CHICAGO, IL — Obama for America will hold a press conference call today announcing a new ad, video and website that take a look at Mitt Romney’s business philosophy and what it would mean for the American economy.
The campaign is releasing a six-minute video featuring the story of GST Steel, which was purchased by Bain Capital and subsequently shuttered after more than 100 years of business. After purchasing the company, Mitt Romney and his partners loaded it with debt, closed the Kansas City plant and walked away with a healthy profit, leaving hundreds of employees out of work with their pensions in jeopardy. The campaign is also releasing a two-minute ad featuring the story of GST Steel that will run in select battleground states.
The video will be featured on RomneyEconomics.com, a new website that allows the American people to learn the real story of Mitt Romney’s business record. The website includes case studies of other companies that suffered under Mitt Romney’s management, as well as a breakdown of the questionable business practices used by Mitt Romney and his partners.
Mitt Romney has repeatedly cited his business experience as his chief qualification to be President, claiming he would use it to boost the economy, create jobs, and reduce the deficit. RomneyEconomics.com examines what kind of businessman Mitt Romney actually was – and what that would mean for our economy. Romney’s business strategy wasn’t about strengthening companies and creating jobs for long-term economic growth. It wasn’t about investors and workers playing by the same set of rules, and it certainly wasn’t about creating an economy built to last by rewarding hard work and responsibility and strengthening the security of middle-class families.
In a career of buying and selling companies, Romney’s pattern was to reap quick profits for himself and his investors at the expense of workers and communities. Sometimes it meant sending American jobs overseas. Other times, it meant cutting wages and benefits. In Romney’s economic philosophy, CEOs and wealthy investors prosper by any means necessary, even when it meant companies failed and workers were left behind. Romney believes in two sets of rules – one for people like him, another for everyone else.
RomneyEconomics.com examines a simple question – are the lessons and values Mitt Romney drew from his time in business the lessons and values America wants in our President?
While Mitt Romney wants to go back to the philosophy that created the economic crisis, President Obama is moving America forward – to an economy built to last, where hard work pays off, responsibility is rewarded, and everyone has a fair shot, does their fair share, and plays by the same rules.
Today’s conference call will feature Joe Soptic, a former employee who lost his job after Bain Capital closed the Kansas City GST Steel plant, David Foster, the lead negotiator for the workers at GST Steel, and Obama for America Deputy Campaign Manager Stephanie Cutter.
WHAT: Press conference call on Mitt Romney’s business philosophy.
WHO: Obama for America Deputy Campaign Manager Stephanie Cutter
Joe Soptic, former GST Steel employee
David Foster, lead negotiator for the workers at GST Steel
WHEN: 10:45 AM EDT // 9:45 AM CDT
Monday, May 14, 2012
