Page 930 - Pensions News Today

Interesting there there are examples with what the obama campaign pointed out in their new ad as well as back in the 1994 race with ted kennedy, examples of people losing their jobs, and pensions, and salaries, and benefits, and thats going to be hard for him to explain like staples that bain capital went in and created. hes going to have answers for when people did lose their jobs when bain capital was actually making money. >> how can his campaign respond? is there a message we havent heard fr...

Pensions. he had the fourth worst job creation in the country when he was governor. he doesnt want to talk about his entire business career, most of is life. should not talk about his family or religion, whats left? >> his business record -- >> its character assassination to distort his business record. we have a statement just off the wires here about the wright issue from the obama campaign, "obama had the opportunity to distance himself from his previous attempts politics of clark for assassi...

few moments, but first joe johns takes a look at how edwards went from rising politician to a guy who could face decades behind bars. >> reporter: john edwards, the politician, remember him? >> we have much work to do because the truth is we still live in a country where there are two different americas. >> reporter: but as it turned out, mr. two americas here had two very different faces himself, and one of them wasnt very pretty. people close to him said it was the face of betrayal, ...

The fact as they shut down these american factories and made tens of millions of dollars for themselves and put hundreds of americans out of work they sometimes shut down the factories and put people out of work and made sure that you, the american taxpayer, would have to cover the laid off workers pension costs. bain and capital profits. taxpayers had to clean up behind them. private profit, public risk. does that sound familiar? big action by big business. that is hugely profitable. when it go...

$100 million of it was was gone. their pensions were being reduced. i heard stories of how kids were dropping out of college and pensioners didnt know if they could get operations or leave money to their widow. there was no one from bain around. >> bain walked with the cash? they underfunded pensions. they changed benefits. they made it so the company would go bankrupt. they took theirs and left you guys hanging. >> thats exactly right. when bain bought gst steel they bought it for cash and obli...

They turned around and paid themselves back their own investment with borrowed money and proceeded over a course of years to lever the company up with unsustainable amounts of debts so that by the end of the 1990s the company had $500 million in debt. it couldnt survive. it was an example of terrible management on the part of the business. >> when mitt romney is out on the campaign trail and he says it breaks his heart when he sees these unemployed people, you have a different opinion of that? >...

Company was in bankruptcy and their retiree health insurance, $100 million of it was was gone. their pensions were being reduced. i heard stories of how kids were dropping out of college and pensioners didnt know if they could get operations or leave money to their widow. there was no one from bain around. >> bain walked with the cash? they underfunded pensions. they changed benefits. they made it so the company would go bankrupt. they took theirs and left you guys hanging. >> thats exactly righ...

Experience at bain capital. >> they made as much money off of it as they could. they closed it down. they filed for bankruptcy without any concerns for the families of the community. >> like a vampire. they came in and sucked the life out of us. >> it was like watching an old friend bleed to death. >> as i look around at the millions of americans without work it breaks my heart. >> hes running for president. if hes going to run the country the way he ran our business, i wouldnt want him there. h...

>> they made as much money off of it as they could. they closed it down. they filed for bankruptcy without any concerns for the families of the community. >> like a vampire. they came in and sucked the life out of us. >> it was like watching an old friend bleed to death. >> as i look around at the millions of americans without work it breaks my heart. >> hes running for president. if hes going to run the country the way he ran our business, i wouldnt want him there. hes so out of touch with the ...

Could get operations or leave money to their widow. there was no one from bain around. >> bain walked with the cash? they underfunded pensions. they changed benefits. they made it so the company would go bankrupt. they took theirs and left you guys hanging. >> thats exactly right. when bain bought gst steel they bought it for cash and obligations. among those obligations was $100 million in retirement benefits. romney walked in knowing he obligated to pay that money, but when the going got tough...