In 2000, a financially struggling plastics company that supplied car parts received emergency funding from auto manufacturers General Motors and Ford Co. The plastics company was owned by Bain Capital, the firm co-founded by Mitt Romney.
In other words, Romney, who has written against auto industry bailouts, profited via his involvement in Bain from a GM rescue of a car components supplier. Romney has recently come under fire from GM and Chrysler for airing dubious TV and radio spots suggesting the carmakers were shipping jobs to China.
Bain's management of Cambridge Industries was chronicled in a June story in The New York Times, which noted that Bain reaped over $10 million from the plastic manufacturer even as it went through bankruptcy, wiping out some of the other investors. According to a 2008 Detroit Free Press story, which is only available for purchase, Cambridge's bankruptcy meant more than 1,000 workers lost their jobs.
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