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Romney at Bain: Big Gains, Some Busts
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The Wall Street Journal has examined 77 businesses in which Bain Capital invested during 1984-1999, the period in which Mitt Romney headed the firm. Its findings show that 22% of the firms filed for bankruptcy by the eighth year after Bain first made its investment, some with large job losses. Additional 8% of the firms were in such bad shape that Bain lost all of its invested capital. Only a small number of firms produced most of the returns- 70% of the gains come from 10 firms. Of these 10 firms, four were later found in bankruptcy court. Another aspect mostly overlooked is that where large job gains were made they were mostly in lower wage retail jobs at Domino's Pizza, Staples and Sport's Authority, and did not involve the kind of innovation that produces sustained advantages.
Mitt Romney and the private equity/consulting practices of Bain Capital at medical equipment company, Dade Behring
11/12/2011
Bain Capital originanted the the merging of management consulting with private equity, for consulting firms to take equity ownership in companies seeking a turnaround. The practice of loading the company with debt, and taking out capital for the investors through a sequence of policy actions, even if this led the company to bankruptcy, became the hallmark of this kind of investing. In most cases this led to large layoffs, was adverse to building human talent in the company, as it was designed solely around generating large and early payoffs for investors. Goldman Sachs was the private equity partner for Bain Capital in the Dade company investment.
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