while Sensata is awful, the best attack was never to go after Bain doing it now, cause Romney will just say, "everyone has a bunch of stuff in their retirement fund, and some of you profit it in the same way." But the important thing is he did this as CEO. He was active participant. Sensata is bad, but talk about stuff like this:
Romney’s Firm Reaped $100 Million While They Laid Off Workers And Racked Up Debt, Plunging Ampad Into Bankruptcy. ”In 1992, Bain Capital acquired American Pad & Paper, or Ampad, from Mead Corp., embarking on a ‘roll-up strategy’ in which a firm buys up similar companies in the same industry in order to expand revenues and cut costs. Through Ampad, Bain bought several other office supply makers, borrowing heavily each time. By 1999, Ampad’s debt reached nearly $400 million, up from $11 million in 1993, according to government filings. Sales grew, too - for a while. But by the late 1990s, foreign competition and increased buying power by superstores like Bain-funded Staples sliced Ampad’s revenues. The result: Ampad couldn’t pay its debts and plunged into bankruptcy. Workers lost jobs and stockholders were left with worthless shares. Bain Capital, however, made money - and lots of it. … But while as many as 185 workers near Buffalo lost jobs in a 1999 plant closing, Bain Capital and its investors ultimately made more than $100 million on the deal.” [Boston Globe, 6/26/07]
Under Romney, Bain Capital Propelled Dade Behring Toward Bankruptcy While Cutting 1,700 Jobs And Making $242 Million. “At Bain Capital’s direction, Dade [Behring] quadrupled the money it owed creditors and vendors. It took steps that propelled the business toward bankruptcy. And in waves of layoffs, it cut loose 1,700 workers in the United States, including Brian and Christine Shoemaker, who lost their jobs at a plant in Westwood, Mass.… By the time the Harvard M.B.A.’s from Bain were finished, sales at the medical company, Dade International, had more than doubled. The business acquired two of its rivals. And Mr. Romney’s firm collected $242 million, a return eight times its investment.”
Etc, etc, etc
There are a list of companies a mile long, and that was easy picking.
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