Wasnt Bain News Today : Breaking News, Live Updates & Top Stories | Vimarsana

>> you know the rest of the story. president obama's former economic advisor on the automobile industry, said that obama's bain ad was unfair because it wasn't bain's mission to create jobs. that really is the point isn't it? what's 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 it's a cyclical business. they know you don't lever up a company like th...

Automobile industry, said that obama's bain ad was unfair because it wasn't bain's mission to create jobs. that really is the point isn't it? what's 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 it's a cyclical business. they know you don't lever up a company like that with debt so in the hard times you can't pay your bills. that's exactly what mitt...

$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 didn't 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. >> that's 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...

Cratered their jobs, cratered their community. >> you know the rest of the story. president obama's former economic advisor on the automobile industry said that obama's bain ad was unfair because it wasn't bain's mission to create jobs. that really is the point isn't it? what's 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 it's a cyclical business. ...

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 didn't 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. >> that's exactly right. when bain bought gst steel, they bought it for cash and obligations. among those obligations wa...