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Business

Political Debate on Romney’s Role at Bain Sells Private Equity Short

Sep. 14, 2012 4:11pm Becket Adams

Bain Capital, Private Equity, & Mitt Romney

(Bain Capital/Boston Globe)

Mitt Romney is taking a lot of heat for his past role as a founding partner of Bain Capital, but the political debate fails to recognize the importance of private equity and venture capital investments in building American businesses and creating jobs.

The pundits focus on the financial rewards that Bain Capital received from well-placed investments in companies like Staples and Dunkin’ Donuts, yet there is little discussion about the great risks required to reap great rewards or the costs to private equity investors for the gambles that didn’t pay off.

Since its founding in 1984, Bain Capital has invested in approximately 350 companies, but a good deal of its success stems primarily from a handful of organizations. While the firm declined to provide a complete list of companies supported by its investments, an analysis by the Wall Street Journal found that 10 deals out of 77 companies Bain worked with during Romney’s 15 year tenure as CEO produced more than 70 percent of the dollar gains.

Of the rest, 22 percent went bankrupt or closed their doors by the end of the eighth year after Bain first invested, sometimes with substantial job losses. An additional eight percent ran into so much trouble that “all of the money Bain invested was lost,” the WSJ reports.

However, although they don’t deny that there have been failures along the way, Bain Capital disputes the high percentage of bankruptcies some have attached to its record.

“[F]ewer than 5% of our portfolio companies over the past 28 years have filed for bankruptcy while under our control. This figure is consistent with the broader economy and compares favorably considering the risks associated with private investing,” Bain Capital said in a statement.

“Suggestions of a higher number in media reports earlier this year are simply false and were based on a flawed methodology that excluded literally dozens of investments, and included companies that we did not even own at the time of bankruptcy,” the statement adds.

Furthermore, it should be noted that the WSJ number is based on a 15 year sampling as opposed to the company’s full 28 year history.

But that aside, one thing that neither party disputes is Bain’s success in producing returns for investors.

“[B]ain produced about $2.5 billion in gains for its investors in the 77 deals, on about $1.1 billion invested,” the Journal reports. “Overall, Bain recorded roughly 50% to 80% annual gains in this period, which experts said was among the best track records for buyout firms in that era.”

(David L Ryan/The Boston Globe)

Just a sampling of the companies* that made this type of success possible include: AMC Entertainment, Aspen Education Group, Burger King, Burlington Coat Factory, Clear Channel Communications, Domino’s Pizza, Dunkin’ Donuts, Guitar Center, Sealy, The Sports Authority, Staples, Toys “R” Us, Warner Music Group, and The Weather Channel.

There were also many failures along the way. The story of GST Steel doesn’t end as well as, say, Staples — whose CEO spoke on behalf of Bain and Romney at the Republican National Convention. But private equity is just like any other business: There are risks involved. Both the business owner and the private equity firm know going in that there might not be the sufficient demand or, as in the case of GST Steel, insurmountable financial woes.

If a start-up fails, a private equity firm, which risked some of its own capital, may take a financial hit. But risks and restructuring aside, the important thing about private equity is that it enables business growth and job creation.

This is all lost in the political debate, which pits Bain Capital’s successes – which were lauded at the recent Republican National Convention in Tampa Aug. 27-20 — against the supposed heartlessness of private equity decried at the Democratic National Convention the following week.

The sound bites, however, don’t adequately explain the role of private equity, venture capital, and angel investors in the American economy. Simply put, private equity is one of the many ways in which a new or under-financed company can get off the ground.

Bain is among 2,670 private equity firms in the U.S. whose investments currently support 15,680 companies that employ approximately 8.1 million Americans, according to the Private Equity Growth Capital Council (PEGCC).

U.S. Private Equity Investment (courtesy pegcc.org)

As TheBlaze reported last July, startups are an essential part of sustaining the long-term economic growth of our economy. While government can help foster new business development, it generally can do very little to provide the initial capital and support needed to get a business off the ground.

“A 2008 study by the Boston Consulting Group found that since the 1980s operational improvement as a source of value increased two-fold to more than one-third of value creation, and the 2012 study finds that operational improvements are the primary source of value created by private equity,” according to PEGCC.

And for those critics who continually claim private equity engages in “asset stripping,” they fail to realize this makes no financial sense. Think about it: “A shell of a company will be steeply discounted — not a business in which partners would be comfortable investing,” PEGCC explains.

It’s in the firm’s interest to ensure the success of their client(s) not only because their own capital is involved, but because they stand to benefit far more from trading off a healthy business than one that’s dying on the vine.

