Romney’s Bain Capital at work – loss of jobs, federal bailouts

In this worst economic environment since the Great Depression, is this really the person we need guiding the economy? Sure Mitt cashed in as did his friends at Bain, but the costs involved sound much too high for everyone else. It’s not unlike the federal bailout of bankers, where they all got huge bonuses while the rest of us were left with the bill. Romney’s Bain Capital at work:

It was a gamble. The old mill, renamed GS Technologies, needed expensive updating, and demand for its products was susceptible to cycles in the mining industry and commodities markets. Less than a decade later, the mill was padlocked and some 750 people lost their jobs. Workers were denied the severance pay and health insurance they’d been promised, and their pension benefits were cut by as much as $400 (258 pounds) a month. What’s more, a federal government insurance agency had to pony up $44 million to bail out the company’s underfunded pension plan. Nevertheless, Bain profited on the deal, receiving $12 million on its $8 million initial investment and at least $4.5 million in consulting fees.


An American in Paris, France. BA in History & Political Science from Ohio State. Provided consulting services to US software startups, launching new business overseas that have both IPO’d and sold to well-known global software companies. Currently launching a new cloud-based startup. Full bio here.

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