In the post immediately below is the scurrilous Joe Soptic ad by the Obama super PAC blaming Mitt Romney for Soptic’s wife not having health insurance when he lost his job at GST Steel in Kansas City in 2001. The dishonesty in the ad keeps piling up. It turns out Soptic’s wife did have health insurance of her own because she continued to work at her job for 2 more years after GST Steel closed. Not only did she have health insurance, she had health care whenever she wanted it.
Now we learn more. Joe Soptic had a chance to take a buy out from Bain Capital before GST was shut down. Apparently, he refused it. I suggested below that a possible reason for GST’s failure was partly due to legacy costs in overly-generous union contracts entered into before Bain bought the company. That would be why Bain was trying to buy them out. Perhaps others like Joe Soptic refused to accept a buyout and that put GST further into the red, eventually leading to its demise.
Bain invested $170 Million in plant upgrades between 1983 and 2001 when the plant was shut down. Soptic claims Bain loaded GST up with debt, but that is not only false, it would not have been possible because no one was loaning money to steel plants at the time. Only equity capital from investors such as Bain was available for these small steel plants.
Ann Coulter gives a great synopsis of the entire affair on Hannity in the video below, plus rightfully rips Romney spokeswoman Andrea Saul for her inept and ineffective response to the Joe Soptic ad, saying no one should give any more money to Romney if he’s going to use it to employ such incompetent spokespeople. About 2 years ago Ann Coulter predicted that Republicans would nominate Romney in 2012 and that he would lose to Obama. Later she changed her mind and became an ardent Romney supporter. The flub by Andrea Saul sends Coulter over the edge, but she’s 100% right. Romney better get some savvy on his team or these vicious ads just might work. Coulter is at the top of her game in this HD quality video: