Following last week's video
on how Mitt Romney's Bain Capital profited from the bankruptcy of GST Steel, the Obama campaign is today releasing a new video (above) and slideshow
focused on how Romney's company made $100 million while sending Bain-owned American Pad and Paper into bankruptcy and destroying hundreds of jobs at SCM Office Supplies in Marion, Indiana.
The video and slideshow is the second installment in a series of what the campaign is calling "case studies" focusing on "Romney Economics." Although last week's video included a two-minute spot for television advertising, there doesn't seem to be a paid media component to this week's ad. Although the Obama Super PAC Priorities USA is running
a strong 30-second spot, the campaign hasn't yet released a 30-second ad hitting Romney for Bain, but you have to figure that's coming soon.
While Bain walked away from the bankruptcy and plant closing with $100 million, as The Boston Globe's Glen Johnson points out, the saga helped ensure Mitt Romney's defeat in his 1994 U.S. Senate race against Ted Kennedy:
The saga of SCM Office Supplies Inc. in Marion, Ind., was used by Kennedy in television ads and campaign trail appearances by SCM workers to undercut Romney as he mounted the most serious reelection challenge of Kennedy’s career.
Bain-owned American Pad & Paper bought SCM in 1994, only to cut wages and benefits before closing the Marion plant a year later. Over 200 workers lost their job.
By 2000, Ampad itself was declaring bankruptcy, while the Romney-led Bain and its investors had reaped over $100 million in profits.
Payback's a five-letter word, eh?
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