Mother Jones, the same site to previously acquire the video of Romney touring the Chinese factory as well as the infamous 47% video, has come up with another gem. In this one, Romney describes the purpose of Bain Capital’s investments as “harvesting” companies, not creating jobs.
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They report that
[...] 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.
Video and transcript, also courtesy of Mother Jones, found below:
Romney: 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…The fund was formed on September 30th of last year. It’s been about 10 months, then. It was formed with $37 million in invested cash. An additional $50 million or so of what I’ll call a call pool, which is money that we can call upon if the deals are large enough that they require more than a $2 or $3 million dollar initial investment. Why in the world did Bain and Company get involved in this kind of a business? We’re not particularly noted for having years and years of experience in financing. Three reasons. We recognized that we had the potential to develop a significant and proprietary flow of business opportunities. Secondly, we had concepts and experience which would allow us to identify potential value and hidden value in a particular investment candidate. And third, we had the consulting resources and management skills and management resources to become actively involved in the companies we invested in to help them realize their potential value.
Romney has made a career out of not caring about the little guy or collateral damage. He worked in a field where his primary goal was to please the rich–that’s all he knows how to do. He has no valid business experience that could possibly help with the presidency. His job entailed systematically acquiring companies, gutting them for a profit, and then turning them loose. That is in no way appropriate for a leader of our nation.
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