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Obama created 4.2 million jobs in America.
Romney outsourced American jobs overseas.
Well short of the 8 million that were supposed to be created. And we all know that the WP article was a hit piece. You'll take any liberal "fact" and run with it.
Facts have a liberal bias.
That's why only 6% of scientists are Republicans.
Obama created 4.2 million jobs in America.
Romney outsourced American jobs overseas.
We're so much better off with Obama and Biden, 2 guys who never worked a real job and gave us record debt, deficits, poverty and chronic 8% unemployment
I still don't know who the company IS...what Factchecking there was...was ROMNEY directly involved in this guy building a STAGE so he could be told he was FIRED?
The OP has some 'splainin' ta doo Loocie!
From a release: Stage features Mike Earnest, a former employee at AMPAD in Marion, Indiana, who was tasked with building a 30-foot stage, on which it was announced that and his colleagues had lost their jobs. Hundreds of workers lost their jobs and promised health and retirement benefits while Mitt Romney and his firm walked away with over $100 million in profit.
The box contains records of a long-ago chapter in the history of Bain Capital, the Boston investment firm Romney led from 1984 to 1999. Back in 1992, Bain acquired a manufacturer called American Pad & Paper, or Ampad. Bain then used Ampad as a vehicle to buy and restructure similar companies. Following standard roll-up strategy, Bain closed factories and laid off workers in anticipation of selling off a leaner, more profitable company via an initial public stock offering.
Two years into the roll up, Bain had Ampad acquire an office supplies plant in Marion, Ind., a manufacturing town 70 miles northeast of Indianapolis. At the time, Johnson worked the night shift making hanging files. We come back from the July 4th holiday, and this is what we find posted, Johnson says, producing from the Romney box a one-page notice: As of 3 p.m. today, July 5, 1994, your employment with SCM Office Supplies Inc. will end. Most of the 258 employees were allowed to reapply for jobs at reduced wages and benefits. Johnsons pay fell 22 percent, he says, from $10.05 an hour to $7.88. Dismayed to see their old union contract torn up, the Marion workers negotiated with Ampad management for several months, then called a risky strike. In early 1995, Ampad called the unions bluff, closed the plant, and laid off the remaining workers.
In 1992, Bain Capital acquired American Pad & Paper, or Ampad, from Mead Corp., embarking on a roll-up strategy in which a firm buys up similar companies in the same industry in order to expand revenues and cut costs.
Through Ampad, Bain bought several other office supply makers, borrowing heavily each time.By 1999, Ampads debt reached nearly $400 million, up from $11 million in 1993, according to government filings.
Sales grew, too for a while. But by the late 1990s, foreign competition and increased buying power by superstores like Bain-funded Staples sliced Ampads revenues.
The result: Ampad couldnt pay its debts and plunged into bankruptcy. Workers lost jobs and stockholders were left with worthless shares.
Bain Capital, however, made money and lots of it. The firm put just $5 million into the deal, but realized big returns in short order. In 1995, several months after shuttering a plant in Indiana and firing roughly 200 workers, Bain Capital borrowed more money to have Ampad buy yet another company, and pay Bain and its investors more than $60 million in addition to fees for arranging the deal.
Bain Capital took millions more out of Ampad by charging it $2 million a year in management fees, plus additional fees for each Ampad acquisition. In 1995 alone, Ampad paid Bain at least $7 million. The next year, when Ampad began selling shares on public stock exchanges, Bain Capital grabbed another $2 million fee for arranging the initial public offering on top of the $45 million to $50 million Bain reaped by selling some of its shares.
Bain Capital didnt escape Ampads eventual bankruptcy unscathed. It held about one-third of Ampads shares, which became worthless. But while as many as 185 workers near Buffalo lost jobs in a 1999 plant closing, Bain Capital and its investors ultimately made more than $100 million on the deal.
Obama created 4.2 million jobs in America.
Romney outsourced American jobs overseas.
Link to Obama creating 4.2 million jobs. Another solar company just went tits up, so I'd really like to investigate how all these losses on the tax payer dime have turned into the creation of so many jobs according to you.
