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Romney profits as company folds

By the green-hued yardsticks of Wall Street, the 1990s buyout of an Illinois medical company by Mitt Romney 's private equity firm was a spectacular success.

Romney's company, Bain Capital, sent in a team of 10 turnaround experts from Boston to ferret out waste, motivate executives and study untapped markets.

By the time the Harvard MBA 's from Bain were finished, sales at the medical company, Dade International, had more than doubled. The business acquired two of its rivals. And Romney's firm collected $242 million, a return eight times its investment.

But an examination of the Dade deal shows the unintended human costs and messy financial consequences behind the brand of capitalism that Romney practiced for 15 years.

At Bain Capital's direction, Dade quadrupled the money it owed banks and vendors. It took steps that propelled the business toward bankruptcy. And, in waves of layoffs, it cut loose 1,700 workers in the United States.

Romney's career at Bain Capital, which he owned and ran as chief executive, is a cornerstone of his campaign for the Republican presidential nomination -- a credential, he argues, that showcases the management skills and business acumen America needs to revive a stalled economy. Creating jobs, Romney said, is exactly what he knows how to do.

The White House, though, is already preparing a counterstory about Romney, trying to frame his record at Bain as evidence that he would pursue slash and burn economics and that his business career thrived by enriching the elite at the expense of the working class.

From 1984 to 1999, Romney and his deputies made fortunes by investing in, acquiring and then selling about 150 companies. It was high-stakes work that shaped Romney's values and views, taught him the art of salesmanship and negotiation and took him deep inside the boardrooms and factories of U.S. business.

Because financial data for many of the acquisitions is not publicly available, it is difficult to fully tally the wins and losses, the jobs created and the jobs eliminated on Romney's watch. But the experience with Dade, Bain's biggest transaction at the time, shows how Bain managed its investments, structuring deals so that it would be hard for Romney and his partners not to come out ahead.

Payday Loans and the Military | Waco Bankruptcy Attorney | The ...

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