Romney really a job creator? What his Bain Capital record shows.
Scherer & Leigh Montgomery
Note: On Friday, we published the “right” side of the debate over Mitt
and Marion, Ind. This is the other side...
is running for president on his business acumen, saying he knows what
to create jobs. He puts less emphasis on what he knows about
Marion, Ind., has experienced both via Romney and Bain Capital.
Romney’s Bain Capital bought the rambling SCM factory in Marion, Ind.,
running three shifts a day, making hanging file folders and other
supplies. But on July 5, 1994, everything changed.
owner, American Pad & Paper, owned in turn by Bain Capital,
told all 258
union workers they were fired, in a cost-cutting move. Security guards
them out of the building. They would be able to reapply for their jobs,
lesser wages and benefits, but not all would be rehired.
told they bought the assets, not the union or the [labor] contract,”
Randy Johnson, who at the time worked as a machine operator and was a
shop steward. The workers – some the third generation in their families
jobs there – eventually went on strike, and Bain closed the factory
months after acquiring it.
from the former plant is a Staples office supply company – the typical
employs 20 to 30 people – and a Domino’s Pizza franchise, which
about 15 workers. Both outlets can point to contributions from Bain
which provided seed money for the parent company to grow, eventually
thousands of jobs across the US.
Capital’s activities while Mr. Romney ran it from its founding in 1984
left in 1999 are being scrutinized now that he is front-runner in the
Republican presidential race. Romney says that he knows business and
work at Boston-based Bain led to the creation of 100,000 jobs. His
record and management prowess could be deciding factors if he’s the GOP
nominee, because credibility on the issue of jobs is likely to
resides at 1600 Pennsylvania Avenue next January.
ask people what worries them most, jobs is the most important, the top
says Frank Newport, editor-in-chief of the Gallup Poll. In its November
Gallup found that only 30 percent of the public approved of the way Mr.
is handling the economy.
Romney’s GOP rivals are endeavoring to take the polish off his
credentials. Texas Gov. Rick Perry, who dropped out of the GOP contest
had referred to Romney’s record at Bain Capital as “vulture
leading up to the South Carolina primary, a group backing Newt Gingrich
president let loose with a 28-minute TV ad (containing inaccuracies and
unsubstantiated claims, including about the AmPad episode) that sought
portray Romney and Bain Capital as ruthless job-killers. The Obama
likewise be expected to assail Romney’s jobs record...
rest of the article, and others, at the Christian Science Monitor