Big Bain Backfire

[Lakhota]

 

[Lakhota]

 

[Lakhota]

 

[Vidi]

All reports Ive seen say they borrowed 8 million dollars to buy GST. That number seems incredibly low to me, but I have yet to see anything disputing it.

Oh that I believe.

And I know people who worked on the expansion they funded with the 100 million plus they borrowed.

I am not buying the whole 554 million in debt.....who'se going to loan that kind of money out against a paltry 100 million or so in assets ?...and those would not even be discounted yet.

Vidi has no clue. They paid $75 million for the company. Then they did their first bond offering and paid out $64 mm to their venture investor partners, and took a $36 mm dividend themselves.

A corporate vulture would have probably bailed at this point, but Bain re-invested $16.5mm in the $100mm remodernization themselves, and issued more debt on a merger with a South Carolina company. Again, not something a corporate raider would be doing.

I've provided links showing 8 mil. Just because you say 75 doesn't make it so. Provide links.

And let's not forget the over 300 million they racked up in debt while recouping their intitisl investment.

 

[Vidi]

All reports Ive seen say they borrowed 8 million dollars to buy GST. That number seems incredibly low to me, but I have yet to see anything disputing it.

Oh that I believe.

And I know people who worked on the expansion they funded with the 100 million plus they borrowed.

I am not buying the whole 554 million in debt.....who'se going to loan that kind of money out against a paltry 100 million or so in assets ?...and those would not even be discounted yet.

Vidi has no clue. They paid $75 million for the company. Then they did their first bond offering and paid out $64 mm to their venture investor partners, and took a $36 mm dividend themselves.

A corporate vulture would have probably bailed at this point, but Bain re-invested $16.5mm in the $100mm remodernization themselves, and issued more debt on a merger with a South Carolina company. Again, not something a corporate raider would be doing.

And funny enough, even of your version were true...

Bain under Romney took 75 million dollars and turned it into half a billion dollars in debt in under a decade!

How the hell could you want someone so inept running the country?

Either way you paint it, Romney is either a vulture or an incompetent.

 

[Toro]

Please point out the dishonesty:


GST Steel | Romney Economics | Mitt Romney's private sector record

The very first line is BS. This was not a successful company.

Kansas City’s GST Steel was a successful company that had been making steel rods for 105 years when Mitt Romney and his partners took control in 1993.

Do you have anything that confirms your accusation?

http://www.usmessageboard.com/politics/223643-obama-campaign-ad-a-lie-9.html#post5302587

 

[naturegirl]

Well if we use the Dem talking points on this it just proves throwing good money at a failing economy doesn't work. Isn't Obama doing the same thing to America that they are accusing Romney of doing, what happened at GST?? Those vacations with the entire entourage that accompanies them could have funded the pension plan for those poor folks at GST.

Now let's look at this from another perspective, those people got eight more years of employment instead of just letting GST crumble.

Bain tried to save them but apparently there was no demand for their product, isn't that what drives economy and jobs??

Dems speak out of both sides of their mouths. It you criticize Romney for what he did for Bain, you have to criticize Obama for doing the same thing. Big difference is Romney has many more successes than failures.............I see few successes on the Obama side.

 

[naturegirl]

Oh that I believe.

And I know people who worked on the expansion they funded with the 100 million plus they borrowed.

I am not buying the whole 554 million in debt.....who'se going to loan that kind of money out against a paltry 100 million or so in assets ?...and those would not even be discounted yet.

Vidi has no clue. They paid $75 million for the company. Then they did their first bond offering and paid out $64 mm to their venture investor partners, and took a $36 mm dividend themselves.

A corporate vulture would have probably bailed at this point, but Bain re-invested $16.5mm in the $100mm remodernization themselves, and issued more debt on a merger with a South Carolina company. Again, not something a corporate raider would be doing.

And funny enough, even of your version were true...

Bain under Romney took 75 million dollars and turned it into half a billion dollars in debt in under a decade!

How the hell could you want someone so inept running the country?

Either way you paint it, Romney is either a vulture or an incompetent.

Yea and we know Obama is so good at turning profits, for himself.

 

[Toro]

fabrication.



Bain didnt invest $100 million dollars. They invest 8 million dollars then racked up 100's of millions in debt.

Now you are just trolling, troll.


'The Kansas City plant had two product lines—high-carbon rods and grinding media (used in mining)—that it felt could give it a competitive edge. But it needed investment, and Armco was tapped out. Bain nonetheless saw some potential and in 1993 joined other investors to acquire it for $80 million. Management renamed it GS Technologies (which would become part of a larger GS Industries) and poured an additional $100 million into modernization.'

Strassel: Vampire Capitalism? Please - WSJ.com

They didnt INVEST $100 million. They issued $125 million in bonds then used that money to "modernize". That $125 million was then placed on GST as DEBT.

You see, it MATTERS where the money came from and how it went on the books.

Once again youre only presenting HALF the story and ignoring FACTS in order to suit your own ignorance based narrative.

You miss the point.

