Mitten's record on manufacturing

[Conservative]

Mitt Romney Bain Capital Record Targeted By Obama Campaign

An example -

Kansas City’s GST Steel was a successful company that had been making steel rods for 103 years when Mitt Romney and his partners took control in 1993. They cut corners and extracted profit from the business at every turn, placing it deeply in debt. When the company eventually declared bankruptcy, workers were denied their full pensions and health insurance, and the federal government was forced to step in and bail out the pension fund.

Gain management makes productivity soar at GST steel - Berman - 2006 - National Productivity Review - Wiley Online Library

Abstract

GST Steel in Kansas City, Missouri, achieved striking improvements in productivity through a self-funded gain-sharing program featuring direct line-of-sight, measurable data, and low administrative support. Gain-sharing payouts averaging 12.4 percent of gross pay in 1993 were surpassed by first quarter 1994 results.

Within the first three months of 1994, two components of the company broke 13 production records.

In another GST component, management hit its stretch payout of 24 percent while the union reached its stretch payout of 20 percent.

On a more intangible level, the program has produced gains in workforce creativity, cost consciousness, commitment, and empowerment. At the same time, the role of management has been revamped to emphasise monitoring, tracking, coaching, and ongoing communication of results.

GSTs success is rooted in a disciplined six-step process of planning, environmental assessment, plan design, plan testing, plan communication, and plan monitoring.

Organizations can achieve similar results if they provide all employees with equal opportunities for success, give equal weight to financial and operational measures, link business strategy with results, and tie the compensation plan to performance measures. This article outlines the function and scope of gain management and chronicles the transformation of GST as it gave birth to its own gain-management program.

wow... sounds like Romney did OK there, huh.

 

[CrusaderFrank]

A businessman would look at the Department of Education, recognize that it has been an Epic Fail and say that it should be closed.

A Progressive would look at the Department of Education, recognize that it has been an Epic Fail and say that it should be funded.

 

[Conservative]

obama is going to try to focus on the fact that Romney was not 100% successful in turning failing companies around. As if that were possible.

GST Steel was a successful company that Romney sucked the life out of, resulting in the loss of over 3,000 direct jobs. Who knows how many other jobs were lost as a result of his pure greed.

http://www.thegatewaypundit.com/2012/05/failed-jobs-president-attacks-romney-on-jobs-in-new-ad/

Oops!… Obama Blames Romney For GST Plant Closing in 2001 in New Ad – But Mitt Left Bain in 1999

Oops, indeed, dimocrats.

 

[California Girl]

obama is going to try to focus on the fact that Romney was not 100% successful in turning failing companies around. As if that were possible.

GST Steel was a successful company that Romney sucked the life out of, resulting in the loss of over 3,000 direct jobs. Who knows how many other jobs were lost as a result of his pure greed.

http://www.thegatewaypundit.com/2012/05/failed-jobs-president-attacks-romney-on-jobs-in-new-ad/

Oops!… Obama Blames Romney For GST Plant Closing in 2001 in New Ad – But Mitt Left Bain in 1999

Oops, indeed, dimocrats.

Honesty is, apparently, sacrificial for Democrats.

 

[The T]

GST Steel was a successful company that Romney sucked the life out of, resulting in the loss of over 3,000 direct jobs. Who knows how many other jobs were lost as a result of his pure greed.

http://www.thegatewaypundit.com/2012/05/failed-jobs-president-attacks-romney-on-jobs-in-new-ad/

Oops!… Obama Blames Romney For GST Plant Closing in 2001 in New Ad – But Mitt Left Bain in 1999

Oops, indeed, dimocrats.

Honesty is, apparently, sacrificial for Democrats.

As long as it fits into the Wealth Envy/Bashing mantra? Why not?

What businesses has the President run? Only one...The United States economy which he is rapidly running into the ground...and which has larger dire consequences than ANYTHING Mitt Romeny has ever done.

 

[Conservative]

Bain Capital tied to bankruptcy, closing of KC steel plant | Midwest Democracy

Bain, founded in part by Romney, owned a controlling interest in GST Industries Inc., a steel manufacturer that declared bankruptcy in February 2001. As part of the bankruptcy, the company closed the GST Steel plant in northeast Kansas City, laying off 750 workers.

Romney was not a part of the bankruptcy. He founded Bain in 1984 but left in 1999, two years before the filing and closure, although he is believed to have received income from the company after leaving.

By 2001, facing increased competition from cheaper imported steel -- and several years after a bitter labor dispute at the plant -- GST Industries filed for bankruptcy and closed the subsidiary Kansas City operation, dismissing the remaining employees. A spokesman for the company said GST Steel lost $25 million in 2000.

foreign steel killed GST, not Romney.

