Comments about ‘Mitt Romney looking to clinch GOP nomination in Florida’

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Published: Tuesday, Jan. 17 2012 2:25 p.m. MST

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A Guy With A Brain
Enid, OK

The Wall Street Journal just published its investigation into Romneys record at Bain Capital. The paper examined 77 businesses Bain invested in while Romney led the firm from 1984-1999, to see how they fared during Bains involvement and shortly afterward.
What they found:
22% either filed for bankruptcy reorganization or closed their doors by the end of the eighth year after Bain first invested, sometimes with substantial job losses.
An additional 8% ran into so much trouble that all the money Bain invested was lost.
Ten deals produced more than 70% of Bains profits.
Bain produced about $2.5 billion IN GAINS for its investors in the 77 deals, on about $1.1 billion invested.
Overall, Bain recorded roughly 50-80% ANNUAL GAINS in this period, which experts said was among the BEST track records for buyout firms in that era.
Research showed buyout firms during this era exited their deals typically after 5.5 years, but many firms were still involved beyond seven years. If analysis were limited to bankruptcies and closures occurring with only 5 years after Bain first invested, the rate would move down to 12%.
In business, 70-80% success is INCREDIBLE!

A Guy With A Brain
Enid, OK

One of the pro-Gingrich ads, titled "Questionable," slams Romney for "fuzzy math in his depiction of how many jobs were created while he headed Bain. "Romneys accounting is flawed," an ominous voice intones to the audience. "Romneys objective was never a focus on creating jobs", it claims. (How do they know?)

The voice goes on to announce that Romney "took" $12 million dollars (What? He stole it?), then laid off "hundreds in South Carolina", and cites a report by Reuters on January 6, 2012 as a source for the information. The article in question focuses on a steel mill, GS Technologies, that consisted of two steel producers, one in Kansas and the other in South Carolina that merged under the oversight of Bain in 1995.

However, according to the Reuters report, BAIN made $12 million total on the deal. It is unclear how much Romney personally profited. And while hundreds did eventually lose their jobs, the article says the plant closure was in Kansas City -- and not South Carolina -- and that it happened in 2001. However, Romney left Bain in 1999 to run the Winter Olympics in Salt Lake City.

Misleading?

Ya think?

Romney 2012

floridadan
Palm Bay, Fl

I support Mitt Romney here in florida all the way. At least we do not have to worry about him cheating on his wife or having "beer summits" in the whitehouse !! Mitt, if you get to the space coast look me up and we'll have some good florida seafood.

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