Will Bain Capital sink Romney? … The McIntosh Report … coming up!
Republican presidential candidate Mitt Romney makes no apologies for his work at Bain Capital. He founded the investment firm in 1984 and left in 1999. He has continued to profit from Bain’s work thanks to the terms of his retirement package.
Romney’s personal fortune is estimated as high as 264 million dollars.
Bain was designed to buy struggling companies, restructure them to make them profitable, and then sell the new companies. Most folks have no problem with turning around losing companies and making a profit. The problem comes in the way the turnarounds are done; usually with employees losing their jobs.
Romney says not all of Bain’s efforts resulted in success.
Does that mean Bain took over companies, fired a bunch of workers, and the new companies still flopped?
Problem is, a good many American voters have lost their jobs during business changes, while those with power over them reaped huge personal profits. I’m sure Mr. Romney doesn’t want to be the poster boy for that kind of thing.
Our thought for today is from Juvenal:
“The smell of profit is clean and sweet, whatever the source.”