Newsvine
  • Welcome
  • Help
  • Report Bug
  • Conversation Tracker
  • Your Column
  • Replies
  • Friends
Type Comments Since You Last CheckedArticle Source Last Checked Stop Tracking All Clear Tracking All
Advertise | AdChoices
Log In | Register
Close the Login Panel
Existing users log in below. New users please register for a free account.

New Users:

Existing Users:

E-Mail:
Password:
Forgot Password?
Please enter the e-mail address or domain name you registered with:
E-Mail/Domain:
Back to Login
Log Out
  • Top News
  • Local News
  • World
  • U.S.
  • Sports
  • Politics
  • Tech
  • Entertainment
  • Science
  • Business
  • Health
  • Odd News
  • More
    • Arts
    • Education
    • Environment
    • Fashion
    • History
    • Home & Garden
    • Not News
    • Religion
    • Travel
What is Newsvine?

Updated continuously by citizens like you, Newsvine is an instant reflection of what the world is talking about at any given moment.

Get a Free Account
Help
Fun Stuff
  • Your Clippings
  • Leaderboard
  • E-Mail Alerts
  • Top of the Vine
  • Newsvine Live
  • Newsvine Archives
  • The Greenhouse
  • Recommended Articles
  • Wall of Vineness
Put a Seed Newsvine link on your own site

Huntsman campaign blasts Romney for NH jobs record

Wed Dec 21, 2011 11:33 AM EST
politics, us, jobs, mitt-romney, romney, jon-huntsman, huntsman
Jack Gillum, Associated Press

Republican presidential candidate former Utah Gov. Jon Huntsman shakes hands during a visit to the Manchester Republican Committee Christmas party in Manchester, N.H., Monday Dec. 19, 2011. (AP Photo/Charles Krupa)

Advertise | AdChoices

WASHINGTON — Republican presidential candidate Jon Huntsman's campaign said Wednesday that jobs lost at a company managed by rival Mitt Romney counter his claims of being a job creator.

Huntsman's campaign and allies said Romney's venture capital firm oversaw more than 100 layoffs in New Hampshire while it eventually reaped millions in profits.

An Associated Press report this week found that The Holson Burnes Group, controlled by Romney's Bain Capital LLC, closed plants in New Hampshire and Gaffney, S.C., as it shipped other jobs overseas.

Former Claremont, N.H., Mayor Scott Pope — a Huntsman supporter — said Holson Burnes had told local officials the plant was closing in 2005 so it could expand operations in Mexico, long after Bain relinquished control of the company. But a bulk of Holson Burnes layoffs and furloughs occurred in the early 1990s under Bain's ownership.

The AP's review of financial and regulatory documents in the case of Holson Burnes contrasts with Romney's statements during the GOP presidential campaign about his success creating jobs in the private sector. It showed how Holson Burnes trimmed its work force by hundreds while Bain eventually earned a 20 percent return on its investment.

The economic fallout from Bain's decisions struck hardest in New Hampshire and South Carolina, early primary states that will shape the Republican race and Romney's White House prospects. Romney knows President Barack Obama and other Republican contenders will be picking apart his tenure at Bain.

"President Obama and his friends on the left are continuing their attacks on the free-enterprise system, and by attacking free enterprise they are willingly dividing Americans," Romney spokeswoman Andrea Saul told the AP in response. "Mitt Romney has a quarter-century of experience working with entrepreneurs and real businesses in the real economy."

Romney, the former Massachusetts governor, was spending the rest of the week touring New Hampshire by bus.

___

View related documents at http://apne.ws/tT73F4

Follow Jack Gillum on Twitter at http://twitter.com/jackgillum

© 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
  • Enjoy this article? Help vote it up the 'Vine.

Back To Top | Front Page

Published to:

  • Jack Gillum's Column, All of Newsvine
  • Groups: none
  • Regions: Washington DC
  • Public Discussion (7)
L'EMPEREUR du POLE NORD

ELECT Romney, so he can send more American jobs overseas.