As for Bain Capital, it became famous for its hands-on approach to working with its clients, which stemmed from its partners origins at the consulting firm Bain & Company.

“Until [the late 1970s] the business of consulting had been kind of hit-and-run: a firm would take on a client to help with a particular issue, provide some analysis, and then send the client on its way. Bain did things differently,” writes Sridhar Pappu writes for The Atlantic.

“Bainies, as they were known, became deeply involved with the companies they advised, learning everything about their businesses, the industries they worked in, and the competitors they were up against. When an analysis was finished, Bainies didn’t pack up and leave. They stayed with the company, making sure it continued to apply the lessons it had learned,” Pappu adds.

Along with investing, Bain, in its capacity as a private equity firm, has helped restructure financially struggling companies so as to help them avoid bankruptcy and total ruin.

Bankruptcy doesn’t necessarily equal “long-term business failure,” as the WSJ puts it, and some of these struggling companies emerged from reorganization healthier, stronger, and more financially sound.

And while some critics claim the number of firms that ran into financial trouble during Romney’s time as CEO is indicative of poor business acumen, there is something else that should be noted: This number reflects the business style of Romney and his former Bain cohort.

Bain was investing in “riskier deals,” Steven N. Kaplan, a finance professor at the University of Chicago’s Booth School of Business told the Journal. “For every one that went bankrupt, they had one that was a screaming success.”

This isn’t a secret. Bain’s success in the world of private equity, and the effect it has had on the overall economy, is well-known and has even been acknowledged by Obama campaign surrogates.

New Jersey Mayor Cory Booker (AP)

During an interview on NBC’s “Meet the Press,” New Jersey Mayor Cory Booker said in no uncertain terms that the White House needed to “stop attacking private equity,” before adding that he found those types of attacks “nauseating.”

“To me, we’re getting to a ridiculous point in America, especially that I know I live in a state where pension funds, unions and other people are investing in companies like Bain Capital,” Booker said. “If you look at the totality of Bain Capital’s record, they’ve done a lot to support businesses, to grow businesses.”

While Booker, and then later former President Bill Clinton, had to walk back these pro-private equity statements, but their initial reactions to the Obama campaign’s attacks are telling.

“I don’t think that we ought to get into the position where we say, ‘This is bad work,’” the former president said of private equity during a May interview on CNN. “This is good work.”

Follow Becket Adams (@BecketAdams) on Twitter

*Citing privacy concerns, Bain has declined to release a full list of the companies it has invested in. Click here for more detail on how the WSJ conducted its research. This story has been updated.

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Comments (73)

LTinUT
Posted on September 17, 2012 at 12:36pm
After a year of unemployment, I found a job with a startup company. The only reason the company was able to hire me was because they had received venture capital funds one month prior to my job offer Almost 9 years later I still have a job, the business has seen phenominal success, and the company grew from less than 100 employees to over 5,000. ‘Nuf said.

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- encinom
  Posted on September 17, 2012 at 2:49pm
  Mitt was a vulture capitalist, not venture, bane would saddle struggling companies with debt, extract obscene amounts of fees and than watch has the company imploded.
  
  Report this comment
- Pomona
  Posted on September 17, 2012 at 9:25pm
  You should look into the behavior of some private equity firms these days. Wasserstein and their little turn around with Harry & David is a good place to start. Just the other day, Robert McKeon, head of Veritas Capital committed suicide. Things are not what they seem. Think of it this way….homeowners went a little crazy when it came to using the “equity” in their homes…now, many folks owe more than their homes are worth. Private equity firms did the same thing as homeowners did, and had their companies take out insane loans against their businesses. The sickening part about it is that the private equity firms then used those loans to pay themselves huge bonuses and then they had the audacity to saddle the taxpayers with the responsibility of meeting the pension obligations of the employees of the company. Not to mention the tax write offs and loopholes they created to benefit only themselves.That’s right…your successful guy Mitt, just another scam artist.
  
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SlyFox123
Posted on September 15, 2012 at 1:26pm
but like all unqualified people, for the job that they hold, that weakness strts to show through, and it MUST be unerstood that ALL GOLD is not pure……some time we get fooled by whatsome would call FOOLS GOLD, it appears to look like it’s [24k] but turns out to be {24carrot}

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SlyFox123
Posted on September 15, 2012 at 1:19pm
Hmmmmmmmmm, notice that there are a lot of folks who proclaim that there not going to vote, for either Mitt or Berry, OK, but – if your with a job now and have a health care plan, thats good!. With that said, on the month of Jan 2013, lets hope that your going to retire that month, cause if you don’t, well what’s the difference, you will not have that job anyway. To day, if you don’t have a job, and are STILL looking, in the month of Jan 2013, you just might have THE CHANCE TO GET A JOB. Using Obama’s own words: (We) tried his way and it did’nt work – Now lets try a new way, what do you have to loose.

