See more
What company did Romney start?
Bain Capital was founded in 1984 by Bain & Company partners Mitt Romney, T. Coleman Andrews III, and Eric Kriss, after Bill Bain had offered Romney the chance to head a new venture that would invest in companies and apply Bain's consulting techniques to improve operations.
What is Mitt Romney famous for?
Willard Mitt Romney (born March 12, 1947) is an American politician, businessman, and lawyer serving as the junior United States senator from Utah since January 2019, succeeding Orrin Hatch.
Why did Mitt Romney not run in 2016?
Background. Romney was the Republican nominee in the 2012 U.S. Presidential election. Romney reportedly sought an endorsement from Trump, who endorsed Romney in February 2012. After Romney lost the election to Barack Obama, he decided not to run again for president in 2016.
Who started Bain Capital?
Mitt RomneyBill BainBain Capital/Founders
Who ran against Obama?
Incumbent Democratic President Barack Obama and his running mate, incumbent Vice President Joe Biden, were re-elected to a second term. They defeated the Republican ticket of businessman and former Governor Mitt Romney of Massachusetts and Representative Paul Ryan of Wisconsin.
Who ran against Obama in his second election?
Obama sought re-election for a second term in 2012, running virtually unopposed in the Democratic primaries. His opponent in the general election was former governor of Massachusetts Mitt Romney. Obama won 332 electoral votes, defeating Romney who gained 206.
Who did Romney run against in presidential election?
Romney's campaign came to an end on November 6, 2012, upon defeat by incumbent President Barack Obama in the 2012 presidential election. Romney received 60,933,500 votes, or 47.2% of the total votes cast, winning 24 states and 206 electoral votes.
How much do Bain partners make?
The average Bain Partner Salary is in the neighborhood of $322,000 per year! However, top partners can make $1M+ or more – comp at this level is variable, with the biggest factor being the amount of work you sell.
What are the Big 3 consulting firms?
In management consulting, MBB stands for McKinsey & Company, Boston Consulting Group, and Bain & Company, the three most prestigious firms in the industry (also known as the “Big Three”).
How prestigious is Bain?
McKinsey, Bain and BCG are renowned as the world's most prestigious strategy consulting firms. They attract the best talent, work with the best clients, and deliver the most high-profile projects.
What was the outcome of the 2010 midterm elections?
The 2010 United States elections were held on Tuesday, November 2, 2010, in the middle of Democratic President Barack Obama's first term. Republicans ended unified Democratic control of Congress and the presidency by winning a majority in the House of Representatives.
How many votes did Mitt Romney get in 2012?
Romney's campaign came to an end on November 6, 2012, upon defeat by incumbent President Barack Obama in the 2012 presidential election. Romney received 60,933,500 votes, or 47.2% of the total votes cast, winning 24 states and 206 electoral votes.
How many times has Mitt Romney ran for president?
Romney ran for president in the 2008 and 2012 presidential primaries. In 2018, Romney declared his candidacy for the United States Senate in the state of Utah and on November 6 was declared the winner.
Who was Mitt Romney's running mate for president?
Vice Presidential nominee On August 11, 2012, Romney officially announced his selection of Wisconsin Representative Paul Ryan as his running-mate to supporters via an iPhone app, though the selection of Ryan had already leaked to the press hours before the official announcement.
Why didn't Trump run in 2012?
Trump didn’t run in 2012 in part because of Mitt. But Mitt became an awful candidate and think that disappointed Trump. Romney won the first debate and then stopped being aggressive. Did he get scared of himself? Who knows but Mitten the Kitten came out afterwards and the GOP got spanked in the election. I think that angered Trump. I can almost hear him yelling “what they______ are you doing Mitt?!? You had him on the ropes! Don’t let up. GAWDDDD this is awful. I should have ran”
Did Donald let Mitt know how he felt?
Of course Donald with all this charm likely let Mitt know exactly how he felt. No one is going to enjoy hearing that
Does Mitt Romney understand the poor?
He was a lay minister for his church, and part of his duty as a lay minister he had to deal with church welfare and ministering to the poor. He probably understands the poor better than any of the candidates. He donates 15% of his net income to charitable contributions. Quite large compared to any other presidential candidate. He has not taking any pay or salary whenever he was in office. When he was leading the Salt Lake Olympics he donated his whole salary to charity.
How much debt did Bain have in 1999?
Through Ampad, Bain bought several other office supply makers, borrowing heavily each time. By 1999, Ampad's debt reached nearly $400 million, up from $11 million in 1993, according to government filings.
