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Mitt Romney was born on March 12, 1947 in Detroit. The son of Michigan governor, George Romney, Mitt founded the investment firm Bain Capital. He ran for Massachusetts Senate but was defeated by incumbent Edward Kennedy. Romney took over the Salt Lake Organizing Committee and helmed a successful 2002 Olympic Games. He was elected governor of Massachusetts in 2003 and made a run for the Republican presidential nomination in 2008, but lost to John McCain. In June 2011 Romney announced his bid for the 2012 Republican presidential nomination.
After graduating from Brigham Young University in 1971, he earned dual degrees from Harvard Law and Harvard Business School. After working as a business consultant for several years, Mitt founded the investment firm Bain Capital in 1984. Under his leadership, Bain Capital helped to launch or rebuild hundreds of companies, including household names such as Staples, Domino's Pizza, and The Sports Authority. As Bain Capital was growing in prominence, Mitt returned to his old consulting firm, Bain & Company, as CEO. In a time of financial turmoil at the company, he led a successful turnaround.
In an analysis of Bain Capital under Romney, the Journal estimated that Bain made $2.5 billion in profits on $1.1 billion invested in 77 separate deals. Of those 77 transactions, 22 percent ended with the firms in bankruptcy after the eighth year of the Bain investment. Bain disputes the Journal’s account as inaccurate.
Romney acknowledges he made millions, but says the reward was for hard work and risk-taking.
after Bain bought a paper and office supply company, American Pad & Paper, or Ampad, from Dayton-based Mead in 1992, Ampad filed for bankruptcy protection and cut jobs, albeit eight years after the Bain purchase. Bain reportedly made more than $100 million on Ampad, and the job losses dogged Romney in later political races.
And make money he did — Mitt loads of it. For an eight year period starting in 1987, Romney’s Bain invested 22 percent of the money it raised in five businesses that ended up filing for bankruptcy and walked away with a $578 million in profit. Judging by the photos at the time, finding places to stuff all those profits became something of a joke among the Bain cohorts. Such a display of greed and excess that would make Gordon Gekko — the fictional cut-throat corporate raider in Oliver Stone’s Wall Street — blush. Romney left Bain with a staggering $4 billion in assets.