Apocyphal Bain Stories at the DNC Convention: Imposter David Foster Never Worked for GST Steel


David Foster was one of the speakers who launched a tirade against the “evil” Bain at the DNC Convention, pretending to be one of three “former employees of companies controlled by Bain Capital.”

He never worked for a company run by Bain. David Foster said Wednesday night that Mitt Romney’s private equity firm drove Kansas City’s GST Steel into bankruptcy. “We don’t need a president who fires steelworkers,” he said.

In actuality, Foster was a union organizer who negotiated for GST Steel. The union allegedly had no small part in bringing the company down but we won’t hear that story.

David Foster was never an employee of GST Steel’s Kansas City Plant. He worked for the United Steelworkers of America as their regional union director to represent GST Steel.

The Steelworkers have done more to destroy steel production in America than anyone and they really have moxie pulling this lie off.

David Foster begins speaking at about 4:45

The first story was not complete. The closure was preceded by, surprise, surprise, a labor dispute. Romney was running for office at the time and was not actively involved. He later said he urged a settlement but Bain had decided to close the plant by that time. The union shares some blame in their own demise.

The second story is not complete either. Job losses mounted at the company as lucrative payouts to investors and top executives, allegedly. A few months before the payout, Mr. Romney left to run the Olympics. He was not there when the payouts were made.

Dade filed for bankruptcy protection in 2002. The company, however, would later emerge from the restructuring process and thrive. The company was eventually sold. It’s actually a success story.

This is the best the DNC could come up with about Bain. They left out success stories, which was and is 70% of the business. Bain is a company that takes failing companies who are on their last leg and invests capital in them to try and save them. The companies risky bets.

More at Washington Post and Dallas Blog