LA Times - "A closer look at Mitt Romney's job creation record" - Mr. One Percent!

[TomCADem]

Nice piece in the LA Times that actually highlights Romney's so-called record as a job creator. He became rich by takng over "inefficient" companies than firing workers and enriching himself in the process.

http://www.latimes.com/news/nationworld/nation/la-na-romney-bain-20111204,0,343872.story

Now a front-runner for the Republican presidential nomination, Romney says his Bain experience shows he knows how to create jobs. He often cites Bain's investment in a little-known office supply store called Staples, which now employs more than 90,000 worldwide.

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Bain expanded many of the companies it acquired. But like other leveraged-buyout firms, Romney and his team also maximized returns by firing workers, seeking government subsidies, and flipping companies quickly for large profits. Sometimes Bain investors gained even when companies slid into bankruptcy.

Romney himself became wealthy at Bain. He is now worth between $190 million and $250 million, much of it derived from his time running the investment firm, his campaign staffers have said.

Bain managers said their mission was clear. "I never thought of what I do for a living as job creation," said Marc B. Walpow, a former managing partner at Bain who worked closely with Romney for nine years before forming his own firm. "The primary goal of private equity is to create wealth for your investors."