A private equity firm does not invest $100 million of anybody's money in a company they think will fail. Bankers do not lend $100 million to anyone whom they think will plunge their loan into bankruptcy. Private equity firms do not invest 8 years of their time into companies they think will fail. That just doesn't happen.

Bain are, or at least were, known as outstanding investors and operators. They thought they could turn GST around, make it profitable and sell it for a lot of money. Instead, it turned into a headache and a failure. That happens sometimes. But they didn't set out to strip the company nor run it into the ground. The ads the Obama campaign are putting out are fundamentally dishonest.

 

[Dick Tuck]

Bain pumped over 100 million into the place. And it was doing well...for a while.

Bain took over in 1993 and was engaged for eight years. That isn't what they normally do.

Bain did not suck their investment out of it. They were hoping to turn it just like they did Steel Dynamics. Can you read moron.

And if Bain had raided the pension, they would have been taken to court. The pension program was grossly underfuneded (one more reason not to get involved). If they took money out of the pension....I have never seen any documentation to that effect.

The company went belly up when the market for it's products went soft.

You bastards just can't let go.

Bain got most of its money back by forcing CTS to take on unsustainable debt. Bain pulled their money out, with a damn good profit in that scheme. Bain made more money when they raped the pension fund, and forced the American taxpayer to contribute chump change, compared what those 20-30 year workers put int.

Romney was a predatory capitalist. Nothing he did convinces me that he'll pull a secret plan out his ass to create jobs.

Bullcrap.

Bain leveraged the existing assets and talked banks into loaning the company huge amounts of money for expansion. I know people in engineering firms who worked in that place for years (and when they first got there, they were afraid to go into the production areas they were in such bad shape). Regulators didn't help things much as it seems it took longer to get permits to some things.

The company wasn't spiraling down like it was before.

The market for it's products went soft and it was shut down. There were hints of labor issues too. The unions whined all the time...even though it would not have lasted much past 1995 had Bain not come in.

Please document the pension rape you describe. I have never seen anything to that effect or are you just farting out talking points.

Bain made paultry money on this place compared to what they made on Steely Dynamics.

You morons just keep bleating.

There was a whole thread on this and you pissants just need to replay it in the hopes you can change the outcome of the discussion this time.

You have no clue what you're talking about. When Bain took over, it bled the pension fund and issued preferred stock. It got back the money that it initially bought stock with, and made a huge profit. What was left was a company with an unsustainable debt. Bain also left the taxpayer with the pension obligation.

You're either very stupid or a liar. Well, you could be both.

 

[Dick Tuck]

Owebama's War on Dogs. Fail.

Owebama's War on Women. Fail.

Owebama's War on Free Enterprise. Fail.
(Well, he is kicking America's ass right now, I just mean his class war against Bain)

Owebama's War on God / Christianity - Stay tuned!!

To you, free enterprise is milking a company, saddling it with debt, and letting the taxpayer cover the raped pension fund. You're one sick fuck.

 

[naturegirl]

Bain got most of its money back by forcing CTS to take on unsustainable debt. Bain pulled their money out, with a damn good profit in that scheme. Bain made more money when they raped the pension fund, and forced the American taxpayer to contribute chump change, compared what those 20-30 year workers put int.

Romney was a predatory capitalist. Nothing he did convinces me that he'll pull a secret plan out his ass to create jobs.

Bullcrap.

Bain leveraged the existing assets and talked banks into loaning the company huge amounts of money for expansion. I know people in engineering firms who worked in that place for years (and when they first got there, they were afraid to go into the production areas they were in such bad shape). Regulators didn't help things much as it seems it took longer to get permits to some things.

The company wasn't spiraling down like it was before.

The market for it's products went soft and it was shut down. There were hints of labor issues too. The unions whined all the time...even though it would not have lasted much past 1995 had Bain not come in.

Please document the pension rape you describe. I have never seen anything to that effect or are you just farting out talking points.

Bain made paultry money on this place compared to what they made on Steely Dynamics.

You morons just keep bleating.

There was a whole thread on this and you pissants just need to replay it in the hopes you can change the outcome of the discussion this time.

You have no clue what you're talking about. When Bain took over, it bled the pension fund and issued preferred stock. It got back the money that it initially bought stock with, and made a huge profit. What was left was a company with an unsustainable debt. Bain also left the taxpayer with the pension obligation.

You're either very stupid or a liar. Well, you could be both.

What was left was a Country with an unsustainable debt. Obama also left the taxpayer with the pension obligation.

Exactly what Obama and his union cronies are doing to America.

 

[JoeB131]

Obama is in a sheer panic right now as his attack on capitalism has blown up in his face.

Big Bain Backfire | Mitt Romney for President

Romney's delusional if he thinks he's going to get out from under what he did to those folks.

Romney Economics: State by state | Romney Economics | Mitt Romney's private sector record

Every Swing state has people Romney and Bain laid off or eliminated jobs or cut benefits.

Bain is to Romney what Swift Boats were to Kerry.

You think it's a benefit, until someone actually takes a look.

 

[Sallow]

Corey Booker is on Rachel Maddow right now, criticizing the Republican feeding frenzy.

