Romney testified he believed in late '80s Staples had 25% chance of survival. 1986 video disproves

[highplainsdem]

From BuzzFeed:

http://www.buzzfeed.com/buzzfeedpolitics/mitt-romneys-blunt-talk-on-venture-capital

Romney was examined by Joseph Walsh, the lawyer for Maureen Sullivan-Stemberg, in a suit against her ex-husband, Thomas G. Stemberg. The judge rules for Thomas Stemberg, the founder of Staples. The testimony was given in Norfolk, Mass. Probate Court on October 7, 1991.

Q. (Atty J. Walsh) And one of them was that it (NOTE reference is to "Staples&quot went public and did so at what you called a favorable price?

A. (Witness Romney) Yes. That was a 25 percent probability.

Romney also suggested in another section of his testimony that he believed in the late 1980s that Staples had only a 25% chance of survival — a somewhat surprising comment given how central his investment in Staples has been to the narrative of his career as a master investor, and even to the video that introduced him at the Republican National Convention this year.

The RNC video that BuzzFeed article alludes to really wasn't as much help as a video from PBS that I found by googling. The PBS video shows Romney talking to Staples employees in April 1986, when he explains to them that unlike most new companies trying to get backing from venture capitalists (who Romney admits are sometimes called vulture capitalists), Staples had other venture capitalists lined up, so Bain had competition for what they saw as a potentially very profitable company.

And Romney says at the end of the video, "“We all should get a very handsome return on it, and we also should have a great time doing it.”

http://www.pbs.org/wgbh/pages/frontline/government-elections-politics/choice-2012/artifact-four-when-mitt-romney-bet-on-staples-video/

[nc4bo]

1. Drip Drip Drip.

Even if this only nets one voter away from R it's good. Even if it moves 1 undecided or Indie voter to blue, it's better.

One vote at a time.

[highplainsdem]

2. I agree, and I think it will cost Romney a lot of votes, especially women's votes.

Too many women have been cheated in divorce settlements for women to feel much sympathy for someone who'd perjure himself like this.

[tbennett76]

3. Go to end of this vid

Stemberg says Staples resonated with Romney

[highplainsdem]

4. Thanks!

[Justice4All1]

6. This guy is the most unscrupulous liar ever

Can you imagine this fraud as president? (Knock on wood. or on Myth's head) that would be the most corrupt administration ever, way worse than Nixon.

[highplainsdem]

7. +1,000

[riderinthestorm]

8. K&R nt

[highplainsdem]

16. Thanks!

[highplainsdem]

9. Drudge has a dismissive "Case falls apart" headline but it just links to a silly Washington Examiner

story that tries to claim that Allred's accusations have been "devastated" just because Romney testified that he didn't buy every single share of Staples stock he could have bought. The story doesn't say how many he actually did buy.

http://washingtonexaminer.com/romney-didnt-load-up-on-staples-stock-devastating-allreds-case/article/2511728

[ProudToBeBlueInRhody]

10. So he's a liar or an overrated businessman

Unfit for Command, clearly.

[aint_no_life_nowhere]

11. On Martin Bashir, they were talking like there's a good chance we will see the actual transcripts

Of Shitt's testimony. Yet, earlier today the posts on DU were discussing how the Boston Globe got the transcripts but is no longer seeking to lift the gag order and that Allred felt double-crossed by the newspaper. Does this mean that the transcripts can be published but the parties can't talk about the case, or is another hearing scheduled? What was the outcome from this morning's hearing on the Motion?

[highplainsdem]

12. The transcripts were released, but Allred's client (Tom Stemberg's ex) is still unable to comment

due to the gag order.

http://www.democraticunderground.com/1014278955

[aint_no_life_nowhere]

13. Having won the motion, is the Boston Globe the sole possessor of the released transcripts?

Is it solely up to them whether they are published? Or were the transcripts released to the public generally? I haven't seen the wording of the Motion and what the Boston Globe was seeking or the judge's decision to know the complete outcome. If there were no conditions on the release of the transcripts, I would have thought they would be up online by now.

[highplainsdem]

14. Allred and Maureen Stemberg Sullivan can also release the transcripts to the media.

See these tweets from a Boston Phoenix reporter:

https://twitter.com/dbernstein

He tweeted several hours ago that "Allred says it will take a few hours, at least, to prepare transcripts for media."

https://twitter.com/dbernstein/status/261490563579248640

[aint_no_life_nowhere]

15. GREAT! Thanks - I look forward to reading the relevant parts when they go up