How Mitt Romney Ruined Countless Lives And Helped Create The Welfare State (VIDEO)Quicklink submitted by Sheila Samples Permalink
Become a Fan
|Reuters put actual faces to the casualties of Bain Capital. They profiled a struggling steel mill in Kansas City called Worldwide Grinding Systems, later renamed GS Technologies. In 1993, Bain Capital, a company with no steel mill expertise became the majority shareholder. Within a decade, Bain Capital padlocked the mill and put 750 people out of work and forced taxpayers to pick up the bill for unemployment benefits and worse, for $44 million in pensions which had been earned, but Bain Capital refused to pay. Bain Capital made out well, though, with a profit of $12 million and $4.5 million in consulting fees. In 2001, the steel company declared bankruptcy.|
The time limit for entering new comments on this Quicklink has expired.
This limit can be removed. Our paid membership program is designed to give you many benefits, such as removing this time limit. To learn more, please click here.