Booker screwed up big time. He's trying to play a moderate game on a partisan gameboard. And now he looks ridiculous. In any case..he'll recover..but he really needs to learn the ropes.

 

[Dick Tuck]

Bullcrap.

Bain leveraged the existing assets and talked banks into loaning the company huge amounts of money for expansion. I know people in engineering firms who worked in that place for years (and when they first got there, they were afraid to go into the production areas they were in such bad shape). Regulators didn't help things much as it seems it took longer to get permits to some things.

The company wasn't spiraling down like it was before.

The market for it's products went soft and it was shut down. There were hints of labor issues too. The unions whined all the time...even though it would not have lasted much past 1995 had Bain not come in.

Please document the pension rape you describe. I have never seen anything to that effect or are you just farting out talking points.

Bain made paultry money on this place compared to what they made on Steely Dynamics.

You morons just keep bleating.

There was a whole thread on this and you pissants just need to replay it in the hopes you can change the outcome of the discussion this time.

You have no clue what you're talking about. When Bain took over, it bled the pension fund and issued preferred stock. It got back the money that it initially bought stock with, and made a huge profit. What was left was a company with an unsustainable debt. Bain also left the taxpayer with the pension obligation.

You're either very stupid or a liar. Well, you could be both.

What was left was a Country with an unsustainable debt. Obama also left the taxpayer with the pension obligation.

Exactly what Obama and his union cronies are doing to America.

And you were too stupid to know that Bush financing tax cuts for the top, using debt, wasn't going to impact the known fact that the boomers would be retiring? Are you really this clueless, or just another right wing liar?

 

[Sallow]

Bullcrap.

Bain leveraged the existing assets and talked banks into loaning the company huge amounts of money for expansion. I know people in engineering firms who worked in that place for years (and when they first got there, they were afraid to go into the production areas they were in such bad shape). Regulators didn't help things much as it seems it took longer to get permits to some things.

The company wasn't spiraling down like it was before.

The market for it's products went soft and it was shut down. There were hints of labor issues too. The unions whined all the time...even though it would not have lasted much past 1995 had Bain not come in.

Please document the pension rape you describe. I have never seen anything to that effect or are you just farting out talking points.

Bain made paultry money on this place compared to what they made on Steely Dynamics.

You morons just keep bleating.

There was a whole thread on this and you pissants just need to replay it in the hopes you can change the outcome of the discussion this time.

You have no clue what you're talking about. When Bain took over, it bled the pension fund and issued preferred stock. It got back the money that it initially bought stock with, and made a huge profit. What was left was a company with an unsustainable debt. Bain also left the taxpayer with the pension obligation.

You're either very stupid or a liar. Well, you could be both.

What was left was a Country with an unsustainable debt. Obama also left the taxpayer with the pension obligation.

Exactly what Obama and his union cronies are doing to America.

That's a pretty big laugh..after Bush launched two big wars with no way to pay for them. Wait..not only no way to pay for them..two big tax cuts as well. But good on you to point out that Obama should not honor the obligations that the United States made to the veterans of that war. He's got a different take on it..but it's brave of you to come out and say Obama should screw the vets.

That's the conservative way.

 

[naturegirl]

You have no clue what you're talking about. When Bain took over, it bled the pension fund and issued preferred stock. It got back the money that it initially bought stock with, and made a huge profit. What was left was a company with an unsustainable debt. Bain also left the taxpayer with the pension obligation.

You're either very stupid or a liar. Well, you could be both.

What was left was a Country with an unsustainable debt. Obama also left the taxpayer with the pension obligation.

Exactly what Obama and his union cronies are doing to America.

And you were too stupid to know that Bush financing tax cuts for the top, using debt, wasn't going to impact the known fact that the boomers would be retiring? Are you really this clueless, or just another right wing liar?

Yay!!! It's Boosh's fault!!! It was just a matter of time.

​

 

[zeke]

How come every time a Democrat makes a valid complaint about the actions of Mittens, a right wing rethug comes out and says;

Yay!!! It's Boosh's fault!!! It was just a matter of time.

 

[NYcarbineer]

Romney's claim is that his 'expertise' at working for a company that used private capital to maximize profits represents his case for why he would be a good president.

It's nonsensical.

The president doesn't work in the private sector; the president doesn't work with private capital; the president's job is not to 'maximize profits'.

Romney is making the absurd argument that he was good at one thing and that's why he should be hired to do some other thing, despite the latter having nothing to do with, or no resemblance to, the former.

It's like a guy applying for a carpenter's job and claiming he'd be best for the job because he has years of experience as an accountant.

 

[SniperFire]

What was left was a Country with an unsustainable debt. Obama also left the taxpayer with the pension obligation.

Exactly what Obama and his union cronies are doing to America.

And you were too stupid to know that Bush financing tax cuts for the top, using debt, wasn't going to impact the known fact that the boomers would be retiring? Are you really this clueless, or just another right wing liar?

Yay!!! It's Boosh's fault!!! It was just a matter of time.

​

Lefty is sooooooo finished.