Steel

Learn more: http://www.romneyeconomics.com

Kansas City's GST Steel had been making steel rods for 105 years when 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 not only lost their jobs but were denied their full pensions and health insurance, and the government was forced to step in and provide a bailout.

• Category

  News & Politics

[TheBluePlates]

"Bain could not have taken control of this business if it were profitable and successful; the workers are responsible for their own failure."

You may have missed the point. The important information here is that Bain borrowed over a hundred million against the company as soon as they bought it (using very little of their own money) then paid themselves nearly $40 million out of the borrowed $. That debt was heaped on the company and DID contribute to its failure. (continued)

[James Carlesoni]

The evil that men do lives after them

[queerveganliberal]

Instead of blaming the union for the bankruptcy of the business, why not mention Bush tax credits to competing companies who use sweat shop labor overseas? Instead of investing in those manufacturing in America, he rewarded outsourcing? Workers organizing themselves for job protection (unions) has become a lovely scapegoat for the right to distraction from the failures of "Free Trade", deregulation and Bush handing out welfare to corporations outsourcing. Is it idiocy or greed or both?

[dt82716]

Maybe if the union you belonged to didnt drive the company into debt to begin with Bain Capital wouldn't have had to come in and keep it from filing bankruptcy earlier. Oh and He was on a board with lots of other people so even had he wanted not to close it he would have been outvoted. The reason for a company to go into business is to make money it's why we are all in business and we all work for businesses. Companies come and companies go it's just like life they cant all live forever.

[Veritas Amantes Vocat]

the problem is he doesnt have that kind of money, so its ran in the places they figure they need it most. If everybody shares it with their friends on fb we'll get even better coverage.

[2indulgent]

This commercial should be run on every TV channel in America in prime time for an entire month.

[jpdemer5]

The closer analogy is that your house is on fire, and Bain Capital shows up in a fire truck. You agree to let them in ... and they proceed to loot the house before trying to put out the fire.

[kimmage129]

Obama 2012! period

[Greendot2390]

AND HE WAS ALSO IN IT TO DESTROY BUSINESSES TO GET PROFIT. THE BUSISNESS HE BANKRUPTED GOT BAILEDDOUT AND ROMNEY TOOK ALL THE WORKERS PENSION TO HIMSELF

[MrEnergyCzar]

Out of curiosity, what would have happened if no one intervened with the company?

[shawnoodles]

and the good is oft interred with their bones...

[cozmacozmy]

You steel workers that lost everything ought to be mad at China and US company's that went overseas to China to buy *their* cheaper steel! (cheaper cause of the unions demanding of higher and higher wages...but that's another debate) Why be angry at Bain? They tried to make the company work. That is why there were in business for to make company's work and for ALL to profit from, workers included!