Palm Beach Post Article – 1/27/12

Palm Beach Post:

Unable to support the debt it had taken on under Bain, Dade Behring filed for Chapter 11 bankruptcy reorganization in 2002. That led critics to call the deal a win for Romney and Bain Capital’s investors but a loss for everyone else.

“Those jobs never came back. There is no Dade Behring in Miami,” said Josh Kosman, author of The Buyout of America: How Private Equity Is Destroying Jobs and Killing the American Economy. “He made a fortune by transferring wealth from a company to himself and his investors.”

Gingrich – Romney’s main competitor in Tuesday’s primary – has leveled similar accusations.

“The Bain model is to go in at a very low price, borrow an immense amount of money, pay Bain an immense amount of money and leave,” Gingrich said while campaigning in South Carolina. “I’ll let you decide if that’s really good capitalism. I think that’s exploitation.”

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