Abound Solar is about to bite the dust. 125 jobs for a 400 million dollar gift of taxpayers dollars are now going to be flushed.
Obama created 4.2 million jobs in America.
Romney outsourced American jobs overseas.
Well short of the 8 million that were supposed to be created. And we all know that the WP article was a hit piece. You'll take any liberal "fact" and run with it.
Facts have a liberal bias.
That's why only 6% of scientists are Republicans.
We're so much better off with Obama and Biden, 2 guys who never worked a real job and gave us record debt, deficits, poverty and chronic 8% unemployment
I still don't know who the company IS...what Factchecking there was...was ROMNEY directly involved in this guy building a STAGE so he could be told he was FIRED?
The OP has some 'splainin' ta doo Loocie!
No commentary from me, but 30 seconds with Google gave me this
Mitt Romney made over a hundred million dollars by shutting down our plant ‹ I Acknowledge Class Warfare Exists
The box contains records of a long-ago chapter in the history of Bain Capital, the Boston investment firm Romney led from 1984 to 1999. Back in 1992, Bain acquired a manufacturer called American Pad & Paper, or Ampad. Bain then used Ampad as a vehicle to buy and restructure similar companies. Following standard roll-up strategy, Bain closed factories and laid off workers in anticipation of selling off a leaner, more profitable company via an initial public stock offering.
Two years into the roll up, Bain had Ampad acquire an office supplies plant in Marion, Ind., a manufacturing town 70 miles northeast of Indianapolis. At the time, Johnson worked the night shift making hanging files. We come back from the July 4th holiday, and this is what we find posted, Johnson says, producing from the Romney box a one-page notice: As of 3 p.m. today, July 5, 1994, your employment with SCM Office Supplies Inc. will end. Most of the 258 employees were allowed to reapply for jobs at reduced wages and benefits. Johnsons pay fell 22 percent, he says, from $10.05 an hour to $7.88. Dismayed to see their old union contract torn up, the Marion workers negotiated with Ampad management for several months, then called a risky strike. In early 1995, Ampad called the unions bluff, closed the plant, and laid off the remaining workers.In 1992, Bain Capital acquired American Pad & Paper, or Ampad, from Mead Corp., embarking on a roll-up strategy in which a firm buys up similar companies in the same industry in order to expand revenues and cut costs.
Through Ampad, Bain bought several other office supply makers, borrowing heavily each time.By 1999, Ampads debt reached nearly $400 million, up from $11 million in 1993, according to government filings.
Sales grew, too for a while. But by the late 1990s, foreign competition and increased buying power by superstores like Bain-funded Staples sliced Ampads revenues.
The result: Ampad couldnt pay its debts and plunged into bankruptcy. Workers lost jobs and stockholders were left with worthless shares.
Bain Capital, however, made money and lots of it. The firm put just $5 million into the deal, but realized big returns in short order. In 1995, several months after shuttering a plant in Indiana and firing roughly 200 workers, Bain Capital borrowed more money to have Ampad buy yet another company, and pay Bain and its investors more than $60 million in addition to fees for arranging the deal.
Bain Capital took millions more out of Ampad by charging it $2 million a year in management fees, plus additional fees for each Ampad acquisition. In 1995 alone, Ampad paid Bain at least $7 million. The next year, when Ampad began selling shares on public stock exchanges, Bain Capital grabbed another $2 million fee for arranging the initial public offering on top of the $45 million to $50 million Bain reaped by selling some of its shares.
Bain Capital didnt escape Ampads eventual bankruptcy unscathed. It held about one-third of Ampads shares, which became worthless. But while as many as 185 workers near Buffalo lost jobs in a 1999 plant closing, Bain Capital and its investors ultimately made more than $100 million on the deal.
I have no failth in the population of this country anymore.
I still don't know who the company IS...what Factchecking there was...was ROMNEY directly involved in this guy building a STAGE so he could be told he was FIRED?
The OP has some 'splainin' ta doo Loocie!
No commentary from me, but 30 seconds with Google gave me this
Mitt Romney made over a hundred million dollars by shutting down our plant ‹ I Acknowledge Class Warfare Exists
In 1992, Bain Capital acquired American Pad & Paper, or Ampad, from Mead Corp., embarking on a roll-up strategy in which a firm buys up similar companies in the same industry in order to expand revenues and cut costs.
