Mitt Romney’s Business Philosophy

CHICAGO, IL — Obama for America announced today a new ad, video and website that take a look at Mitt Romney’s business philosophy and what it would mean for the American economy.

Kansas City’s GST Steel had been making steel rods for 105 years when Romney and his partners took control in 1993. They cut corners and extracted profit from the business at every turn, placing it deeply in debt. When the company eventually declared bankruptcy, workers not only lost their jobs but were denied their full pensions and health insurance, and the government was forced to step in and provide a bailout.

The campaign released a six-minute video featuring the story of GST Steel, which was purchased by Bain Capital and subsequently shuttered after more than 100 years of business. After purchasing the company, Mitt Romney and his partners loaded it with debt, closed the Kansas City plant and walked away with a healthy profit, leaving hundreds of employees out of work with their pensions in jeopardy. The campaign is also releasing a two-minute ad featuring the story of GST Steel that will run in select battleground states.

The video is featured on RomneyEconomics.com, a new website that allows the American people to learn the real story of Mitt Romney’s business record. The website includes case studies of other companies that suffered under Mitt Romney’s management, as well as a breakdown of the questionable business practices used by Mitt Romney and his partners.

Mitt Romney has repeatedly cited his business experience as his chief qualification to be President, claiming he would use it to boost the economy, create jobs, and reduce the deficit. RomneyEconomics.com examines what kind of businessman Mitt Romney actually was — and what that would mean for our economy. Romney’s business strategy wasn’t about strengthening companies and creating jobs for long-term economic growth. It wasn’t about investors and workers playing by the same set of rules, and it certainly wasn’t about creating an economy built to last by rewarding hard work and responsibility and strengthening the security of middle-class families.

In a career of buying and selling companies, Romney’s pattern was to reap quick profits for himself and his investors at the expense of workers and communities. Sometimes it meant sending American jobs overseas. Other times, it meant cutting wages and benefits. In Romney’s economic philosophy, CEOs and wealthy investors prosper by any means necessary, even when it meant companies failed and workers were left behind. Romney believes in two sets of rules – one for people like him, another for everyone else.

RomneyEconomics.com examines a simple question – are the lessons and values Mitt Romney drew from his time in business the lessons and values America wants in our President?

While Mitt Romney wants to go back to the philosophy that created the economic crisis, President Obama is moving America forward – to an economy built to last, where hard work pays off, responsibility is rewarded, and everyone has a fair shot, does their fair share, and plays by the same rules.

  6 comments for “Mitt Romney’s Business Philosophy

  1. junior
    May 14, 2012 at 12:08 pm

    How many jobs could have been “created and/or saved” if the $500 million poured down the Solyndra rathole had remained in taxpayers hands?

    • TeaBags
      May 14, 2012 at 4:13 pm

      How exactly is this comment relevant to the story? Should Solyndra make us forget about what Romney’s business model at Bain Capital was? If so, this strategy hasn’t worked so far. This looks like a classic conservative maneuver: change the subject. Detract from the real issue at hand. That issue is, of course, how bad Romney (like other Republicans) would be at creating jobs. If you’re going to comment, at least provide a comment that addresses the subject of the posted story.

    • TeaBags
      May 14, 2012 at 4:16 pm

      Looks like I forgot to answer your question…the answer is no jobs. Not with a Republican controlled house of course. When this party is in power and announces it’s main goal is stopping Obama from being re-elected, that should tell you what kind of s**tbags we have in the Republican party. .

      • jeremy
        June 21, 2012 at 10:20 am

        i agree, Obama cant get anything done because of a republican controled house who has said they will fight Obama every step of the way because he is a democrat, and that would have this nations founders rolling over in their graves. what happend to working with people from “across the isle” we have to work together to bring this nation’s ecomonics back where they should be.

    • May 14, 2012 at 4:40 pm

      Junior — everything you say “Solyndra” I will say “Enron”

      • junior
        May 15, 2012 at 6:44 pm

        Enron did not involve the squandering of taxpayer money as did Solyndra.

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