Posted on 09/27/2012 12:30:34 PM PDT by BradtotheBone
a video made public today, but recorded sometime in the summer of 1985, Mitt Romney explains in frank terms how his then newly-minted private equity firm planned on making money.
"Bain Capital is an investment partnership which was formed to invest in startup companies and ongoing companies, then to take an active hand in managing them and hopefully, five to eight years later, to harvest them at a significant profit," Romney tells employees of Bain & Company, the consulting firm that spawned the new venture.
The clip, which was given to Mother Jones by a former Bain employee, comes off a 1998 CD-ROM released to commemorate the parent company's 25th anniversary.
Romney's campaign staked itself early on to a simple argument: Success in the private sector economy and, by definition, an understanding of how jobs are "created," made Romney the best person to steer the country out of its economic malaise.
Campaign spokeswoman Amanda Henneberg defended Romney's record at Bain, saying in an email today that the candidate "helped build Bain Capital by turning around broken companies, creating and saving thousands of jobs. The problem today is that President Obama hasn't been able to turn around our economy in the same way."
(Excerpt) Read more at news.yahoo.com ...
That’s a good thing.
And, the problem with this is....????
Another Mother ‘VAN’ Jones tape to discredit Romney. I wonder how many more we’ll see.
This is what we need, a wise businessman.
Romney/Ryan
What’s the problem with what he said? I thought it was a clear explication.
No he should wreck the companies, lose money, go out of business along with the companies, lay off the workers, and have a stand where they all sign up for Obama phones.
We’re through the looking glass here people....
Duh. Buy low, sell high...
“Harvesting” is good if it means selling a revitalized company to someone else a profit. Seems to me they’re hoping people will interpret that as meaning he closed down the company and sold off its parts. Not that that isn’t necessary sometimes, but it doesn’t play well politically to people who have been laid off.
Excellent.
You don’t “harvest” losing companies and turn a profit.
Mitt has the right idea and he should challenge Obama’s stooges on any claims to the contrary.
The article then says Romney “claimed” to create jobs, as if this tape somehow makes that untrue. How else would you make profits on the businesses, unless they were successful?
AH Dud! No wonder Mother Jones is in hysteria. That is called CAPITALISM.
That would be liquidation, not harvesting. Harvesting has a positive connotation. Only the socialist true believers will fall for this, and they're already voting for Zer0.
Profits are evil....Bill Clinton did not have sex with that woman....It was the video not terrorism on 9/11....
Freeper Williams
That just means they plan to resell them - after they have restructured them. They don’t plan to be permanent owners or managers.
So what’s the problem?
What Romney has to make sure of is that Bain was not engaged in the stripping of assets, or, if it was, that he has a good answer for it. In the 1980s, venture capital companies like those owned by Warren Buffet bought companies that had fat pension plans or lots of cash, stripped out the cash, and then dumped the companies, leaving the pensioneers without a dime. Buffet’s company did this to a lot of struggling airlines, IIRC. This was what gave rise to the name “vulture capital.”
But I don’t see what the problem is in this latest “revelation” about Bain and I doubt that most people will see any problem with his company’s buying failing companies, eliminating the waste and restructuring, and then reselling them.
You don’t “harvest” losing companies and turn a profit.
I guess we will no longer grow crops for harvest, it’s a bad thing. We’ll eat Obama bumper stickers from the backs of Chevy Volts and we can live in OWS cardboard boxes.
if you ever want to scare a liberal to death, just yell out CAPITALISM, they will literally drop dead from fear
I just read about 150 replies on the yahoo comment section, it is staggering how few people know anything about running a business.
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