Mitt Romney on Bain's plan to buy and "harvest" companies

Read David Corn's story about this video: http://bit.ly/VKJL6L

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).

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  News & Politics

[tuseroni]

when he says "harvest" this is what he means:

* take the company, build it up then use the company to take out expensive loans

* the company cannot pay off the loans and maintain profitability and folds

* bain get's all the money, loses nothing, employees of that company all get fired

* company collapses.

[Chris Berny]

Romney says here that it "hopefully" takes 5-8 years to turn a company around, but he pretends it should have taken less than the 3 1/2 years Obama has had to turn the whole country around? With all Romney's buddies working hard the whole time trying to keep Obama from being able to turn things around (a disadvantage Bain never had)? So we can just give it all back to the people who tanked it in the first place so they can take a 2nd harvest?

[GorillaClanOfficial]

Hes a business genius

[yashaouchan]

This man is so evil....and he ALMOST won the presidency.

[themadlolscientist]

Breathing a HUUUUUUUUGE sigh of relief that this Grim Reaper didn't get elected!

[NYdrone]

How did that work out for Staples?

[SilentPhenomed]

continued...Do you like Domino's pizza? How about Burger King? Dunkin Donuts? Or maybe even getting supplies at Staples or a matress from Sealy Corporation? Or hey, we all gotta know what the weather it is so I'm sure you tune into the Weather Channel! Ahh yes, these are all such successful companies....Companies that became successful with the aid of Bain Capital.....

[SilentPhenomed]

No lol, had than been the case, there would've been plenty of lawsuits against Bain Capital and visionaries/entrepeneurs that went to Bain Capital would not be stupid enough to let Bain do that. That being said, you're incorrect. Bain Capital invested in a company and built it up, then after 5-8 years, would harvest to make up the loans and make a profit for the services. This is something those who went to Bain Capital knew of. Btw, Sports Authority is amazing because of Bain; JUST SAYING.

[SilentPhenomed]

Whoa whoa whoa, he never said 5-8 years to turn a company around; nice twisting of words you did there. Romney stated that Bain Capital would invest and actively manage participating companies, in which, if they are successful, then 5-8 years time Bain Captial will harvest a significant profit (think of that as a form of payment for "services"). The harvesting is not a bad thing because it's something participants of Bain Capital knew about and AGREED on.

[mrspatrickcampbell]

Is Mitt a homosexual?