Obama presses Bain attacks despite D grumbles
The Philadelphia Inquirer's Thomas Fitzgerald covers politics and political animals under the big tent.
Obama presses Bain attacks despite D grumbles
Thomas Fitzgerald, Inquirer Politics Writer
President Obama’s re-election campaign is continuing its attacks on Republican Mitt Romney as a job killing profiteer during his career in private equity, launching a web video Monday centered on the experience of workers at Ampad, a paper company.
Bain Capital, where Romney was CEO, bought Ampad in 1992, mostly with borrowed money, then acquired other paper companies over the next several years. By 1999, the company carried $400 million in debt, and it went bankrupt in 2000. Bain realized a profit of $100 million on its initial $5 million cash investment.
The latest Obama video focuses on a paper company in Marion, Ind. that Bain-controlled Ampad bought in 1994; all 250 workers were immediately fired and made to reapply for their jobs – at much lower wages and benefits. That plant closed one year later. The video features interviews with several workers who saw their middle-class lives fall apart.
Romney, who was governor of Massachusetts from 2003-2007, touts his Bain experience as an important credential as a job creator. Obama strategists believe there is a darker story: of a man who pursued profits at the expense of workers, an enemy of the middle class.
The Obama campaign came under fire from a top surrogate on the Bain issue on Sunday, when Newark Mayor Cory Booker said on NBC’s Meet the Press that he found the attacks “nauseating.”
"I'm not going to sit here and indict private equity. To me we're getting to a ridiculous point in America," Booker said on Meet. “If you look at the totality of Bain Capital's record, they've done a lot to support businesses, to grow businesses, and this, to me, I'm very uncomfortable with.”
Later Booker released a video, presumably after heat from the Obama camp, in which he sought to clarify his comments. He said that Romney’s record at Bain was fair game, and added he had been making the point that there are too many negative attacks on both sides of the presidential race.
Last week, the Obama campaign highlighted a GST Steel, a Kansas City-company that was bought by Bain and then went under (though it was also under heavy pressure from imports of cheaper foreign steel.)
The Romney campaign Monday called the Obama attacks “an assault on the free-enterprise system.”
Here is the web video that the Obama campaign is circulating :
Comments (54)
Romney destroys 250 jobs and profits $100,000,000 at Ampad
Romney destroys 750 jobs and profits $140,000,000 at GAT Steel
Romney made more money when he destroyed more jobs. Why would Romney create more jobs for us?— Seed
Comment removed.- Better yet, invite the Muslim Brotherhood to the White House for a party!...Oh, that already took place... sorry.
— dogman5 - Who sold WMD to Saddam? Rumsfeld and Chenney.
Who funded Osama in Afghanistan? Ronald Regan
Who hosted taliban in Texas? Governor Bush
Anything for money and misguided polities, that's GOP for you!— Seed - Seed seriously? Posting and commenting on every single post? Your obession with promoting Obama and Demoting Romney is kind of creepy. — towelie
- In MA Romney destroyed jobs to make it 47th in job creation in nation. Year before that MA was 37th in job creation.
Romney and his business friends made more profit than ever. On top of it he kept the tax low for his friends while increasing state fees by $450,000,000. Fees are taxes targeted at middle class and poor.
Romney followed his pattern of making money by exploiting the people from business world to political world. Why would he do any different for the whole country?— Seed - Harvard Hoover- Harvard MBA- great depression
George Bush- Harvard MBA- second depression
Mitt Romney- Harvard MBA- third depression?
Vulture capitalists don't create! They destroy; death is where they see the best opportunity like a mortisian— Seed - Who the heck is "Harvard" Hoover and what is a "mortisian," genius? — E
- Thanks for reading!
Corrected name would be Herbert Hoover.
It is good to know that some tea baggers have knowledge of history; but they refuse to learn from it.— Seed - Despite holding all the voting cards and deficit spending at the highest levels in the history of mankind....Barack Obama has not a single economic accomplishment he can use in his campaign. So, he attacks Romney. If that is what he needs to campaign on it is just further evidence that Barack Obama has earned & deserves his legacy of The Failure in Chief. "Historic" presidential disaster.— kelprod2
- So the company was deep in the black until the salaries were revamped, right? WRONG! Attempts to rescue the company fell short because it was too far gone. It could no longer compete. If anything, the closure of layoffs were delayed a year.
— lefty - In short, Romney circles around a weak animal, feeds it 5 million dollar and cashes out 100 million that kills the animal. Then Romney transfer the pension and other cost of the employees to the tax payers.
Vulture capitalist as Rick Perry described him! A heartless soul!— Seed - What did your boy Cory Booker have to say about it recently seed?? Fact is, even most Demo's agree with Booker. — dogman5
- Booker said Romney is a vulture capitalist and bringing attention to this vulture like behavior is legitimate issue.
