|
Obama
attack on Romney, Bain Capital false, misleading
Tom Subler
Editor:
False and
misleading accusations are being made by the Obama campaign about Bain
Capital
and Mr. Romney. I know FROM EXPERIENCE they’re false.From June 1987
until March
2006, I was in New England every two weeks calling on every major
manufacturer.
From the mid 1970s our company, Carl Subler Trucking transported
truckload
shipments of paper and paper products from all of New England to the
US.
Teamster Union issues caused us to sell part of CSTI in June 1987 to a
major
non-union carrier called Heartland Express who now operates over 4,000
power
units. As VP of National Accounts for Heartland I personally called on
every truckload
shipper in New England and many here in the midwest. Ampad (aka
American Pad
and Paper) and Staples were two of those accts and both are (were)
headquartered in Mass..
Ampad
(owned by Mead until 1992) faced several major obstacles. Old plants, a
low
profit margin product (notebooks etc), new competition and a
recalcitrant
union. I witnessed picket lines regularly in Westfield, Mass., impeding
shipments which were already in decline. The handwriting was on the
wall to
anyone who looked. Still, Bain Capital invested in an attempt to
salvage the
old union dominated company. The union wouldn’t budge, subsequently
forcing
management to move some production to lower cost Marion, Ind. Ampad
declared
bankruptcy in 2000. Absent of Bain intervening, bankruptcy would have
occurred
soon after 1992.
Bain
Capital invested in Staples from day one, when they had ONE store. They
ship
thousands of truckloads EVERY week nationwide. They employ 10’s of
thousands in
the US. Their stock is owned by millions of Americans. 80% of companies
Bain
Capital invested in were winners. And they did that with private sector
money,
not taxpayer money. Think Solyndra. Unfortunately, Ampad was one of the
20%.
Most sports teams or businesses would be ecstatic with a 600% win rate.
800% is
unprecedented. Besides, Bain Capital is NOT the major issue. The
present
economy or lack thereof is.
Tom Subler
Versailles,
Ohio
|
