The GS Technologies plant that Barack Obama has used to attack Mitt Romney was scheduled to be closed BEFORE Romney and his colleagues bought the plant and tried to help turn it around.
In 1993, GS Technologies, a company Bain Capital had invested in, purchased a struggling Kansas City steel plant from Armco. Prior to this investment, Armco announced plans to close the Kansas City plant if a buyer could not be found.
This investment – and $170 million in upgrades – kept the Kansas City plant competitive in a tough international market and saved the steel workers’ jobs for eight years.
Mitt Romney LEFT Bain Capital in 1998 to take over direction of the 2000 Winter Olympics. The GS Technologies plant was closed in 2001 because of foreign steel dumping into the U.S. market. Thirty-one other steel companies declared bankruptcy during the same period.
The Obama campaign blamed Governor Mitt Romney for the demise of GST Steel company in a video they released in May. The plant closed in 2001. Mitt left Bain in 1999. It seems Jonathan Lavine, acurrent Obama bundler, was actually in charge, at Bain, during that period when the layoffs occurred at GS Steel. [Jonathan Lavine is also managing director at Bain, bundling between $100,000 and $200,000 in contributions for the 2012 Obama Victory Fund, according to estimates released by the Obama campaign.]
The man in the video, Joe Soptic, lost his job at GS Steel. HIS WIFE WAS WORKING AT THAT TIME, AND CONTINUED TO WORK FOR TWO MORE YEARS during which time SHE HAD HEALTH INSURANCE FROM HER EMPLOYER. She had an accident and quit work. THAT is when she lost her insurance coverage! In 2006 SHE DIED OF CANCER.
This ad is a complete fabrication. The Obama campaign refused to denounce it, saying it’s a Super Pac ad. UNFUKKINBELIEVABLE!
Joe Soptic is a liar and the Romney campaign would be wise to sue him for libel. Perhaps that would prevent future liars from stepping into the political fray.
Note to Joe: The private sector is not in business as a charity. They either make money or they fold. Bain Capital had INVESTORS – something that DEFINES a capitalist economy. The investors include pension funds, charities, and universities. In fact, over half the money invested in private equity is from pension funds and charitable foundations alone. The success of private equity investments helps provide secure retirements for seniors, allows charities to serve their communities, and provides universities with the resources they need to educate our youth.
CHECK THE FACTS HERE: http://www.politifact.com/truth-o-meter/statements/2012/may/16/barack-obama/obama-ad-claims-romney-bain-left-misery-wake-gst-s/