Vulture capitalist ‘Mittens’ Romney liked to ‘harvest’ companies for profit

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Posted by AzBlueMeanie:

Willard "Mittens" Romney really doesn't want you to believe that he is the heartless vulture capitalist that his GOP primary opponents and the Obama campaign have portrayed him as. The problem is, Mittens never cleaned up all the evidence he left behind that proves otherwise.

David Corn at Mother Jones has another video, this one from a CD-ROM created in 1998 to mark the 25th anniversary of Bain & Company. NEW ROMNEY VIDEO: In 1985, He Said Bain Would "Harvest" Companies for Profits | Mother Jones

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) (video below the fold):

TRANSCRIPT: 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.

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[T]his short clip offers a glimpse of Romney when he was at the start of his private equity career and saw businesses as targets of opportunity that could be harvested for the benefit of his investors, not as long-term job creators or participants in a larger community. His remarks were hardly surprising, but they did encapsulate the mindset of get-in/get-out private equity deal makers.

And what happened to all the people who lost their jobs after Bain Capital forced their companies into bankruptcy liquidation and shut them down? They were harvested too: "Soylent Green is people!" Well, Romney would have if there was such a thing.

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AZ BlueMeanie
The Blue Meanie is an Arizona citizen who wishes, for professional reasons, to remain anonymous when blogging about politics. Armed with a deep knowledge of the law, politics and public policy, as well as pen filled with all the colors stolen from Pepperland, the Blue Meanie’s mission is to pursue and prosecute the hypocrites, liars, and fools of politics and the media – which, in practical terms, is nearly all of them. Don’t even try to unmask him or he’ll seal you in a music-proof bubble and rendition you to Pepperland for a good face-stomping. Read blog posts by the infamous and prolific AZ Blue Meanie here.

4 COMMENTS

  1. Stan…read it, and pass it on. http://www.rollingstone.com/politics/news/mitt-romneys-real-agenda-20120928

    That, at heart, is the twisted beauty of the plan being championed by Ryan and Romney: The higher Republicans manage to drive up the debt, the more ammunition they have in their fight to slash federal spending for the needy. And the more time they waste trumpeting their “fiscal discipline,” the more the nation’s infrastructure will continue to crumble around them. Squandering two full workweeks of the congressional calendar on votes to repeal Obamacare has cost taxpayers $48 million. That’s nearly the same amount of money now needed to repair cracks in the Capitol itself – spending the House GOP has refused to authorize, out of anti-governmental spite. “If the House wants the dome to fall in,” said Senate Appropriations chair Ben Nelson, “I hope it falls on their side.” If the Republicans experience a crushing blow as a result of their hard-right agenda, of course, it won’t be caused by the laws of physics – it will be delivered by the voters on Election Day.

  2. Trickle-Down economics? Let’s be blunt – and honest.
    You want to know what “Trickle-down economics” REALLY is?
    Trickle-Down Economics is -please excuse my language- nothing but
    the fuckin’ super-rich PISSING on the rest of us.
    And laughing all the way to their offshore banks.
    Trickle-Down, Trick-Em economics is now, and always has been:
    Crumbs for us –  Cadillacs , car elevators, ten houses
    loopholes & lower taxes for them. That is …if they pay ANY taxes at all.
    Romney smirks and says TO HELL
    with “47% of America” — the “losers” and “parasites”
    that he so easily dismisses and disrespects as “dependents”
    — all of us are struggling to stay afloat, all of us still in the
     middle-class, and all of us hoping to get there. 
    Prince Mitt wants to be King. He doesn’t have enough. He wants it all.
    But did the Big Flipper even MENTION the words
    “worker” or “veteran” in his Republican convention speech?
    This man Romney is SO out of touch …that it’s incredible.
    He abandons the elderly, the students, the hungry, the homeless,
    the helpless, and the hopeless  …and all the biblical “least of these”.
    Love thy neighbor?  Come on Mitt, let’s be honest:
    YOUR REAL GOD IS MONEY.
    YOUR saints are those who have the most money
    ….. those who want to BUY this ELECTION – and this COUNTRY
    ……and TO HELL with the rest of us.
    Bottom line: When THEY get a break – hey, they deserve it. 
    But if WE get a break, it’s a handout. BULLSHIT!
    Tell me – who are the REAL “takers”?  Who are the REAL “makers”? 
    Who are the TRUE workers and builders? Who are the REAL “victims” here? 
    And who’s in the Cayman Islands, trying to avoid taxes,
    and deducting his dancing horses?
    Who gave their LIVES and limbs …in unpaid and un-needed wars?
    Whose sweat, …..on whose brows, has BUILT this great country?
    Was it the Romney’s of this world …or …us?
    They try to drown us out with their dollars.
    But WE still have a voice. And it’s called our VOTE.
    Loud and Clear — we need to just say NO.
    NO to Romney & Company.  NO to what they stand for.
    ‘Cause this is STILL our country. Our children’s country. 
    And we mean to KEEP it that way. Period.
    Romney should “self-deport”  HIMSELF back to Mexico,
    where his grandpa fled to avoid the U.S. marriage monogamy laws. 
    ‘Cause Prince Mitt not only wants to kill the Dream Act,
    but the American Dream as well. 
    We need a President for ALL the people –
    NOT a President of the wealthy, by the wealthy, and for the wealthy.

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