A lot of people do not really know the story of how Mitt Romney became a man worth upwards of $250 million…he had to step on a lot of little people to make that happen. 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.
This is what’s left of GST Steel:
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