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Stemberg convinced Romney of the market size for office supplies and Romney convinced others; Bain Capital eventually reaped a nearly sevenfold return on its investment, and Romney sat on the Staples board of directors for over a decade.
Romney soon switched Bain Capital's focus from startups to the relatively new business of leveraged buyouts: buying existing companies with money mostly borrowed from banking institutions using the newly bought companies' assets as collateral, then taking steps to improve the companies' value, and finally selling those companies once their value peaked, usually within a few years.
Exactly how many jobs Bain Capital added compared to those lost because of these investments and buyouts is unknown, owing to a lack of records and Bain Capital's penchant for privacy on behalf of itself and its investors.
Dade Behring was another case where Bain Capital received an eightfold return on its investment, but the company itself was saddled with debt and laid off over a thousand employees before Bain Capital exited (the company subsequently went into bankruptcy, with more layoffs, before recovering and prospering).
As opposition to United States involvement in the Vietnam War grew, a group staged a May 1966 sit-in at Stanford's administration building to demonstrate against draft status tests; Romney joined a counter-protest against that group.
The couple married on March 21, 1969, in a civil ceremony in Bloomfield Hills and on the following day, they flew to Utah for a Mormon wedding ceremony at the Salt Lake Temple; Ann had converted to the faith while he was away.
Mitt had missed much of the tumultuous anti-Vietnam War movement in America while away in France.
Upon his return, he was surprised to learn that his father had joined that same movement during his unsuccessful 1968 presidential campaign.
After stepping down from Bain Capital and his local leadership role in the LDS Church, Romney ran as the Republican candidate in the 1994 Massachusetts election for U. Years later, a successful stint as President and CEO of the then-struggling Salt Lake Organizing Committee for the 2002 Winter Olympics led to a relaunch of his political career.
Willard Mitt Romney (born March 12, 1947) is an American businessman and politician who served as the 70th Governor of Massachusetts from 2003 to 2007 and the Republican Party's nominee for President of the United States in the 2012 election.
Raised in Bloomfield Hills, Michigan by his parents George and Lenore Romney, he spent 2½ years in France as a Mormon missionary, starting in 1966.
The firm invested in or acquired Accuride Corporation, Brookstone, Domino's Pizza, Sealy Corporation, Sports Authority, and Artisan Entertainment, as well as some lesser-known companies in the industrial and medical sectors.
Romney served on the board of directors of Damon Corporation, a medical testing company later found guilty of defrauding the government; Bain Capital tripled its investment before selling off the company, and the fraud was discovered by the new owners (Romney was never implicated).