Romney’s Bain Capital Not Nearly as Good as Federal Government at Picking Winners & Losers
The following is a post mostly written by one of our wonderful CleanTechnica readers, with minor changes and additions by me.
Romney computer-generated image by don relyea
Romney has complained about the government picking winners and losers (which it’s actually doing quite well at, with a failure rate of ~1.4%, not 50%, despite what Romney says).
But let’s take a quick look at how well Romney and his solely-owned company Bain Capital has done in that regard….
Out of 77 companies in which Bain Capital invested other people’s money, 33 either failed or produced no earnings. That, my friends, is a 43% failure rate.
Out of 77 companies in which Romney invested, only 10 were really good investments. 70% of Bain’s earnings came from these 10 companies. And that, my friends, is only a 13% success rate.
Of course Romney/Bain made money from the failed companies as well. They stripped money out of those companies, money that should have gone to the people who actually put up the money. But that’s how vultures operate, by grabbing parts of rotting carcass.
Would the Romney administration do better than the Obama administration in advancing American industry, creating jobs, and investing in long-term winners? I think not.
h/t Hullabaloo
2012-10-08 21:24:31
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