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SlyFox123
Posted on September 15, 2012 at 1:08pm
Thats right Democrates, as your dollars get more downgrades, the price of a gallon of gas goes to hell in a handbasket, the Mid-East is on fire, your parties leader, is not really sure if he should go to the bathroom of go blind, all of your talking heads HAVE been informed that if you SAY ONE WORD against your dear leader, you’ll get a “slap down” and it will not be pretty {as per: Master Alxerod and or Ms. Val Jerret} so all you “puppets” can do is talk about Mitt Rommey, but remember, the lies you shout to day will be the “shoes” that you’ll feel later – ha,ha,. I, now refer you to the Mayor. Mr. Booker, who now is again, doing the water boy act, for the “team” leader, oh, hwo sad it is when a President of the United States who for (4) yrs treated his ONLY job, like he was not elected but [selected] ref: Rev. Wright, and again the ONLY job he ever had and has screwed that up so bad, that now all he dare do is get ALL of his water boys and water girls out there trying salvage a pure pile of JUNK, and in some vain attempt, try and make himself continue to look like he is the Prersident in charge – Guys and Gals of the Democrate “gaggle”, you have started to late with too little, like they say in the novels…..the genie is out of the bottle. Time is coming up…..time to get ready to move out go back to your millions and what ever else you and your “crew” do or did before you were “SELECTED” to perform these “HOPE and CHANGE” tricks, but like all nonqualif

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Pitcher
Posted on September 15, 2012 at 12:12pm
I am really tired of the side shows. When will the chronology of this economic crisis be put out there very clearly. Yes, because of Frank & Dodd (sitting in a tree ,K i……..sorry couldn’t resist ) the house of cards came tumbling down. In Dec of 2008 after the election Government economist said the recession would be over in July 2009 as a result of Bush policy as reported in the MSM. BHO came into office and had an excuse to save the country with a bailout of nearly a trillion dollars. When July 2009 came around the Government economist announced the recession to be over. Thank you George Bush! The BHO fixes have done nothing but downgrade the credit of the United States. Because the BHO policies have failed ,the Fed has been forced into Quantatative Easing which is destroying this country. Open ended easing until a turnaround or the country goes under or a new President. It’s not all that complicated!

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loneindividual
Posted on September 15, 2012 at 1:32am
I supported Romney from the beginning. I am a former Mormon who remains cynical of the whole of the worlds religions. I am alone.

I know that Romney has compromised…but considering how he has always handled himself & also the way he does his work @ Bain (which requires a deep logic to understand) I am inclined to believe but not absolutely convinced that Romney is still Mormon.

I can vouche for Mormonism as being a longstanding institution of conservative libertarian and even Lockean values….but I cannot 100% speak about Romney’s agenda.

He stands apart from both the Mormons & the Masons. He is either acting as a righteous consultant or he is an absolute scam.

He is most certainly not as much of a puppet like Obama. EVEN JOEL SKOUSEN (son of cleon skousen) SAYS HE IS A NAIVE MAN OF AMBITION.

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JustMeHere_01
Posted on September 15, 2012 at 12:42am
I have not read the story or any comments. Mitt Romney is a good man and we should all hope that we can be as good a person that he and his family is.

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Frogster
Posted on September 14, 2012 at 5:53pm
Glad to see Glenn Beck is finally recognizing some of the STERLING qualities of MITT ROMNEY.

See Glenn’s show on Friday and watch video at glennbeck.com where he talks about the 7000 pints of milk for the vets… and promises more good stuff on Friday.

What took you so long, Glenn??

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- soybomb315_II
  Posted on September 14, 2012 at 8:03pm
  its funny that the Tamara Holder/Michelle Malkin catfight article has 841 posts but here is a real article about a very important aspect of Mitt Romney’s record – yet there is only 47 posts…..Stay classy Blaze posters.
  
  If anything, this should show Glenn that there is still a lot of work to do within his own flock.
  
  Report this comment
soybomb315_II
Posted on September 14, 2012 at 5:39pm
“Bain Capital has invested in approximately 350 companies, but a good deal of its success stems primarily from a handful of organizations. While the firm declined to provide a complete list of companies supported by its investments…..”

