Mitt Romney, a job-killing economic "vampire"

Discussion in 'Politics' started by AK Forty Seven, May 14, 2012.


    Obama campaign’s new ad paints Romney as a job-killing economic ‘vampire’

    <iframe width="560" height="315" src="" frameborder="0" allowfullscreen></iframe>

    Mitt Romney, a job-killing economic "vampire"? That's the message of a new ad by President Barack Obama's re-election campaign, which aims to turn the presumptive Republican nominee's business record into a liability as voters worry about the struggling economy.

    A two-minute version of the new video will run in Iowa, Ohio, Pennsylvania, Colorado and Virginia. A six-minute version is available on a new Obama campaign site that is specifically devoted to criticizing Romney's approach to economic issues. Romney spokeswoman Andrea Saul said the former Massachusetts governor welcomed Team Obama's "attempt to pivot back to jobs and a discussion of their failed record."

    The Obama campaign ad focuses on Bain Capital's misadventures with GST steel of Kansas City and features former steelworkers describing what they saw between the time Bain bought the firm in 1993 and filed to put it in bankruptcy in 2001. (Romney left Bain in 1999).

    "It was like a vampire. They came in and sucked the life out of us," says one of the men. "What Bain Capital did was not capitalism, it was bad management," says David Foster, lead negotiator for workers at GST Steel. Former steelworker Joe Soptic accuses Bain of cutting corners on safety, saying "it was like working in the sweatshops of the '30s," and that watching the plant close was "like watching an old friend bleed to death."

    "It makes me angry," Soptic says. "Those guys were all rich. They all have more money than they'll ever spend. They have more money than their families will ever spend. Yet they didn't have the money to take care of the very people that made the money for them."

    In January, the Reuters news agency published a long analysis of Romney and Bain's record with GST, along with his record in private equity overall. (Of note: The plant's owners approached Bain Capital "because it had earned a sterling reputation for turning companies around.")

    The new ad drew immediate fire from a former economic adviser to the president, Steven Rattner, dubbed the "Car Czar" because he oversaw the administration's automobile industry overhaul. Interviewed on MSNBC, the investment banker and private equity financier bluntly declared "I think the ad is unfair."

    Noting the video's focus on lost jobs, Rattner said, "This is part of capitalism, this is part of life, and I don't think there's anything Bain Capital did that they need to be embarrassed about."
  2. Max E.

    Max E.

  3. attacking the pte equity industry now?

    Obama has no shame
  4. Your boyfriend Mitt jumped ship just in time after running the company into the ground from 1993 to 1999

    Nevertheless, net losses at the company grew to $52.9 million in 1999 from $16.1 million in 1997, while operating income dropped to $9.6 million from $37.9 million over the same period -- not enough to sustain the firm's debt and obligations for long.
  5. Max E.

    Max E.

    So then I guess the line of attack is that Romney should have had some Magic beans to turn a dog shit steel company around hey?

    If only Romney had a satchel full of "Hope and Change" attached to his belt, this company would have ended up wildly profitable...

    Tell me something, how many private companies has Obama run?

    Also, I hate Romney, but this line of attack is fucking ridiculous.

  6. Tsing Tao

    Tsing Tao

    LOL...Romney was gone and Obama's guy was there....hilarious!
  7. In fairness, Romney couldn't call on the U. S Treasury to fund his companies.
  8. President Barack Obama’s campaign took aim at Republican Mitt Romney’s private equity experience on the same day the president is raising money at the New York apartment of Blackstone Group LP (BX) President Tony James.

    A television advertisement scheduled to run in five swing states features interviews with former workers at a Kansas City, Missouri, steel mill that was taken over in 1993 by Boston-based Bain Capital LLC, the private equity firm co-founded by Romney.

    “Bain Capital was the majority owner. They were responsible,” said David Foster, who is identified in the ad as the lead negotiator for workers at GST Steel, which filed for bankruptcy in 2001.

    King of hypocrites
  9. "Democrats have accepted more political donations than Republicans from executives at Bain Capital,

    During the last three election cycles, Bain employees have given Democratic candidates and party committees more than $1.2 million. The vast majority of that sum came from senior executives."
  10. Tsing Tao

    Tsing Tao

    You mean like Solyndra?
    #10     May 14, 2012