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Romney and Bain

JaxsonRaine
Posts: 3,606
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1/13/2012 2:42:50 AM
Posted: 4 years ago
I haven't found any real discussions on Romney's record with Bain, so I started looking into some of the companies Bain invested in. If anyone wants to pitch in and find this kind of information for other companies, I'd like to see more.

One of the problems is the lack of public information, since many/most(?) of these companies are private.

Sealy Corp
Bain Capital acquired Sealy Corp in 1997. The year previous, Sealy reported $697 million in net sales, a $500,000 net loss, and 4,800 employees[1].

In 2003, the last full year with Bain, Sealy reported $1,189 million in net sales, $18.3 million in net income, and 6,562 employees[2]. That's a 70% increase in net sales, and 36% increase in number of employees.

Dominos Pizza
Bain Capital acquired Dominos Pizza in 1998. First fully-public information is available for the year 2000. In 2000, Dominos reported $1,166 million in total revenue, $25.3 million in net income, and 6,977 stores[3].

In 2004, Dominos reported $1,446 million in total revenue, $62.3 million in net income, and 7,757 stores. That's a 24% increase in sales, 146% increase in net profit, and approximately 14,000 new jobs, 3,500 of which were in the US.

Alliance Laundry Systems
Bain Capital acquired Alliance Laundry Systems in 1998, and Teacher's Private Capital acquired the majority interest in 2005. ALS reported in 1998 $331 million in total revenue, $5.3 million in net income, and 900 employees(approximate)[4].

ALS reported in 2004 $242 million in total revenue, $11.7 million in net income, and 1312 employees[5].

Even with less total revenue, Bain increased net income by 120% and added 412 jobs(45% increase).

Staples
As of 2011, Staples has 89,000 employees[6].

Jobs (running total, more coming)
412 - ALS
3500 - Dominos
1762 - Sealy
89,000 - Staples

Total - 94,674

[b]Sources[/b]
[1]http://www.sec.gov...
[2]http://www.sec.gov...
[3]http://www.sec.gov...
[4]http://www.comlaundry.com...
[5]http://www.comlaundry.com...
[6]http://thomson.mobular.net...
twocupcakes: 15 = 13
RoyLatham
Posts: 4,488
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2/2/2012 4:11:33 PM
Posted: 4 years ago
The Wikipedia article on Bain has some more. http://en.wikipedia.org... they saved Burger King from bankruptcy, etc.

It's an impressive record. I don't see anything that supports the claims of critics.
johnnyboy54
Posts: 6,362
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2/2/2012 5:16:39 PM
Posted: 4 years ago
At 2/2/2012 4:23:37 PM, JaxsonRaine wrote:
The claims of other critics support the claims of critics... :/

Yep
I didn't order assholes with my whiskey.
Lordknukle
Posts: 12,788
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2/2/2012 5:21:38 PM
Posted: 4 years ago
What the leftists have to understand is that firing people is natural in a capitalistic economy. It is not some sin from the 7th dimension of hell; it is part of the system of voluntary exchange between parties and market volatility. Of course, let's not forget that by firing people, Romney actually created about 100k jobs.
"Easy is the descent to Avernus, for the door to the Underworld lies upon both day and night. But to retrace your steps and return to the breezes above- that's the task, that's the toil."
OberHerr
Posts: 13,062
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2/3/2012 7:25:18 PM
Posted: 4 years ago
At 2/3/2012 7:24:03 PM, JaxsonRaine wrote:
The silence is telling...

Ikr? Hey, all you Romney haters, where are you.......

I personally would go with either Gingrich or Romney, but preferably Gingrich.

Still, Romney is almost certainly gonna pull it off.
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