Ever notice how everything about Mitt Romney’s past is HIDDEN. He is todays version of 2008 Obama. Think about it. He refuses to release his tax records to the public, his former company wont release simple information regarding which companies they owned, and Romney deleted all those records as he was leaving the MA governorship. Combine that with the fact that alot of Romney’s relatives still live in foreign countries (just like Obama). This whole thing is a little creepy

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- soybomb315_II
  Posted on September 14, 2012 at 5:53pm
  And that isnt even including his religion, which he refuses to talk about
  
  Report this comment
- soybomb315_II
  Posted on September 14, 2012 at 6:01pm
  @Margie B. Pierce
  Ah, very nice. The Barack Obama business model
  
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- 2MINUTESTOMIDNIGHT
  Posted on September 14, 2012 at 7:11pm
  What little respect I had for SOY is completely lost when he brings up the religion issue. How is your religious bigotry any different from the animals in Cairo?
  
  Report this comment
- soybomb315_II
  Posted on September 14, 2012 at 7:57pm
  if saying that Mitt Romney does not talk about his religion makes me a bigot – then call me Mr. Bigot
  
  Report this comment
- gsalls
  Posted on September 14, 2012 at 8:50pm
  If every investment in life proved to be positive, who would take the risk. If every company knew there would be a bailout for the mistakes made, who would invest. Everyone. There are rewards and losses in everything in life. From marriage, to children, to attaining your dreams. Some people will find success, and others will find a life. Are all things equal, yes, at birth. From that time forward, it’s family, faith, and a belief in yourself. None of you can tell me, I didn’t start dirt poor. None of you can tell me that what I have, didn’t come from hard work, faith, and family. That is where I came from, and where I am, and am damn proud. What I am not proud of, is that we don’t teach kids how to get ahead. We are teaching them how things worked fifty years ago, and not about how things started about 240 years ago. We are broke, and we are broken, and no one wants to admit the truth/
  
  Report this comment
- loneindividual
  Posted on September 15, 2012 at 1:26am
  Soy, Beck was calling Mitt a progressive while supporting Santorum…it’s pretty clear the Beck can be influenced by the theocrats. Then again…Santorum has been inside the establishment…I know a few things about him that make me totally distrust him.
  
  In regards to Romney & Bain….they seem to push forward a a more TRADITIONALIST point of view…Romney is a progressive…but progressivism is a philosophical strategy before anything else from my understanding.
  
  Mormonism is unknown to many people but as a former Mormon I have dived deep into the actual doctorine & its subsequent results if people really do live the Mormon Way. The driving factors are Individual progression & Eternal Families in addition supporting Abolition & the aversion of War and ultimately an end to the practice of human sacrifice. Another notable difference is that MORMONS WILL NOT FORSAKE THE DEAD.
  
  Everything they do is about MORE LIGHT…as in individual sparks & eternal flames.
  
  As to who to trust at this pointAlex Jones is working with Marxists. A LOCKEAN CANNOT ALLY WITH MARXISTS. The British & Germans have been to war far too often & there is a genuine dichotomy between Locke & Marx that cannot be blurred without raising red flags….WHICH ALEX JONES HAS RAISED MORE OFTEN THAN BECK.
  
  I’ve watched the Boehemian Grove video…I saw Alex use a gentle handsign. He is trying to mix Lockean’s with Marxists…either to restrain a revolution or to make it bigger.
  
  Report this comment
- loneindividual
  Posted on September 15, 2012 at 1:35am
  “Bain Capital has invested in approximately 350 companies, but a good deal of its success stems primarily from a handful of organizations. While the firm declined to provide a complete list of companies supported by its investments…..”
  
  Ever notice how everything about Mitt Romney’s past is HIDDEN. He is todays version of 2008 Obama. Think about it. He refuses to release his tax records to the public, his former company wont release simple information regarding which companies they owned, and Romney deleted all those records as he was leaving the MA governorship. Combine that with the fact that alot of Romney’s relatives still live in foreign countries (just like Obama). This whole thing is a little creepy
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  soybomb315_II
  Posted on September 14, 2012 at 5:53pm
  
  And that isnt even including his religion, which he refuses to talk about
  
  OK!!! So you absolutely do not know that revealing who your friends are….those you have helped….MAKES THEM TARGETS!?!?!?!
  
  This administration has shown itself to be practicing cronyism as well as voter fraud via buying votes & necromantic politics.
  
