Pretty hard hitting ad. This is what real life looks like.
Joe Soptic is a former employee from GST Steel – a steel mill that Bain Capital purchased when Romney was CEO. Soptic lost his job from GST Steel when it went into Bankruptcy under Mitt Romney. Bain Capital walked away making at least $12 million in profits on the deal, but they underfunded employee pensions which forced the government to bail out the pensioners with $44 million.
Soptic lives in a small town so he had a hard time finding another job. He lost his insurance and when his wife started to experience some concerning ailments … she didn’t go to the hospital because they didn’t have insurance and they couldn’t afford it. He finally got a job making half what he made and she finally goes to the hospital only to find out she had stage 4 cancer. 22 days later – she died.
That’s Romney’s legacy …
Reuters explains how Mitt made millions by laying off hundreds of steel workers – article HERE:
Apparently they liked what they saw. Soon after, in October 1993, Bain Capital, co-founded by Mitt Romney, became majority shareholder in a steel mill that had been operating since 1888.
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 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.
More about how Romney broke middle class lives from a former employee from GST Steel who is a Republican HERE.
Romney likes to say he was a successful businessman who created all of these jobs; however – when people start to dive into how he actually became wealthier than God – they realize that he isn’t a guy who built a business and built things … he’s a guy who tore frequently tore businesses apart. He did this through borrowing heavily to buy profitable companies and then orcing those companies to pay huge management fees and cut wages and benefits for employees. All they had to do then was suck out every last $ until the company is a hallowed shell and then Romney and his partners walk away with tens of millions or even more in profits.
In the movies – he’d be Gordon Gekko, not Henry Ford.
This is what remains of the GST Steel plant after Romney pushed it into bankruptcy.
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