Mitt Romney repeated during Saturday night’s debate one of his favorite talking points regarding his record as a “conservative businessman.” The thrust: that Sports Authority, Staples, and Dominos have collectively created 100,000 jobs since Bain—helmed by Romney—took them over and turned them around. The claim goes to the heart of his “job creator” claim, but as FactCheck.org has pointed out, “that’s hardly a rigorous analysis of jobs gained and lost at companies Bain backed.”
The more persuasive argument against this claim, though, lies here:
And does Romney deserve credit for all of those jobs? Bain was but one of several investors in The Sports Authority, which was launched with the monetary help of William Blair Venture Partners, Phillips-Smith and Marquette Venture Partners. Not to mention the work of founding executives at the company, such as CEO Jack A. Smith.
Plus, Kmart owned the company for about five years starting in 1990. Does Kmart get credit for whatever job growth occurred then? In 2006, the private equity firm Leonard Green & Partners acquired Sports Authority. Does Bain, and Romney, still get credit for jobs created after the company is bought or sold years later?
Takeaway? Kmart for president!
- Donald Trump says the shooting of NBA star Dwyane Wade's cousin is evidence of high crime rates he believes will boost his support among black people in November's election.
- Facebook shifts to algorithms to decide which stories to highlight in its trending news section after allegations of liberal bias at the company.
- Protesters climbed Berlin's Brandenburg Gate to protest against refugees. About 1.1 million asylum-seekers arrived in Germany last year.