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.
“That’s been his philosophy in the private sector; that’s been his philosophy as governor; that’s been his philosophy as a presidential candidate,” Obama said during the October 16, 2013 presidential debate in Hempstead, New York. “You can make a lot of money and pay lower tax rates than somebody who makes a lot less. You can ship jobs overseas and get tax breaks for it. You can invest in a company, bankrupt it, lay off the workers, strip away their pensions, and you still make money.”
But Obama’s moral objections to Romney’s behavior apparently end at the door of his exquisite new vacation rental property.
The president arrives on Martha’s Vineyard Saturday and departs August 18.