Update yourself on the news.— Seed - No he didn't you lie. Here is a google search for
"booker romney vulture capitalist"
http://www.google.com/#hl=en&sclient=psy-ab&q=booker+romney+vulture+capitalist&oq=booker+romney+vulture+capitalist&aq=f&aqi=q-n1&aql=&gs_l=serp.3..33i38.2664.12167.0.12309.24.24.0.0.0.0.302.3622.2j17j2j2.23.0...1.0.UFqPmManl6w&pbx=1&bav=on.2,or.r_gc.r_pw.r_qf.,cf.osb&fp=896704d8d7d7947c&biw=1280&bih=878— towelie - Reported unemployment rate is around 8.1%. The effective unemployment rate hovers somewhere around 18%.
According to the Center for Labor Market Studies at Northeastern University, about 53.6 percent of men and women under the age of 25 who hold bachelor’s degrees were jobless or underemployed last year, the most in at least 11 years.
According to the Pew Research Center, if we broaden the age group to 18- to 29-year-olds, an estimated 37 percent are unemployed or out of the work force, the highest share in more than three decades.
Bain sounds pretty good to me compared to the current adminstration.
— Norton - I enjoy reading the comments from everyone. But, what I enjoy more is the fact that I can read comments from everyone who do not live in fear to express their opinions. Whether I happen to agree with them or not. Please don't forget this!— mattbagley
- The devil's in the details- something lacking in both the Obama ad and under this big guy's tent.
The company referenced but not named is SCM. It's no secret how legitimate equity firms are run. Like those who borrow all but the small personal investment they put forth to purchase questionable properties, fix them up in order to then "flip" them, private equities work on a similar principle. They are highly leveraged.
In the early '90's, Bain got caught in a cycle it could not manage without sustaining larger losses or closure. With 5 million down and 35 million in loans into obtaining AP&P, along came the emergence of large office super stores. AP&P could not compete, especially when asian competition was thrown into the mix. So, Bain made a mistake. It's managers thought that by buying up other paper goods businesses it could broaden its appeal and meet its competitors on equal footing. That's where SCM, a hanging file company entered the picture. Bain thought that by adding SCM to its holdings, it could better position itself in the challenging market place of selling paper goods.
During this time, Romney was on a leave of absence running against Ted Kennedy for the senate. So now you know the rest of the (untold) story.— lefty - Obama attacks Romney because he has nothing positive to say about himself. Obama = Failure— psyrus
- Obama can rip Bain but no one's allowed to point out that the government fired 100,000 GM workers and GM still owes taxpayers at least $15 billion. Who would you want to be your private equity firm?— AvoidSundanceVacations
- ...and the Messiah really invested the taxpayer's money wisely in the Solyndra debacle. The guy needs an Economics 101 course, and should fire all his financial advisers, especially Geithner who should be in jail for not paying his taxes. — dogman5
- President Obama will win easily and all you rePUKElicans can whine for 4 more years.— sewell guy
- "rePUKElicans" quite classy there sewell guy, gotta respect someone who brings so much hate to a political message board. Hey sewell guy, you do realize we are all Americans and in this together right? While you may disagree with the other side, you do realize this isn't as "good guy/bad guy" as a kids movie right? There is no true "villian" Just candidates who think things should be done differently then you. Stop with the hate. — towelie
- sewell guy, Maybe, but what the gluck does your comment add to the discussion that maybe your boy was stretching the truth by avoiding the facts? Do you have anything that would show otherwise?— lefty
- How did Obama do as the head of a coorporation. Oh that is right he is a life long politician. And so far as head of the United States I think he has caused more layoffs and bankruptcies then Bain.— harrismojo
- Four more years of Joe B telling wheel chair bound people to "stand up and take a bow". If that's Hope & Change, then I beleive we put the wrong guys in office.— Norton
- To deny that firms like Bain capital don't have a place in a capitalistic economy is nonsense. To also deny that the Bain Capitals of the world generally profit by doing exactly what is described here is also nonsense.
Mitt is what he is.
4 years ago the republicans rejected him over the clearly diminished John McCain (who then chose Palin to prove the point)
What has Mitt done to make them love him since?
Run for president, that's all he's done.
And the whining about this being unfair is comical. Repubs are just like the bully rich kids in school - once you bloddy a nose a bit they go crying to mommy and daddy.— Owatagoofiam - why shouldn't the wealthy have all the money. the middle class is too stupid to think for themselves.— rubberguard
- Uh-Oh, Cory Booker better be careful -- you don't want to end up on Obama's "enemies list". Then you'll have stooges like Bunch and Fitzgibbon here pounding on you with their deceitful prevarications.
Or, maybe that's Obama's plan to stimulate manufacturing. Two huge factories, one in Washington DC, and one in Chicago. Manufacturing lies.— Mr. Smith - In other news, that the Lapdog, Obama adoring Lapdog Media does not want you to know. AKA "All the news thats fit to ignore". Itseems as though, agianst his campaign promise(another broken promis) the White House has become a revolving door with K Street lobbyists". Hurry Pinky, we need another distration, gay marriage, war on women or something:
http://washingtonexaminer.com/politics/washington-secrets/2012/05/surprise-k-street-business-going-gangbusters/636446— Phishface - Poor Mayor Booker woke up this morning only to find a horse head in his bed-I guess he given an offer he couldn't refuse to make a 2nd video— Tom813
- Comment removed.
