Archive for Monday, December 19, 2011

As Romney’s firm profited in South Carolina, jobs disappeared

December 19, 2011

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— A venture capital firm run by Mitt Romney created nearly 150 jobs in Gaffney, S.C., in the late 1980s only to eliminate them four years later and earn millions of dollars in profits.

The Associated Press reviewed Bain Capital's little-known investments at The Holson Burnes Group. Bain doubled its $10 million investment into the clock and photo supply company. But workers in South Carolina and New Hampshire lost their jobs as the company consolidated and expanded its operations overseas.

By sheer coincidence, the economic fallout from Bain's decisions struck hardest in South Carolina and New Hampshire. They are among the first states with early primary elections that could affect Romney's run for the White House.

Romney spokeswoman Andrea Saul said Bain Capital ultimately created tens of thousands of jobs.

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