* Bain in 1988 put $5 million down to buy Stage Stores, and in the mid-'90s took it public, collecting $100 million from stock offerings. Stage filed for bankruptcy in 2000.
* Bain in 1992 bought American Pad & Paper (AMPAD), investing $5 million, and collected $100 million from dividends. The business filed for bankruptcy in 2000.
* Bain in 1993 invested $60 million when buying GS Industries, and received $65 million from dividends. GS filed for bankruptcy in 2001.
* Bain in 1997 invested $46 million when buying Details, and made $93 million from stock offerings. The company filed for bankruptcy in 2003.
Romney's Bain invested 22 percent of the money it raised from 1987-95 in these five businesses, making a $578 million profit.
While I have not investigated all of Romney's Bain investments and there may be cases where he made money and improved businesses, there's little question he made a fortune from businesses he helped destroy.
Mitt Romney, through his spokesman, did not return calls. Bain declined comment.
Bain of his existence
Romney said:
He was not involved in decisions to take distributions from two Bain Capital businesses that later failed. New York Times, June 3, 2007
People in America want to know who can get 15 million people back to work.
Romney did:
Owned a controlling interest in Bain Capital when it took payments from five companies that later failed.
Made fortunes by bankrupting five profitable businesses that ended up firing thousands of workers.
Read more:
http://www.nypost.com/p/news/business/ad_mitt_mistakes_jRmd2LHaPIb0bbNn1ZkgaJ#ixzz1jLpNsdRg