From the New York Post:
Likely Republican presidential candidate Mitt Romney has been out on the pre-campaign trail this month saying he is the man to get Americans back to work, despite a spotty jobs record while on Wall Street.
However, the former private equity firm chief's fortune -- which has funded his political ambitions from the Massachusetts statehouse to his unsuccessful run for the White House in 2008 -- was made on the backs of companies that ultimately collapsed, putting thousands of ordinary Americans out on the street.
This is a meaty story based on research into the activities of the venture capital company founded by Romney, Bain Capital:
* Bain in 1988 put $5 million down to buy Stage Stores, and in the mid-'90s took it public, collecting $100 million from stock offerings. Stage filed for bankruptcy in 2000.
* Bain in 1992 bought American Pad & Paper (AMPAD), investing $5 million, and collected $100 million from dividends. The business filed for bankruptcy in 2000.
* Bain in 1993 invested $60 million when buying GS Industries, and received $65 million from dividends. GS filed for bankruptcy in 2001.
* Bain in 1997 invested $46 million when buying Details, and made $93 million from stock offerings. The company filed for bankruptcy in 2003.
Not a good look. Whatever happens now, Romney's business backstory - which he has put at the heart of his political identity - will be as much a liability as it is a strength.
Strange that no-one did the digging on this last time around. That the story comes from the Murdoch-owned Post is an ominous sign in itself for Romney.
A nice record for a presidential candidate huh?
Posted by: Brad Fallon | February 21, 2011 at 01:17 PM