  Report this comment
floridareader
Posted on September 14, 2012 at 5:19pm
Productive businesses should ask for voters card to a costumer before selling products or services.
If “R”- we appreciate your business
If “D”- we are closed for the day

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- Frogster
  Posted on September 14, 2012 at 6:08pm
  Interesting approach!
  
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soybomb315
Posted on September 14, 2012 at 5:06pm
Just wait until you start learning about leveraged buyouts, corporate debt tax subsidies, and private equity qualified dividends

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- Pomona
  Posted on September 14, 2012 at 8:48pm
  I guess this story got planted on the site today because of the glut of horrible news this today/weekend. Soy bomb..hang in there, the truth will come out about the ways of private equity companies. “Business” done in this manner is what my dog does outside on my lawn. It is very depressing to know that there really is no honorable choice in this election. On a lighter note, is it just me, or does Mitt look a little like “Michael Scott” from “The Office” in the Bain & Company photo that is on the main page?
  
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- soybomb315_II
  Posted on September 14, 2012 at 9:07pm
  wow – i see michael scott
  
  The insane thing is that these leveraged buyouts and whatnot were the precursor to the CDO and corrupt mortgage market that nearly tanked the whole economy. This new age way to do business which removes the owners from their products really hurts us in the long run. i wish more people could get past the “R” after his name and focus on the realities
  
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- Pomona
  Posted on September 14, 2012 at 10:06pm
  Soy bomb…you are right it is totally insane. I’m wondering if there is any truth to that story about Romney’s tax records being hacked, you know, that Bitcoin thing. That could be a nasty wake up call that most of the “R” folks wouldn’t like to face. I think Romney was selected to create the structure for a new transitional global tax system for the US. The first step is the Territorial Tax.
  
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moreteaplease
Posted on September 14, 2012 at 4:52pm
CEO of a successful PE firm vs a half baked community organizer. No contest.

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- soybomb315
  Posted on September 14, 2012 at 5:10pm
  Yea, its no debate when you compare Romney to Obama – its like fighting someone well below your weight class
  
  However, compare Mitt Romney’s business record to Gary Johnson’s – Gary Johnson wins hands down. Gary Johnson started his own business as a handyman shop and grew it into a very large construction company. Gary Johnson did it the old school way and not the new age way of buying out companies and tweaking around the edges. Mitt Romney is a titan of finance, but Gary Johnson is a titan of small business
  
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- 2MINUTESTOMIDNIGHT
  Posted on September 14, 2012 at 5:41pm
  SOY: Let me make a point already firmly established in reality:
  
  Either Romney or B.O. will be the next president.
  
  Gary Johnson will NOT be the next president. He has the same chance of winning as Bugs Bunny, Elvis Presley, Ron Paul, Florence Henderson, Abe Vigoda, my next door neighbor, my next door neighbors cat….
  
  Please take a step out of fantasy land and realize your guy isn’t even in the running. This election is way too important to make some foolish stand and cut off your nose to spite your face.
  
  Report this comment
- soybomb315_II
  Posted on September 14, 2012 at 5:45pm
  well if i cant vote for the best candidate because you say he wont win – there is a problem with the election laws. Our system of government was never meant to reward the ‘most likely to win’ candidate.
  
  If me voting for Gary Johnson hurts your candidate – then FIX THE ELECTION LAWS
  
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- 2MINUTESTOMIDNIGHT
  Posted on September 14, 2012 at 6:04pm
  Your utopian ideals are admirable; however, simply not based in reality.
  
  Your vote for Gary Johnson will not hurt my candidate as much as it will destroy the entire country if the marxist SOB in the white house is provided another term. If you sincerely wish to change election laws, take the proper steps to do so. First step: Get B.O. and his cronies out of the white house.
  
  Report this comment
- justangry
  Posted on September 14, 2012 at 7:06pm
  I think it’s unrealistic to think everyone will hop on the establishment bandwagon. Especially when both establishment parties hate America, which in reality is nothing more than our Constitution and dirt.
  
  Report this comment
- 2MINUTESTOMIDNIGHT
  Posted on September 14, 2012 at 7:14pm
  ANGRY: Vote for whomever you want – its your right. My point is based in simple reality: one of two candidates will win in November. Is it that hard to understand?
  
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- soybomb315_II
  Posted on September 14, 2012 at 7:58pm
  we understand. And you are responsible for that travesty
  
  Report this comment
- resme
  Posted on September 14, 2012 at 8:11pm
  “Vote for whomever you want – its your right. My point is based in simple reality: one of two candidates will win in November. Is it that hard to understand?”
  
  What reality? Is this the reality the three news networks created for you?
  
