I find it amusing how Mitt Romney positions himself as some sort of wunderkind paving the way for the middle class. He positions himself as a JOB CREATOR…as a man who was a successful business man helping to create “well over 100,000 jobs” when he worked in private industry.
“We were a nice strong healthy company. The first thing they did was knock the pay down…took our benefits. We didn’t have any more retirement and Bain, Mitt Romney – they didn’t care about us as workers. They were looking at the mighty dollar.”
That’s not the reality. That’s a bullshit sandwich and it’s going to taste as good for you as it did for the people in this video. If you do not know the story behind AMPAD – you need to watch the video and you need to read about it.
As we’ve written about HERE - this is the modus operandi of the Bain Capital model both while Romney was CEO and when he wasn’t. There are countless companies that they did this with….making tens of millions in profits after taking profitable companies and loading them with debt…paying the equity partners while the workers lost wages, benefits and basically their entire livelihood.
The Boston Globe writes about Bain Capital’s many exploits with tearing down people’s lives HERE….it’s pretty heartbreaking if you read the whole article:
Bain embarked on a roll-up after acquiring Ampad in 1992. Two years later, Ampad bought the office supplies division, including the Marion, Ind., plant , of typewriter maker Smith Corona. Ampad shuttered the Indiana plant in 1995, moving equipment and production to other Ampad factories.
In 1996, another Bain company, Dade International, a maker of medical diagnostic equipment, bought a similar unit of E.I. du Pont de Nemours and Co., of Wilmington, Del. Dade soon shut down two plants and cut more than 700 jobs, according to government filings. The next year, Dade merged with Behring Diagnostics, a German company, to form Dade Behring Inc. Dade Behring shut three US plants, affecting more than 1,000 workers, some of whom were offered transfers to other facilities.
Sometimes, Bain cut jobs to right underperforming companies. In 1997, after acquiring Live Entertainment, later known as Artisan Entertainment, the producer of the hit film “Blair Witch Project,” Bain slashed 40 jobs, about 25 percent of the workforce, according to The Hollywood Reporter. Midwest of Cannon Falls, Minn., a giftware distributor, cut 40 jobs, or about 10 percent of its workforce, less than a year after Bain bought a “significant” stake in the company.
“It was very clinical. Like a doctor. When the patient is dead, you just move on to the next patient.”
~Former Bain Employee
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