One of Mitt Romney's achievements that forms a part of the reason for believing him to be a good choice for the Presidency is his founding of a venture capital firm, Bain Capital. This firm was responsible for infusing capital into such now-well-known names as Staples, Sports Authority, and many others. But of course, some of the firm's guesses did not work out. And nobody guesses right on an investment all the time, so one can hardly blame Mitt Romney for an occasional bankruptcy. Yet, President Obama's campaign people are doing just that.
GST Steel was a company which Bain Capital acquired in 1993. GST went bankrupt and shut down its Kansas City plant in 2001, costing about 750 workers their jobs. Note that date. Because Mitt Romney had left Bain Capital in 1999, when he went to take over the management of the 2002 Salt Lake City Olympic bid. In other words, Mitt Romney can not be blaimed for GST Steel's bankruptcy, even if Bain Capital could be shown to have done something wrong. And as I said, even the best investment firms make some mistakes. For every GST Steel that Bain could not save, there were many more Sports Authorities that they did. Even Steve Rattner, a former Obama adviser, says the ads are "unfair"!
When one of your own former advisors makes such comments, that is a sleazy thing to do.
GST Steel was a company which Bain Capital acquired in 1993. GST went bankrupt and shut down its Kansas City plant in 2001, costing about 750 workers their jobs. Note that date. Because Mitt Romney had left Bain Capital in 1999, when he went to take over the management of the 2002 Salt Lake City Olympic bid. In other words, Mitt Romney can not be blaimed for GST Steel's bankruptcy, even if Bain Capital could be shown to have done something wrong. And as I said, even the best investment firms make some mistakes. For every GST Steel that Bain could not save, there were many more Sports Authorities that they did. Even Steve Rattner, a former Obama adviser, says the ads are "unfair"!
When one of your own former advisors makes such comments, that is a sleazy thing to do.
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