  Report this comment
- justangry
  Posted on September 14, 2012 at 8:41pm
  Yeah, one of the two candidates probably will win in November and nothing will change. The only reason is because so many let the media do their thinking for them.
  
  Report this comment
- Jasonsaveourcountry
  Posted on September 15, 2012 at 1:22pm
  The comparison between Obama and Romney? Obama was a community organizer in Chicago for four year who learned Alinsky’s Rules for Radicals. Saul Alinsky wrote a book “Rules for Radicals” to instruct community organizers how to make changes. In that book, Alinsky wrote “The Ideology of Change” …a Marxist begins with his prime truth that all evils are caused by the exploitation of the capitalists. From this he logically proceeds to the revolution to end capitalism, then into the third stage of reorganization into a new social order or the dictatorship of the proletariat, and finally the last stage — the political paradise of communism.”
  
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ricckky
Posted on September 14, 2012 at 4:51pm
Is this all they have and want to talk about? The liar-n-chief has 100′s of amoral actions—Give me a break!!!!!

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welovetheUSA
Posted on September 14, 2012 at 4:48pm
Nothing you liberal communist could ever come up with will matter………….Romney will be our next president, period.

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Detroit paperboy
Posted on September 14, 2012 at 4:46pm
Let me see , successful businessman, or failed community agitator………hmmmmmmmm

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- Jasonsaveourcountry
  Posted on September 15, 2012 at 1:41pm
  You are correct. As a community organizer, Obama was taught how to be an agitator. From Saul Alinsky’s book, Rules for Radicals: “An organizer must stir up dissatisfaction and discontent… He must create a mechanism that can drain off the underlying guilt for having accepted the previous situation for so long a time. Out of this mechanism, a new community organization arises…. “The job then is getting the people to move, to act, to participate; in short, to develop and harness the necessary power to effectively conflict with the prevailing patterns and change them. When those prominent in the status quo turn and label you an ‘agitator’ they are completely correct, for that is, in one word, your function—to agitate to the point of conflict.” p.117
  
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justangry
Posted on September 14, 2012 at 4:45pm
Well if business success is what we’re looking for, can we get the guy that ran Burger King? He might have a better platform on civil liberties and I love Whoppers.

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- soybomb315_II
  Posted on September 14, 2012 at 5:34pm
  Or how about the guy who built a REAL business from scratch – instead of using borrowed money and leveraged buyouts to “tweak” companies bottom lines.
  
  Gary Johnson started his own handyman business and grew it into a large construction company. Gary Johnson’s company was organic and did not rely on buyouts, corporate tax loopholes, and dividends to shareholders in order to succeed. Gary Johnson’s company grew the old school way – by producing real goods and providing services to clients. Mitt Romney’s company grew by leveraged debt and phantom ownership. Mitt Romney’s company suceeded in producing profits – but producing great products and services was not part of the business model
  
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- justangry
  Posted on September 14, 2012 at 6:36pm
  You don’t have to sell me that he’s the best candidate running BY FAR. I’m just stuck on whether to acknowledge the charade or not. I’m a free man, and really don’t need a master.
  
  Report this comment
- OlefromMN
  Posted on September 14, 2012 at 6:47pm
  “…can we get the guy that ran Burger King? ”
  
  You do realize Bain saved Burger King don’t you?
  
  Report this comment
- justangry
  Posted on September 14, 2012 at 7:10pm
  I don’t care. That was a joke. I’m not going to vote for the draft dodging progressive Harvard lawyer POS internationalist that has the same plan Obama has for this country even if he did save the Whopper.
  
  Report this comment
- 2MINUTESTOMIDNIGHT
  Posted on September 14, 2012 at 7:19pm
  ANGRY: You are so naive. I thought ignorance was bliss. Apparently ignorance is angry.
  
  Report this comment
- OlefromMN
  Posted on September 14, 2012 at 7:19pm
  “I don’t care.”
  
  Another “King” said it best in stating “you’ve said it all”. Why are you so angry? Is it because your guy didn’t win? Or is it that you feel there is some magic light switch that can be flipped to correct 100+ years of poor policy?
  
  Report this comment
- 2MINUTESTOMIDNIGHT
  Posted on September 14, 2012 at 7:52pm
  OLE: Are you married to Olga? I think I met you at the Lutheran dinner last weekend. You had the lutefisk, right?
  
  Report this comment
- OlefromMN
  Posted on September 14, 2012 at 8:18pm
  “Are you married to Olga?”
  
  Dumped her for Lena. Sven is such a putz!
  
