The Buzz

From the staff of the Tampa Bay Times

Attack video against Romney features Marianna, Fla

12

January

whenmittcame.jpgThe scathing documentary painting Mitt Romney as a greedy vulture, King of Bain: When Mitt Came to Town, features a former appliance manufacturer in Marianna, Fla that was acquired by Bain. It claims Bain under Romney's leadership "left behind a trail of wreckage" that destroyed the company but netted Bain a $230-million profit. Quotes from former employees who lost their jobs, the film acquired by Winning Our Future, the political committee helping Newt Giingrich:

"One of the first things that they did when we became part of the corporation was to start cheapening the product. So you’d have to hurry faster though your work and the quality was going down. It got to the point where we would run out of parts trying to push so many out that  sometimes we’d send a machine out without a part on it."

"You know, I just wish they’d left us alone back in the early `90s and we’d be making a lot of washing machines, and good ones. "

"If they’d just left us alone as UniMac I think UniMac would still be running right now, as UniMac. And still have probably more than 500 employees by now."

The 30-minute video is here with the Marianna piece coming about three minutes in.

PolitiFact will be reviewing the video, but CNN already has pointed to significant errors:

UniMac was a Marianna, Fla.-based laundry equipment manufacturer that had been around for more than 50 years. A former worker is quoted in the video as saying: "They pulled everybody together and told us we were being sold to Raytheon, which in turn turned out to be Bain." The worker adds that quality control was sacrificed, saying: "I just wish they'd left us alone in the early 90s... at the end they just decided to shut the doors."

The reality, however, is that Raytheon (RTN) and Bain weren't the same thing. And Bain wasn't involved in the early 1990s. Raytheon agreed to purchase UniMac in 1994, and later merged it into a broader commercial laundry unit that also included facilities in Wisconsin and Kentucky. Raytheon then sold that unit four years later to Bain Capital for $358 million, alongside another private equity firm.

Bain would then hold onto the company until December 2004, when it sold it to a Canadian pension system's private equity division for $450 million. The Florida plant and some others would close under the Canadian firm's stewardship, not under Bain's, in October 2005. Moreover, Romney left Bain Capital in 1999, although he retained a financial interest.

More here

 

[Last modified: Thursday, January 12, 2012 4:36pm]

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