Romney's Bain made millions as S.C. steelmaker went bankrupt McClatchy#storylink=cpy
LP - I guess the rallying cry is that now that I just cost you your job you can vote for me and give me more power.
MYRTLE BEACH, S.C. — Boston-based Bain Capital LLC more than doubled its money on GS Industries Inc. — the former parent company of Georgetown Steel — under Mitt Romney's leadership in the 1990s, even as the steel manufacturer went on to cut more than 1,750 jobs, shuttered a division that had been around for 100 years and eventually sank into bankruptcy.
Bain Capital spent $24.5 million to acquire GS Industries in 1993, according to an investment prospectus for the company that was obtained by the Los Angeles Times and reviewed by McClatchy Newspapers. By the end of that decade, Bain Capital estimated its partners had made $58.4 million off its investment in GS Industries, according to the prospectus.Read more here: http://www.mcclatchydc.com/2012/01/14/135889/romneys-bain-made-millions-as.html#storylink=cpy#storylink=cpy
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