How much did Bain Capital charge for Ampad?
Bain Capital took millions more out of Ampad by charging it $2 million a year in management fees, plus additional fees for each Ampad acquisition. In 1995 alone, Ampad paid Bain at least $7 million. The next year, when Ampad began selling shares on public stock exchanges, Bain Capital grabbed another $2 million fee for arranging the initial public offering - on top of the $45 million to $50 million Bain reaped by selling some of its shares.
Did Bain make payments to investors?
It also made payments to investors. In all, Bain and its investors reaped more than $100 million even though Ampad went into bankruptcy, workers lost jobs, and stockholders were left with worthless shares. [And creditors got less than 50 cents on the dollar.] A look at the deal:
How did Mitt Romney make his fortune?
But what most voters don’t know is the way Mitt Romney actually made his fortune: by borrowing vast sums of money that other people were forced to pay back. This is the plain, stark reality that has somehow eluded America’s top political journalists for two consecutive presidential campaigns: Mitt Romney is one of the greatest and most irresponsible debt creators of all time. In the past few decades, in fact, Romney has piled more debt onto more unsuspecting companies, written more gigantic checks that other people have to cover, than perhaps all but a handful of people on planet Earth.
What did Mitt Romney do for companies?
In Romney’s version of the tale, Bain Capital – which evolved into what is today known as a private equity firm – specialized in turning around moribund companies (Romney even wrote a book called Turnaround that complements his other nauseatingly self-complimentary book, No Apology) and helped create the Staples office-supply chain. On the campaign trail, Romney relentlessly trades on his own self-perpetuated reputation as a kind of altruistic rescuer of failing enterprises, never missing an opportunity to use the word “help” or “helped” in his description of what he and Bain did for companies. He might, for instance, describe himself as having been “deeply involved in helping other businesses” or say he “helped create tens of thousands of jobs.”
How did Romney and Bain avoid hostile approach?
Romney and Bain avoided the hostile approach, preferring to secure the cooperation of their takeover targets by buying off a company’s management with lucrative bonuses. Once management is on board, the rest is just math. So if the target company is worth $500 million, Bain might put down $20 million of its own cash, then borrow $350 million from an investment bank to take over a controlling stake.
How would Romney go about a company?
Here’s how Romney would go about “liberating” a company: A private equity firm like Bain typically seeks out floundering businesses with good cash flows. It then puts down a relatively small amount of its own money and runs to a big bank like Goldman Sachs or Citigroup for the rest of the financing.
What did Mitt Romney say about the federal debt?
“Every day we fail to act, that fire gets closer to the homes and children we love.” Our collective debt is no ordinary problem: According to Mitt, it’s going to burn our children alive.
Where did Mitt Romney start his career?
Romney started off at the Boston Consulting Group, where he showed an aptitude for crunching numbers and glad-handing clients. Then, in 1977, he joined a young entrepreneur named Bill Bain at a firm called Bain & Company, where he worked for six years before being handed the reins of a new firm-within-a-firm called Bain Capital.
Where was Mitt Romney at Bain's office?
Mitt Romney at Bain's offices in Copley Plaza in Boston on October 29th, 1990. Justine Schiavo/The Boston Globe via Getty. T he great criticism of Mitt Romney, from both sides of the aisle, has always been that he doesn’t stand for anything. He’s a flip-flopper, they say, a lightweight, a cardboard opportunist who’ll say anything to get elected.
What was Mitt Romney's career?
Business career of Mitt Romney. The business career of Mitt Romney began shortly after he finished graduate school in 1975. At that time, Romney entered the management consulting industry, and in 1977 secured a position at Bain & Company.
Who offered Mitt Romney the opportunity to start a business?
Romney aspired to start a new business, and in 1983, Bill Bain offered him the chance to head a new venture that would buy into companies, have them benefit from Bain consulting techniques, and allow the venture's partners to reap higher rewards than consulting fees.
How did Mitt Romney work at Bain and Company?
Romney reduced the company's physical space, evaluated which partners were producing and which were not, arranged bridge financing, and focused on hiring top talent from top schools, while rescinding prior offers that were not up to standard.
Why did Mitt Romney leave Bain Capital?
Romney took a leave of absence from Bain Capital from November 1993 to November 1994 in order to run for the U.S. Senate. During that time, Ampad workers went on strike, and asked Romney to intervene; Bain Capital lawyers asked him not to get involved, although he did meet with the workers to tell them he had no position of active authority in the matter.
How much did Bain Capital invest in 1989?
