Human Interest

Romney Economics: Bankruptcy and Bailouts at GST Steel (Video)

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"What Bain Capital did was not capitalism. It was bad management."

"[Bain Capital] issued $125 million of bonds, and out of that $125 million debt, they paid themselves almost $40 million."

"They made as much money off it as they could, and they closed it down, they filed for bankruptcy, without any concern for the families or the communities."

Mitt Romney, job destroyer.

Kansas City's GST Steel had been making steel rods for 105 years when 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 not only lost their jobs but were denied their full pensions and health insurance, and the government was forced to step in and provide a bailout.

Learn more: http://www.romneyeconomics.com