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Obama's forced dependence on foreign oil

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ORIGINAL: papassion

You Libs scream Romney sent jobs overseas. Then you nicely source how we export more oil than we use. Obviously, if the foreigners don't have jobs, they can't buy our oil products. To procure and refine oil, we need oil wells, drilling equipment, well supplies, Drivers to deliver the supplies, pipeline construction, welders, etc., etc, etc. HERE in the USA. I would like to thank you Libs for providing reliable sources showing how Romney is providing jobs. In a roundabout way, but net result is JOBS. You know, something Obama knows NOTHING about.

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At first, Bain Capital focused on venture capital opportunities.[25] One of Bain's earliest and most notable venture investments was in Staples, Inc., the office supply retailer. The funding enabled Staples to expand from one store in 1986 to over 2000 stores in 2011. In 1986, Bain provided $4.5 million to two supermarket executives, Leo Kahn and Thomas G. Stemberg, to open an office supply supermarket in Brighton, Massachusetts.[26] The fast-growing retail chain went public in 1989[27] and in 1996 the company had grown to over 1,100 stores.[28] Bain Capital eventually reaped a nearly sevenfold return on its investment, and Romney sat on the Staples board of directors for over a decade

1990s

Beginning in 1989, the firm, which began as a venture capital source investing in start-up companies, adjusted its strategy to focus on leveraged buyouts and growth capital investments in more mature companies.[31] By the end of 1990, Bain had raised $175 million of capital and financed 35 companies with combined revenues of $3.5 billion.[32]

In July 1992, Bain acquired Ampad (originally American Pad & Paper) from Mead Corporation, which had acquired the company in 1986. Mead which had been experiencing difficulties integrating Ampad's products into its existing product lines, generated a cash gain of $56 million on the sale.[33] Under Bain's ownership, the company enjoyed a significant growth in sales from $106.7 million in 1992 to $583.9 million in 1996, when the company was listed on the New York Stock Exchange. Under Bain's ownership, the company also made a number of acquisitions, including writing products company SCM in July 1994, brand names from the American Trading and Production Corporation in August 1995, WR Acquisition and the Williamhouse-Regency Division of Delaware, Inc. in October, 1995, Niagara Envelope Company, Inc. in 1996, and Shade/Allied, Inc. in February 1997.[34] Ampad's revenue began to decline in 1997 and the company laid off employees and closed production facilities to maintain profitability. However, the company filed for bankruptcy in 2001 and the assets were acquired in 2003 by Crescent Investments. Bain's ownership of Ampad, is estimated to have generated more than $100 million in profit for Bain.[35]

In 1994, Bain acquired Totes, a producer of umbrellas and overshoes.[36] Three years later, Totes, under Bain’s ownership, acquired Isotoner, a producer of leather gloves.[37]

Bain, together with Thomas H. Lee Partners, acquired Experian, the consumer credit reporting business of TRW, in 1996 for more than $1 billion. Formerly known as TRW's Information Systems and Services unit, Experian is one of the leading providers of credit reports on consumers and businesses in the US.[38] The company was sold to Great Universal Stores for $1.7 billion just months after being acquired.[39] Other notable Bain investments of the late 1990s included Sealy Corporation, the manufacturer of mattresses;[40] Alliance Laundry Systems;[41] Domino's Pizza[42] and Artisan Entertainment.[43]

Much of the firm's profits was earned from a relatively small number of deals, with Bain Capital's overall success and failure rate being about even. One study of 68 deals that Bain Capital made up through the 1990s found that the firm lost money or broke even on 33 of them.[44] Another study that looked at the eight-year period following 77 deals during the same time found that in 17 cases the company went bankrupt or out of business, and in 6 cases Bain Capital lost all its investment. But 10 deals were very successful and represented 70 percent of the total profits.[45]

By the end of the decade, Bain Capital was on its way to being one of the top private equity firms in the nation,[24] having increased its number of partners from 5 to 18, having 115 employees overall, and having $4 billion under its management.[19][20] It had made between 100 and 150 deals where it acquired and then sold a company.[29][44][45] Bain Capital's approach of applying consulting expertise to the companies it invested in became widely copied within the private equity industry.[20][46] University of Chicago Booth School of Business economist Steven Kaplan would later say that the firm "came up with a model that was very successful and very innovative and that now everybody uses."[21]

