Bain Employee "They Took Everything They Could OUT - They ran the company into bankruptcy."

[kpete]

Romney's Bain made millions as S.C. steelmaker went bankrupt
By David Wren | Myrtle Beach Sun News

.......................

Bain Capital spent $24.5 million to acquire GS Industries in 1993, according to an investment prospectus for the company that was obtained by the Los Angeles Times and reviewed by McClatchy Newspapers. By the end of that decade, Bain Capital estimated its partners had made $58.4 million off its investment in GS Industries, according to the prospectus.

Bain Capital's partners also earned multimillion-dollar dividends from GS Industries and annual management fees of about $900,000. But by the time GS Industries filed for bankruptcy protection in 2001, it owed $553.9 million in debts against assets valued at $395.2 million.

Romney - who founded Bain Capital, one of the earliest leveraged-buyout firms, in 1984 - was in charge of the firm for most of the time it owned GS Industries. Romney left Bain Capital in 1999, two years before the bankruptcy, to run the organizing committee for the Winter Olympics in Salt Lake City, Utah.

"We were doing well and then Bain Capital bought us and they took everything they could out of the company without making the investments we needed to stay competitive," said James Sanderson, who has been with the mill since 1974 and served as its union president since 1988. "They ran the company into bankruptcy."

http://www.mcclatchydc.com/2012/01/14/135889/romneys-bain-made-millions-as.html

[Crankie Avalon]

1. For anyone familiar with "The Sopranos" or "Goodfellas"...

...this is what is known as a "bust out". Romney is just a fancypants version of a gangster, except he doesn't even have the animal courage to risk his neck on the street

[Hassin Bin Sober]

2. Yep. +1

".....fuck you, pay me!"

[Scurrilous]

3. K & R

[Kingofalldems]

4. And the hits just keep on comin'

[City Lights]

5. Shout it from the rooftops!

And make sure everyone knows how much Mittens enjoys firing people.

[zbdent]

6. This is why I keep saying Romney's a "job creator" in the same way that someone could claim

they sold a car, when they bought a junk car from someone for $30, and sold the catalytic converter for the platinum, and left the car in the front lawn of the original owner ...

[Ikonoklast]

7. Vulture Capitalism at its finest.

Acquire ongoing concern that has either cash or other assets.
Get employees to take a cut in pay, benefits, well, everything by telling them that you are trying to save their jobs. (This part is called "Lie Your Ass Off To The Proles.)
Load up company with debt.
Loot company of any liquid asset.
Sell off anything else that has residual value.
Cash out, selling husk of looted company, or just let it go into receivership.


This is NOT the 'American Way' of running a business.

This is the MBA School Of 'Fuck You I'm Rich Now' way of ruining a business.

[Initech]

10. Yup. That's it in a nutshell.

I really wonder when the uber-rich just completely shut off all reality and developed this "fuck the workers, I want it all for myself" attitude. And they get worse about it every year too.

[Zalatix]

8. What else is there to say but... K&R!

[riverbendviewgal]

9. PM Brian Mulroney let his friends buy the truck company I worked for.

He enabled to let his good friends buy the national Canadian company with no down payment. The was government owned company and doing very well.

Once they got possession they proceeded to separate the property from the employee/equipment. This was during the times of the real estate boom...1988.

The owners bought a private jet, took trips to Europe, bought a yacht where they kept in the truck garage parking lot when not in use, There was also a jaguar which one of them owned always at the shop getting repairs, washed and gassed up.

One day a truck driver came in and told his fellow employees that he took his wife to the hospital where he was told he had no medical insurance. It turned out that the company was deducting the union dues, the medical insurance but not forwarding it on.

You can imagine the alarm bells that went off. It was about 3 weeks later when they closed the gates on us and declared bankruptcy.

Ever since then I absolutely hate the Progressive Conservatives and Brian Mulroney will always be a dirt bag in my books.

[alcibiades_mystery]

11. Blue Horseshoe Loves GS Industries