WASHINGTON -- A businessman at his core, Mitt Romney was legendary in the private sector for his reliance on reams of information and extensive research to decide which companies to take over.
When interviewing potential employees, he favored question-and-answer sessions designed to make recruits think on their feet and provide clues about how they approached situations.
"I like gathering data and information so that you don't just have people just expressing their opinions, but you actually have numbers and facts and figures and people to look to and to find out what's really happening," Romney told C-SPAN recently. "And then with the information you have, you make the decision."
Now, as the Republican presidential candidate weighs a running mate, it's a good bet that he's relying on that same methodical approach and interviewing style that he honed at Bain and Co. and the private equity firm he helped start, Bain Capital. The style even has its own name: The Bain Way.
"This is going to be a very long process. A lot of information is going to be involved," Romney adviser Kevin Madden said recently, though he was quick to add, "Ultimately it comes down to a one-man decision."
Judging by Romney's record when it comes to business and personnel choices, it's a process that could prove challenging for any of the prospective vice presidential nominees he scrutinizes.
Not that Romney or his team rush to talk in public about who those people are or how close he is to making a decision. On Tuesday, Romney was forced to make a rare on-camera statement that his team was considering Sen. Marco Rubio as a running mate. His statement in Holland, Mich., sought to quiet outrage over reports that the promising Cuban-American from crucial swing state Florida was not getting a proper consideration.
The hush-hush nature of the search partly reflects how Romney used to do business in his decades in the private sector. Much like when Romney's team investigated a company for a potential takeover, his political aides are trying to be discreet as they cull public records and prepare to start whittling a short list before presenting their boss with a final recommendation for a running mate.
The most Romney has said about his search for a No. 2, the biggest decision he'll make before the election: Being prepared to be president is his top criterion.
That factor and the methodical selection process run counter to how 2008 GOP nominee John McCain chose the untested Alaska Gov. Sarah Palin as his running mate. Palin was a risky selection that raised questions about McCain's decision-making.
Obama went with Joe Biden, a veteran senator who twice had run for the White House and had been screened thoroughly.
Eight years before that, George W. Bush choose a Washington veteran in Dick Cheney, a former congressman, White House chief of staff and defense secretary who initially was in charge of finding Bush a running mate.
Romney's search is well under way and Republican insiders suggest an announcement could come as early as next month.
His years in business shed light not just on how he's running his campaign, but also on how he may behave in the White House.
Those who worked with Romney in the 1970s, 1980s and 1990s at the Boston-based firm describe a savvy executive who arrived to meetings armed with tons of information he would study before making decisions. They talk of a leader who oversaw thousands of detailed interviews as he considered whom to hire. All this, they say, still is referred to as The Bain Way.
"The whole process is very methodological," William Oliver, who worked directly for Romney at Bain and Co. in the 1980s and now teaches at Brandeis International Business School. "It's numbers and it's analysis."
When it came to big decisions about what companies to take over, every trait was measured on a scale, every answer in an interview assigned a numerical value and every variable considered over and over. There was no room for a gut feeling or a hunch when choosing whether to invest in a company. If the numbers didn't work, Romney's team usually wouldn't gamble on an investment.
The results made Bain a top-tier brand and Romney wealthy.
Bain Capital invested about $2.5 million in the early days of Staples. The first store opened in 1986 and, when the chain went public three years later, Bain pulled in $13 million. Bain turned a $5 million investment in Accuride's tire rim line into a $121 million boon.
But there were failures, too. Bain lost most of its $2.1 million investment in a bathroom fixture company and saw a handbag company fail after a $4 million investment.
When choosing employees, Romney's team put applicants through a series of questions designed to test quick thinking and critical analysis.
What is the revenue of a London music festival? How can Bain help a European airline turn around its declining profits? What would an applicant do if he didn't get a second interview?
It wasn't that the interviewers expected applicants to know how many taxis were actually in New York City. Rather, they wanted to see how the applicant would figure out an answer on the fly.
