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NEW ROMNEY VIDEO: In 1985, He Said Bain Would "Harvest" Companies for Profits

[quote]This clip shows the young CEO focusing on businesses as targets for his investors, not as job creators or community stakeholders.

Thu Sep. 27, 2012

By David Corn |

Campaigning for the presidency, Mitt Romney has pointed to his stint as the founder and manager of Bain Capital, a private equity firm, as proof he can rev up the US economy and create jobs at a faster clip than President Barack Obama. Last year, while stumping in Florida, Romney declared, "You'd have a president who has spent his life in business—small business, big business—and who knows something about how jobs are created and how we compete around the world." His campaign spokeswoman, Andrea Saul, has said that Romney's Bain days afford him more expertise than Obama to "focus on job creation and turn around our nation's faltering economy." Romney has even claimed that during his tenure at Bain, "we were able to help create over 100,000 jobs." In his acceptance speech at the Republican convention, Romney smacked Obama for having "almost no experience working in a business" and tied that to the sluggish recovery.

But at Bain, Romney's top priority wasn't to boost employment. As the Wall Street Journal recently noted, creating jobs "wasn't the aim of Bain or other private-equity firms, which measure success by returns produced for investors." And, the newspaper reported, Romney's 100,000-jobs claim is tough to evaluate.

Mother Jones has obtained a video from 1985 in which Romney, describing Bain's formation, showed how he viewed the firm's mission. He explained that its goal was to identify potential and hidden value in companies, buy significant stakes in these businesses, and then "harvest them at a significant profit" within five to eight years.

The video was included in a CD-ROM created in 1998 to mark the 25th anniversary of Bain & Company, the consulting firm that gave birth to Bain Capital. Here is the full clip, as it appeared on that CD-ROM (the editing occurred within the original):

by Anonymousreply 3810/21/2012

I know this is getting old, but yeah, he knows how to create jobs - in India and Pakistan.

by Anonymousreply 109/27/2012

Don't you think Obama's team has been sitting on all of this for years? I love how every time things calm down for Romney, something else comes out. I can't wait to see the October surprise.

by Anonymousreply 209/27/2012

."...we were able to help create over 100,000 jobs."

EXACTLY R1 .... just not in our own country .....

by Anonymousreply 309/27/2012

Finally! Romney was never a job creator. He's done nothing but put Americans out of work and harvest their pension funds.

by Anonymousreply 409/27/2012

indeedly deedly do!

by Anonymousreply 509/27/2012

Not as smoking a gun as the prior (47%) video. He really is a robot.

by Anonymousreply 609/27/2012

Perhaps nothing will be as damaging as that, R6, but it could finish off Romney's claim that he was great at creating jobs at his companies.

This is more proof that he was a vulture capitalist.

by Anonymousreply 709/27/2012

Mitt Romney is the model for the work life of Richard Gere's character in Pretty Woman, except there's been no redemption of his soul.

Ann is still a whore, however. And not so pretty. I'll get back to you on the woman, part.

by Anonymousreply 809/27/2012

Romney is just a deeply horrible person, to his very core.

by Anonymousreply 909/27/2012

that is true.

by Anonymousreply 1009/27/2012

This headline has been in the Yahoo top stories all day

by Anonymousreply 1109/27/2012

Wow.

Just Wow.

He is the quintessential robber baron. He is the epitome of what people do NOT need right now.

by Anonymousreply 1209/27/2012

"...but i can identify with Romney. He understands SMALL BUSINESS people."

by Anonymousreply 1309/27/2012

Romney doesn't know how to create jobs anywhere even in India or Pakistan. Any jobs created abroad happened by default by closing down companies in the U.S. and moving the jobs elsewhere.

