Actually, we're both off. The Wall Street Journal, aiming for a comprehensive assessment, examined 77 businesses Bain invested in while Mr. Romney led the firm from its 1984 start until early 1999, to see how they fared during Bain's involvement and shortly afterward. Among the findings: 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 of the money Bain invested was lost.
des·per·a·tion/ˌdespəˈrāSHən/ Noun: A state of despair, typically one that results in rash or extreme behavior.
All private equity firms have failures. It's the nature of the business because many of these companies are in trouble when they're purchased. My point was, and is, if you only look at someone's failures you can make a case against anyone. By any measure, Romney had twice as many successes as failures during his tenure at Bain. Anyone who has has stepped out and taken risks has failures on their resume. The only people who haven't failed are people who haven't done anything. To return to the original point: if you want to hold a 45 year-old episode of bad behavior against Romney, that's your choice; but I can't see any logic in the argument.
+1 Great post. Bain/Romney invested in troubled companies they thought they could turn around and profit from.. and they were right. What exactly is wrong with that? Companies go under all the time for any number of reasons, and people lose their jobs. IF Bain stripped the assets of their failures they were just being smart. Put yourselves in their shoes, would you as an investor, retain the services of firm who allowed you to lose more on your investment than they could have because they felt it would be "wrong" to sell off the assets that you purchased from the company? Or your investment went bust because your firm wouldn't cut jobs because they felt it was wrong and the company you bought went bankrupt? Obviously you would drop Romney and Bain as you could make more $$ elsewhere. He was maximizing the ROI of his investors and did nothing illegal, which is why these attacks ie "the trail of broken companies" "people lost jobs" are all cry baby nonsense designed to make people FEEL like it was wrong. Romney did his job, and did it well. This is much more than can be said for obummer.. who amazingly up until his job as President of the United States.. never had one. What a joke.
America is rapidly becoming bizarro world. Obama is a clown, I don't think he will be pres again but the people who believe he is capable and rabidly defend him are just going to grow in number as the govt gives them more and more of our money. It is truly a shame to watch our country fall apart with a bunch of retards drooling over promises of stolen money being given to them. This phrase 'behind every fortune there is a crime' or something like that.. is the hypocritical mindset of liberals. The govt takes our money BY FORCE, a crime for any private citizen, but in the liberal mind every privately wealthy individual is automatically a criminal. That is sheer ignorance at its lowest.