Sunday, December 4, 2011

A look at Mitt Romney's job-creation record at Bain Capital - latimes.com

A look at Mitt Romney's job-creation record at Bain Capital - latimes.com

Bain managers said their mission was clear. "I never thought of what I do for a
living as job creation," said Marc B. Walpow, a former managing partner at Bain
who worked closely with Romney for nine years before forming his own firm. "The
primary goal of private equity is to create wealth for your
investors."Bain's top 10 dollar investments under Romney — averaging $53
million — spanned a number of sectors, including healthcare, entertainment and
manufacturing. The firm's largest investment was its 1999 buyout of Domino's
Pizza, into which Bain put $188.8 million, eventually reaping a fivefold
return.Four of the 10 companies Bain acquired declared bankruptcy within
a few years, shedding thousands of jobs. The prospectus shows that Bain
investors profited in eight of the 10 deals, including three of
the four that ended in bankruptcy.

Some kind of job creator. More like the business grim reaper.

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