The story behind Romney and the junk bond king
Deal with Michael Milken in the late ’80s transformed Bain Capital and the future candidate’s business career
It was at the height of the 1980s buyout boom when Mitt Romney went in search of $300 million to finance one of the most lucrative deals he would ever manage. The man who would help provide the money was none other than the famed junk-bond king Michael Milken. Therein lies one of the most revealing stories of Romney’s Bain Capital career, showing how he pivoted from being a relatively cautious investor to risking his reputation for a big payoff.