Friday, May 25, 2012

NO, ROMNEY THE LIAR DID NOT START STAPLES

Willard loves to repeat the ridiculous lie that he deserves credit for having "created the jobs" at Staples, the office supply giant. As is always the case with Mittens, the truth is 180 degrees away from where he says it is. This will help clear things up:



But Romney didn't like the idea [of Staples]at all. He thought Staples was a bad investment and turned Bessemer [an investment firm that wanted Bain to join in] down. Not once, not twice, but three times.


Only after other people at Bain pushed did Romney reluctantly reconsider. He still expressed strong opposition to the deal, but would not stand in the way of providing some backing. The proposed investment in Staples was tiny compared to other Bain deals.


Bain then made a modest $650,000 investment in Staples. Because he headed Bain, Romney was offered a seat on the Staples board. While on the board, Romney had no direct involvement in the company nor any management control. He simply showed up at a board meeting every few months. He was absent from meetings more times than he was present.


Bain made additional modest investments in Staples, for a total of $2.5 million. As soon as the company went public, Romney dumped Bain's share and was out of the investment.


When Bain got rid of its stake, Staples was still a small chain, with only 24 stores in New England and barely a thousand part-time jobs. It was nowhere near the mega-giant it would become. With time, Staples grew to more than 2,200 stores with 89,000 employees.


All of that growth occurred long after Romney had left Bain and long after he had any connection whatsoever with the company. 


A company Romney thought was a bad investment. Which he demonstrated by pulling out as quickly as he could.

Hey! I bought stock in Apple once. I guess I'm responsible for the iPhone!!


You know, it occurs to me that a great many people had a role in Staples' success, often much, much more than Bain Capital's chief did. Romney simply ignores the other investors and all the people who worked so hard to create the jobs that Romney falsely takes credit for. It's been a pattern with him all through his career.


In truth, the whole Staples story is another Romney fairy tale.  You shouldn't be surprised.

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