authority. i believe just those three companies created over 100,000 jobs between them. we view mitt romney as a job destroyer. but romney s opponents, both republicans and democrats, point to the bain leveraged buyouts that failed like ampad and gst steel. bain capital sought elimination of the pension plan and termination of employee and retiree life insurance and health insurance. and its critics argue that despite romney s campaign ads bain capital and romney weren t in the business of creating jobs. let s not try to rewrite history and turn what was one responsibility which was to make money for his investors into something else which was to make him sound like a one-man employment agency. romney admits money can be made by bain when a business fails but says that it is not a formula that works well for investors. if we re successful and good startups and good turnarounds in businesses, why then we give the pension back a very nice return.
bain capital says romney was directly responsible for ampad s layoffs, but he knew where the money was, didn t he? mitt romney did the same thing to this company, gst steel. bain emerged, he went ahead and put it together with another steel maker in south carolina. by 2001, gst steel was bankrupt. and another 750 americans were out of a job. bain made at least, let s see, $12 million on the acquisition and collected $900,000 a year in what they call consulting fees, when some guy calls you up, what do you think we ought to do? fire the workers, send the jobs to china and take the freaking money. are we starting to see a pattern here? ba ir bain acquired ddi while romney was in charge in 1997. the company made electronic circuit boards. filed for bankruptcy in 2003. some of the employees were offered transfers but at least
by 2001, gst steel was bankrupt. and another 750 americans were out of a job. bain made at least, let s see, $12 million on the acquisition and collected $900,000 a year in what they call consulting fees, when some guy calls you up, what do you think we ought to do? fire the workers, send the jobs to china and take the freaking money. are we starting to see a pattern here? bain acquired ddi while romney was in charge in 1997. the company made electronic circuit boards. filed for bankruptcy in 2003. some of the employees were offered transfers but at least 2,100 out the door. gone. now, to be fair, romney was not on the board of directors when ddi went under, but his company made about $36 million on that deal.
put it together with another steel maker in south carolina. by 2001, gst steel was bankrupt. and another 750 americans were out of a job. bain made at least, let s see, $12 million on the acquisition and collected $900,000 a year in what they call consulting fees, when some guy calls you up, what do you think we ought to do? fire the workers, send the jobs to china and take the freaking money. are we starting to see a pattern here? bain acquired ddi while romney was in charge in 1997. the company made electronic circuit boards. filed for bankruptcy in 2003. some of the employees were offered transfers but at least 2,100 out the door. gone. now, to be fair, romney was not on the board of directors when ddi went under, but his company made about $36 million on that
but while those companies were dying, bain investors were living it up, making a dollar. bain made 50% to 80% of its profits in holdings each year. romney profited while, what, american workers took it and lost their jobs. now, it s not illegal. it s what happened. tonight on this program we want to show you some of the other freeports around the country. let s start with american padded paper or ampad. romney was in charge when bain acquired this company in 1992. by 1999, ampad, they were bankrupt. 385 employees were laid off. bain liquidated its interests and made, hmm, only $102 million. the former managing director of bain capital says romney was directly responsible for ampad s layoffs, but he knew where the money was, didn t he? mitt romney did the same thing to this company, gst steel. bain emerged, he went ahead and