Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
Latest Breaking News
General Discussion
The DU Lounge
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsFaces of Romney Economics: Randy Johnson, American Pad & Paper
from the Obama campaign blog: http://www.barackobama.com/news/entry/faces-of-romney-economics-randy-johnson-american-pad-paper
May 22, 2012
Randy Johnson had a good job making quality paper products at Ampad in Marion, Indiana. But when Mitt Romney and his partners bought the plant, everything changed. This is Randys story:
I was working the night shift and making hanging file folders, a quality product, proud of it. We showed up after the Fourth of July holiday and all we found was a one page note that said we were fired. They brought in security guards, walked us out, and wouldnt let us back in the building.
They let some of us come back to work, but only after they cut our wages, they slashed our health care benefits, and threw out the retirement plan. Then, instead of negotiating with us, Romney and his partners closed the factory and laid us all off.
But the story of Ampad doesnt end there. It turned out that Romney and his buddies had been loading up Ampad with debt by borrowing more and more against the company. At the same time, they were demanding millions in management fees every year, to ensure that they and their investors got paid first. By 2000, Ampad couldnt even pay the interest on the debt. Romney dumped itsaid that was it. In seven years, the debt was more than 35 times as big, and it had grown to more than $400 million. [Ampad] had to declare bankruptcy at that point.
When it was all over, Romney and his pals squeezed more than $100 million out of the company, 20 times the amount they first put in. They closed Ampad factories across the country, from Georgia to Texas to California to New York.
Romney and his fellow investors got into the game to grow their own wealth, not to create jobs or grow the company for everyone. To them, Ampad mustve been a resounding success.
If he took those values and lessons to the White House, it would be a resounding failure. Romney economics devastated my family and devastated the workers families and communities. The jobs have to be the first priority in this countrywe ought to be focused on that, and from my experience, Mitt Romney is not the man for the job. I believe the American peopleespecially American workersneed to know about the values and experiences Romney the businessman would bring to the table as Romney the president. And its only fair to ask whether those values and experiences qualify him to be our presidentor in my book, disqualify him.
learn more about the consequences of Mitt Romneys business decisions at: https://my.barackobama.com/romneyeconomics-02-20120522-HQB
InfoView thread info, including edit history
TrashPut this thread in your Trash Can (My DU » Trash Can)
BookmarkAdd this thread to your Bookmarks (My DU » Bookmarks)
4 replies, 1355 views
ShareGet links to this post and/or share on social media
AlertAlert this post for a rule violation
PowersThere are no powers you can use on this post
EditCannot edit other people's posts
ReplyReply to this post
EditCannot edit other people's posts
Rec (8)
ReplyReply to this post
4 replies
= new reply since forum marked as read
Highlight:
NoneDon't highlight anything
5 newestHighlight 5 most recent replies
Faces of Romney Economics: Randy Johnson, American Pad & Paper (Original Post)
bigtree
May 2012
OP
bigtree
(85,986 posts)1. Bain Campaign Train
. . . still rolling.
Lugnut
(9,791 posts)2. K&R! n/t
Woody Woodpecker
(562 posts)4. For a minute I thought he was talking about the Big Unit
You know.. this guy:
http://www.youtube.com/watch?feature=player_detailpage&v=qwpRHrAh3pk