After 9/11/01, Mitt Romney profited from a company designed to make money from the chaos that follow
Mitt Romney’s investments have already proven to be obstacles for him on the campaign trail with a slew of attacks on the company he co-founded, Bain Capital, and his vast network of offshore assets. However, this latest bit of information about Mr. Romney’s business dealings may be the most politically problematic yet: almost immediately after the September 11th, Mr. Romney profited from a company designed to make money from the chaos that followed the attacks.
Endurance Specialty Holdings was one of many insurance and reinsurance startups that cropped up in the wake of 9/11. These companies were designed to purchase debt from insurance companies who faced billions of dollars in claims after the attacks and sold insurance at high prices generated by the soaring rates that resulted from the cash crunch on traditional insurance companies. Mr. Romney was invested in Endurance Specialty Holdings both through Golden Gate Capital, a private equity firm founded by a former Bain Capital executive in 2000 and through his direct interest in another investment firm, CCG Investment Fund, LP.
In documents filed with the SEC ahead of a proposed IPO in late 2002, Endurance Specialty Holdings, which began operations in December 2001, a little over three months after the World Trade Center attacks, boasted about how they were taking advantage of economic opportunities created in the wake of September 11th.
The rest: http://politicker.com/2012/09/how-mitt-romney-made-money-after-911/
= new reply since forum marked as read
