Scrutiny of Bain Capital and of Romney as CEO intensifies

[TomCADem]

Source: Boston Globe

And now, with cofounder Mitt Romney once again campaigning for the Republican presidential nomination, this time as the front-runner, the scrutiny is intensifying.

One of Bain’s former executives, Edward Conard, was recently outed as the mystery donor behind a $1 million contribution to the pro-Romney Restore Our Future political action committee.

* * *

Bain bought it for $5 million in 1992, charged it advisory fees, and increased the company’s debt from $11 million in 1993 to nearly $400 million in 1999. Bain and its investors ultimately walked away with $100 million in profit.

During the 1994 campaign, Kennedy zeroed in on Bain’s acquisition earlier that year of an Ampad plant in Marion, Ind., where many workers were fired then rehired at a lower wage. The whole affair allowed Kennedy to cast Romney as unscrupulous and an enemy of the working class.

Read more: http://www.boston.com/news/local/massachusetts/articles/2011/08/21/scrutiny_of_bain_capital_growing_with_romney_rise/

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I guess we can see why Romney has been outspoken in saying that repeal of the Financial Reform bill should be on the table. Romney is not merely catering to Wall Street. He was once one of them.

[Demeter]

1. Romney Still IS One of Them

It's like a Mafia, you don't get to walk away or retire.

[chelsea0011]

2. Why Romney thinks corporations are people

http://www.boston.com/news/daily/26/ampad.pdf


He pockets the money