Bain invested the $37 million of capital in its first fund in twenty companies and by 1989 was generating an annualized return in excess of 50 percent. By the end of the decade, Bain's second fund, raised in 1987 had deployed $106 million into 13 investments. As the firm began organizing around funds, each such fund was run by a specific general partnership – that included all Bain Capital executives as well as others – which in turn was controlled by Bain Capital Inc., the management company that Romney had full ownership control of. As CEO, Romney had the final approval say on every deal made.
How much did Romney settle with Bain?
Romney also negotiated a complex settlement between the Bain partnership and the firm's lenders, including a $10 million reduction in the $38 million Bain owed the Bank of New England, which by that time had been seized by the FDIC and placed in Chapter 7 liquidation.
When did Mitt Romney start consulting?
Entry into management consulting at Boston Consulting Group: 1975–1977. After he received a joint Juris Doctor and Master of Business Administration from Harvard University in 1975, Mitt Romney was recruited by several firms and chose to remain in Massachusetts to work for Boston Consulting Group ...
How much was Mitt Romney worth in 2012?
Romney's considerable net worth, estimated in 2012 at $190–250 million, helped finance his political campaigns before 2012, when he again ran for and won the Republican presidential nomination, becoming the first Mormon to be a major party 's presidential nominee.
How old was Mitt Romney when he was hired?
Bain later said of the 30-year-old Romney, "He had the appearance of confidence of a guy who was maybe ten years older.".
How many siblings does Mitt Romney have?
Romney has three older siblings, Margo, Jane, and Scott. Mitt was the youngest by nearly six years. His parents named him after a family friend, businessman J. Willard Marriott, and his father's cousin, Milton "Mitt" Romney, a former quarterback for the Chicago Bears.
What did Mitt Romney do after Harvard?
After receiving his JD/MBA from Harvard, Romney passed the Michigan bar exam but decided to pursue a career in business rather than law. He was recruited by several large companies but joined the Boston Consulting Group (BCG), reasoning that working as a management consultant for a variety of companies would better prepare him for a future position as a chief executive. Part of a 1970s wave of top graduates who chose to go into consulting rather than join a large company directly, he found his legal and business education useful in his job. He applied BCG principles such as the growth-share matrix, and executives viewed him as having a bright future there. At BCG, he was a colleague of Benjamin Netanyahu, with whom he formed a friendship that has lasted for more than 40 years.
Why did Mitt Romney support the Bush administration's Troubled Asset Relief Program?
Romney supported the Bush administration's Troubled Asset Relief Program in response to the late-2000s financial crisis, later saying that it prevented the U.S. financial system from collapsing. During the U.S. automotive industry crisis of 2008–10, he opposed a bailout of the industry in the form of direct government intervention, and argued that a managed bankruptcy of struggling automobile companies should instead be accompanied by federal guarantees for post-bankruptcy financing from the private sector.
What was Romney's first venture capital investment?
The firm's first significant success was a 1986 investment to help start Staples Inc., after founder Thomas G. Stemberg convinced Romney of the market size for office supplies and Romney convinced others; Bain Capital eventually reaped a nearly sevenfold return on its investment, and Romney sat on Staples's board of directors for over a decade.
When did Mitt Romney leave Bain Capital?
In 1984, Romney left Bain & Company to co-found and lead the spin-off private equity investment firm Bain Capital. He initially refrained from accepting Bill Bain's offer to head the new venture until Bain rearranged the terms in a complicated partnership structure so that there was no financial or professional risk to Romney. Bain and Romney raised the $37 million needed to start the new operation, which had seven employees. Romney held the titles of president and managing general partner. Though he was the sole shareholder of the firm, publications also called him managing director or CEO.
How long has Mitt Romney been in business?
"Mitt Romney's success is based on his 25-year career in business and the fact that he founded and led one of the most successful private equity companies in the world," spokesman Ryan Williams said.
When did Mitt Romney ask his father why he didn't give him an inheritance?
But Mitt Romney has addressed the question himself, it turns out, in an interview with C-SPAN in 2006. Host Brian Lamb asked him why his father hadn't given him an inheritance.
Where did Mitt Romney go to college?
Romney started college at Stanford, where his "allowance" was big enough for frequent plane tickets to sneak home to Michigan see his girlfriend, Ann, according to a recently published book by two Boston Globe journalists, " The Real Romney ."
Did Mitt Romney get a law degree?
