Comment from a Wapo article:
In 1993, Bain and two partners (GE Capital and Leggett & Platt) took over a century-old Kansas City steel plant known as GSI that badly needed investment capital for modernization. The Bain-led group pumped $100 million of investment capital into the plant, merged the plant with the company’s Georgetown plant within two years, and raised an additional $250 million through two bond offerings. Bain was paid roughly $900,000 in management fees during the Romney period (1993 thru 1999), and its investors ultimately yielded an estimated $50 million on an investment of $24.5 million. In the late 1990s, union relations deteriorated, steel prices nosedived, and raw materials and energy prices ballooned. The company filed for bankruptcy reorganization in 2001. The Georgetown plant was sold and temporarily shutdown, and then reopened over a four year period. Hundreds of Georgetown employees lost their jobs during the temporary shutdown. Georgetown locals blame the temporary shutdown on the owner that followed Bain, and most had no knowledge of Romney’s involvement in the company until the candidates started making their allegations. The plant is now owned the world’s largest steelmaker and operates two shifts daily. Bain defends its actions at GSI, claiming that it generated substantial investment capital for the company and committed many thousands of hours to upgrade its facilities and make the company more competitive.
http://www.washingtonpost.com/blogs/the-fix/post/obama-ad-calls-mitt-romneys-bain-capital-firm-a-vampire/2012/05/14/gIQA25BdOU_blog.html?wprss=rss_campaigns
The facts will turn that ad back into Obama’s face.