By Dick Morris on December 13, 2011

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Please leave a comment below - I would love to hear what you think! Thanks, Dick
almost immediately. Meanwhile, Bain and other investors received management fees from GSI and a $65-million dividend in the first years after the acquisition, according to interviews with company employees.

In 1999, as economic challenges mounted, GSI sought a federal loan guarantee intended to help steel companies compete internationally. The loan deal was approved, but in 2001, before it could be used, the company went bankrupt, two years after Romney left Bain.

More than 700 workers were fired, losing not only their jobs but health insurance, severance and a chunk of their pension benefits. GSI retirees also lost their health insurance and other benefits. Bain partners received about $50 million on their initial investment, a 100% gain.

“It makes me sick,” said Steve Morrow, a retired GSI steelworker, recalling what happened to his fellow workers after the Kansas City shutdown. Some top managers received bonuses from Bain, he said. “But the salaried and hourly people ended up with the shaft.”

  • Patriot2060 on December 13, 2011 5:05 pm

    mperoni101 if Romney’s record is already released why is this still an on going issue so the Ameridan people can see what exactly Romney’s record was or is.

    Massachusetts will allow some public access to hundreds of previously off-limits boxes of official records generated by Mitt Romney’s office when he was governor from 2003 to 2007, a state official said on Tuesday.

    Romney has asserted that a 1997 decision by the Massachusetts state supreme court means that while paper records of his administration are property of the state, they are exempt from public disclosure.

    But the state had allowed access to some of the estimated 600 boxes of paper records from Romney’s governorship held by the state archives.

    The surge in requests to review the records comes after reports that Romney spent nearly $100,000 in state funds to replace computers in his office at the end of his term as part of an unprecedented effort to keep his records secret.

    The move during the final weeks of Romney’s administration was legal but unusual for a departing governor, Massachusetts officials say.

    The effort to purge electronic records was made a few months before Romney launched an unsuccessful campaign for the Republican presidential nomination in 2008. He is again competing for the party’s nomination, this time to challenge Barack Obama for the presidency in 2012.

    The requests to see the paper records and continuing questions about the public disclosure law prompted Massachusetts state officials last month to briefly impose a moratorium on access to the records.

    But later they relented and allowed access to about 20% of records that previously had been opened for public inspection.

    On Tuesday, Brian McNiff, a spokesman for Massachusetts Secretary of State William Galvin, the elected official in charge of the state archives, said that officials are still reviewing the law as it relates to Romney’s records, but have decided that they will now allow journalists and the public to request access to any boxes of records that had not previously been released.

    However, nonpolitical archivists will review and redact the records before any are made public, McNiff said.

    At a campaign appearance on Tuesday in Paradise Valley, Arizona, Romney said his office had sent the state archives “all that was required under the law.”

    Republican and Democratic opponents of Romney say the scrubbing of e-mails and the claim that his paper records are not subject to public disclosure hinder efforts to assess his performance as a politician and elected official.

    Five weeks before the first contests in Iowa, Romney has seen his position as frontrunner among Republican presidential candidates whittled away in the polls as rival Newt Gingrich, the former speaker of the House of Representatives, has gained ground.

  • Gosseyn on December 13, 2011 5:05 pm

    One element of the mix that Dick didn’t mention is ethanol, which now accounts for about 10% of U.S. auto fuel, and keeps gasoline prices about 86 cents lower than they would otherwise be. We have started exporting ethanol too, and that will help our balance-of-payments problem somewhat (everything we sell overseas helps at least). It used to be argued that it takes more energy to produce ethanol than the fuel generates, but according to the Argonne National Laboratory (and the Department of Energy) that is no longer true because of increased crop yields per acre and far more efficient ethanol manufacturing methods (developed by American ingenuity) at the factories. Only about 1% of the U.S. production of corn goes directly into the human food chain, and the ethanol plants use animal feed corn anyway. While 40% of the U.S. corn crop does got o the ethanol plants, only about 8% of that becomes ethanol, the rest is returned to the animal feed chain in the form of dry distiller grains, which are sold to American farmers, and exported to other countries also. Some ethanol plants are being modified to also produce ethanol and other chemical products from non-food sources like switch grass. It is good that ethanol subsidies are being gradually phased out, too. So the future seems bright for U.S. energy.

  • mperoni101 on December 13, 2011 5:16 pm


    One article showed nothing that backs what you say that Romney took taxpayer’s money.

