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Why Romney CANNOT Defeat Obama

Bain scrutiny picks up

The Associated Press reviewed Bain Capital's little-known investments at The Holson Burnes Group. Bain doubled its $10 million investment into the clock and photo supply company. But workers in South Carolina and New Hampshire lost their jobs as the company consolidated and expanded its operations overseas.

Though Mr. Romney left Bain in early 1999, he received a share of the corporate buyout and investment profits enjoyed by partners from all Bain deals through February 2009: four global buyout funds and 18 other funds, more than twice as many over all as Mr. Romney had a share of the year he left. He was also given the right to invest his own money alongside his former partners. Because some of the funds and deals covered by Mr. Romney’s agreement will not fully wind down for several years, Mr. Romney is still entitled to a share of some of Bain’s profits.

During his political career, Mr. Romney has promoted his experience as a businessman while deflecting criticism of layoffs caused by private equity deals by noting that he left Bain in 1999. But records and interviews show that in the years since, he has benefited from at least a few Bain deals that resulted in upheaval for companies, workers and communities.

http://www.politico.com/blogs/burns-haberman/2011/12/bain-scrutiny-picks-up-108062.html

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