But, he’s supposed to be the financial genius!
Sometimes the calls didn’t quite work out, as was the case when Bain Capital and then-aspiring Senate candidate Romney bought American Pad & Paper Co. for $5 million in 1992. Bain charged Ampad advisory fees, used it to buy a few other office-supply makers and ran the company’s debt from $11 million in 1993 to nearly $400 million in 1999.
Also, the idea that Mitt Romney is running on jobs is hilarious.
Meanwhile, it acquired an Ampad plant in Marion, Ill., in 1994 and shuttered the 200-worker facility the next year after workers held a strike over layoffs and pay cuts.
The subsequent closing of a 185-worker Ampad plant in Buffalo, N.Y., despite a $50 million public stock offering only three years earlier (and Ampad’s ensuing bankruptcy in 2000 and liquidation in 2001) made that transaction one of Romney’s few regrets during the Bain years and the kind of thing he told The New York Times he would “be more sensitive” about if he could do it over again — despite helping himself and Bain investors pocket $100 million from the deal.