From Deseret News archives:
Plenty of 'pitting' preceded Romney's profits
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The pressure had been building ever since he'd been tapped by his mentor to create and run an investment firm called Bain Capital. But two years after Romney took the job, and more than a year after he officially launched the firm, Bain Capital had yet to make many investments. And the few it had made were foundering.
"Mitt was struggling," Rehnert says. "And he wasn't used to struggling."
In time, Romney would lead the shaky start-up from a staff of seven people managing $37 million to 115 people managing $4 billion in assets. During Romney's 15-year tenure, Bain Capital would post an astonishing record, on average doubling its return on realized investments every year. Thomas H. Lee, founder of cross-town rival Thomas H. Lee Partners, calls the company's performance under Romney "one of the great stories of American capital."
Romney would eventually use his business success as a platform for his political campaigns, stressing his leadership skills and data-driven management acumen. His critics would use his work in this little-understood world of private equity to paint him as a coldhearted profiteer, cutting jobs to line his own pockets.
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