In an otherwise silent world, Big Ed flounders again: Just a guess: Mitt Romney will get to walk on the Bain Capital story.
Last night, Ed Schultz whiffed again with this topic. Once again, he tried to explain what Romney did wrong in the matter explored by Reuters on January 6.
Alas! Schultz did something he often does. He brought on a local labor official to explain what happened. Schultz’ intentions may be good when he takes this approach—but the results are often bad. Here’s how things started last night:
SCHULTZ (1/16/12): Welcome back to the Ed Show. Mitt Romney, trying to convince South Carolina voters that he knows all about creating jobs. But in reality, all he knows how to do is make the wealthy a little bit richer.That was as far as it went. From there, Schultz and Sanderson drifted off into highly ancillary questions and topics. In all honesty, viewers didn’t learn a lot about what happened at Georgetown Steel. To watch the full segment, click this.
As head of Bain Capital, Mitt Romney was focused on making money for his investors, even if it meant destroying companies and eliminating jobs. One of Romney’s targets was the Georgetown steel mill in South Carolina. Bain Capital bought mill’s parent company, GS Industries, for $24.5 million. Its investors ultimately walked away with $58.4 million, doubling their investment, better than that. But Bain left the company in massive debt. GS Industries ended up cutting 1,750 jobs and filing for bankruptcy, count them, twice.
The Georgetown steel mill was eventually bought by another company and is in operation today, but with fewer employees. Romney’s campaign explained his involvement with the South Carolina plant in the following statement:
“Bain Capital invested in many businesses. While not every business was successful, the firm had an excellent overall track record. These experiences give Mr. Romney the unique skills and capabilities to do what President Obama has failed to do—focus on job creation and turn around our nation’s faltering economy.”
I’m joined tonight by Dr. James Sanderson, president of the United Steel Workers Local Union 7898 in Georgetown, South Carolina.
Mr. Sanderson, good to have you with us tonight. We keep hearing these stories about Bain and Mitt Romney’s involvement. What can you tell us about this? What happened here? What is the public, in your opinion, need to know?
SANDERSON: Good evening, Ed Schultz. The first thing I’d like to say is good evening to everybody in the labor movement, the brothers and sisters that also understand the dilemma that we face here in South Carolina.
South Carolina has over 10 percent unemployment right now, and we are very much in need of jobs. And to hear Mitt Romney running around this state, talking about that he’s a job creator is very disturbing and is not true. He does, indeed, like to fire people, like you already said.
We go back to 1997, whenever Bain Capital became very much involved with our plant at Georgetown Steel, and he basically just took a lot of profits, assets away from our company, and forced it into bankruptcy.
Prepare to learn Sanderson's thoughts about the conspiracy behind the operation of South Carolina's public schools. Also, prepare to learn about Governor Haley's approval ratings! In part thanks to Big Ed's wandering questions, Sanderson never discussed that steel mill again.
To his credit, Schultz has been trying to develop this information since the time of the Reuters report. That said, he and his staff simply don’t seem to be up to the task. Meanwhile, others on The One True Liberal Channel have completely ignored this topic. Have you seen major players anywhere else trying to develop this information in a way the public can grasp?
Many folk are sticking to the safer part of this story: How many jobs did Romney produce? We see no one going inside the problems described by Reuters.
Reuters opened a door two Fridays ago. “Liberals” have not walked in. Just a guess:
The story of Bain will soon be old news. Thanks to the fecklessness of our “liberal intellectual leaders,” the problem with Romney’s behavior will not have been explored or explained.