Bain Capital defends record in light of criticism

[May 17, 2012]  WASHINGTON (AP) -- Facing new attacks from Democrats, the private equity firm Mitt Romney helped create is defending its record.

In a statement released Tuesday, Bain Capital says its record will be distorted and oversimplified during the presidential campaign. The Massachusetts-based firm notes that Romney retired more than 13 years ago.

President Barack Obama's re-election campaign launched an attack ad this week across five states targeting Romney's tenure at the firm, which one former worker likened to a vampire.

Bain says it helped improve companies' bottom lines more than 80 percent of the time.

But employees from companies that went bankrupt under Bain's leadership are speaking out.

The likely Republican presidential nominee, Romney spent most of his business career at Bain and amassed a personal fortune now worth as much as $250 million.

[Associated Press; By STEVE PEOPLES]

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