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Mitt Romney is still making millions of dollars from layoffs engineered by Bain Capital, the private equity firm he helped to start.
As revealed by the New York Times, Romney negotiated a backroom deal with Bain that gave the already wealthy former governor a share of Bain’s profits even after he left the firm.
One of the ways Bain makes its money is from buying up companies then shredding the jobs of many employees in a scheme designed to cut costs. Romney profited when Bain bought KB Toys and laid off thousands of employees.
The funds for one of Romney’s summer homes could have come from the money Bain made when they facilitated a deal that cut 2,500 jobs from radio broadcaster Clear Channel.
On the campaign trail, Romney has not disclosed his financial records or how he has profited from Bain’s buzzsaw. He has claimed that his time in private industry qualifies him to lead the nation.
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