Romney, Bain took over test giant Princeton Review

One of Bain's takeover targets while Gov. Romney ran the predator investment firm, was Princeton Review, one of the largest testing and test-prep operations in the country. In 2007, Bain and Prides Capital, made a $60 million  preferred stock investment in Princeton and effectively took the company over, replacing former CEO John Katzman with Michael J. Perik, former CEO of The Learning Company (another Bain company).

Said Perik, at the time, "I am also pleased to be able to work again with Bain Capital. First at The Learning Company, then at Houghton Mifflin, and now at The Princeton Review, I have been impressed by the firm's ability to identify market leaders and its skill at building lasting value for all the stakeholders."

As an inducement to hiring Perik as CEO, the company granted him a stock option to purchase 1.7 million shares of the company's common stock having an exercise price of $4.69 per share. How nice for him.