever Happened?

Whatever Happened?  The unsung heroes will go about their dayRegardless of the welcome they've…See More
Sunday
Doc Vega commented on Doc Vega's blog post A Requiem for the Mass Corruption of the Federal Government
"cheeki kea Nice work! Thank you! "
Sunday
cheeki kea commented on Doc Vega's blog post A Requiem for the Mass Corruption of the Federal Government
"Chin up folks, once the low hanging fruit gets picked off a clearer view will reveal the higher…"
Sunday
Doc Vega's 4 blog posts were featured
Saturday
tjdavis's blog post was featured
Saturday
cheeki kea commented on cheeki kea's blog post Replicon Started in Tokyo October 08, 2024
"Your right LP it's insane for sure and hopefully improbable, keeping an open mind. Checking…"
Saturday
rlionhearted_3 commented on tjdavis's blog post Bill Gates Deleted Documentary
Saturday
rlionhearted_3 commented on tjdavis's blog post Bill Gates Deleted Documentary
"The white dude in the center is Bill Gates!!! "
Saturday
Less Prone favorited tjdavis's blog post Bill Gates Deleted Documentary
Friday
Less Prone commented on tjdavis's blog post Bill Gates Deleted Documentary
"How can this scoundrel walk free? Because he's just one of the many similar ones."
Friday
Less Prone favorited Doc Vega's blog post What Will happen When Robot Brides Replace Human Marriage?
Friday
Less Prone favorited Doc Vega's blog post This is Incredible! Trump is Already releasing Plans to Dismantle the Deep State and Purge the Corrupt Players
Friday

© 2024   Created by truth.   Powered by

Badges  |  Report an Issue  |  Terms of Service

content and site copyright 12160.info 2007-2019 - all rights reserved. unless otherwise noted