"We're talking very analytical attention to details, we're talking about a deep dive into the operations of a company," said Howard Anderson, a senior lecturer at MIT's Sloan School of Management who has studied both Bain and Romney. "By the time Bain makes an investment, they know more about the company than the company knows about itself."
Romney will end up knowing just as much about his running mate.
He has spent a considerable amount of time studying the benefits and drawbacks of potential candidates such as Rubio, Ohio Sen. Rob Portman and New Hampshire Sen. Kelly Ayotte. Others who may be in the mix include New Jersey Gov. Chris Christie, former Florida Gov. Jeb Bush, Rep. Paul Ryan of Wisconsin and Virginia Gov. Bob McDonnell.
Data and research are driving the weeding-out process for the rest. Tough interviews with Romney are all but certain to follow for those who make the cut.
"My criteria is: Who can be president if that were necessary?" Romney told the Des Moines Register this week.
<strong>Who:</strong> Virginia Gov. Bob McDonnell (R) <strong>The Buzz:</strong> McDonnell <a href="http://www.huffingtonpost.com/2012/01/20/bob-mcdonnell-mitt-romney-endorsement_n_1218559.html" target="_hplink">endorsed Mitt Romney</a>, the only candidate besides Ron Paul to make it on his state's ballot, and Romney <a href="http://www.politico.com/news/stories/0711/59933.html#ixzz1TJCfqwQ4" target="_hplink">said last summer </a>that McDonnell would be on "any candidate's short-list" as a VP pick. Rep. Tim Scott (R-S.C.)<a href="http://goosecreek.patch.com/articles/veep-speculation-greets-mcdonnell-in-s-c" target="_hplink"> has already started referring </a>to McDonnell as "Mr. Vice President." <strong>His Response:</strong> McDonnell said on "Meet The Press" in March that he wasn't interested in the position. "I've got the job held by Jefferson and Henry," <a href="http://www.washingtonpost.com/blogs/maryland-politics/post/martin-omalley-touts-bob-mcdonnell-for-vice-president-kind-of/2012/03/11/gIQATP6I5R_blog.html" target="_hplink">he said</a>. "I love being governor of Virginia."
<strong>Who:</strong> New Jersey Gov. Chris Christie (R) <strong>The Buzz:</strong> Christie <a href="http://www.huffingtonpost.com/2011/09/04/chris-christie-president-2012_n_948401.html" target="_hplink">fielded numerous calls</a> to run in 2012, and is now attracting speculation as a possible VP pick by Mitt Romney, who called Christie, "one of the leading figures in the Republican party." <strong>His Response:</strong> Christie didn't do much to quell the rumors in December when he <a href="http://www.huffingtonpost.com/2011/12/23/chris-christie-vice-president-mitt-romney_n_1167557.html" target="_hplink">addressed them</a> by saying: <blockquote>I don't think you talk about that stuff. I think if you're the nominee you're afraid to talk about that stuff because you don't want to jinx yourself. I don't think [Romney] wants to be presumptuous enough to start talking to somebody about a vice president when he's not yet the nominee.</blockquote>
<strong>Who:</strong> Florida Sen. Marco Rubio (R) <strong>The Buzz:</strong> Newt Gingrich <a href="http://www.huffingtonpost.com/2012/01/30/newt-gingrich-marco-rubio_n_1242912.html" target="_hplink">called Rubio</a> an "awfully good" choice, while Mitt Romney named him as an obvious choice for the short-list. As the Huffington Post's Carlos Harrison <a href="http://www.huffingtonpost.com/2012/02/02/marco-rubio-tea-party_n_1249480.html?ref=gingrich-2012" target="_hplink">reported</a>, "He's the posterboy for a demographic coveted by the GOP: a telegenic Tea Party favorite and a Latino. And despite being both young and a freshman among Washington, D.C., power brokers, he exerts outsized influence." <strong>His Response:</strong> Rubio himself <a href="http://abcnews.go.com/blogs/politics/2011/10/i-am-not-going-to-be-the-vp-nominee/" target="_hplink">seems less enthusiastic</a>: <blockquote>When asked at the Washington Ideas Forum at the Newseum in Washington DC, Rubio repeated twice for emphasis, "I am not going to be the Vice Presidential nominee. I am not going to be the Vice Presidential nominee." Asked during the forum if he would turn down an offer if the Republican presidential nominee asks him to, Rubio responded, "Yea, I believe so," adding again, "the answer is gonna be no."</blockquote>
