To: LABOR, POLITICAL AND STATE EDITORS
PITTSBURGH, Dec. 16, 2011 /PRNewswire-USNewswire/ -- United Steelworkers International Vice President Tom Conway hold a press call currently to set a record true about a millions of dollars that Mitt Romney, claimant for a Republican presidential nomination, has done as a corporate buyout dilettante by expelling American jobs.
(Logo: )
Conway was responding to Romney's Iowa debate stop during Missouri Valley Steel in Sioux City, IA, where a Republican claimant talked jobs and a economy.
"One of Romney's favorite things we've been conference him contend on a debate route is that his prior knowledge as a business executive in a private zone will give him an corner in formulating jobs and regulating a country's mercantile problems. We suspicion it would be useful to take a closer demeanour and set a record true on Romney's bulletin for American workers," Conway told reporters.
Romney and his business partners, who founded Bain Capital in 1984, acquired and joined steel companies and production plants in mixed industrial states. The USW knowledge with Bain Capital acquisitions, embody a GS Industries (GSI) steel plant in Kansas City, MO, and a paper plant in Marion, IN.
Conway pronounced a GSI takeover by Bain Capital resulted in 700 steelworkers losing their jobs, health insurance, and a cube of their hard-earned pensions.
He pronounced that GS Industries was a tenth biggest Bain investment during Romney's years as conduct of a private equity firm. Bain combined GSI in a early 1990s by spending $24 million to acquire and combine steel companies with plants in Missouri, South Carolina and other states.
"Company managers afterwards cut jobs and advantages roughly immediately, and according to a information, what happened down there and what we saw on a ground, Bain and other investors perceived government fees from GSI and a $65 million pision in a initial years following that acquisition.
"As a outcome of this deal, Bain partners, including Romney, doubled their income and they done $50 million off their initial $24 million investment. Then in 1999, as mercantile hurdles in a steel attention continued to mount, GSI sought a sovereign loan pledge that was dictated to assistance steel companies contest internationally. The loan understanding was approved, though in 2001, before it could be put to use, a association went broke dual years after Romney had left Bain.
"This is accurately what Romney and his business partners during Bain did best - they were corporate buyout specialists. They warranted millions off of these deals. They cost a lot of Americans their jobs and they installed these enterprises down with debt."
Listen to a audio of today's press call . (13 mins using time).
Contact: Gary Hubbard, 202-256-8125, ;
Wayne Ranick, 412-562-2444;
SOURCE United Steelworkers (USW)
-0-
News referensi http://news.yahoo.com/usw-sets-record-straight-mitt-romney-jobs-record-214308893.html
No comments:
Post a Comment