Romney took two leaves of absence from Bain Capital during the first half of the decade. From January 1991 to December 1992,[47][25] Romney served as the CEO of Bain & Company where he led the successful turnaround of the consulting firm. In November 1993, he took a leave of absence for his unsuccessful 1994 run for the U.S. Senate seat from Massachusetts; he returned the day after the election in November 1994.[48][25][49] Romney took a final 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.[50] Although he had left open the possibility of returning to Bain after the Olympics, Romney made his crossover to politics permanent with an announcement in August 2001.[50] Romney negotiated a retirement agreement with Bain Capital that allowed him to receive a passive profit share and interest in Bain Capital investment funds in exchange for his ownership in the management company.[51][52]

In 1993 Bain acquired the Armco Worldwide Grinding System steel plant in Kansas City, Missouri and merged it with its steel plant in Georgetown, South Carolina to form GST Steel. The Kansas City plant had a strike in 1997 and Bain closed the plant in 2001 laying off 750 workers when it went into bankruptcy. The South Carolina plant closed in 2003 but subsequently reopened under a different owner. At the time of its bankruptcy it reported $553.9 million in debts against $395.2 in assets. It was charged later[by whom?] that Bain had taken $58.4 million out of the company in profits while saddling with debt and underfunding the employee pension by $44 million.[53][54][55][56]

Bain's investment in Dade Behring represented a significant investment in the medical diagnostics industry. In 1994, Bain, together with Goldman Sachs Capital Partners completed a carveout acquisition of Dade International,[57] the medical diagnostics division of Baxter International in a $440 million acquisition. Dade's private equity owners merged the company with DuPont's in vitro diagnostics business in May 1996 and subsequently with the Behring Diagnostics division of Hoechst AG in 1997.[58] Aventis, the successor of Hoechst, acquired 52% of the combined company.[59] In 1999, the company reported $1.3 billion of revenue and completed a $1.25 billion leveraged recapitalization that resulted in a payout to shareholders.[58] The dividend, taken together with other previous shareholder dividends resulted in an eightfold return on investment to Bain Capital and Goldman Sachs.[29][45] Revenues declined from 1999 through 2002 and despite attempts to cut costs through layoffs the company entered into bankruptcy in 2002. Following its restructuring, Dade Behring emerged from Bankruptcy in 2003 and continued to operate independently until 2007 when the business was acquired by Siemens Medical Solutions. Bain and Goldman lost their remaining stock in the company as part of the bankruptcy.[60]

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All of this came out during Romney's governor's campaign, there is nothing new here, and I find it amazing that you make a big deal over this, while pshawing the President's Fast & Furious scandal.

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ORIGINAL: Lucylastic

MSLA can you actually stick to the topic instead of attempting to make it about obama???

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ORIGINAL: mnottertail

Staples the definition of an outsourcing company you mean? WTF? You are your own worst enemy.  See if you can delete that, many folks will think it looks tres stupid.

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ORIGINAL: Musicmystery

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All of this came out during Romney's governor's campaign, there is nothing new here, and I find it amazing that you make a big deal over this, while pshawing the President's Fast & Furious scandal.

WHAT are you talking about?

*I haven't said a word about Bain Capital, on any thread
*I don't oppose outsourcing. I never have. I take heat here for supporting globalization regularly. In fact, I outsource--my web people are in Brazil. My marketing people are in Canada.
*I haven't said anything about Mitt's job creation either.
*I haven't said anything about F&F either, beyond watching the show and repeating what you and Sanity are saying---which seems to bother you...not very strong positions apparently.

I *DID* point out an error about "our dependence on foreign oil," noting that since 2011, and for the first time since 1949, we are again a net petroleum exporter.

So WHAT are YOU talking about?

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Romney did not invent outsourcing, the Democrates did

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ORIGINAL: Musicmystery

(in reply to Musicmystery)

-- See how that works?