  Report this comment
- soybomb315_II
  Posted on September 14, 2012 at 8:23pm
  maybe he’s angry because he volunteered himself for something that turned out to be a lie
  
  Report this comment
- Eastinfection
  Posted on September 14, 2012 at 8:41pm
  Hey SOY.. Thanks to all your yapping i’ve looked into Johnson a bit more and your right. In fact, his co. roots/ growth are similar to mine. Still reluctantly voting for Romney though. if Gary were in my shoes i think he would too. … oh.. BTW i ran into the ACTUAL “ENCINOM” on the “illegal- Ga. Prayer” thread. I accused him of being him… lol..- not really. he/ she was no dummy- and didn’t sound like a dumb Lib either. Not understanding the collective enmity for this character ? Well, anyway.. you & me are off the hook.
  
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- soybomb315_II
  Posted on September 14, 2012 at 8:50pm
  @east
  No problem. You gotta do what you gotta do in november. You can still support Gary Johnson even though you arent voting for him. If Romney loses, we have to have a fallback plan – which should be to get exposure to the ideas of Gary Johnson and the Liberty movement.
  
  We are all ENCINOMs now
  
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- The_Cabrito_Goat
  Posted on September 14, 2012 at 9:29pm
  Ron Paul is a big government progressive. He voted to invade Afghanistan. Which means he is far left.
  
  But don’t worry, vote for Paul-Tron-2012, the mechanized version of Ron Paul, to ensure that the republicans don’t ever get back in power again.
  
  I really don’t know anymore
  
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- justangry
  Posted on September 15, 2012 at 1:20am
  Do you think the republicans will hold onto power if the Neocons get back into the Pentagon?
  
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westandfree
Posted on September 14, 2012 at 4:45pm
Organized labor hates these guys because they are the real people that moves America’s economy! The union guys just steal laborer’s money so they can buy the right votes and get political favors. They have to demonize these guys so the laborer will keep his hate focused on “the man” who are the real people that create jobs.

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righthanddrive
Posted on September 14, 2012 at 4:43pm
Finally. I was throwing up during the GOP primaries as many of the hopefuls ganged up on capital and profits like a bunch of drunken Democrats. Even Perry and Newt got in the mud flinging. Maybe a lot of voters will read this and be educated. Now we need a similar piece on the Clinton Global Initiative. Pres. Clinton has been raising money to support his public-private initiative ostensibly for the purposes of financing projects in poor regions. How effective have these investments been? The yardstick will be different of course but surely, there must some concept of an economic or social return (as opposed to an accounting concept) on all that investment. In other words there must be some surplus or ‘profit’ from all investment.

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Eric_The_Red_State
Posted on September 14, 2012 at 4:42pm
At this point – WHO CARES what Romney did in the past?
When you balance what Obama has done and IS DOING NOW — any sane human being would put a paper cutout of Reagan in the chair in the oval office and it would do a WHOLE LOT better than Obama has done so far.

VOTE FOR PAPER CUTOUT IN 2012 —–

ANYONE BUT OBAMA — and I mean ANYONE!!!

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Dismayed Veteran
Posted on September 14, 2012 at 4:40pm
If I was stinking rich, I would use every legal means to protect my wealth. Anyone who thinks differently is either a saint or a fool.

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2MINUTESTOMIDNIGHT
Posted on September 14, 2012 at 4:31pm
Romney’s financial success is his greatest qualification to lead this country back to prosperity. The absolute ignorance of liberals in their collective inability to realize this simple fact is disturbing.

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- goodpart1
  Posted on September 14, 2012 at 4:39pm
  read the article …350 investments ..profit from only a handful ….does not sound like much of record to run on despite the fact that most companies were worse off after Bain…I still would like the country to see his tax records so they can really learn how these guys rip us off and hide tgheir money…how patriotic
  
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- 2MINUTESTOMIDNIGHT
  Posted on September 14, 2012 at 4:43pm
  As EXHIBIT A and EXHIBIT B, please see the comments from GOODPART1 and HORNZ, morons.
  
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- 2MINUTESTOMIDNIGHT
  Posted on September 14, 2012 at 4:59pm
  Are you suggesting Bain’s return on investment wasn’t good enough? You are even more stupid than I imagined. Anyone in their right mind would take take that kind of return.
  
