Wasnt Bain News Today

>> you know the rest of the story. president obamas former economic advisor on the automobile industry, said that obamas bain ad was unfair because it wasnt bains mission to create jobs. that really is the point isnt it? whats your response to that? >> that really gets under my skin, ed. the fact is you judge a businessman by the values and record of the businesses that they own and run. the case of gst steel was one of an extremely poorly managed business. it was one in which smart people in th...

Automobile industry, said that obamas bain ad was unfair because it wasnt bains mission to create jobs. that really is the point isnt it? whats your response to that? >> that really gets under my skin, ed. the fact is you judge a businessman by the values and record of the businesses that they own and run. the case of gst steel was one of an extremely poorly managed business. it was one in which smart people in the steel industry know its a cyclical business. they know you dont lever up a compan...

$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...

Cratered their jobs, cratered their community. >> you know the rest of the story. president obamas former economic advisor on the automobile industry said that obamas bain ad was unfair because it wasnt bains mission to create jobs. that really is the point isnt it? whats your response to that? >> that really gets under my skin, ed. the fact is you judge a businessman by the values and record of the businesses that they own and run. the case of gst steel was one of an extremely poorly managed bu...

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...

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...