Romney in '85: Bain Will 'Harvest' Companies
'Mother Jones' airs another video
By John Johnson, Newser Staff
Posted Sep 27, 2012 2:33 PM CDT
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(Newser) Mother Jones is out with another Mitt Romney video, this one from all the way back in 1985, when he was explaining what the new Bain Capital was all about. The choice quote:

  • "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."

  • David Corn, Mother Jones: The clip shows a young Romney who "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."
  • Andrew Sullivan, Daily Beast: "This is not the '47 percent' bombshell. It just shows what Bain Capital was about: rewarding its shareholders by 'harvesting' companies. That word is clinical." Bain isn't evil; this is just how finance works, but "those who lost their jobs as a result will not be thrilled to find out that they were harvested for Romney's mega-rich Bain peeps."
  • See coverage of the "47%" remarks here, as well as a clip of Obama talking about "redistribution" here.

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boxcar
Sep 28, 2012 9:42 PM CDT
"Harvest" is a farm word implying owner of farm invested capital, toil, sweat, planting & tilling to grow a crop that he then "Harvested" to reap what he had sown- In BAIN Capital's case its more akin to PLUNDER where a fisherman "Plunders" the oceans to reap a profit- he don't grow nuttin' and in the 19th Century Buffalo Hunters also PLUNDERED the buffalo, stripping hides to reap a profit but leaving carcasses to rot, just like BAIN did- we need a BAIN profiteer like we need a PIRATE to plunder, rob and pillage. Outsourcing jobs to SLAVE LABOR countries like communist China ain't a good idea
ddhartma
Sep 28, 2012 1:48 PM CDT
With regard to Obama's ads claiming Romney being responsible for outsourcing: http://factcheck.org/2012/06/obamas-outsourcer-overreach/ Also, take a look at Obama's venture capitalist supporters: http://www.washingtonpost.com/politics/venture-capitalists-play-key-role-in-obamas-energy-department/2011/12/30/gIQA05raER_story.html Once again: I am not voting for either of the two-party candidates, but do want to ensure that you have the chance to look at the truth instead of all the party rhetoric.
sean8513
Sep 28, 2012 11:39 AM CDT
This reminds me of a real estate developer. Buy a home, gut it, refurnish the inside, sell for profit. However, with homes this makes sense. With people's lives...well that's another story.