Employees at three companies that went bankrupt after being taken over by Bain Capital spoke at the Democratic convention on Wednesday, accusing Romney’s firm of exploiting workers for profit.
President Obama has spent months attacking Romney’s business career, which the Republican nominee has put at the top of his political resume, using stories from the companies whose laid-off workers were represented onstage.
The most dramatic tale came from Randy Johnson, a former worker at Bain-owned Ampad in the 1990s, who described how the private equity group took over the company, fired its workers, then invited them to reapply for jobs with lower benefits.
“What affected me most was having guys the age I am now come to my desk, and cry; guys who had nothing to fall back on,” Johnson said.
Ampad eventually went bankrupt. But Bain made about $100 million off the deal through management fees and the sale of its stock.
“I don’t think Mitt Romney is a bad man,” Johnson, a longtime Romney critic across multiple campaigns, told the audience. “I don’t fault him for the fact that some companies win and some companies lose. That’s a fact of life. What I fault him for is making money without a moral compass. I fault him for putting profits before people like me.”
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