MURDER, POLITICS, AND THE END OF THE JAZZ AGE
by Michael Wolraich
Link is to Boston Globe graphic in pdf format. In short, Bain put up $5 million in cash to buy American Pad and Paper in 1992, the company went bankrupt in 2000. Over that 7+ years Bain drained $100 million off the backs of the workers, debt holders and stockholders of Ampad. From the Des Moines register 1 January, 2012:
A former employee of Bain Capital, GOP presidential front-runner Mitt Romney’s former company, said Sunday that Romney’s decisions cost him and many others their jobs. Randy Johnson said Sunday that the former Massachusetts governor’s decisions as Bain’s CEO put him out of work. Romney was the chief executive officer of Bain Capital in 1992 when the company purchased American Pad & Paper, or Ampad, and oversaw the management of that company and others. Ampad went bankrupt in 2000, and (Bain and it's) investors netted over $100 million from the deal, according to the Boston Globe.
Romney says when he destroyed and looted companies like American Pad and Paper, he was increasing efficiency and creating jobs, and Romney said in Iowa “And in those businesses, many were successful, added lots and lots of jobs. Some were not successful. That is the nature of free enterprise.” You would have to be pretty naive to believe the likes of Mitt Romney and Bain Capital measure 'success' by 'jobs created'! They measure it in cold hard cash in their own pockets friends. That's why the company is named 'Bain Capital', not 'Bain Jobs'. They produce nothing but money. Money from money. For themselves and their investors. Jobs or sound companies be damned or destroyed. To Romney and Bain, a 2000% home run at Ampad, was a high fivin' rip-roarin' success.