It Seems Newt’s Little Hit Piece Movie on Romney is Filled With Misinformation, Inaccuracies

By Gary P Jackson

Readers know I’m not thrilled with the idea of Mitt Romney being our nominee, but I’m also not thrilled with the dishonest tactics being used by Big Government Statist Newt Gingrich to go after him.

There are plenty of legitimate lines of attack to use against Mitt Romney. More than you can shake a stick it, and yet, Newt Gingrich, and his boy Rick Perry, have chosen to hit Romney from the Communist/Occupy point of view.

Worse, much of the so-called “evil” things those two idiots, {Newt and Perry] and their minions, are attacking Romney over happened AFTER Mitt left Bain Capital in 1999.

We’ve pointed out that Newt has some nerve going after Mitt and Bain, when he sat on the board of Fortsmann and Little, a company that specialized in leveraged buy outs, and had a record comparable to Bain Capital. This makes Newt’s attacks against Romney even more disgusting.

Again, there are hundreds of legit issues to go after Mitt Romney with. What Newt and Perry have done is attack capitalism and the American way. And they are doing it with lies.

Our readers know I love nothing more than slicing and dicing these loser presidential candidates, but I take great pains to use facts. When you just start making it up as you go, you lose all credibility.

Newt is a petty little man who is no longer interested in being president. He’s on a personal jihad to stop Romney, and he doesn’t care if he destroys the entire Republican Party to get it done.

Fortune Magazine’s Dan Primack looks into the hit piece film Newt’s Winning Our Future PAC has started promoting:

Gingrich’s ‘Bain bomb‘ fizzles

The “Bain bomb” is full of wet fuses.

We’ve been keeping regular track of claims made about Mitt Romney’s business history over at our Mitt Meter, but today’s video “documentary” from the Gingrich-affiliated Winning Our Future PAC requires its own post. The ominous music, deep-voiced narrator and tails of worker woe were all to be expected. But I also thought that the video would get most of its basic facts correct (and then cover them in innuendo). I was wrong.

The video titled When Mitt Romney Came to Town discusses several Bain Capital companies that eventually went bankrupt or were shut down. What follows is a series of errors:

UniMac

UniMac was a Marianna, Fla.-based laundry equipment manufacturer that had been around for more than 50 years. A former worker is quoted in the video as saying: “They pulled everybody together and told us we were being sold to Raytheon, which in turn turned out to be Bain.” The worker adds that quality control was sacrificed, saying: “I just wish they’d left us alone in the early 90s… at the end they just decided to shut the doors.

The reality, however, is that Raytheon (RTN) and Bain weren’t the same thing. And Bain wasn’t involved in the early 1990s. Raytheon agreed to purchase UniMac in 1994, and later merged it into a broader commercial laundry unit that also included facilities in Wisconsin and Kentucky. Raytheon then sold that unit four years later to Bain Capital for $358 million, alongside another private equity firm.

Bain would then hold onto the company until December 2004, when it sold it to a Canadian pension system’s private equity division for $450 million. The Florida plant and some others would close under the Canadian firm’s stewardship, not under Bain’s, in October 2005. Moreover, Romney left Bain Capital in 1999, although he retained a financial interest.

The UniMac section also quotes a NY Magazine story about Romney saying that his Bain colleagues had a “high disdain” for “sloppy” American workers. It insinuates that these were Romney’s Bain Capital colleagues working on UniMac, but it actually referred to Bain & Co. consultants from decades earlier.

KB Toys

Romney and Bain bought the 80 year-old company in 2000.” Again, Romney left Bain in 1999 and had no operational role thereafter. It is true that he remained an investor, but so did dozens of university endowments, private foundations and pension systems. None of them played a part in Bain’s investment decisions or portfolio company management.

The video also plays a video of Romney speaking at Emory University in 2010, and suggests that he refers to the ultimate failure of KB Toys as “creative destruction.” This is taken completely out of context. Romney’s Emory comment was pulled from a 45-minute interview that never once mentioned KB Toys. Instead, he was discussing broader economic productivity issues.

DDI Corp.