END DUMB ASS THREAD

 

[naturegirl]

Hey, I want to see Obama's record on manufacturing, oh snap.........his experience is with how many failed solar companies?? How many people lost their jobs and how much money did the AMERICAN TAXPAYER lose??

Don't forget about GM, you know the one that screwed it's stockholders and the taxpayers. Obama has a great track record.

 

[Conservative]

That's right luddly.neddite, you little bitch, run away...

 

[The T]

That's right luddly.neddite, you little bitch, run away...

He's a hired goon from Attack Watch...I'm sure he'll take your message back to his masters and await further intructions/talking points.

 

[VaYank5150]

Oh cool.... partisan hacks regurgitating bullshit from the Obama campaign and accepting it as 'truth'. That's funny.

It worked for Newt with Republican voters in SC. Why not?

 

[Dick Tuck]

Special report: Romney's steel skeleton in the Bain closet

Less than a decade later, the mill was padlocked and some 750 people lost their jobs. Workers were denied the severance pay and health insurance they'd been promised, and their pension benefits were cut by as much as $400 a month.

What's more, a federal government insurance agency had to pony up $44 million to bail out the company's underfunded pension plan. Nevertheless, Bain profited on the deal, receiving $12 million on its $8 million initial investment and at least $4.5 million in consulting fees.

....

Bain got its money back quickly. The new company issued $125 million in bonds and paid Bain a $36.1 million dividend in 1994.

"Paying distributions with debt is not uncommon," said Campbell Harvey, a finance professor at Duke University. "The only thing that strikes me as a bit unusual is the size of the dividend. There would be logic in them saving some cash for a downturn."

Typical Wall Street scumbags.

 

[CrusaderFrank]

And Obama made a commercial out of this?

Wow.

That's really fucked up

 

[Conservative]

Special report: Romney's steel skeleton in the Bain closet

Less than a decade later, the mill was padlocked and some 750 people lost their jobs. Workers were denied the severance pay and health insurance they'd been promised, and their pension benefits were cut by as much as $400 a month.

What's more, a federal government insurance agency had to pony up $44 million to bail out the company's underfunded pension plan. Nevertheless, Bain profited on the deal, receiving $12 million on its $8 million initial investment and at least $4.5 million in consulting fees.

....

Bain got its money back quickly. The new company issued $125 million in bonds and paid Bain a $36.1 million dividend in 1994.

"Paying distributions with debt is not uncommon," said Campbell Harvey, a finance professor at Duke University. "The only thing that strikes me as a bit unusual is the size of the dividend. There would be logic in them saving some cash for a downturn."

Typical Wall Street scumbags.

all more than 2 years AFTER Romney left Bain, dip shit. It's a meaningless attack on someone who had nothing to do with the bankruptcy of GST Steel.

 

[Claudette]

Shit. All the big steel companies in the US lost to cheaper imported steel.

Don't that can be blamed on Romney.

 

[The T]

And Obama made a commercial out of this?

Wow.

That's really fucked up

Obama doesn't expect the dumbmasses to factcheck...

 

[Dick Tuck]

Mitt Romney Bain Capital Record Targeted By Obama Campaign

An example -

Kansas City’s GST Steel was a successful company that had been making steel rods for 103 years when Mitt Romney and his partners took control in 1993. They cut corners and extracted profit from the business at every turn, placing it deeply in debt. When the company eventually declared bankruptcy, workers were denied their full pensions and health insurance, and the federal government was forced to step in and bail out the pension fund.

Gain management makes productivity soar at GST steel - Berman - 2006 - National Productivity Review - Wiley Online Library

Abstract

GST Steel in Kansas City, Missouri, achieved striking improvements in productivity through a self-funded gain-sharing program featuring direct line-of-sight, measurable data, and low administrative support. Gain-sharing payouts averaging 12.4 percent of gross pay in 1993 were surpassed by first quarter 1994 results.

Within the first three months of 1994, two components of the company broke 13 production records.

In another GST component, management hit its stretch payout of 24 percent while the union reached its stretch payout of 20 percent.

On a more intangible level, the program has produced gains in workforce creativity, cost consciousness, commitment, and empowerment. At the same time, the role of management has been revamped to emphasise monitoring, tracking, coaching, and ongoing communication of results.

GSTs success is rooted in a disciplined six-step process of planning, environmental assessment, plan design, plan testing, plan communication, and plan monitoring.