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goodpart1
Posted on September 14, 2012 at 4:28pm
In the old days these ‘equity firms’ were really called LBO or leverage buyouts…this means that Bain and others would take over a so so company and leverage it with loans ( which were easy to get before the economy crashed) the investing company like Bain was only interested in short term gain ( 3-5 years) and they would burden the company with a billion dollar loan extract a fee of millions of doallrs then a bounus of millions of dollars …at the same time they would do other stuf ..fire people for example or if there were pension funds that needed money they would create another corporation that would contain all the liabilties and flip it off to usually fail and then have the taxpayers come in to make right with the workers….as usual all these important details ( just like Romney tax returns) get obscured by name changes and changes in definitions…so it is hard to follow…Romney ruined more companies than he helped, hurt more workers than he helped and had more failures than success but even his failures made him money. These people rarely created thriving industries as apposed to private venture capital that risk money by investing early in what may be a good product or service …however both the legitimate media and the right wing media are either too lazy or biased to report these truths…if the republicans had not been taken over by the nuts we may have had a good solid candidate other than Mitt but I gues he was the best of the clown show of choices

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- Jenny Lind
  Posted on September 14, 2012 at 4:48pm
  Yada, yada, yada, the line is old and stupidly untrue. Nice try.
  
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- landman1
  Posted on September 14, 2012 at 4:49pm
  My guess is that Bain and to a certain extent, Romney has been very successful at what they did. They had a long list of companies that were saved and jobs retained and/or created. They had less than a 5% failure rate in all their endeavors and made a profit for themselves and their shareholders. Now Mr. Obama on the other hand has quite a different track record such as Solyndra, GM, Tesla, and the like. So the picture is crystal clear here. On the one hand success and on the other hand failure. Not a tough choice; and while we’re at it Mr. Gutter Snipe, what the hell have you ever created but bodily waste?
  
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- 2MINUTESTOMIDNIGHT
  Posted on September 14, 2012 at 4:55pm
  Have you ever ran a business? Or for that matter even had a job? What do you suggest the purpose of any business or job is?
  
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- soybomb315_II
  Posted on September 14, 2012 at 5:49pm
  companies that use leveraged buyouts exist ONLY because of our corrupt tax code. The debt incur by buying a company is tax deductible (WHAT!?!?). This all started because of all the exotic financial packages that sprung up in the 1990s, the same stuff that led to CDOs and ultimately a rotten mortgage market.
  
  Romney’s company used highly leveraged debt to make these buyouts profitable….So how is that going to translate into fixing our federal deficit?
  
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hornz
Posted on September 14, 2012 at 4:26pm
It’s completely normal for someone who wants to be the leader of the free world to hide their money in overseas accounts. Even middle class people, you know, those 200 to 250k annual income earners do it.

What does that tell you about the faith they put in the financial system of their own country? Thank god for all the transparency, if it wasn’t for all these tax records we’d never know….oh wait.

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- 2MINUTESTOMIDNIGHT
  Posted on September 14, 2012 at 5:05pm
  Of course the better option is to mindlessly hand over millions of dollars to B.O. so he can, in turn, hand it over to his buddies at Solyndra, or send it to his Muslim brothers, or invest it in research of shrimp running on a treadmill, or pump it into windmills, electric cars in Finland, oil drilling in South and Central America, keep 50% of Americans on food stamps, ………
  
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- TEIN
  Posted on September 14, 2012 at 5:08pm
  @hornz…lets look at the current president record on running a cooperation………Woops!!! There isn’t one….the closest thing he has is a take over of GM where the stock holders got pennies on the dollar, I don’t know how many dealerships where shutdown, how many people other than lost jobs, and how well is GM currently doing and profitable??? I just wish I had enough money to put into a blind trust somewhere…When John Kerry was running for Pres. with his ties to the Heinz Corp empire, where were the attack dogs looking at where his money was??? This is a big smoke screen and distraction…
  
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- 2MINUTESTOMIDNIGHT
  Posted on September 14, 2012 at 5:34pm
  The difference between Romney and Kerry: Romney actually worked for his money whereas Kerry married his.
  
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Tri-ox
Posted on September 14, 2012 at 4:25pm
There is NO “political debate” about Romney’s role at Bain – only limp and impotent obama and his state-run media whining because Romney has actually WORKED in the real world and has been successful.

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adumb12
Posted on September 14, 2012 at 4:24pm
It’s amazing to me how libs find their inner capitalist when they find themselves losing power. Obamam turned to PE firm Carlisle to save a PA oil refinery (swing state), while also laxing EPA regulations to make it happen. Take a second to absorb the significance of that statement and read the following hypocrisy…

http://online.wsj.com/article/SB10000872396390443713704577603281330597966.html
http://www.philly.com/philly/opinion/inquirer/20120914_A_refinery_rescue_reconsidered.html

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