Bain Capital LLC fired 750 steelworkers while they pocketed $12 million in profit, according to David Foster, a steel worker who led other workers in the midwest, including at GST Steel in Kansas City, a 100-year old company bought by Mitt Romney and his partners at Bain Capital LLC.
“When Romney and Bain took over the mill, they loaded it up with millions in debt — and within months, they used some of that borrowed money to pay themselves millions,” Foster told the Democratic convention in Charlotte, North Carolina, on Wednesday night. “Within a decade, the debt kept growing and was so large the company was forced into bankruptcy.”
In 2001, with GST bankrupt and Romney still CEO of Bain, Foster said he stood in front of hundreds of steelworkers in their 50s and 60s, and retirees in their 70s and 80s, and told them “Romney and Bain had broken their promises.”
“Now, some companies succeed; others fail. I know that. But I also know this: We don’t need a president who fires steelworkers or says, “Let Detroit go bankrupt,” Foster said.