Romney's intent was not to create jobs anywhere. Romney's intent was to make a friggin fortune for himself and his partners. And that's fine, except for those American workers who Romney left destitute and without a future. But don't confuse Romney doing business with creating jobs. That wasn't Romney's mission--and never was.

by Anonymousreply 1409/27/2012

Nor will it EVER BE, r14.

by Anonymousreply 1509/27/2012

It makes me think of organ harvesting.

by Anonymousreply 1609/27/2012

I'm SHOCKED that Mitt's segment on his secret "47% tape" where he wets himself talking about the Chinese workers sleeping in bunk beds, encircled by barbed wire, and paid "a pittance!" isn't causing more trouble for him. He practically jerks himself off describing the prison-like conditions with a smile on his face, as if he wants us to recreate these things here and make billions for guys like himself!

by Anonymousreply 1709/27/2012

holy crap, r17!

by Anonymousreply 1809/27/2012

bump

by Anonymousreply 1909/28/2012

David Pakman talks about the China slave labor on his show:

by Anonymousreply 2009/28/2012

You know that's how he envisions slave labor in the U.S. How can anyone listen to this man and even remotely think he's a decent person? Or even human?

I bet David Pakmam has a huge cock. It's always the skinny ones.

by Anonymousreply 2109/28/2012

Braaaaaaaaaaaains

by Anonymousreply 2209/28/2012

Jackass from the comments section:

[quote]Here we go again, another video the libs think makes Romney look bad but in fact actually shows him to look like a very smart businessman which is exactly what America needs to get this economy going again.

[quote]Its hilarious that Mother Jones thinks this is a negative for Romney but will probably actually help him get more votes.

[quote]Remember James Carville in 1992? Its the economy stupid.

The Republican idiots like this one are essentially repeating a mantra: "It's what plants crave."{Idiocracy}

They can't explain how he's a good businessman for anyone other than himself and a few of his locust-like buddies.

by Anonymousreply 2309/28/2012

But he gives millions to his church! So he IS a good person with good values. No matter how he lives the rest of his greedy and horrifying life.

by Anonymousreply 2409/28/2012

Why do all you DLer's hate America?

by Anonymousreply 2509/28/2012

Because we like our apostrophes, Sean.

by Anonymousreply 2609/28/2012

Rapacious capitalism was the order of the day in the 1980's.

It was Reagan who propagated the "Greed is Good" mantra.

by Anonymousreply 2709/28/2012

Actually R27, Reagan never said anything like that. Gordon Gekko did in a movie.

I am and was no fan of Reagan. He did justify his tax cuts (which he ammeliorated later in his Presidency) with supply side economic theory- a theory that has repeatedly proven false.

He never said greed is good. Don't mix up your movies with Presidents. Also Gekko was NOT a good guy in that film- hardly.

by Anonymousreply 2909/28/2012

If people are stupid enough to believe that private equity firms are in the business of creating jobs, then a 25 year-old video is not likely to change their minds.

For the Ayn Rand crowd, Romney's self-interest in making as much money as possible for himself is what makes him a good businessman.

by Anonymousreply 3009/28/2012

It bothers me that some idiot has called in to defend outsourcing to slave labor. Exploitation is not good for the economy, period.

"a line hundreds long" hoping for employment at the factory? We have that in the USA every time a factory says it's hiring. Indeed, anytime anyone says they are hiring. We are not different.

Funny too that they don't talk about how "unique" and "special" Mitt thought it was that we are sharing our ways with the world.

"Economically, it's not that bad a thing to outsource American jobs" ... uh yes it is. In India, the average cab driver saves 30% of his income. The low costs in foreign places is only done via currency manipulation, not genuinely lower costs. That factory in China will have to have its own generators, its own water treatment, its own investment in roads and transport, in the end it isn't cheaper except by fixing the yuan to the dollar so as to undercut American products at any price.

by Anonymousreply 3109/28/2012

On the contrary R30, they don't call Robert Vesco a good businessman, and Romney's done far worse than Vesco ever did.

by Anonymousreply 3209/28/2012

Romney's an idiot

by Anonymousreply 3310/08/2012

He's not an idiot, but anyone who isn't filthy rich and votes for him sure is.

by Anonymousreply 3410/08/2012

Romney supporters are so goddamned ignorant.

by Anonymousreply 3510/20/2012

If you're not a multimillionaire with your own Swiss bank accounts and you vote for Romney, you are voting against your best interests. And you're a fool.

by Anonymousreply 3610/21/2012

Baaaaaaiiiiins...

by Anonymousreply 3710/21/2012

Why hasn't this video gotten more attention?

by Anonymousreply 3810/21/2012
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