Of hundreds of Romney's law and business school classmates at Harvard, just 15 earned the dual degree — which packed courses required for the two degrees into less time than earning them separately. Romney didn't just earn the degree. He graduated with honors from the law school and in the top 5 percent of his class in the business school, according to The Real Romney.
When did Romney run for president?
CORRECTION: An earlier version of this item gave the wrong decade for George Romney's presidential run. He ran in 1968.
Did Mitt Romney inherit money from his parents?
Mitt Romney, making the case that he made his own wealth, said, "I didn't inherit money from my parents."
How much did Mitt Romney borrow from his father?
Romney benefited from his father’s wealth in another way: he relied on George Romney for a loan that he used to buy his first home, in Belmont, Mass., for $42,000.
Who accused Romney of presiding over a number of measures as Massachusetts governor that allowed state support of abortions?
Newt Gingrich, citing “facts we’ve validated,” accused Mr. Romney of presiding over a number of measures as Massachusetts governor that allowed state support of abortions.
Did Mitt Romney inherit money from his parents?
Mitt Romney said during Thursday night’s debate that he did not inherit any money from his parents. This is not entirely accurate, according to Mr. Romney’s previous remarks on the topic, and it was one of several questionable assertions made by the candidates in the debate.
Do American manufacturers need more bodies on the factory floor?
They are highly competitive. But there is little prospect that they will start hiring large numbers of workers. Taxes or no taxes, they do not need more bodies on the factory floor.
Do American factories produce more goods?
American factories produce more goods now , worth more money, than at any other point in history. The nation’s manufacturing output has more than doubled since 1970, adjusting for inflation.
Did Mitt Romney cover abortion?
The health care overhaul law that Mr. Romney signed does not mention abortion coverage. The agency overseeing the system later decided to cover abortion because of rulings by the Massachusetts Supreme Court, which Mr. Romney had no control over.
Overview
Back at Bain Capital for the rest of the 1990s
After Romney and Bain took over Brookstone in 1991, they replaced Brookstone's CEO in 1993, shifted to more Brookstone-branded items, moved more catalog content onto the company's website in 1996, and, instead of selling gifts began offering more practical items. Brookstone survived while its competitor, Sharper Image, declared bankruptcy.
Entry into management consulting at Boston Consulting Group: 1975–1977
After he received a joint Juris Doctor and Master of Business Administration from Harvard University in 1975, Mitt Romney was recruited by several firms and chose to remain in Massachusetts to work for Boston Consulting Group (BCG), reasoning that working as a management consultant to a variety of companies would better prepare him for a future position as a chief executive. He was part of a 1970s wave of top graduates who chose to go into consulting rather than join a major c…
Management consulting at Bain & Company: 1977–1984
In 1977, he was hired by Bain & Company, a management consulting firm in Boston that had been formed a few years earlier by Bill Bain and other former BCG employees. Bain would later say of the thirty-year-old Romney, "He had the appearance of confidence of a guy who was maybe ten years older." Unlike other consulting firms, which issued recommendations and then left, Bain & C…
Private equity at Bain Capital: 1984–1990
Bain Capital was founded in 1984 by Bain & Company partners Mitt Romney, T. Coleman Andrews III, and Eric Kriss. In addition to the three founding partners, the early team included Geoffrey S. Rehnert and others from Bain & Company.
Romney initially had the titles of president and managing general partner (or managing partner). He later was referred to as managing director or CEO as w…
Temporary return to Bain & Company: 1991–1992
In 1990, Romney was asked to return to Bain & Company, which was facing financial collapse. He was announced as its new CEO in January 1991 but drew only a symbolic salary of one dollar (he remained managing general partner of Bain Capital during this time). His turnaround of Bain & Company has been identified as a primary example of Romney's turnaround talents from the business world, and Romney says there was no upside for him personally: "There was no particu…
Departure from business career: 1999–2002
As the decade neared a close, the goal of simply making more money was losing its appeal for Romney. He took a paid leave of absence from Bain Capital in February 1999 when he became the head of the Salt Lake Organizing Committee for the 2002 Winter Olympics. The decision caused turmoil at Bain Capital, with a power struggle ensuing. Some partners left and founded the Au…
Personal wealth generated by business career
As a result of his career in business, Romney and his wife amassed a net worth in the hundreds of millions of dollars; their wealth remained in the range of a fifth to a quarter billion dollars as of 2011. Most of it has been held in blind trusts since 2003. An additional blind trust, valued at $100 million in 2012, exists in the name of the Romneys' children. The trust, created in 1995, allows the Romneys to transfer money to heirs outside their estate, taking advantage of sophisticated tax pl…