Tale of two businesses for Mitt's 'Burgh visit
Republican presidential candidate Mitt Romney is in Westmoreland County for a rally and Pittsburgh for fundraising Tuesday, as President Obama's campaign and its Democratic allies dog him for a failed Bain Capital investment and to demand he release more tax returns.
Tale of two businesses for Mitt's 'Burgh visit
Thomas Fitzgerald, Inquirer Politics Writer
Republican Mitt Romney is using a successful small business, Horizontal Wireline Services, as the backdrop for a rally Tuesday in Irwin, Pa., outside Pittsburgh. No doubt he will celebrate the young company, which services shale-drilling operations, and continue to press the attack on President Obama for showering federal stimulus money on political allies and donors.
Meanwhile, the AFL-CIO is hoping that people will spare a thought for those who used to work 25 miles south in Scottdale, at an American Pad & Paper plant – a piece of a company that went bankrupt after it was acquired by Bain Capital, the private-equity firm Romney founded.
When Bain bought American Pad & Paper from Mead Corp. for $40 million in a 1992 leveraged buyout 1992, the company had four facilities in Pennsylvania. In a much-discussed story of this election cycle, Bain loaded its new company with debt in trying to make a go of it (and pay its management fees); ultimately Bain liquidated its interests in 1999, claiming a profit of $102 million.
Romney’s role in Bain at the time of the company’s folding is in dispute. He has said he left active management of Bain in February 1999, though some Securities and Exchange Commission documents continued to list him as CEO of the private-equity firm until early 2002.
Ampad, with $182 million in debts, filed for bankruptcy protection in 2000. According to the filing, it owed 65 mostly small Pennsylvania businesses a total of $1.45 million.
According to the bankruptcy trustee report, those creditor businesses received less than $0.002 on the dollar. JK's County Market, one such company cited by the AFL-CIO, got just $20.35 from the settlement, on a debt of $10,750.
Later Tuesday afternoon, Romney will be fundraising at the exclusive Duquesne Club in downtown Pittsburgh. MoveOn.org, the lefty activist group, says it plans to picket outside the club – and above it. The protest is to feature a “Romneymobile,” a Cadillac plastered with stickers of Romney’s corporate donors and a dog strapped to the roof. (Yep, it’s a reference to the two decade old story of Seamus, the Romney family dog, riding to vacation atop the station wagon.)
Overhead, a plane will tow a banner that reads, “Tricky Mitt: Release Your Taxes.”
"I am here to help"- Mitt Romney
The small company and it's owners should run for their life and livelihood when Mitt Romney comes to town.— Seed- No president in American history has been more anti- American business/ anti- free market than B Hussein O. Nobody. Not even close.
In order to have an employee, you must first have a successful & profitable employer. B Hussein O HATES successful & profitable American business. Despises them and views them as evil entities which are to be demonized, penalized and destroyed in the name of "equality". Pure insanity, but that is EXACTLY what he believes and his actions have proven that beyond a shadow of doubt. He HATES American industry.
This country will continue to quickly dive deeper into economic despair until citizens elect leadership who embrace a pro- business/ pro- free market agenda. If voeters are looking for a thriving free market and the fruits which come from a thriving free market, then they should vote for Romney. If voters want a nanny state whereby the goal is bring down the entire society to the lowest common denominator of entitlement, which will resemble Cuba, then by all means...vote for the current Failure in Chief. He has made worse EVERY meaningful economic indicator and his all out assualt on American business will ensure that the destruction continues.
In order to have an employee, you must forst have a successful employer. Obama hates successful employers.— kelprod2 - Yeah, yeah, yeah. Whatever Kelprod2. Your posts are tired, old, boring, and useless now. You should disappear, go away, vanish. — CommonSense in Philly
- How's this for tiresome. You remember the auto bailout of GM & Chrysler? If they would have been allowed to go into Chapter 11 and reorganize, the union contracts, that put them into the position of failure, would have been renegoitated. Now, and this is in the words of the CEO of GM, 70% of the vehicles are built outside this country. http://www.youtube.com/watch?v=Lvl5Gan69Wo&feature=youtu.be On top of this, Chrysler is now owned by the Italian company, Fiat. Our tax dollars at work giving Chinese & Italians jobs. — JanK
- So what are you complaining about? Isn't outsourcing the Republican way? Isn't that exactly what Bain Capital and Romney and every other Republican American corporate CEO believes in? — CommonSense in Philly
as opposed to obama's jobs-killing agenda? unemployment up 14%. record-high underemployment (the U-6 number). record high debt. four-straight years of $1 trillion(!) deficits. one of the largest tax increases in U.S. history with obamacare— barry m goldwater
Comment removed.- Posting Obama's campaign ads and talking points from the AFL-CIO is now considered reporting?— jfar86
- Mittens Mandate, a millionaire son who inherited his wealth plays by priviledged rules. He buys companies, adds incridble amounts of debt, then outsources America jobs overseas.
Don't be fooled, Mittens Mandate only cares about the wealthy. If he can give companies tax breaks to move American jobs off-shore, your job may be next!— The Fundamentals of the Economy are Fine - obama hates freedom and capitalism— barry m goldwater
- I kinda feel sorry for Mittens. His continued crying and whining makes a 5 year old girl look more manly.
Mittens, what's with your wife driving you around? Grow a pair!— The Fundamentals of the Economy are Fine - Comment removed.
- Bain took ocmpanies that were destined for shutdown and tried to make them work...
Why did Mittens load these companies with massive debt, in some cases 200-300%, outsource American jobs, only to sell them later?— The Fundamentals of the Economy are Fine - Yo, Fundamentals, the economy is NOT fine.
Look at your town, your street... what do you see? Businesses closing, people losing their homes. More people losing their job.
GET REAL, take a walk around the hood.
People are walking in this heat, riding bikes to bus stops.
The economy is diving, thanks to the guy who has NO business experience in the oval office.— FocusTruthFully - Comment removed.
You can reach Tom Fitzgerald at 215-854-2718 or tfitzgerald@phillynews.com.
Reach Thomas at tfitzgerald@phillynews.com.
