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Thu Sep 27, 2012, 09:34 AM

NEW ROMNEY VIDEO: In 1985, He Said Bain Would "Harvest" Companies for Profits [View all]

Source: Mother Jones

NEW ROMNEY VIDEO: In 1985, He Said Bain Would "Harvest" Companies for Profits

This clip shows the young CEO focusing on businesses as targets for his investors, not as job creators or community stakeholders.

óBy David Corn | Thu Sep. 27, 2012 3:00 AM PDT

...............................

But 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.

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):

Read more: http://www.motherjones.com/politics/2012/09/1985-romney-bain-harvest-firms-profits-video



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