This week the Obama campaign debuted its attack on Bain Capital, the private-equity firm Mitt Romney founded. Its two-minute ad purports to tell the story of GS Technologies, a Kansas City-based Bain investment that went bankrupt in 2001.Read the whole thing. The Obama people are lying because they don't want to lose and they hate capitalism. They think they can create a world in which everyone (as long as they're in a union) wins and nobody (except non-union members) loses. They're idiots.
To hear the Obama campaign, this is a tale of greed: GST was a healthy, happy, quality steelmaker until Bain plundered its worth and stripped its 750 workers of their due. "It was like a vampire," laments one former employee in the ad. "They came in and sucked the life out of us."
GST is a tragic tale, though in a different way. The real story of GST is that of a private-equity firm trying to spark some life into a uncompetitive, over-unionized industry. Bain's crime here—if that's what you call it—was giving a dying steel plant an unexpected eight-year lease on life.
Saturday, May 19, 2012
The Obama team is spreading absolutely false stories about the work Mitt Romney's Bain Capital did with a steel mill in Kansas City. Kimberely Strassel took a look at the story:
Posted by Rick Moore on 5/19/2012