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In 1992, Romney’s Bain Capital invested $5 million in American Pad & Paper and walked away with $100 million in dividends. Romney’s Bain Capital Made Billions While Bankrupting Nearly One-Quarter of the Companies it Invested in. Romney’s Bain Capital also invested $47 million in the DDI Corporation in 1997 and profited nearly $90 million before the company filed for bankruptcy and laid off 2,100 American workers. When he filed for overtime, he said, his new bosses refused to pay it. It was all about profit before people,” a former worker at the plant, Randy Johnson, told People’s World in 2012. These cookies will be stored in your browser only with your consent. We also use third-party cookies that help us analyze and understand how you use this website. After his employer, DuPont, was bought by Dade, William T. Mowrey, a field engineer, said his generous pension plan was replaced by a 401(k); his salary was cut by $1 an hour, costing him $2,000 a year in income. [Emphasis added]. In another case, Romney’s Bain Capital invested $60 million in GS International in 1993, securing $65 million in profits before the company went bankrupt in 2002 and laid off 750 American workers. When they lost their jobs in 1997, they had to abandon plans to buy their first home together. It was all about profit before people,” a former worker at the plant, Randy Johnson, told People’s World in 2012. Nearly 400 American workers in Marion, Indiana, were laid off in the process, and in 2000, the small company filed for bankruptcy. Romney secured $1.78 billion in dividends for investors while the company filed for bankruptcy and laid off 2,000 American workers in Deerfield, Illinois; Glasgow, Delaware; Westwood, Massachusetts; Miami, Florida; and Puerto Rico. Nearly 400 American workers in Marion, Indiana, were laid off in the process, and in 2000, the small company filed for bankruptcy. Once dismissed by cynics as a “conspiracy theory the New World Order is rapidly becoming a reality. ( Log Out /  In 1992, Romney’s Bain Capital invested $5 million in American Pad & Paper and walked away with $100 million in dividends. A number of former Dade Behring employees recalled to the New York Times how their lives were upended when their employers were acquired by Dade at the behest of Romney’s Bain Capital: Cost-cutting became a mantra inside the company. After his employer, DuPont, was bought by Dade, William T. Mowrey, a field engineer, said his generous pension plan was replaced by a 401(k); his salary was cut by $1 an hour, costing him $2,000 a year in income. Johnson said of the layoffs which began in the mid-1990s after AMPAD, acquired by Romney’s Bain Capital, bought the paper company: They quickly fired every single employee. In another case, Romney’s Bain Capital invested $60 million in GS International in 1993, securing $65 million in profits before the company went bankrupt in 2002 and laid off 750 American workers. Romney’s Bain Capital also invested $47 million in the DDI Corporation in 1997 and profited nearly $90 million before the company filed for bankruptcy and laid off 2,100 American workers. Romney’s Bain Capital Made Billions While Bankrupting Nearly One-Quarter of the Companies it Invested in. Gunther Sen. Mitt Romney’s (R-UT) investment firm Bain Capital profited billions between 1992 and 1997 by collecting huge dividends for investors that eventually resulted in layoffs for thousands of … It was all about profit before people,” a former worker at the plant, Randy Johnson, told People’s World in 2012. Donald Trump Launches Devastating Video Against Mitt Romney, Speaker Pelosi Tears Up the President’s Speech: Three Biblical Responses to the Divisions in Our Nation, Survey: One In Eight Believe Coronavirus Is A Hoax To Usher In Forced Vaccinations, BOMBSHELL AUDIO: Biden, Obama Reportedly ‘Didn’t Really Want To Get’ Osama Bin Laden, ‘He [Was] Being Protected’, Benghazi Hero John ‘Tig’ Tiegen Banned From Facebook and Instagram After Trump Supporter Was Murdered at His Rally in Denver, WAYNE ROOT: Fake Poll Alert: Proof Biden is Not Winning, Virginia’s Voter Registration System Goes Down on Final Day to Register to Vote Due to Severed Fiber Optic Cable. Almost all of Stage Stores closed in Indiana, Pennsylvania, Ohio, and some 50 stores closed across Texas. Only after new management took over Stage Stores, long after Romney’s Bain Capital’s involvement, did the retail company begin growing again. Follow him on Twitter at @JxhnBinder. Similarly, Romney’s Bain Capital made an investment in Dade Behring, a manufacturing company that provided supplies for the medical diagnostics industry, of about $415 million in 1994. Necessary cookies are absolutely essential for the website to function properly. Handing them applications as they left, telling the workers if they wanted to work for the new company, they were welcome to apply. AOL Finance reported in 2012 on the financial devastation that Romney’s Bain Capital put American workers through. These cookies do not store any personal information. However you may visit Cookie Settings to provide a controlled consent. “It created a lot of stress,” said Mr. Shoemaker, 59, who had earned more than $80,000 a year. Only after new management took over Stage Stores, long after Romney’s Bain Capital’s involvement, did the retail company begin growing again. We look at its origins, how it operates and how it affects the lives of everyone. “I really feel he didn’t care about the workers. Most prominent are five companies that Romney’s Bain Capital invested in, reaping a profit for himself and investors, and then left to bankruptcy, layoffs, and closure. Posted by. Change ). They walked the fired workers out of the building. One of Romney’s most destructive investments for American