So how did Mitt Romney get so obscenely rich? Bill Clinton’s former Secretary of Labor Robert Reich explains the magic of private equity in 8 easy steps in the video below.

According to Reich:

“Now that Mitt Romney is the presumed Republican candidate, it’s fair to ask how he made so much money ($21 million in 2010 alone) and paid such a low rate of taxes (only 13.9 percent).

Not only fair to ask, but instructive to know. Because the magic of private equity reveals a lot about how and why our economic system has become so distorted and lopsided – why all the gains are going to the very top while the rest of us aren’t going anywhere.”

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