"As Mitt Romney defends his record running a private equity firm, he frequently points to a fast-growing Indiana steel company, financed in part by Bain Capital, that now employs 6,000 workers. What Romney doesn't mention is that Steel Dynamics also received generous tax breaks and other subsidies provided by the state of Indiana and the residents of DeKalb County, where the company's first mill was built."I'd like that deal. Invest $18 million, have the local taxpayers pony-up $37 million and then sell for $104 million, five years later.
Romney has a new ad touting Steel Dynamics. I'm waiting for his ad about 'GS Industries'.
"Another steel company in which Bain invested, GS Industries, went bankrupt in 2001, causing more than 700 workers to lose their jobs, health insurance and a part of their pensions. Before going under, the company paid large dividends to Bain partners and expanded its Kansas City plant with the help of tax subsidies. It also sought a $50-million federal loan guarantee."That's Romney's method of 'capitalism'. I don't think that's what Adam Smith had in mind.
