Mitt Romney's Money Man
Posted: Sat Feb 25, 2012 10:05 pm
http://www.dailyfinance.com/2012/02/24/ ... ndersloot/
Now we turn our attention to Frank L. VanderSloot, the billionaire businessman whose privately-held company, Idaho Falls-based Melaleuca, is one of the biggest donors to the super PAC backing Mitt Romney (Restore Our Future). He's also national finance co-chair of the former Massachusetts governor's campaign (somehow avoiding the legal barriers that are intended to keep super PACs separate from candidates' campaigns).
Melaleuca is essentially a pyramid scheme -- or, more politely, a "multilevel marketing firm," like Amway or Herbalife (HLF) -- in which so-called independent marketing executives make money by peddling the company's dietary supplements and cleaning products, as well as recruiting more salespeople (the newer recruits being on the lower levels of the pyramid).