Organizations can achieve similar results if they provide all employees with equal opportunities for success, give equal weight to financial and operational measures, link business strategy with results, and tie the compensation plan to performance measures. This article outlines the function and scope of gain management and chronicles the transformation of GST as it gave birth to its own gain-management program.

wow... sounds like Romney did OK there, huh.

Special report: Romney's steel skeleton in the Bain closet | Reuters

GS Industries declared bankruptcy on February 7, 2001, and said it would shut down the Kansas City plant, eliminating 750 jobs. In a press release, the company said the bankruptcy was triggered in part by "the critical need to restructure the company's liabilities."

Workers soon found out what that meant. In April, GS said it was shedding the guarantees it had promised its workers in the event of a plant closure - the severance pay, health insurance, life insurance and pension supplements that had been negotiated during the 1997 strike.

Workers could buy health insurance through the company's plan, but the company would no longer share its costs. For many who were struggling with asbestosis or other ailments contracted during their years of work, the cost was prohibitive.

"The wife and I, we just held our breath and prayed a lot," said Stanger, the ex-millworker. He was quoted a price of $1,800 per month - more than his pension payment.

 

[VaYank5150]

Special report: Romney's steel skeleton in the Bain closet

Less than a decade later, the mill was padlocked and some 750 people lost their jobs. Workers were denied the severance pay and health insurance they'd been promised, and their pension benefits were cut by as much as $400 a month.

What's more, a federal government insurance agency had to pony up $44 million to bail out the company's underfunded pension plan. Nevertheless, Bain profited on the deal, receiving $12 million on its $8 million initial investment and at least $4.5 million in consulting fees.

....

Bain got its money back quickly. The new company issued $125 million in bonds and paid Bain a $36.1 million dividend in 1994.

"Paying distributions with debt is not uncommon," said Campbell Harvey, a finance professor at Duke University. "The only thing that strikes me as a bit unusual is the size of the dividend. There would be logic in them saving some cash for a downturn."

Typical Wall Street scumbags.

all more than 2 years AFTER Romney left Bain, dip shit. It's a meaningless attack on someone who had nothing to do with the bankruptcy of GST Steel.

Republican voters who gave Newt the SC Prmary would disagree with you....

 

[CrusaderFrank]

Special report: Romney's steel skeleton in the Bain closet

Less than a decade later, the mill was padlocked and some 750 people lost their jobs. Workers were denied the severance pay and health insurance they'd been promised, and their pension benefits were cut by as much as $400 a month.

What's more, a federal government insurance agency had to pony up $44 million to bail out the company's underfunded pension plan. Nevertheless, Bain profited on the deal, receiving $12 million on its $8 million initial investment and at least $4.5 million in consulting fees.

....

Bain got its money back quickly. The new company issued $125 million in bonds and paid Bain a $36.1 million dividend in 1994.

"Paying distributions with debt is not uncommon," said Campbell Harvey, a finance professor at Duke University. "The only thing that strikes me as a bit unusual is the size of the dividend. There would be logic in them saving some cash for a downturn."

Typical Wall Street scumbags.

Wow

Reuters carrying water for Obama by printing false and misleading stories

 

[Dick Tuck]

Special report: Romney's steel skeleton in the Bain closet

Less than a decade later, the mill was padlocked and some 750 people lost their jobs. Workers were denied the severance pay and health insurance they'd been promised, and their pension benefits were cut by as much as $400 a month.

What's more, a federal government insurance agency had to pony up $44 million to bail out the company's underfunded pension plan. Nevertheless, Bain profited on the deal, receiving $12 million on its $8 million initial investment and at least $4.5 million in consulting fees.

....

Bain got its money back quickly. The new company issued $125 million in bonds and paid Bain a $36.1 million dividend in 1994.

"Paying distributions with debt is not uncommon," said Campbell Harvey, a finance professor at Duke University. "The only thing that strikes me as a bit unusual is the size of the dividend. There would be logic in them saving some cash for a downturn."

Typical Wall Street scumbags.

all more than 2 years AFTER Romney left Bain, dip shit. It's a meaningless attack on someone who had nothing to do with the bankruptcy of GST Steel.

Romney sucked the company dry, in part by underfunding pensions, and got the taxpayer to pay for the pensions.

 

[Conservative]

Special report: Romney's steel skeleton in the Bain closet



Typical Wall Street scumbags.

all more than 2 years AFTER Romney left Bain, dip shit. It's a meaningless attack on someone who had nothing to do with the bankruptcy of GST Steel.

Romney sucked the company dry, in part by underfunding pensions, and got the taxpayer to pay for the pensions.

incorrect.