July 16 (Bloomberg) -- Mitt Romney touts his business
acumen and job-creation record as a key qualification for being
the next U.S. president.
What’s clear from a review of the public record during his
management of the private-equity firm Bain Capital from 1985 to
1999 is that Romney was fabulously successful in generating high
returns for its investors. He did so, in large part, through
heavy use of tax-deductible debt, usually to finance outsized
dividends for the firm’s partners and investors. When some of
the investments went bad, workers and creditors felt most of the
pain. Romney privatized the gains and socialized the losses.