What Rush could have added to that story is that Bain Capital pumped $100 Million into that company. Some slash and burn act, eh? And that without the investment by Bain, Joe would have lost his job years before. And then there is the responsibility of Joe’s union for making GS so unprofitable that when the steel industry tanked, their company was the least profitable.
They then took a bath and the company tanked anyway!
This had very little to do with the residual workforce ~ something less than 1000 workers ~ and they used to have over 10,000 I believe.
The world steel market was beating on America's doors selling cheaper steel and these companies were going under left and right ~ over 30 big ones in this period of time.
Two things about the deal ~ wouldn't have mattered if Bain had continued to pay for their former employee's medical insurance, Joe's wife was going to die because she simply didn't not call any doctor's attention to her problem in time.
Second, Bain made a mighty stupid management decision in acquiring this company. Although there are people who imagine Romney made $30,000,000 on the deal, I think he didn't make much at all ~ probably nothing. This company was to Bain what General Motors has been to the Obama Regime ~ A LOSER.
The lesson is that there are no easy profits in heavy manufacturing enterprises. People who tell you there are don't know what they're talking about.