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NEWS ABOUT: Bain Capital

Pro-Newt PAC Unleashes Anti-Romney Documentary

28-minute film unloads on frontrunner over his days at Bain Capital

(Newser) - Mitt Romney's Bain Capital troubles got a lot more high-profile today. The pro-Gingrich PAC Winning Our Future released a 28-minute video (see it here) that depicts Romney and his former Bain compatriots as greedy job-killers, complete with dramatic music and interviews of those said to have lost their jobs... More »

Republicans, Stop Bashing Romney for His Work at Bain

Newt Gingrich and company should know better: National Review

(Newser) - The conservative National Review comes to Mitt Romney's defense over his work at Bain Capital. His Republican rivals are in a "perverse contest" to see who can paint his tenure at the private equity firm in the most "asinine" and evil terms, complain the editors. "To... More »

Romney in Hot Water Over 'I Like to Fire People' Quote

He may end up regretting health care observation

(Newser) - Whoops: Mitt Romney is probably wishing he had found a slightly different way to word this sentiment that's making the rounds. "I like being able to fire people who provide services to me," he said at a campaign event in New Hampshire today. Romney was discussing the... More »

Romney's Bain Had Loads of Profit, Bankruptcies

Wall Street Journal says Romney's firm didn't always turn things around

(Newser) - Mitt Romney has touted his time at Bain Capital as proof that he's the "turnaround artist" America needs, but an analysis of the companies he took over shows that may not be entirely true. The Wall Street Journal looked at 77 businesses Bain invested in under Romney's... More »

Mitt: I Won't Release My Tax Returns

Obama campaign blasts Romney for keeping returns secret

(Newser) - Mitt Romney says that even if he becomes the Republican nominee, he has no intention of releasing his tax returns, reports the New York Times . Romney—one of the richest men ever to run for president—would be alone among nominees of recent decades if he fails to release his... More »

Romney Rakes In Millions From Bain Yearly

He benefits from deals that led to massive layoffs: NYT

(Newser) - When Mitt Romney has been challenged over layoffs tied to Bain Capital's private equity deals, he's pointed to his 1999 departure from the firm he helped found. But even though he has technically left his old job, he's still reaping the benefits—to the tune of millions... More »

Obama Has More Wall St. Cash Than GOP Candidates

Obama, DNC pulling in more cash ... even from firm Romney founded

(Newser) - Despite his moves to tighten regulation of the financial sector, President Obama has more Wall Street money in his war chest than all of the Republican hopefuls combined, the Washington Post finds. Obama's campaign has received $3.9 million in donations from employees of financial firms, compared with $7.... More »

Lehman's Asset Management Arm Sold on Cheap for $2B

Prestigious Neuberger Berman goes to 2 private equity firms

(Newser) - Two private equity firms will acquire Neuberger Berman, the largest and most prestigious component of Lehman Brothers, for $2.15 billion. Bain Capital and Hellman & Friedman will pay in cash for the wealth management firm—an indication of just how stultified credit markets have become. Only a month before... More »

Weather Channel Sells for $3.5B

NBC, Blackstone, and Bain score cable stalwart for far under expected $5B

(Newser) - NBC is heading an investor group that will buy the Weather Channel for nearly $3.5 billion—well below the $5 billion Landmark Communications was expecting when it put the iconic cable channel up for sale in January. The group, which includes private equity firms Bain Capital and the Blackstone... More »

Celtics Win Ripples Across Globe

Boston's championship watched from London to Shanghai

(Newser) - As the buzzer sounded last night, giving the Boston Celtics the NBA Championship over the Los Angeles Lakers, it wasn't heard only in Beantown. All over the world, from London to Shanghai, basketball fans watched the Celtics take home their 17th Larry O’Brien Trophy. "It’s a global... More »

Clear Channel, Buyers Sue Banks Over Soured Deal

Equity firms claim lenders backtracked on financing takeover of broadcast giant

(Newser) - The two private-equity firms set to buy Clear Channel sued the group of banks they had engaged to fund the deal, the Wall Street Journal reports. Joined by Clear Channel, Bain Capital and Thomas H. Lee Partners accused the consortium—including Citigroup, Deutsche Bank, and Wachovia—of breaching contract by... More »

$19B Buyout of Clear Channel Nearly Dead

Credit woes have sale of radio giant to private firms crumbling

(Newser) - A $19 billion bid to privatize Clear Channel appears likely to fall through as buyers and financiers bicker—with credit-crunch-induced liquidity woes a major stumbling block, the Wall Street Journal reports. A credit agreement between private equity firms and the banks funding the move has become shaky. “No one... More »

3Com Sale Collapses on Security Concerns

Panel objects to Chinese tech company's role in deal

(Newser) - National security concerns have blocked the $2.2 billion sale of network-equipment maker 3Com Corp to US private equity firm Bain Capital Partners and a Chinese technology company, Reuters reports. Lawmakers had opposed the deal because Huawei, China's biggest network equipment maker, is purported to have ties to China’s... More »

3Com Buyout Doesn't Pass Security Review

US leery of giving Chinese telecom access to networks

(Newser) - National security concerns have scuttled the buyout deal for 3Com by private equity firm Bain Capital and a Chinese telecom, the Wall Street Journal reports. 3Com, which supplies networking services to the Defense Department, withdrew its application from the Committee on Foreign Investment in the US, having been unable to... More »

Investors Worry Clear Channel Sale Is Off the Air

Credit worries and a slumping stock price have Wall Street worried the deal is done

(Newser) - Optimism on Wall Street about Clear Channel's $19 billion equity buyout is fading and its share price is spiraling lower as the deal, more than a year in the making, appears to be unraveling—done in by regulatory issues, credit worries, and deteriorating industry conditions, the Wall Street Journal reports.... More »

Bain, Chinese Firm Buy 3Com

US will check telecommunication buyout for security risks

(Newser) - Chinese company Huawei Technologies Co. will help private equity firm Bain Capital buy 3Com Corp., a flailing US telecommunications company, by picking up almost 20% of the tab. Recently Chinese businesses have bought strategic stakes in US companies rather than full buyouts to skirt political scrutiny, which can lead to... More »

Home Depot Deal Renovated

Price for wholesale unit slashed

(Newser) - The sale of Home Depot's wholesale supply unit—threatened by the credit crisis —is going ahead after tense negotiations between Home Depot, private equity firms buying the company and banks providing the financing. Home Depot slashed its price 18% to $8.5 billion and guaranteed some of the loans... More »

Banks Might Derail Home Depot Deal

Private equity threatens lawsuit as financing dries up

(Newser) - The pending sale of part of Home Depot took an ugly turn last night as three banks and three private equity firms entered into a showdown over financing. Home Depot dropped its asking price by over $1 billion, but the banks involved—JPMorgan Chase, Lehman Brothers and Merrill Lynch—have... More »

Bain Buys Out Guitar Center

Firm strums out $1.9B deal to take retailer private

(Newser) - Bain Capital sealed a deal today to buy out Guitar Center, a California-based retail chain specializing in musical instruments, for $1.9 billion. The deal was reached after a secret auction conducted by Goldman Sachs; the private equity firm has recently purchased a slew of publicly traded retailers. The final... More »

Business History Boosts, Bogs Down Romney

Controversial moves shadow onetime buyout specialist

(Newser) - Mitt Romney's business success gives him the resources necessary to run a presidential campaign, but his deal-making background also opens him to criticism. The success of Bain Capital helped Romney built his personal fortune, the Times report, and the fact that he wasn't afraid to cut jobs for the sake... More »

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