Newt Gingrich raised questions about Mitt Romney’s private sector past at two back-to-back debates over the weekend in New Hampshire, returning to an allegation he made last month that Mitt Romney made a fortune at Bain by “bankrupting companies and laying off employees.”
A new report by the New York Times, Gingrich said, showed that Bain, the private equity firm co-founded by Romney, had “looted” one particular company (although it turns out he was actually referring to a Reuters story, written by Andy Sullivan and Greg Roumeliotis, about Bain’s investment in a Kansas City steel mill).
At Saturday night’s debate, moderator George Stephanopoulos asked Gingrich to address a new, “very scathing attack” by a pro-Gingrich Super PAC against Romney’s work at Bain Capital, the private equity firm he co-founded. The video, Stephanopoulos said, calls Romney’s “tenure ‘a story of greed’…saying that Bain made spectacular profits by ‘stripping American businesses of assets, selling everything to the highest bidder and often killing jobs for big financial rewards.’”
Gingrich said that while he is “very much for free enterprise,” he’s less “enamored of a Wall Street model where you can flip companies, you can go in and have leveraged buyouts, you can basically take out all the money, leaving behind the workers.”
“Is that the Bain model?” asked Stephanopoulos.
“You have to look at the New York Times coverage of one particular company,” he said.