Former Massachusetts governor and current Republican Presidential contender Mitt Romney likes to say he is not a “career politician.” Mitt Romney likes to talk about his career in the “private sector.” Mitt Romney probably hopes you won’t look into what that career meant for American workers.
Romney helped found Bain Capital in 1984, and left as its CEO in 1999. According to its website, “Bain Capital is one of the world’s leading private, alternative asset management firms whose affiliates manage approximately $66 billion. Our principals are the largest single investor in each of Bain Capital’s funds, which aligns the interests of the firm with our investors and the long-term objectives of the management teams.”
We’re not sure how taking profits out of companies that subsequently file for bankruptcy serves anyone’s long-term interests other than those of the partners of Bain Capital, but Bain has a long history of doing just that, as evidenced by the information below:
- DDI Corporation: Bankrupted in 2003, laying off more than 2,100 workers. Investors sued saying they got a raw deal. Romney’s company, however, made $36 million in the process.
- Stag Stores: Bankrupted in 2003. Romney’s crew made $100 million on the deal.
- Damon Corporation: Plead guilty to defrauding Medicare, paying a $119 million fine. Romney and friends still raked in $12 million on the sale.
- Dade Behring: Bankrupted in 2002. Romney’s company still made $421 million.
- American Pad & Paper: Bankrupted in 2000 after shutting factories and killing hundreds of jobs. Romney et al pulled in $100 million in dividends.
- GS Technologies: Bankrupted in 2001. Romney’s company earned $65 million in dividends.
That’s why #OccupyBoston activists, unemployed workers and community leaders, frustrated with Mitt Romney’s frequent and false claims of success in job creation, gathered on Friday, October 21 to expose the real Romney record on jobs and the economy. Activists launched a public education campaign with a protest and mass leafleting drive outside the Boston headquarters of Bain Capital.
So here’s a question for all of us, if Mitt Romney becomes the CEO of the USA, will he bankrupt us too?
Paid for by MassUniting. Not authorized by any candidate or candidate’s committee.