In 1990 rescued Bain And Company (Consulting) from financial collapse (because founders/owners had ripped off the firm): To avoid the financial crisis that a buyout would have triggered, the group of founding partners agreed to return about $100M cash and forgive outstanding debt. Although in the role for just one year before returning to Bain Capital, Romney's work had three profound impacts on the firm. First, ownership was officially shifted from the owners to the firm's 70 general partners. Second, transparency in the firm's finances increased dramatically (e.g., partners were able to know each other's salaries.) And finally, Bill Bain relinquished ownership in the firm that carried his name. Within a year, Bain bounced back to profitability without major partner defections, and the groundwork was laid for a period of steady growth.
Ran for US Senate representing Massachusetts in 1994 and lost.
Was Massachusetts governor 2003-2007
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