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

[kpete]

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 (258 pounds) 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.

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


PROFITABLE FAILURES
The story of Bain's failed investment in the Kansas City mill offers a perspective on a largely overlooked chapter in Romney's business record: His firm's brush with a U.S. bailout.

His supporters say the pension gap at the Kansas City mill was an unforeseen consequence of a falling stock market and adverse market conditions. But records show that the mill's Bain-backed management was confronted several times about the fund's shortfall, which, in the end, required an infusion of funds from the federal Pension Benefits Guarantee Corp.

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

(finally, some good reporting):
Much More:
http://www.reuters.com/article/2012/01/06/us-campaign-romney-bailout-idUSTRE8050LL20120106

[SpiralHawk]

1. Republicon Family Screwjob Values

as usual

[Pirate Smile]

2. I'm wavering between wanting someone else to win the Republican nomination & thinking

Romney might actually be the perfect opponent because he represents everything people hate:

The "born-on-third base with a silver spoon, wall-street corporate vulture, Buffett Tax beneficiary who makes millions of $$$ per year from Bain for doing nothing but getting taxed less then people who get paid based on their labor, Lay-off king, Income Tax hiding, alienated Latino vote completely with far RW immigration policies, Anti-Dream Act, awkward, weird" candidate.

He's not just a member and defender of the 1% but ACTUALLY a member & defender of the 0.1%.

The more you see & hear Romney, the less you like him.

He sounds good in theory - "moderate" Republican from the NE - until he starts talking and his actual record gets scrutinized.

Plus he is a constant and flagrant liar.

PS Never forget Seamus.

[Angry Dragon]

3. Follow the Money

romney is a liar

[safeinOhio]

4. I'm hearing him say it more often

"What I did was perfectly legal"

right. $ has no morals.

[pansypoo53219]

5. 80's corporate raider.

but do enough people remember these vultures?

[patrice]

6. Wealth + Church: Romney has never lived in our world.

If people want to think his life proves that he has what it takes to be a good president, they're probably assuming he proved himself in life, but his life has never been like most of ours. There's simply very little basis for comparison. His way was expedited by not only by wealth but also along sanitized and synchronized paths of least social resistance within the monoculture of Mormonism, developing him into a machine mind, famous for being famous from manipulating massive quantities without consideration for the human qualities associated with those numbers. Not exactly the kind of mind-heart I want making decisions about my old age, or that of others, nor about the unique potentialities of future persons yet to venture this plane.

http://www.vanityfair.com/politics/2012/02/mitt-romney-201202.print

[WillyT]

7. K & R !!!