<strong>Who:</strong> Nevada Gov. Brian Sandoval (R) <strong>The Buzz:</strong> Ahead of the Nevada caucus, Sandoval <a href="http://2012.talkingpointsmemo.com/2012/02/could-mitt-romney-pick-up-a-vp-in-nevada.php" target="_hplink">was speculated</a> to be a potential VP pick: <blockquote>Nevada's governor Brian Sandoval has been bandied about as a potential -- if longshot -- veep choice since his election in 2010. On paper, his resume looks solid. He's a young rising star in the party with strong approval ratings and, as a Hispanic Republican, could help a Republican nominee -- and especially Romney -- stop the bleeding with one of the party's weakest general election demographics. </blockquote> While no candidates have floated his name for VP yet, Mitt Romney <a href="http://www.lasvegassun.com/news/2012/jan/26/mitt-romney-mentions-brian-sandoval-cabinet-possib/" target="_hplink">did mention him</a> as a possible Cabinet member. <strong>His Response:</strong> After endorsing Rick Perry last September, Sandoval <a href="http://latino.foxnews.com/latino/politics/2011/09/16/nevada-gov-brian-sandoval-wont-be-rick-perrys-vice-presidential-pick/" target="_hplink">denied that he was looking for a VP nod</a>. "I am absolutely committed to serving out my term," he said.
<strong>Who:</strong> South Carolina Gov. Nikki Haley (R) <strong>The Buzz:</strong> Haley's endorsement of Mitt Romney <a href="http://www.huffingtonpost.com/2012/01/22/nikki-haley-romney_n_1221682.html" target="_hplink">didn't do him much good</a> in the state, but her name has still come up as a possible candidate for VP. <strong>Her Response:</strong> "I'd say, 'Thank you, but no,'" <a href="http://abcnews.go.com/Politics/News/south-carolina-gov-nikki-haley-shed-turn-vp/story?id=16050396#.T3nGGCvLx1Z" target="_hplink">Haley told ABC News</a>. "I made a promise to the people of this state. And I think that promise matters. And I intend to keep it."
<strong>Who:</strong> New Mexico Gov. Susana Martinez (R) <strong>The Buzz:</strong> Martinez has attracted attention as the first female Hispanic governor, and Mitt Romney <a href="http://latino.foxnews.com/latino/politics/2012/01/23/new-mexico-gov-susana-martinez-says-no-thanks-to-mention-her-as-possible-romney/" target="_hplink">mentioned her</a> as a good possible running mate. <strong>Her Response:</strong> Martinez <a href="http://thehill.com/blogs/blog-briefing-room/news/205571-nm-governor-not-interested-in-vp-spot" target="_hplink">has said</a> she's flattered, but not interested: <blockquote>"She has no interest in serving as vice president and will not be a candidate for the position," Martinez spokesman Scott Darnell said in a statement according to the Santa Fe New Mexican on Friday. </blockquote>
<strong>Who:</strong> Former Mississippi Gov. Haley Barbour (R) <strong>The Buzz:</strong> Barbour was considered a promising candidate for the 2012 nomination until he <a href="http://www.huffingtonpost.com/2011/04/25/haley-barbour-2012-presid_n_851969.html" target="_hplink">decided not to run</a> last summer. Mitt Romney has mentioned Barbour as a name <a href="http://www.examiner.com/charleston-democrat-in-charleston-sc/romney-names-possible-vp-candidates" target="_hplink">he'd consider</a> for vice president. <strong>His Response:</strong> Barbour wouldn't turn down the possibility of being VP, but he said he didn't anticipate being asked. "I don't think I'm a good running mate for anybody, but I do think Marco Rubio would be very attractive as would other people," <a href="http://foxnewsinsider.com/2011/11/07/mississippi-gov-haley-barbour-on-whether-he-would-consider-being-a-vp-pick-in-2012/" target="_hplink">he told FOX last November</a>.
