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Busted: Obama Campaign Video Shows Pension Agreement For Man In Super PAC Cancer Ad…

Alexander 2012/08/12 11:21:14

Below is a screengrab from a May 14th Obama campaign video that clearly shows Joe Soptic’s pension agreement, even though the campaign has denied knowing him or his story.

(Buzzfeed) — Joe Soptic, the man in the Priorities USA ad who claimed his firing from a Bain Capital-owned company led to the death of his wife. The Obama campaign denied knowing Soptic’s ultimately unproven claim — though they used it in a campaign slideshow. They know so much about him that they even have his pension agreement.

And here’s Carney on Friday claiming there was no collusion between the campaign and Priorities USA:

Read More: http://weaselzippers.us/2012/08/11/busted-obama-ca...

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  • Schläue~© 2012/08/12 12:22:28
  • Roger 2012/08/12 11:48:52 (edited)
    Roger
    +2
    First the full video; Second the truth about GST Steel. Then a question: Who is to blame Bain or United Steelworkers of America and the workers themselves?







    KANSAS CITY, Mo., June 13 /PRNewswire/ — Members of Local Union 13 of the United Steelworkers of America (USWA) overwhelmingly approved a new 66-month contract with GST Steel Thursday (June 12), ending a strike that began on April 1. The vote was 488-81. The agreement includes wage increases, bonuses, an increase in guaranteed pay to 40 hours a week from the current 32, worker involvement, major pension improvements, an organizing neutrality clause that prevents creation of runaway non-union subsidiaries, phaseout of a two-tier wage system, and continuation of current restrictions on the contracting out of work. “This contract meets and in some cases exceeds our industry pattern, and serves the best interests of both our members and the company,” said David Foster, Director of USWA District 11 and chief negotiator for the union. “We are especially gratified that we have achieved the neutrality clause that guarantees card check recognition at any new facilities in which the company has a 40 percent interest,” Foster added. “That will prevent the kind of duplicity that LTV Steel committed against its workers in building ...

































    First the full video; Second the truth about GST Steel. Then a question: Who is to blame Bain or United Steelworkers of America and the workers themselves?







    KANSAS CITY, Mo., June 13 /PRNewswire/ — Members of Local Union 13 of the United Steelworkers of America (USWA) overwhelmingly approved a new 66-month contract with GST Steel Thursday (June 12), ending a strike that began on April 1. The vote was 488-81. The agreement includes wage increases, bonuses, an increase in guaranteed pay to 40 hours a week from the current 32, worker involvement, major pension improvements, an organizing neutrality clause that prevents creation of runaway non-union subsidiaries, phaseout of a two-tier wage system, and continuation of current restrictions on the contracting out of work. “This contract meets and in some cases exceeds our industry pattern, and serves the best interests of both our members and the company,” said David Foster, Director of USWA District 11 and chief negotiator for the union. “We are especially gratified that we have achieved the neutrality clause that guarantees card check recognition at any new facilities in which the company has a 40 percent interest,” Foster added. “That will prevent the kind of duplicity that LTV Steel committed against its workers in building a non-union plant in Alabama.” GST also will guarantee, under certain conditions, card-check recognition at any plants in which it holds a 15-40 percent interest. The agreement runs until Oct. 1, 2002. There will be a limited economic reopener on June 1, 2000, with binding arbitration if no settlement is achieved. GST is the country’s largest producer of grinding media.



    SOURCE United Steelworkers of America -0- 06/13/97



    When Bain bought the Kansas City mill in 1993, steel was a scene of carnage. Global players were pouring out cheap products, and America’s high-cost steel plants couldn’t compete. The industry had lost 200,000 jobs in preceding years. In 1992 alone, the six largest U.S. steel mills had lost a combined $3 billion. Armco, the company Bain would buy the plant from, would lose $641 million in 1993.



    The Kansas City plant was itself dying. At its 1970 height it employed 4,500; by the late 1980s it was down to 1,000. A year before acquisition, Armco had laid off another 75. Its equipment was old; it faced fierce competition at home and abroad.



    B.C. Huselton, a vice president of the business at the time, tells me that in 1990 the Armco CEO held a meeting. “He told us, ‘Look, we either try to sell it, or we’ve got to shut it down.’” Armco had shut down another Kansas City facility, Union Wire Rope, only a few years before.



    The Kansas City plant had two product lines—high-carbon rods and grinding media (used in mining)—that it felt could give it a competitive edge. But it needed investment, and Armco was tapped out. Bain nonetheless saw some potential and in 1993 joined other investors to acquire it for $80 million. Management renamed it GS Technologies (which would become part of a larger GS Industries) and poured an additional $100 million into modernization.



    And then came the tsunami. The late 1990s saw a new outpouring of cheap steel from elsewhere around the globe. The Asian financial crisis walloped the mining industry, cutting demand for GST products. The price of GST’s electricity and natural gas skyrocketed. The union dug in, refusing to make concessions. By April 1997, it was on strike, shooting bottle rockets at guards. Labor costs spiked, and by 1999 GSI was reporting $53 million in net losses.



    In 2001 it would become one of 31 steel companies that went bankrupt from 1993 to 2003. (Mr. Romney left Bain in 1999.) The steel crash was the economic drama du jour, with Congress railing about “dumping.”



    The Obama ad doesn’t note that the broader company, GS Industries, employed 3,500 and that the Kansas City plant (with 750 workers) was the only one shuttered. Other plants were bought and operate today. Nor does it mention Bain’s other steel investment in the early 1990s, in an Indiana start-up called Steel Dynamics. The firm touts innovative technology and a nonunion workforce. It today reports $6.3 billion in revenue—25 times what it claimed in its 1996 IPO—and employs 6,000.

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