Who needs jobs, duh ?

Just another TeaNut from the clown car.

OBAMA - BIDEN 2012

  • 4 votes
Reply#1 - Wed Dec 21, 2011 1:16 PM EST
Tappy McWidestance

Like all vulture capitalists (those who buy distressed companies, fire the workers, split up the assets and sell the parts) Romney is a job destroyer not a job creator. He record as Governor is at the bottom of the country during that time frame too. Since he is the best the Republicans have I'd say they are in a tough place next summer and fall.

  • 4 votes
#1.1 - Wed Dec 21, 2011 1:39 PM EST
tcaddle

Yes they are, the more so with gobblers like the weeper of the house and the turtle, but at least they may ensure an Obama-Biden victory and I sincerely hope a few more democratic seats in congress and the senate. Please Santa, I've been good.

  • 2 votes
#1.2 - Wed Dec 21, 2011 2:08 PM EST
L'EMPEREUR du POLE NORD

Massachusetts used to have a very good economy, they were a leader in wages and jobs, then came Romney. Now they're in same boat as many other states,

Thanks Mitt-hole.

  • 2 votes
#1.3 - Wed Dec 21, 2011 3:33 PM EST
liveandletlive-2022952

Like all vulture capitalists (those who buy distressed companies, fire the workers, split up the assets and sell the parts) Romney is a job destroyer not a job creator.

I think your missing the point in calling it "vulture capitalism." Vulture equity funds, like Bain Capital (it definitely fits the bill), buy companies that are distressed anyway. Essentially, they act like vultures and pick the corpse. Vultures, however, aren't responsible for the demise of their prey. Prior management ran those companies into the ground. Bain Capital comes in and buys it up on the cheap and tries to do one of a few things: Usually, (1) trying turn the company as a whole around through a refinancing, (2) stripping the company down and selling profitable subsidiaries, while letting the others go under.

Do people often lose there jobs in the process? Absolutely.

But, what would have happened if Bain Capital (or any other vulture fund) did not buy the company? Those people probably would have lost their jobs anyway. Think back to the use of "vulture." Bain Capital picks of the dying companies that have value.

Also, the employees of the "stripped parts" often keep their jobs.

Look, I am not saying Romney was a job creator at Bain; he wasn't. But, he also wasn't a job destroyer. A lot of people kept jobs that may not have been there if someone hadn't stripped the company.

    #1.4 - Fri Dec 23, 2011 5:25 PM EST
    Reply
    mitch j

    odd, i thought huntsman and mitt were both the same person

      Reply#2 - Wed Dec 21, 2011 1:57 PM EST
      Carol-500283

      I've missed something. Huntsman? Still in the race??? Wow! such a well kept secret. If he even wants a slim chance, he'd better speak up, and soon. Maybe he figures he won't have a chance against Pres. Obama anyway, so why bother.

      • 1 vote
      Reply#3 - Wed Dec 21, 2011 2:37 PM EST
      Leave a Comment:
      You're in Easy Mode. If you prefer, you can use XHTML Mode instead.
      You're in XHTML Mode. If you prefer, you can use Easy Mode instead.
      (XHTML tags allowed - a,b,blockquote,br,code,dd,dl,dt,del,em,h2,h3,h4,i,ins,li,ol,p,pre,q,strong,ul)
      Newsvine Privacy Statement
      As a new user, you may notice a few temporary content restrictions. Click here for more info.
      FUN STUFF:
      • Leaderboard |
      • E-Mail Alerts |
      • Top of the Vine |
      • Newsvine Live |
      • Newsvine Archives |
      • The Greenhouse
      COMPANY STUFF:
      • Code of Honor |
      • Company Info |
      • Contact Us |
      • Jobs |
      • User Agreement |
      • Privacy Policy |
      • About our ads
      LEGAL STUFF:
      • © 2005-2012 Newsvine, Inc. |
      • Newsvine® is a registered trademark of Newsvine, Inc. |
      • Newsvine is a property of msnbc.com