<strong>Who:</strong> Indiana Gov. Mitch Daniels (R) <strong>The Buzz:</strong> Daniels hasn't endorsed a candidate yet, but he's considered a potential pick for the VP slot. His book, "Keeping the Republic: Saving America by Trusting Americans," <a href="http://www.realclearpolitics.com/articles/2011/09/19/mitch_daniels_stirs_vp_buzz_with_new_book_111382.html" target="_hplink">added to the hype</a>. <strong>His Response:</strong> Daniels was asked about the possibility <a href="http://www.huffingtonpost.com/2011/09/30/2012-gop-vice-presidential-candidate_n_988558.html" target="_hplink">last fall</a>: <blockquote>"There's no answer to this question," Daniels said when the vice president's job came up while he was promoting his book. He said he'd have to consult his family, which earlier vetoed the idea of him running for president.</blockquote>
<strong>Who:</strong> Arizona Gov. Jan Brewer (R) <strong>The Buzz:</strong> Brewer made headlines for a <a href="http://www.huffingtonpost.com/2012/01/30/jan-brewer-pac-obama-fundraiser_n_1241794.html" target="_hplink">confrontation with President Barack Obama</a> at an airport in Phoenix. Does Brewer want another chance to take on the Obama administration? The <a href="http://www.azcentral.com/news/election/azelections/articles/2011/10/16/20111016brewer-vice-president-hopeful.html" target="_hplink">Arizona Republic</a> reports that her name has surfaced as a possible VP candidate. <strong>Her Response:</strong> None so far.
<strong>Who:</strong> Former Minnesota Gov. Tim Pawlenty (R) <strong>The Buzz:</strong> Pawlenty was a short-lived presidential candidate, quitting in the summer after a third-place finish in the Iowa straw polls. He later endorsed Mitt Romney, who named him as a <a href="http://www.examiner.com/charleston-democrat-in-charleston-sc/romney-names-possible-vp-candidates" target="_hplink">possible VP candidate</a>. <strong>His Response:</strong> Pawlenty <a href="http://www.huffingtonpost.com/2012/02/24/tim-pawlenty-mitt-romney-vice-president_n_1299377.html" target="_hplink">said in an interview</a> that he'd taken himself "off the list" to be considered as Romney's VP.
<strong>Who:</strong> Sen. Rob Portman (R-Ohio) <strong>The Buzz:</strong> Portman is a supporter of Mitt Romney. In December, his home state's <em>Dayton Daily News</em><a href="http://www.daytondailynews.com/news/politics/portman-still-viable-as-vp-nominee-1301194.html" target="_hplink"> ran an article</a> touting his chances to become VP: <blockquote>His deep resume and absence of political negatives keep him in the discussion as a vice-presidential candidate. "I would be very surprised if the eventual nominee doesn't have Rob on the short list,'' said Tony Fratto, who served as White House press secretary to former President George W. Bush.</blockquote> <strong>His Response:</strong> Portman is noncommittal about being on anyone's presidential ticket. "I truly am not seeking that," he said in an interview with the Dayton Daily News' Washington Bureau.
