Laid-Off Workers At Bain-Owned Companies Slam Romney

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Source: TPM

Employees at three companies that went bankrupt after being taken over by Bain Capital spoke at the Democratic convention on Wednesday, accusing Romney’s firm of exploiting workers for profit.

President Obama has spent months attacking Romney’s business career, which the Republican nominee has put at the top of his political resume, using stories from the companies whose laid-off workers were represented onstage.

The most dramatic tale came from Randy Johnson, a former worker at Bain-owned Ampad in the 1990s, who described how the private equity group took over the company, fired its workers, then invited them to reapply for jobs with lower benefits.

“What affected me most was having guys the age I am now come to my desk, and cry; guys who had nothing to fall back on,” Johnson said.





Read more: http://2012.talkingpointsmemo.com/2012/09/laid-off-workers-at-bain-owned-companies-slam-romney.php

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[valerief]

1. They were terrific. nt

[KT2000]

2. sorry I missed that one n/t

[LiberalAndProud]

3. GST Steel: an American Tragedy

http://www.realromneyrecord.com/cases/gst-steel

In 1993, Romney’s Bain Capital purchased a steel company and renamed it GS Technologies. To gain control of the company, Bain put up $8 million and quickly had the company take on new debt in order to distribute dividends back to Bain and cover new expenses – helping Bain earn back part of its initial investment.

In 1995, Romney’s Bain had GS acquire another firm, adding over a hundred million in new debt. By then, Bain had forced the company to hold $378 million in debt, which was ten times the annual income of the company and “the company was not on a sustainable course.”

At the same time, Romney’s firm was ordering changes that undermined safety and productivity at the company and installing people who knew little about the steel industry. A worker remarked, “When Romney and Bain came in, it was painfully obvious that they didn’t have a clue about anything to do with a steel mill.”

From 1997 to 1999, losses at the company increased by 300% and it was clear the company could not survive.

[cbrer]

4. And THIS man would lead us

This destroyer. This rapist. This sociopath.

[Berlum]

5. "But on the bright side, I made a HUGH profit." Willard (R -1%)

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