Romney Economics Timeline
- 1984 Romney accepts an offer to head up a new corporate investment firm
- 1986 Romney follows other venture capital firms and makes an initial investment in Staples, Inc.
- 1986 Romney leads the purchase of Accuride, a wheel and rim maker, investing $5M of the $200M price
- 1988 Romney’s firm sells Accuride after “shedding unproductive labor,” pocketing more than $120M
- 1988 Romney directs the purchase of hundreds of small clothing stores, combines them to form Stage Stores
- 1989 Romney’s firm sells the bulk of its stock in Staples for more than $13M
- 1989 Romney moves away from investing in start-ups, instead focusing on buy-outs
- 1989 Romney and his investors purchase a stake in Damon Corp.
- 1991 Romney is named CEO of Bain & Company, the consulting firm, while remaining head of Bain Capital
- 1993 Romney negotiates a $10M bailout from a federal agency to save Bain & Co. from bankruptcy
- 1993 Romney’s firm buys GST Steel in Kansas City, MO
- 1994 Romney’s firm leads a buyout of Dade International, investing $30M of the $415M purchase price
- 1994 Romney runs for U.S. Senate in Massachusetts; he loses the race and continues in the private sector
- 1995 Romney’s firm acquires a stake in Cambridge Industries, a Michigan-based auto parts supplier
- 1996 Damon Corp. pleads guilty to Medicare fraud it committed while Romney served as a director
- 1996 Romney’s firm purchases Dynamic Circuits which, after another acquisition, becomes DDi Corp.
- 1999 Mitt Romney accepts a position as head of the Salt Lake Olympics, but retains ownership of his firm
- 1999 Romney continues to provide input on investments and key personnel decisions
- 2000 Stage Stores declares bankruptcy
- 2000 After 450 jobs cut and $330 million in debt, Cambridge Industries files for bankruptcy
- 2001 SMTC begins cutting production in the U.S., shipping American jobs to Mexico
- 2001 Romney’s firm closes the Kansas City GST Steel plant, costing 750 workers their jobs
- 2001 Romney announces he will transfer his 100% control of his firm to other managing directors
- 2002 Dade International declares bankruptcy, and thousands of jobs are lost
- 2002 Romney announces he will run for governor
- 2003 $60 million: Romney raised a gas tax by 400% to raise taxes by $60 million each year.
- 2004 $8 billion: Romney proposed adding an additional $8 billion in long-term debt to Massachusetts.
- 2005 $930 million: Under Romney, state spending increased by $930 million in 2005.
- 2006 47th out of 50: Over Romney’s term, Massachusetts fell to 47th out of 50 states in job creation.
- 2007 $1 billion: Romney leaves Massachusetts with a budget deficit of $1 billion.