MaggieD
DP Veteran
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- Jul 9, 2010
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[Romney] . . . a man who's been governor and had a sterling business career crosses the qualifications threshold.
Governor Romney's time at Bain Capital was spent fixing struggling businesses and giving new businesses a shot at success. From 1984, when Romney co-founded the firm, to February 1999 when he left to lead the Olympics, Romney helped save thousands of jobs at companies that were in trouble. And the businesses Romney helped start while at Bain Capital employ more than 100,000 people today.
Since Bain Capital's founding, the company has had a remarkable record of success, especially considering that it largely invests with struggling or startup enterprises. Eighty percent of Bain Capital's portfolio companies have increased revenues, and only five percent of the companies under its control have filed for bankruptcy. Romney's work not only helped to save and create jobs, it also provided returns to investors, the majority of which were pension funds for retirees, university endowments helping with financial aid, and charities serving their local communities.
This experience helped Romney fix a scandal-plagued and debt-ridden Olympics in 2002 and to fix a budget shortfall in Massachusetts. He knows how to provide strong leadership in challenging times, and he will bring that experience with him to the White House to fix America's broken economy and to create jobs for the millions of Americans who are out of work.
The Obama campaign's attacks on business and free enterprise aren't just false; they explain why we aren't creating jobs. They reveal what this President really thinks about free enterprise. This is the most anti-business President in memory, and the results are clear: 23 million Americans are struggling for work, and unemployment has been above eight percent for 42 straight months. It's time to make a change to someone who understands the private sector and can get America working again.
Eighty percent of Bain Capital's portfolio companies have increased revenues, and only five percent of the companies under its control have filed for bankruptcy.
Is Bain really a gang of corporate buccaneers who plunder their ill-gotten gains by outsourcing, euthanizing feeble portfolio companies and giving cancer to the spouses of those whom they fired? If so, union bosses, government retirees, liberal foundations and elite universities thrive on the wages of Bain’s economic Darwinism.
If, however, these institutions relish the yields that Bain Capital generates by supporting start-ups and rescuing distressed companies, 80 percent of which have prospered, then this money is honest — and Team Obama isn’t.
Read more: Look who parks their cash at Bain - NYPOST.com
Some of Bain's Investors
* Illinois Municipal Retirement Fund ($2.2 million)
* Indiana Public Retirement System ($39.3 million)
* Iowa Public Employees’ Retirement System ($177.1 million)
* The Los Angeles Fire and Police Pension System ($19.5 million)
* Maryland State Retirement and Pension System ($117.5 million)
* Public Employees’ Retirement System of Nevada ($20.3 million)
* State Teachers Retirement System of Ohio ($767.3 million)
* Pennsylvania State Employees’ Retirement System ($231.5 million)
* Employees’ Retirement System of Rhode Island ($25 million)
* San Diego County Employees Retirement Association ($23.5 million)
* Teacher Retirement System of Texas ($122.5 million)
* Tennessee Consolidated Retirement System ($15 million)
These funds aggregate the savings of millions of unionized teachers, social workers, public-health personnel and first responders. Many would be startled to learn that their nest eggs are incubated by the company that Romney launched and the financiers he hired.
More of Bain's Investors
Leading universities have also profited from Bain’s expertise. According to Infrastructure Investor, Bain Capital Ventures Fund I (launched in 2001) managed wealth for “endowments and foundations such as Columbia, Princeton and Yale universities.”
According to BuyOuts magazine and S&P Capital IQ, Bain’s other college clients have included Cornell, Emory, the Massachusetts Institute of Technology, Notre Dame and the University of Pittsburgh. Preqin reports that the following schools have placed at least $424.6 million with Bain Capital between 1998 and 2008:
* Purdue University ($15.9 million)
* University of California ($225.7 million)
* University of Michigan ($130 million)
* University of Virginia ($20 million)
* University of Washington ($33 million)
Center Left Investors
Major, center-left foundations and cultural establishments also have seen their prospects brighten, thanks to Bain Capital. According to the aforementioned sources, such Bain clients have included the Charles Stewart Mott Foundation, the Doris Duke Foundation, the Metropolitan Museum of Art, the Ford Foundation, the Heinz Endowments and the Oprah Winfrey Foundation.
Read more:
Look who parks their cash at Bain - NYPOST.com
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