    The other article fails to mention that those companies were heading into bankruptcy anyway. Bain acted as a turnover company. You take ailing/failing companies and you try to profit from that. Pure capitalism. It is a risk. You can fail, you can win. He has both failed and won, but mostly won.

    Why would anyone tell Romney to give money back for being a capitalist? That’s Obama talking, but unfortunately it came out of Newt’s mouth and you will see writers, even from the WSJ, take him to task.

    I think you should dig further into Newt’s record and see why the GOP had to kick him out and why many Republicans that worked with Newt are speaking out against him.

  • Patriot2060 on December 13, 2011 6:32 pm

    Oh really guess you conveniently missed it, I’ve copied and pasted it for you.

    Bain expanded many of the companies it acquired. But like other leveraged-buyout firms, Romney and his team also maximized returns by firing workers, seeking government subsidies, and flipping companies quickly for large profits. Sometimes Bain investors gained even when companies slid into bankruptcy.

    Here is the definition of government subsidy:
    A subsidy (also known as a subvention) is an assistance paid to a business or economic sector. Most subsidies are made by the government to producers or distributors in an industry to prevent the decline of that industry (e.g., as a result of continuous unprofitable operations) or an increase in the prices of its products or simply to encourage it to hire more labor.

    Funny part about the subsidy or government money or tax payer money if you will it it’s supposed to help create jobs but with Romney it destroyed them…..

  • Patriot2060 on December 13, 2011 6:37 pm

    The GOP kicked Newt out of power as Speaker only because Pelosi and her liberal allies were on a witch hunt and found a way to make Newt look guilty even though he was not proven to be with out a reasonable doubt. Yes I will look further into Newt’s record that way I can defend him better since the Romney team is out to distort his record and intention. I believe Newt because he comes across sincere and honest. Romney on the other hand is conservative one day and the next is a liberal depending on what works for his own interest. That’s why he was willing to make millions and destroy jobs in doing so.

  • JimDirect on December 14, 2011 12:07 am

    Many states have known oil shale reserves. Which will create many jobs as new production ramps up and the output increases.

    With hydraulic fracking and horizontal drilling it’s possible now to get to the oil and natural gas.

    Like the Barnett, Fayetteville, Marcellus, Haynesville and Bakken – the Niobrara is another shale reserve coming online.

    Isn’t it great what the private sector can do. To some people making money is a bad thing. Some would say that it is wrong for companies to succeed by making a profit. Usually you hear that from someone who has never owned or operated a business.

    Just think of all the terrible banks that have had to foreclose on people who no longer pay there mortgages. I’ve seen some investors pick up properties for less than 50% to 70% of what they had sold for just a couple years ago. Aren’t those investors terrible buying the properties so cheap, fixing them up, and selling them for a profit. (That is a capitalistic society.)

    I remember back when all the steel mills were closing. I had a friend who was an executive at a steel mill put together an employee owned buyout to keep the mill running. It failed and everyone lost all their money. I guess to some people it was better that everyone lost it all.

    As the Keystone pipeline is concerned (besides Obama) Saudi Arabia probably has the biggest reason in stopping it from ever being started.

    In order to stop the riots from spreading from its closest neighbors to them, Saudi Arabia has showered piles of cash on its people amounting to over a hundred billion dollars.

    Just to break even Saudi Arabia needs oil to trade over eighty eight dollars a barrel.

    The price per barrel will have to go higher as the we continue to import less oil from Saudi Arabia.

    With the completion of the Keystone pipeline… the huge amounts of oil being pumped out of the Bakken and Canadian oil sands, flowing thought this pipeline, would further lower our oil needs from overseas. Not a good thing for OPEC or Saudi Arabia.

    Of course President Obama has delayed the pipeline until 2013 after the elections for purely political reasons. He needs the money and support that will flow in from the environmental movement. Hopefully more light will be shed on this to Obama’s detriment.

  • mperoni101 on December 14, 2011 10:34 am

    That’s not true Patriot06.

    Read the facts. Boehner was a big factor in kicking Gingrich out of office. He was becoming an embarrassment after campaigning to get Clinton impeached with the Lewinski scandal and yet he was having an affair as well.

    What government subsidies for Bain? How much money was involved?

    Gingrich said it himself. Anyone who profited from Freddie and Fanny should give back the money. I guess everyone but himself.