workers came when Bain Capital purchased Stage Stores in the late 1980s with a $5 million investment before taking the company public in 1996. “They were just trying to milk as much out of us as they could,” he said. Fill in your details below or click an icon to log in: You are commenting using your WordPress.com account. AOL Finance reported in 2012 on the financial devastation that Romney’s Bain Capital put American workers through. Subscribe our newsletter to stay updated. “I really feel he didn’t care about the workers. [Emphasis added], Mr. Mowrey, now 54, quit. In another case, Romney’s Bain Capital invested $60 million in GS International in 1993, securing $65 million in profits before the company went bankrupt in 2002 and laid off 750 American workers. Romney’s Bain Capital Profited Billions by Bankrupting American Workers, Click to share on Twitter (Opens in new window), Click to share on Facebook (Opens in new window). When he filed for overtime, he said, his new bosses refused to pay it. Johnson said of the layoffs which began in the mid-1990s after AMPAD, acquired by Romney’s Bain Capital, bought the paper company: They quickly fired every single employee. Almost all of Stage Stores closed in Indiana, Pennsylvania, Ohio, and some 50 stores closed across Texas. But opting out of some of these cookies may have an effect on your browsing experience. 7 years ago. Nearly 400 American workers in Marion, Indiana, were laid off in the process, and in 2000, the small company filed for bankruptcy. “It created a lot of stress,” said Mr. Shoemaker, 59, who had earned more than $80,000 a year. In 1984, Romney helped co-found Bain Capitol, which made a series of investments in small and medium-sized American companies, only to turn… Post was not sent - check your email addresses! Most prominent are five companies that Romney’s Bain Capital invested in, reaping a profit for himself and investors, and then left to bankruptcy, layoffs, and closure. Change ), You are commenting using your Google account. John Binder is a reporter for Breitbart News. Sen. Mitt Romney’s (R-UT) investment firm Bain Capital profited billions between 1992 and 1997 by collecting huge dividends for investors that eventually resulted in layoffs for thousands of American workers. In 2000, after Romney’s Bain Capital profited at least $184 million, Stage Stores went bankrupt and close to 6,000 American workers were laid off with more than 300 store locations closing. Similarly, Romney’s Bain Capital made an investment in Dade Behring, a manufacturing company that provided supplies for the medical diagnostics industry, of about $415 million in 1994. Many workers, like Mr. Shoemaker, the Dade employee in Westwood, and his wife, a temporary employee at the same plant, did not leave on their own terms. ( Log Out /  Sen. Mitt Romney’s (R-UT) investment firm Bain Capital profited billions between 1992 and 1997 by collecting huge dividends for investors that eventually resulted in layoffs for thousands of American workers. u/anutensil. In 1984, Romney helped co-found Bain Capi Most prominent are five companies that Romney’s Bain Capital invested in, reaping a profit for himself and investors, and then left to bankruptcy, layoffs, and closure. Close. Sorry, your blog cannot share posts by email. Handing them applications as they left, telling the workers if they wanted to work for the new company, they were welcome to apply. When he filed for overtime, he said, his new bosses refused to pay it. When they lost their jobs in 1997, they had to abandon plans to buy their first home together. Notify me of follow-up comments by email. “Our Revolution” Chairman Kris Jacks Reveals Depth of His Radical Organization’s Infiltration Into Colorado Democrat Party (VIDEO), I Went to the Rally Last Night in Johnstown, Pennsylvania and President Trump Wanted to Kiss Me (VIDEO), Jim Acosta Accidentally Admits CNN ‘Sucks’ in Pathetic Comeback Attempt, Top German Trial Attorney Dr. Reiner Fuellmich: Those Responsible for Corona Scandal and Lockdowns Must be Criminally Prosecuted (VIDEO), Senate Homeland Security Committee Investigating Hunter Biden Emails, Report: DOJ Ready to Charge Google over Search Monopoly, Election Interference? Follow him on Twitter at @JxhnBinder. 271. Your email address will not be published. Handing them applications as they left, telling the workers if they wanted to work for the new company, they were welcome to apply. “They were just trying to milk as much out of us as they could,” he said. Sen. Mitt Romney’s (R-UT) investment firm Bain Capital profited billions between 1992 and 1997 by collecting huge dividends for investors that eventually resulted in layoffs for thousands of American workers. Change ), You are commenting using your Twitter account. “I really feel he didn’t care about the workers. ( Log Out /  Romney secured $1.78 billion in dividends for investors while the company filed for bankruptcy and laid off 2,000 American workers in Deerfield, Illinois; Glasgow, Delaware; Westwood, Massachusetts; Miami, Florida; and Puerto Rico. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. Almost all of Stage Stores closed in Indiana, Pennsylvania, Ohio, and some 50 stores closed across Texas. Johnson said of the layoffs which began in the mid-1990s after AMPAD, acquired by Romney’s Bain Capital, bought the paper company: They quickly fired every single employee. Donald Trump Launches Devastating Video Against Mitt Romney, Republicans planning to expunge Trump impeachment if they win back the House, Democrats, Mainstream Media, Silicon Valley Try to Suppress Biden-Burisma Story, Joe Biden Campaign on Hunter Biden Story: No Burisma Meeting on ‘Official…, Election Interference? You also have the option to opt-out of these cookies.

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