The handsome Mormon millionaire is known for killing jobs as much as he is for criticising the current administration for killing jobs. Republicans are apparently falling out of love with him (if they ever were in the first place) after a series of ridiculous missteps. We love watching him get eviscerated on the Daily Show each week, but what’s the story behind America’s leading Republican presidential candidate?
“Unsurprisingly, Romney has run an expert, flawless, polished, well-financed, tightly organized and focused primary campaign for the Republican nomination. Unsurprisingly since Romney’s entire life has been well-financed, focused, flawless and polished. And not a little colorless. If Americans prefer their presidents to have lifted themselves from their log cabin bootstraps, Romney, the scion of inherited wealth, will disappoint…
Bain’s modus operandi was to purchase troubled companies with mostly borrowed money, improve operations mostly by cost-cutting (this frequently meant slashing benefits, salaries, and jobs) and making the firms more lean and efficient, then selling them. From 1984 to 1999, Bain invested in, purchased, then sold about 150 companies. Bain’s business model earned Romney and his investors a fortune, and it also transformed the role of the modern CEO. Instead of growing and building his company, the CEO was expected to be ruthless and efficient. He also was beholden to the shareholders, under this new model, rather than his employees.”
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