The video discusses the DDI Corp., a printed circuit board maker that Bain first acquired (alongside several other PE firms) in 1996. It suggests that “Romney and Bain” began firing DDI employees just before taking it public, including 275 Colorado workers. Again, there is a timing problem. Those Colorado employees were let go in early 2000, after Romney left Bain. The IPO also occurred after Romney had left.

The filmmakers later acknowledge that Romney had left Bain prior to the IPO, but then use a 13D filing to “prove otherwise.Fortune has reviewed the filing, which does place Romney on the management committee of a Bain fund that controlled DDI shares. Bain has insisted, however, that Romney had no operational role at Bain after leaving — with a source telling Fortune that Romney’s departure for the Olympic Games was hasty, and that the fund management committee listing was just a legacy signatory role that involved no actual decision-making capabilities.

More importantly, DDI didn’t file for bankruptcy until two years after its IPO, and two years after Bain had already sold all of its shares. The video insinuates that Bain knew the company was in trouble when it “dumped” its shares in 2001, but gives no evidence to support its claim.

To be clear, none of this is to suggest that Romney and Bain didn’t make some very real mistakes, or that they shouldn’t be criticized for situations in which they profited from financial engineering rather than from company growth. But the Winning Our Future PAC goes beyond that, intentionally obscuring the record in a way that makes such honest discussions more difficult. And for that, Winning Our Future deserves some scorn of its own.

Look, I have a ton of issues with Mitt Romney, but at the same time, I believe in fair play. That Newt Gingrich and his political action committee has to stoop to a video filled with misinformation and out-right lies is despicable. It tells you more about Newt than it does about Mitt.

Newt is the sort of despicable weasel we are trying to run out of politics forever, and his latest little stunt is the reason why. The man has no integrity. No honor. We simply don’t need his kind wondering the halls of power. at any level.

Again, plenty of reasons, LEGITIMATE reasons not to like Mitt Romney. That Newt has to use dishonest methods, rather than the truth, shows you who he is, as a human being.

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8 Comments

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8 responses to “It Seems Newt’s Little Hit Piece Movie on Romney is Filled With Misinformation, Inaccuracies

  1. AJSTEELE

    I most certainly could be wrong but I think many should prepare for the strong possibility that Gingrich could be the nominee. SC could be a tipping point.

    • Gary P

      Nah, Mitt is going to win SC easily. He has the state’s governor, as wall as Senator, Jim DeMint on his side. Plus he’s you know, not a dishonest, despicable loser like Newt.

  2. Joy

    Great & quick response research piece, Gary – congrats on pointing out the unnecessary lies & distortions that the WSJ uncovered from Newt’s PAC (obviously taken from Obama’s “Winning the Future” theme, whose initials, WTF, pretty much made THAT little untruth DOA!). So now, in the radio ads (run ad nauseum, BTW, even out here in CA, but on nationally syndicated radio talk shows), the disclaimer at the end, that “Winning Our Future” is “not affiliated with any candidate” – MY FOOT!! That’s an effin’ lie in and of itself!!

    Newt’s on a course to self-destruct, so I can just see him & Haley Barbour on some Caribbean Island, sipping mai tais and reminiscing how they both flamed out in 2012…

    • Gary P

      Thanks Joy. I have no problem with people going after Mitt. Lord knows I’ve shredded him myself. But Newt is such a dishonest human being. He’s caused a serious problem for all Republicans.

  3. patricia cala

    Although I have been looking for a better candidate that Mitt R., and when Newt arrived on the scene with all his information, I thought we had someone that was knowledgeable. I seriously look for truth.
    It was like when Clinton, was president, told bold face lies. I guess it depends on how much charm the lliar has. The old expression, “a wolf in sheeps clothing.” It reminds me of the opposite phrase you ued previously, “the emperor has no clothes”

    .

    • Gary P

      Newt has always been what he is. People just forgot.

      Not a Romney fan, but Newt is so despicable many of us feel compelled to defend Romney against these attacks.

  4. Pingback: Newt Admits His Romney Hit Piece Movie is Full of Lies and Misinformation WaPo Gives It 4 Pinocchios | A Time For Choosing

  5. Pingback: Mitt Romney: A Great Choice in a Pivotal Election for Capitalism | Rogue Government

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