tinydancer
Diamond Member
- Thread starter
- #301
Oh and if anyone wants to continue to blame Bain even though it was GS Industries who shut down this plant, guess who was head of Bain at the time of the plant closure?
One of Obama's top campaign donation bundlers. Jonathan Lavine. He was head of Bain at the time.
Democrats are screwed every which way but loose on this deceptive advertisement.
It was Bain who saddled them with debt, in the form of preferred stock, got their money back with a huge profit, with loanshark type rates, that caused the company to fail. And yes, Romney was there and active when they pulled their mafia style bustout.
No, you know who was in charge of Bain at that point in history?
You guys are screwed every which way but loose. Jonathan Lavine sp? former head of Bain and now one of Obama's top bundlers.
![eusa_clap :eusa_clap: :eusa_clap:](/styles/smilies/eusa_clap.gif)
ETA: here ya go sparky just so you can learn about what happened between Bain and GS Industries.
Bain Capital's investment did not shut down GST Steel
'Mitt Romney and Bain Capital made millions for themselves and then closed this steel plant,' a dramatic headline in the ad reads.
The real story is much more complex.
Bain Capital was one of several investors that paid $80million to buy the plant from Armco in 1993.
At the time it was struggling. Armco lost $640million that year. The American steel industry was in the midst of massive shutdowns and struggles as they lost ground to cheaper foreign imports, the Wall Street Journal reports.
Bain folded the Kansas City plant, GST Steel, into a company called GS Industries, which made $1billion in revenues by 1996.
And here's the kicker:
GST Steel in Kansas City closed, laying off 750 workers including Mr Soptic. It was the only plant in GS Industries that was forced to shut down as a result of the bankruptcy reorganization, the Journal reports.
http://www.dailymail.co.uk/news/art...d-blames-Mitt-Romney-womans-cancer-death.html
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