<strong>Who:</strong> Louisiana Gov. Bobby Jindal (R) <strong>The Buzz:</strong> Jindal, <a href="http://www.huffingtonpost.com/2011/09/12/bobby-jindal-rick-perry-endorsement-2012_n_959162.html" target="_hplink">who endorsed Rick Perry</a>, has seen his star fade <a href="http://www.huffingtonpost.com/2009/02/25/bobby-jindal-response-pan_n_169710.html" target="_hplink">since his widely panned State of the Union response</a> in 2009. But he is still viewed as a potential pick. Florida Gov. Rick Scott (R) <a href="http://miamiherald.typepad.com/nakedpolitics/2011/11/gov-scott-bobby-jindal-would-be-a-great-vp.html" target="_hplink">praised him</a>, saying, "He's well-liked. He's a nice person to deal with. He clearly cares about people. He's willing to make tough choices," Scott said. "So I think he would make a great vice president." <strong>His Response:</strong> "I don't want a job from Governor Perry," Jindal <a href=" http://blog.chron.com/rickperry/2011/09/bobby-jindal-wont-be-rick-perrys-vp-but-says-hes-a-great-neighbor/" target="_hplink">said after endorsing the former candidate</a>. "I want Governor Perry to create millions of jobs for my fellow Americans."
<strong>Who:</strong> Sen. Jon Thune (R-S.D.) <strong>The Buzz:</strong> Thune, <a href="http://www.huffingtonpost.com/2011/02/22/john-thune-2012-not-running-for-president_n_826582.html" target="_hplink">once viewed</a> as a potential 2012 candidate himself, has <a href="http://www.huffingtonpost.com/2011/11/23/mitt-romney-john-thune-endorsement_n_1109456.html" target="_hplink">since endorsed Mitt Romney</a>. <strong>His Response:</strong> Thune has said he's not interested in the VP role, but<a href="http://www.kcautv.com/story/16449478/south-dakota-senator-john-thune-not-interested-in-vp-race" target="_hplink"> he wouldn't rule anything out</a>.
<strong>Who:</strong> Sen. Kelly Ayotte (R-N.H.) <strong>The Buzz:</strong> Ayotte was an early supporter of Mitt Romney. He gave her an endorsement of his own, <a href="http://www.huffingtonpost.com/2011/11/22/mitt-romney-kelly-ayotte_n_1108125.html" target="_hplink">naming her</a> as a possible pick for vice president. <strong>Her Response:</strong> Ayotte said she was "surprised" by Romney's comment, but that "certainly it was an honor to be mentioned." "I am very committed to representing New Hampshire," she <a href="http://www.unionleader.com/article/20111130/NEWS0605/711309959" target="_hplink">told the <em>New Hampshire Union Leader</em></a>. "It is such a privilege to serve New Hampshire in the U.S. Senate."
<strong>Who:</strong> Kansas Gov. Sam Brownback (R) <strong>The Buzz:</strong> Brownback endorsed Rick Perry for president, <a href="http://www.kansas.com/2011/09/23/2029027/brownback-endorses-perry-for-president.html" target="_hplink">prompting speculation</a> that he could be looking for a spot as vice president. Brownback also briefly ran for president in 2008. <strong>His Response:</strong> During the last election cycle, Brownback <a href="http://www.huffingtonpost.com/2008/03/13/brownback-would-be-honore_n_91341.html" target="_hplink">said he'd be "honored"</a> to serve as John McCain's vice president. He hasn't yet commented this time around.
<strong>Who:</strong> Rep. Allen West (R-Fla.) <strong>The Buzz:</strong> West has been named as a strong contender by a number of his peers, including Herman Cain, <a href="http://livewire.talkingpointsmemo.com/entries/herman-cain-endorses-allen-west-for-vice-presdient" target="_hplink">who called him an "excellent choice"</a>, and Nikki Haley, <a href="http://www.huffingtonpost.com/2012/04/05/nikki-haley-allen-west_n_1405401.html" target="_hplink">who said he would make a "good" pick</a>. <strong>His Response:</strong> "Yes, well, right now, you know, the focus is, of course, being a good congressional representative," <a href="http://www.realclearpolitics.com/video/2012/04/06/allen_west_i_would_say_yes_to_vp_slot_on_gop_ticket.html" target="_hplink">West told CNN's Kyra Phillips</a>. "But if someone were to make that call to me, which I really doubt is ever going to happen, you would have to make sure that it is something that god would ordain for you, and you'd have to talk to your wife, my wife and my two daughters about. But we have always stepped up to the plate to serve our country. And if it's the right fit, then I will do so."