Tuesday, June 05, 2012
Vampire Capitalism? Please - WSJ.com
The Obama campaign presented theirs in a political ad; and, it appears to be a bit incomplete...
In the Wall Street Journal, Kimberly A. Strassel tells the WHOLE story:
"To hear the Obama campaign, this is a tale of greed: GST was a healthy, happy, quality steelmaker until Bain plundered its worth and stripped its 750 workers of their due. 'It was like a vampire,' laments one former employee in the ad. "They came in and sucked the life out of us." Related Video Columnist Kim Strassel on President Obama hitting up Blackstone private equity investors for money at the same time he trashes Mitt Romney's Bain Capital record and Blackstone donors. Photo: Getty Images GST is a tragic tale, though in a different way. The real story of GST is that of a private-equity firm trying to spark some life into a uncompetitive, over-unionized industry. Bain's crime here—if that's what you call it—was giving a dying steel plant an unexpected eight-year lease on life."
