Romney is right to be talking about job creation and families considering the unemployment rate, but his record in the private sector are one of job destruction. Romneys company, Bain Capital, was in the business of buying up distressed companies, running up debt, slashing them to bits, and then selling them off, resulting in lots of job losses:
Some facts while Mitt was at Bain Captial
In 1992, the firm acquired American Pad & Paper. By 1999, two American plants were closed, 385 jobs had been cut and the company was $392 million in debt. The next year, Ampad was forced into bankruptcy.
Some facts while Mitt was at Bain Captial
Bain Capital and Goldman Sachs bought Dade International for about $450 million in 1994. The firm quickly fired or relocated at least 900 workers. Over the next several years, it sunk increasingly into debt and laid off 1,000 workers. In 2002 it filed for Chapter 11 bankruptcy protection.
Some facts while Mitt was at Bain Captial
A 1997 buyout of LIVE Entertainment for $150 million resulted in 40 layoffs, roughly one in four of the companys 166 workers. The job cuts affected all aspects of the company, from production and acquisition to legal and public relations.
Some facts while Mitt was at Bain Captial
In 1997, Bain bought a stake in DDI Corp., a maker of electronic circuit boards. Three years later, Bain took the company public and collected a $36 million payout. But by August 2003, the company filed for bankruptcy protection, laying off more than 2,100 workers.
Some facts while Mitt was Governor of Massachusetts
While Mitt was the Governor of Massachusetts, Massachusetts was rated 47 out of the 50 states as far as job creation and he relocated jobs overseas to India.
