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Mitt Romney Bain Capital Record Targeted!
Made popular 370 days ago in
President Barack Obama's reelection campaign on Monday morning opened a new front in its election faceoff with presumptive GOP nominee Mitt Romney, releasing documentary-style videos and a full website portraying Romney as a job-destroying corporate takeover artist.
The Obama campaign put out a two-minute video and a six-minute video featuring interviews with former workers at GST Steel, a company acquired by Romney's private equity firm Bain Capital in 1993. GST shut down its Kansas City plant in 2001, costing about 750 workers their jobs.
The Obama campaign has also launched a website, RomneyEconomics.com, which focuses on GST and two other companies that went bankrupt after Bain acquired them: Dade International, a medical diagnostics equipment firm, and Stage Stores, a chain of small-town department stores.
That means there are likely to be more videos such as the ones released today focusing on GST.
For now, the Obama campaign will be airing the two-minute ad in Iowa, Ohio, Pennsylvania, Colorado and Virginia, the campaign said. The six-minute video can only be seen online.
The campaign describes GST this way on RomneyEconomics.com:
Kansas City’s GST Steel was a successful company that had been making steel rods for 103 years when Mitt Romney and his partners took control in 1993. They cut corners and extracted profit from the business at every turn, placing it deeply in debt. When the company eventually declared bankruptcy, workers were denied their full pensions and health insurance, and the federal government was forced to step in and bail out the pension fund.
When Reuters wrote about GST in January, Romney spokesman Ryan Williams offered this comment: "Bain Capital invested in many businesses. While not every business was successful, the firm had an excellent overall track record and created jobs with well-known companies like Staples, Dominos Pizza and Sports Authority."
Watch both GST videos here:
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Are all of the firings caused by Bain Capital excused because that's "simply how the economy works"?
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to learn more. Results may not total 100% due to rounding and voting descrepencies.
370 days ago
"The sheer volume of this waste is astounding. Solyndra defaulted on a $535 million federal loan guarantee, leaving recession-battered taxpayers holding the bag. Solar Trust received a $2.1 billion federal loan guarantee, but last month, the company sought bankruptcy protection in Delaware after failing to meet a federal Energy Department loan guarantee deadline.
Against this backdrop of waste, crony capitalism and failure arrives Mr. Obama’s opponent Mitt Romney, who represents something else entirely: private sector success at Bain Capital. Founded in 1984 by Mr. Romney and two partners, Bain has risked billions investing in hundreds of companies across America. No investment was guaranteed to succeed; many did not pan out. But here’s a very short list of Bain’s more famous successes: AMC Entertainment, Brookstone, Burger King, Burlington Coat Factory, Clear Channel Communications (the largest radio network in America), Domino’s Pizza, Dunkin’ Donuts, Guitar Center, Staples, Toys “R” Us, and Warner Music Group.
Thus, if you go to the movie theater, eat a hamburger, wear a coat, listen to the radio, eat pizza or donuts, play guitar, and buy printer ink, toys or music albums, you’ve benefitted from Bain Capital and Mr. Romney’s leadership. Unlike in politics, where results too often play second fiddle to good intentions, in business, results determine survival. Mr. Romney survived and thrived at Bain."
Business can't run on a loss or increase prices on "the rich". If the doors close EVERYONE loses their jobs. Only Democrats are to stupid to understand the "real world".
Romney @ Bain saved more jobs than the Democrats have created since 2006, when they took Congeress.
370 days ago
@james2044 Can't wait for the Solyndra ads!
370 days ago
Gee Whiz Au, move out of Granny's basement and open your little brainwashed eyes. Your hero is taking every penny of Bain cash he can get his grubby little hands around! Liberals are sickos!
369 days ago
@lastbaldeagle Oh God, Romney's my HERO
369 days ago
On the very day that the ad was released, President Obama attended a fund-raiser in New York City hosted by a senior executive at the Blackstone Group, a leading private equity firm and frequent co-investor with Bain Capital on turn-around projects.
And, it further turns out that a 2008 and 2012 campaign finance bundler for President Obama, one Jonathan Lavine, was a managing director at Bain Capital during the time that GST Steel was being “run into the ground” by the evil Bainiacs.
And, just to put some icing on the cake, it turns out that Mr. Romney was off fixing the Salt Lake City Winter Olympics during the time that Romney and Bain were allegedly “vampiring” GST Steel.
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