- wow, I thought the site didn't allow personal attacks — Tom813
- You can always tell a post from the left- it always includes name calling and some 'clever' way to refer to republicans. Usually no substance, but it rarely omits one or the other.— Wiseman6
- Comment removed.
- so much for civil debate — Tom813
- Bain, oh puleeze. Under Obama, people have seen every problem : eco., cul., mil., soc. problem double in horror from jobs to a horrid energy policy and this DNC ad, plus the MSM wants people to worry about Mitt and his job creation and profit record. Businesses via Mitt that he dealt with were successful overall not only with jobs but profits and private equity is not an evil thing. Free enterprise is a risk. Socialist baloney tries to punish the producers to support the non-producers. Private equity creates jobs not the Federal Govt. and surely not the failed 3 plus years of Obama. We under him would look like Greece and Spain. Only DEM Base groups could want Obama to succeed since they produce nothing but hate toward our American heritage, history and values.— Koons
- FACT: Romney was not at Bain when these layoffs happened and these companies were closed
FACT: a current executive at Bain is a top Obama campaign donor
eh who needs facts when you have the media in your pocket LOL— 420Phillie - Comment removed.
- Yes. Under Bush businesses lost 600,000-800,000 jobs every month. They hate loosing their valued employees and customers without employment unable to buy the goods they sell.
Romney will be worse as he failed MA and exited the state with 36% approval.— Seed - Comment removed.
- if you want a glimpse of what will happen if we re-elect this child should look directly at California or better yet greece cause with this troll in charge that's where we are heading. bunch of uninformed lemmings on this post.— FBO4ever
- Typical Obama. He's against capitalism, employers, job creators, etc, except if they are his capain cotributors.— alsdkjk
- Why is Obama's campaign ONLY about criticizing Romney and the GOP? Because there is NOT ONE THING in his 3+ year record that he can point to as a success!! NOTHING!— bartfr
- THATS NOT TRUE. HE GAVE A VERY GOOD TAX CREDIT FOR A NEW HVAC FOR 2 YEARS. THAT PRODUCED AND WAS VERY SUCCESSFUL. — POLICE 1
- And exactly WHAT JOBS has Obama generated?? Be specific! And compare that number to the $4 trillion dollar debt he "stimulated"! Come on folks...be honest with yourselves!— bartfr
- lets start with boeing, UPS, fed X, construction jobs,AND MORE.
STOP CRYING CLOWN. HE PRODUCED!— POLICE 1 - Obama is doomed if the auto bailouts are his point of economic accomplishment. No jobs were saved...they have been artifically propped up using tens of billions of dollars of taxpayer cash....which will NEVER be repaid in our lifetimes. Obama simply stole tens of billions of dollars and used it as the largest special interst payback in American history...by turning over both companies to the UAW and artificially propping up what are still failed companies. Profitable? No way.
Had both GM & Chrysler went through a bankruptcy, all viable portions of both companies would have been bought up by investors and those jobs truly saved. Additionally, the sales volume for both companies would not have vanished (as economically ignorant left wing loons try to pretend), but rather, that sales volume would have been moved to other car manufacturers which would have increased employment levels & vendor purchases. Obama used taxpayer cash to pick winners & losers...the winners being his special interest unions at GM & Chrylser and the losers being all other auto manufacturers.
To be clear...only a stone cold idiot is dumb enough to believe that the bailout of GM & Chrysler actually saved jobs. That is ridiculous. Remove the artificial money propping them up and they both collapse....and their sales volume dispersed to other manufacturers who would see increased economic activity.
If the auto bailouts are Obama's sole economic accomplishment as president, it is just further evidence of why he should not be given another 4 years. Further justification would be his using tens of billions of taxpayer dollars for the largest special interest payback in American history. Scumbag politician to the core. Hope & change, hope & change...— kelprod2 - you dont have a clue what you are talking about! — POLICE 1
- Obama's corrupt leftist thuggism is simply not going to build trust with any sector of the economy other than those who are trying to siphon off a few billion dollars from the taxpayers. Those companies will support Obama out of their own rational self interest if they think they can get a piece of the pie. Obama is serving pie to his friends.— Mr. Smith
- The record is clear. Obama is a loser. What do losers do? They attack their adversaries. This is what you will see from the Spender-in-Chief for the next 6 months. You wont see anything being done about you getting a job, or reducing our massive debt and tax liabilities.— Capt. Buzz
- Obama is a two bit Demagogue. He got by most of his life by critisizing others. The man up until 3 years ago had no accomplishments in the real world. He now has a record and it is terrible. Thats why he cannot run on it. He must tear the other guy down. He's typical of the liberal academia mindset that is so pervasive on college campuses and more so on Ivy League campuses. Columbia and Harvard being the worst.— Phishface
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Inquirer staff writer Thomas Fitzgerald blogs about national politics.
You can reach Tom Fitzgerald at 215-854-2718 or tfitzgerald@phillynews.com.
Reach Thomas at tfitzgerald@phillynews.com.
Thomas Fitzgerald
Inquirer Politics Writer
You can reach Tom Fitzgerald at 215-854-2718 or tfitzgerald@phillynews.com.
Reach Thomas at tfitzgerald@phillynews.com.
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