Why Republicans oppose capitalism
The attacks on Mitt Romney for making a buck are interesting. I think I know why. It has less to do with partisan politics and more to do with ignorance. Republican rivals — Newt Gingrich and Rick Perry — have little experience in the private sector, just like the Occupy crowd or the Obama administration — and that ignorance shows.
Mitt headed a company — Bain Capital — that invested in companies. In some cases, it did some turnaround management. In other words, Bain Capital provided the money that provided the jobs. Bain Capital was highly successful under Mitt Romney’s leadership and remains so today. This company engages in some high-risk, high-reward investments. According to a “scathing” report in the Wall Street Journal, 78% of the companies that Bain invested in were still doing business 8 years after Bain first entered the picture.
92% of the time Bain Capital either made money or broke even. Considering the high stakes, that is an achievement.
From the Wall Street Journal report:
Marc Wolpow, a former Bain Capital executive, said the frequency of trouble did indeed stem largely from the firm’s strategy early on of investing in smaller, troubled firms it hoped to turn around.
“I don’t think you can hold Mitt out as a great investor per se,” Mr. Wolpow said, “but he was an excellent CEO of an investment firm, and the results speak for themselves.”
Mr. Romney, previously a Bain & Co. consultant, became the first leader of Bain Capital when it was founded in 1984. He left in early 1999 to take charge of the financially faltering 2002 Salt Lake City Winter Olympics.
His Bain tenure ... http://blogs.dailymail.com/donsurber/archives/49429
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