|
Romney campaign spokesman Ryan Williams did not mention Soptic in his response, instead saying that "President Obama's allies continue to use discredited and dishonest attacks in a contemptible effort to conceal the administration's deplorable economic record." Bain Capital and Romney's culpability is not crystal-clear in the closing of GST Steel. Romney was CEO of Bain when the firm became a majority shareholder in GST Steel in October 1993. Bain was not the only stakeholder; a group of the firm's executives and several other firms also had stakes. Bain put up about $8 million in the $75 million deal. Over the next eight years, Bain held onto its stakes and bought more investments as the steel company grew, merged with a South Carolina steelmaker, modernized and added millions of dollars in debt. When the firm declared bankruptcy in February 2001 and shut down the Kansas City plant, Soptic and 750 other workers learned that their health care coverage, pensions and other benefits guaranteed by the company were rescinded. Romney had left Bain Capital in February 1999 to lead preparations for the 2002 Winter Olympics in Salt Lake City. His campaign has argued that he was no longer in day-to-day control of the firm. A recent Associated Press Fact Check found that Romney had retreated from his managerial responsibilities between 1999 and 2002, but still retained his official role as Bain's founder and chief executive.
[Associated
Press;
Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
News | Sports | Business | Rural Review | Teaching & Learning | Home and Family | Tourism | Obituaries
Community |
Perspectives
|
Law & Courts |
Leisure Time
|
Spiritual Life |
Health & Fitness |
Teen Scene
Calendar
|
Letters to the Editor