Las Vegas Sun

April 20, 2014

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Election 2012:

Ad campaign spotlights company shuttered by Bain, calls Mitt Romney a ‘job destroyer’

The Obama campaign is launching a multi-pronged, multimedia attack on Mitt Romney’s record as a private equity buyout specialist.

A two-minute ad, entitled “Steel,” will air in Iowa, Ohio, Pennsylvania, Colorado and Virginia. A longer version of the ad is available at romneyeconomics.com, a website that examines Romney’s record in detail.

The thrust of the attack examines Romney’s record at Bain Capital and tells story of GST Steel — a company whose Kansas City plant was shuttered after Bain purchased it in 1993.

“Bain Capital walked away with a lot of money that they made off of this plant. We view Mitt Romney as a job destroyer,” one of the plant workers say in the ad.

Describing the website romneyeconomics.com, the campaign said: “In a career of buying and selling companies, Romney’s pattern was to reap quick profits for himself and his investors at the expense of workers and communities. Sometimes it meant sending American jobs overseas. Other times, it meant cutting wages and benefits. In Romney’s economic philosophy, CEOs and wealthy investors prosper by any means necessary, even when it meant companies failed and workers were left behind. Romney believes in two sets of rules — one for people like him, another for everyone else.”

The attacks on Romney’s private equity record also surfaced not only in the winter Republican primary, but also in Mitt Romney’s 1994 senate race against the late Ted Kennedy. Kennedy produced a series of ads, including some that never aired, accusing Romney of layoffs and destroying jobs.

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  1. Solyndra was a way to rat-hole money away for the obama campaign and other communist/progressive projects.

    Or they took it with them to RED china with obama's blessing.

  2. Mr. Reid,

    If they had not bailed out GM how many jobs would have been lost? Now I know there is no way to give an exact number but I am betting 1000's more then have been laid off so far.

    Want a good view of who is backing who, check this out: http://elections.nytimes.com/2012/campai...

    It shows that big money is behind Mr. Romney yet 54% of Mr. Obama's money is coming from those donating $200 or less.

    Who is going to get the favors after the elections, those giving the big money or those giving the little amounts?

  3. The ad does not mention that 44 other steel companies went out of business ( all union shops) in that time when cheap steel was coming from China, and that there was a union strike on the plant,as well as the ones that survived that were non union shops. Of course the fact the company was to be sold anyway, and maybe closed down is something to consider. The story from a UK newspaper is a good read if you want some real facts, not that money or mistakes were not made. A glass can be half empty or half full..
    http://www.dailymail.co.uk/news/article-...

  4. Well, if we look to the future and GM closes plants, oh yes, they already have. No other "efficient auto manufacturers" have stepped up to take over those plants though.

    The "others" have had cut backs and no interest in expanding in the U.S. To costly.

    The only ones that seem to be expanding into the U.S. is the foreign car makers with non-union plants that pay well and turn out products of high quality.