Former Bain Executive: Romney To Blame For Layoffs
Mitt Romney is being blamed for layoffs at Ampad, an Indiana paper company.
…former managing director of Bain Capital Marc Wolpow, [says] Romney was directly responsible for Ampad’s layoffs. Wopow and a fellow Bain partner sat on the board of directors of Ampad, and were responsible with carrying out the Bain business plan that caused the layoffs.
“My job was to maximize the profits to Bain Capital’s partners from the Ampad transaction,” Wolpow told the Globe in 2002.
Wolpow said Romney was responsible for the business plan carried out by Bain in Indiana.”Mitt’s employees executed that transaction,” he said. “We carried out the business plan. He was CEO of the firm.”
”I reported directly to Mitt Romney … You can’t be CEO of Bain Capital and say, `I really don’t know what my guys were doing.”
Wolpow said that to maximize profits, Bain “implemented an aggressive plant closing and cost-cutting program.”