Mitt Romney Defends Bain Capital; Says Free Enterprise Works
Gerald Seib questioned Mitt Romney about the company American Pad & Paper that went bankrupt after it was bought by Bain Capital, causing several hundred people to lose their jobs. Seib mentioned that Bain Capital took 100 million dollars in fees. He asked Romney if that shows a flaw in the company or if it’s simply the “rough and tumble of American capitalism.”
Romney replied that while you never want to see anyone lose a job, “At the time I was
at Bain Capital, the business was still going and didn’t go bankrupt.” He explained that two paper plants were consolidated, and the employees at the closing plant were offered a job at the other one. The problem, according to Romney, was that they were union workers who didn’t want to work in a non-union setting.
He went on to say that, “Free enterprise, with all of its different dimensions and players, makes America the strongest economic nation in the world.”