philosophy. the romney economics, which says, as long as the government helps the guys at the top to do well, workers and small businesses and communities, they can fend for themselves, but the country will be okay, if the big guy is doing well. nobody knows better than the people of the valley the consequences of that kind of philosophy. and the consequences are documented. pretty well, too. romney s former company, bain capital, bought up manufacturers like gst steel in kansas city. the company was $13 million in debt when with bain took over in 1993. what happened? well, eight years later, the debt multiplied by 40 times. the company was $533 million in the hole when it went bankrupt. let s talk about dade behring medical supply in florida. they only lost 850 jobs when bain took over. the company went bankrupt there, but bain sold $242 million worth of shares before it went under.
they only lost 850 jobs when bain took over. the company went bankrupt there, but bain sold $242 million worth of shares before it went under. vice president joe biden laid these facts on the table today. he spoke directly to the part of the country mitt romney would hit the hardest, the working class. i resent when they talk about families like mine, that i grew up in, i resent the fact that they think we re talking about, it s envy. it s job envy, it s wealth envy. that we don t dream. my mother believed and my father believed that if i wanted to be president of the united states, i could be. i could be vice president. my mother and father believed that if my brother or sister wanted to be a millionaire, they could be a millionaire. my mother and father dreamed as much as any rich guy dreams. they don t get us! they don t get who we are.
he said he wound up shuttering two facilities in yam. 250 jobs were lost while bain got $242 million, and 800% investment return. are you an expert how equity comes in, shakes these companies, cuts their cost, and flips them. is it usually to the advantage of the workers, or never to little management, might be fot advantage of the stockholders of those companies. my understand sg it can be to the advantage of the workers and to middle management, but always to the advantage of a company like bain, that s the problem. i m sure there are exampled and anecdote that s romney can sure up and put out there. the flip side is because of the nature of his business, making money for investors, it s not creating jobs like he likes to say on the stump.
there s a lot of people that work at staples with jobs. an tampa bay times welcome the romney campaign with this. he said he wound up shuttering two facilitys in yam. 250 while bain got $242 million, and 800% investment return. are you an expert how equity comes in, shakes these companies, cuts their cost, and flips them. is it usually to the advantage of the workers, or never to little management, might be fot advantage of the stockholders of those companies. my understand sg it can be to the advantage of the workers and to middle management, but always to the advantage of a company like bain, that s the problem.
quote, dade bering wound up shuttering two medical facilities in miami. some 850 jobs were lost while bain walked away $242 million and 800% return on investment. that s what i m talking about. bain wins, the factories lose. let me go back to steve. are you an expert on this kind of thing about how equity comes in and shakes up these companies, cuts their costs, then flips them? is it usually to the advantage of workers, people that work there, or never to the advantage of middle management who get sliced? might be to the advantage of stock holders of the companies? maybe that s different. it can to the advantage of the worker. can be to the advantage of middle management but always to the company like bain. that s the problem. i m sure there are stamps and anecdotes that romney can churn up and say, this is jobs because of what bain did. the nature of his business is making money for investors.