It’s the Ethics, Stupid
Bain’s investment group sold the company for about 25 times the original purchase price two years after buying it.
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Telecom Italia bought back the Seat shares it didn’t own for 14.6 billion — generating a windfall for Bain.Three years later, according to the report, Seat’s value had collapsed to 3.7 billion euros, and today it’s worth just 57 million.
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A spokeswoman for the Romney campaign argued that Romney and Bain ‘partnered with a new management team to transform this company, and grow it into a tremendous success.’
Romney conflates investment success with business growth. He thinks getting some rube to take a loss is the same as success.