The Bain Job Losses Mitt Romney Doesn’t Want You To Know About
Samantha
2012/07/13 16:43:04
Today’s report that Mitt Romney remained at the head of Bain Capital for as many as three years longer than his campaign claimed calls into question the Romney’s past defense of Bain Capital’s job-killing business practices.
Here are four companies that folded or downsized in the three year period after Romney claimed to have left Bain Capital:
GS Industries – 750 Jobs Lost: In a series of ads earlier this year, the Obama campaign hit Romney over Bain Capital’s purchase of GS Industries, a steel company that closed its Kansas City plant and eliminated 750 jobs in February 2001. Bain Capital and its executives, including Mitt Romney, earned at least $12 million on the initial investment.
KB Toys – Up to 3,500 Jobs Lost: During the primary season, Newt Gingrich’s 30 minute documentary on Romney and Bain Capital spent a significant amount of time focused on KB Toys, a retail chain bought by Bain in 2000.
Dade International – 1,700 Jobs Lost: Months after Romney claims to have left the company, Bain Capital received a $242 million bounty for its stake in the medical supply company. Romney profited substantially from the deal.
DDi Corporation – 275 Jobs Lost: In 1996, the circuit board manufacturer was bought by a group of investors, with Bain Capital in the lead, for more than $40 million. By December 1999, DDi closed a Colorado plant and fired 275 workers. Bain Capital, with Romney still listed as Chairman and CEO...
Here are four companies that folded or downsized in the three year period after Romney claimed to have left Bain Capital:
GS Industries – 750 Jobs Lost: In a series of ads earlier this year, the Obama campaign hit Romney over Bain Capital’s purchase of GS Industries, a steel company that closed its Kansas City plant and eliminated 750 jobs in February 2001. Bain Capital and its executives, including Mitt Romney, earned at least $12 million on the initial investment.
KB Toys – Up to 3,500 Jobs Lost: During the primary season, Newt Gingrich’s 30 minute documentary on Romney and Bain Capital spent a significant amount of time focused on KB Toys, a retail chain bought by Bain in 2000.
Dade International – 1,700 Jobs Lost: Months after Romney claims to have left the company, Bain Capital received a $242 million bounty for its stake in the medical supply company. Romney profited substantially from the deal.
DDi Corporation – 275 Jobs Lost: In 1996, the circuit board manufacturer was bought by a group of investors, with Bain Capital in the lead, for more than $40 million. By December 1999, DDi closed a Colorado plant and fired 275 workers. Bain Capital, with Romney still listed as Chairman and CEO...
Read More: http://thinkprogress.org/economy/2012/07/12/515555...
Top Opinion
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Fallout 2012/07/13 16:45:58
Willard is the perfect Republican to run. He embodies everything they believe in. He took an opportunity, Bain Capital, and used every legal measure to earn a profit. He sucked the pension funds of the workers dry and let the tax payers bail them out while Bain walked away with millions in profit. How can you run a company into the ground and make money? Ask Willard, he can you.
Willard wants you to think of him a business man but doesn't want you to look at his record. His record shows job losses and complete disregard for his fellow man. Is this the kind of guy you want to run the country? No me.