Tuesday, January 24, 2012

The curse of Romney

Mitt Romney, countless times: Europe isn't working in Europe, it sure as hell won't work here in America.

Reuters news:  ZURICH/LONDON, Jan 24 (Reuters) - Swiss-based oil refiner Petroplus is filing for insolvency, putting over 2,000 jobs across Europe at risk, after it defaulted on $1.75 billion of debt.

Europe's largest independent refiner by capacity has been teetering since its lenders restricted credit late last year, a victim of thin refining margins and high debt that was a result of its private equity-backed business model.

The Bain Capital model isn't working in Europe.

No comments: