Where does romney have his money

The business career of Mitt Romney began shortly after he finished graduate school in Later serving as its chief executive officer, he helped bring the company out of financial crisis. In , he co-founded and led the spin-off Bain Capital , a private equity investment firm that became highly profitable and one of the largest such firms in the nation. After he received a joint Juris Doctor and Master of Business Administration from Harvard University in , Mitt Romney was recruited by several firms and chose to remain in Massachusetts to work for Boston Consulting Group BCG , reasoning that working as a management consultant to a variety of companies would better prepare him for a future position as a chief executive.

Its idiosyncratic founder, Bruce Henderson , was regarded as outside the mainstream of corporate consulting, and BCG was routinely disparaged by faculty and students at Harvard Business School. Romney aspired to start a new business, and in , Bill Bain offered him the chance to head a new venture that would buy into companies, have them benefit from Bain consulting techniques, and allow the venture's partners to reap higher rewards than consulting fees.

Coleman Andrews III, and Eric Kriss. Romney initially had the titles of president [17] and managing general partner or managing partner. He was also the sole shareholder of the firm. Initially, the two firms shared the same offices — in an office tower at Copley Place in Boston [28] — and a similar approach to improving business operations. The Bain Capital team was initially reluctant to invest its capital. By , things were going poorly enough that Romney considered closing the operation, returning investors' money back to them, and having the partners go back to their old positions.

Stemberg , to open an office supply supermarket in Brighton, Massachusetts. In , former Herman's World of Sporting Goods CEO Jack Smith made a pitch to Romney, and Bain joined several other backers to help Smith open nine sporting-goods mega stores.

Romney discovered few investment opportunities himself and those that he did, often failed to make money for the firm. Romney's wary instincts were still in force at times, and he was generally data-driven and averse to risk. He wanted to drop a Bain Capital hedge fund that initially lost money, but other partners prevailed and it eventually gained billions.

Bringing along two lieutenants from Bain Capital, Romney began a traveling campaign to rally employees at all Bain offices globally. Romney also imposed a new governing structure that included Bain and the other founding partners giving up control, and increasing fiscal transparency.

He limited partner meetings to Saturdays, so that all of the weekdays could be devoted to taking care of client business. Romney reduced the company's physical space, evaluated which partners were producing and which were not, arranged bridge financing, and focused on hiring top talent from top schools, while rescinding prior offers that were not up to standard.

Although in the role for just two years before returning to Bain Capital, Romney's work had three profound impacts on the firm. First, ownership was officially shifted from the owners to the firm's 70 general partners. Second, transparency in the firm's finances increased dramatically e. Third, Bill Bain relinquished ownership in the firm that carried his name.

Within a year, Bain bounced back to profitability without major partner defections, [48] and the groundwork was laid for a period of steady growth. After Romney and Bain took over Brookstone in , they replaced Brookstone's CEO in , shifted to more Brookstone-branded items, moved more catalog content onto the company's website in , and, instead of selling gifts began offering more practical items.

Brookstone survived while its competitor, Sharper Image , declared bankruptcy. Under Bain's ownership, the company also made a number of acquisitions, including writing products company SCM in July , brand names from the American Trading and Production Corporation in August , WR Acquisition and the Williamhouse-Regency Division of Delaware, Inc.

In , Bain Capital acquired Totes , a producer of umbrellas and overshoes. Bain Capital, together with Thomas H. 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. Other notable Bain investments of the late s included Sealy Corporation the manufacturer of mattresses , [59] Alliance Laundry Systems , [60] Domino's Pizza , [61] and Artisan Entertainment.

Much of the firm's profits were earned from a relatively small number of deals, with Bain Capital's overall success and failure rate being about even.

Romney took a leave of absence from Bain Capital from November [65] to November [66] in order to run for the U. During that time, Ampad workers went on strike, and asked Romney to intervene; Bain Capital lawyers asked him not to get involved, although he did meet with the workers to tell them he had no position of active authority in the matter. Romney returned to Bain Capital the day after the election, but the loss had a lasting effect; he told his brother, "I never want to run for something again unless I can win.

Romney Institute of Public Management. In , Bain invested in Steel Dynamics , based in Fort Wayne, Indiana , a prosperous steel company that has grown to the fifth largest in the U. The Kansas City plant had a strike in Bain's investment in Dade Behring represented a significant investment in the medical diagnostics industry.

Dade's private equity owners merged the company with DuPont's in vitro diagnostics business in May and subsequently with the Behring Diagnostics division of Hoechst AG in The search took Romney into contact with runaways on the seediest streets of New York, and a traced telephone call helped to locate the daughter, who had travelled to New Jersey for a concert without telling her parents.

In , an affiliate of Bain Capital called Brookside Capital Partners Fund bought about 6 percent of Global Tech, a Chinese appliance-maker. Romney was the sole shareholder, sole director, President and Chief Executive Officer of Brookside. Economist Steven Kaplan of the University of Chicago would later say, "[Romney] came up with a model that was very successful and very innovative and that now everybody uses.

Donald Trump does not have a campaign | MSNBC

According to Taibbi, toward the middle of his career at Bain Capital, Romney moved away from helping startups, and moved toward leveraged buyouts which involved borrowing money to take over established companies in order to extract as much value as possible from those targeted companies. Taibbi blames the U.

As the decade neared a close, the goal of simply making more money was losing its appeal for Romney. Billed in some public statements as keeping a part-time role, [38] [92] Romney remained the firm's sole shareholder, managing director, CEO and president, signing corporate and legal documents, attending to his interests within the firm, and conducting prolonged negotiations for the terms of his departure.

Romney was not involved in day-to-day operations of the firm after starting the Olympics position. During his leave of absence, Romney continued to be listed in filings to the U. Securities and Exchange Commission [97] as "sole shareholder, sole director, Chief Executive Officer and President".

Matt Taibbi Reveals How Romney Made His Fortune -- It Ain't Pretty, and He Shouldn't Be Proud of It | Alternet

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 Romney's business career has drawn both praise and criticism from his political opponents.

My job was to try to make the enterprise successful, and in my view the best security a family can have is that the business they work for is strong. As a result of his career in business, Romney and his wife amassed a net worth in the hundreds of millions of dollars; their wealth remained in the range of a fifth to a quarter billion dollars as of Romney has regularly tithed to the LDS Church, including stock from Bain Capital holdings.

From Wikipedia, the free encyclopedia. This article is part of a series about Mitt Romney Political positions Electoral history Business career U. Senate election, Salt Lake Organizing Committee Governor of Massachusetts Governorship Health Care Reform Campaign for the Presidency Campaign for the Presidency Public image v t e.

Reaping profit in study, sweat". The New York Times. Mitt Romney's strategies for success". A Mormon in the White House?: Retrieved July 21, Plans to Go Public. It's Complicated, Filings Suggest". Archived from the original on Big Gains, Some Busts".

The Wall Street Journal.

Romney's web site defending his business career is at www. Journeys of a shared life: Raising sons, rising expectations bring unexpected turns". Archived from the original on January 12, Also available in HighBeam. Also available as "Romney determined to make mark early" , Deseret Morning News , July 4, Mitt Romney R-Massachusetts ".

Interview with Brian Lamb. Mitt Romney-Led Bain Funded Steel Dynamics' Success. Romney's steel skeleton in the Bain closet". The True Story of Mitt Romney and Bain Capital" , Rolling Stone August 29, The Mormon Faith of Mitt Romney: What Latter-Day Saints Teach and Practice , page 77 Kudu Publishing Services Retrieved July 14, Romney Met Bain Partners After Exit".

Retrieved August 13, Securities and Exchange Commission. Mitt Romney is the sole shareholder, sole director, Chief Executive Officer and President of Bain Capital and thus is the controlling person of Bain Capital. Retrieved 11 July Retrieved 12 July Why is so important in ? Mitt Romney's business record 'sterling' , Politico May 31, His tax plan wouldn't bump that".

The Christian Science Monitor. Governor of Massachusetts Massachusetts health care reform senatorial election gubernatorial election presidential campaign Republican National Convention presidential campaign Planned presidential transition U. Salt Lake Organizing Committee. Crisis, Leadership, and the Olympic Games No Apology: The Case for American Greatness. Family tree Ann Romney spouse Taggart Romney eldest son George W.

Romney father Lenore Romney mother Scott Romney brother Gaskell Romney grandfather Harold A. Lafount grandfather Miles Park Romney great-grandfather Ronna Romney McDaniel niece.

Fact Check: Romney and His Father’s Money - The New York Times

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This article is part of a series about Mitt Romney. Political positions Electoral history Business career U. Senate election, Salt Lake Organizing Committee Governor of Massachusetts Governorship Health Care Reform Campaign for the Presidency Campaign for the Presidency Public image.