Through Ampad, Bain bought several other office supply makers, borrowing heavily each time.By 1999, Ampads debt reached nearly $400 million, up from $11 million in 1993, according to government filings.
Sales grew, too for a while. But by the late 1990s, foreign competition and increased buying power by superstores like Bain-funded Staples sliced Ampads revenues.
The result: Ampad couldnt pay its debts and plunged into bankruptcy. Workers lost jobs and stockholders were left with worthless shares.
Bain Capital, however, made money and lots of it. The firm put just $5 million into the deal, but realized big returns in short order. In 1995, several months after shuttering a plant in Indiana and firing roughly 200 workers, Bain Capital borrowed more money to have Ampad buy yet another company, and pay Bain and its investors more than $60 million in addition to fees for arranging the deal.
Bain Capital took millions more out of Ampad by charging it $2 million a year in management fees, plus additional fees for each Ampad acquisition. In 1995 alone, Ampad paid Bain at least $7 million. The next year, when Ampad began selling shares on public stock exchanges, Bain Capital grabbed another $2 million fee for arranging the initial public offering on top of the $45 million to $50 million Bain reaped by selling some of its shares.
Bain Capital didnt escape Ampads eventual bankruptcy unscathed. It held about one-third of Ampads shares, which became worthless. But while as many as 185 workers near Buffalo lost jobs in a 1999 plant closing, Bain Capital and its investors ultimately made more than $100 million on the deal.
30 seconds and you found a left wing rant site with an anti-Romney article. Congratulations on being a fucking idiot. You must be very proud.
What's amazing, is the Left actually believe this ad is true and they refuse to look into the facts themselves.
What facts are you referring to?After the Obama campaign unleashed another attack Monday on Mitt Romneys business dealings at Bain Capital, the private equity firm went on defense. But Bains public statement is as notable for what it included as it is for what it left out <snip> Although the statement points out that Bains control of Ampad ended in 1996, up until 1999, Bain owned a nearly 36 percent stake in the paper supply company through stock ownership in five investment funds that bought shares in the company, according to public records.
In fact, in 1999, Bain was actually the largest single shareholder of Ampad. In addition, as of 1999, three Bain executives were sat on Ampads board of directors. <snip> The statement mentions that Ampad encountered financial difficulties due to overwhelming pressure from big box retailers, among other factors.
But it turns out that one of the big box retailers putting pressure on Ampad was a company Romney often holds up as a Bain success story the office supply giant, Staples.
romney carpet bombed the rep candidates with mis leading ads. its payback time, jackass romney.
this time your opponent can fight back.
romney carpet bombed the rep candidates with mis leading ads. its payback time, jackass romney.
this time your opponent can fight back.
That is SOP in any election... I take it your pissed because your candidate lost. Which of the GOP losers were you backing? The idiot Santorum or the corrupt bastard Gingrich?
Facts in your own article that you put up.
They did not manage that company very well.
They could have made many decisions as to how they could compete with Staples,but they didn't.
They should have used the Asian markets just like Staples did.
They mismanaged that company from the start otherwise they would not have needed Bain at all.
They should have fired their CEO as soon as they started getting into trouble.
I watched the video in the OP (finally). Powerful stuff. The idea of the company ordering the building of a stage for an announcement that the builders were going to be fired sounds like something Montgomery Burns would have done on The Simpsons
Makes you wonder if it's even true huh? Sounds like a lie to me.
We're so much better off with Obama and Biden, 2 guys who never worked a real job and gave us record debt, deficits, poverty and chronic 8% unemployment
Oh and our first ever credit downgrade!
If any of that were true, you might have a point. Since you dont...thanks for playing.
romney carpet bombed the rep candidates with mis leading ads. its payback time, jackass romney.
this time your opponent can fight back.
That is SOP in any election... I take it your pissed because your candidate lost. Which of the GOP losers were you backing? The idiot Santorum or the corrupt bastard Gingrich?
anyone but liberal romney, the creator of obamacare. no romney supporter should be complaining now about obamas mis leading ads. payback.
