In response to:

Star of Cancer Ad Joe Soptic Offered a Buy Out by Bain

Brhurdle Wrote: Aug 10, 2012 3:35 PM
Do you have any idea of the history of the Bain/GST transaction? Bain investing in GST was in no way motivated by humanitarian concerns. Having conceded that point, the transaction had humanitarian benefits in that it attempted to salvage the operation of a steel manfacturing operation that was under extreme duress from Far Eastern competition. It provided jobs for the employees for several years that would have otherwise been lost immediately. To answer your second question, experience in the private sector (which comprises 85%+ of the US economy) leads you to an understanding and appreciation of the requirements of a viable business. You also gain an understanding of a failed business model and when it is time to dissolve it.

For two days we've been led to believe Bain Capital (two years after Mitt Romney officially left the company) destroyed the life of steelworker Joe Soptic by laying him off. No mention of a buyout, no mention of benefit payouts. Bain simply came in and handed workers a pink slip. Turns out, that's not the case. In an interview with Democracy Now, Soptic admits he was offered a buyout by Bain, something he has failed to mention until now.


As reminder, this is the ad.