Friday, September 28, 2012

Romney's Harvest Home at Bain Reaps Profits


David Corn at Mother Jones has done it again - unearthed a video from 1985 in which a younger Mitt Romney brags about Bain "harvesting" companies to reap a profit. It was given to them by a former employee of Bain. Unbelievable! I don't know much, but I bet that even people in the business community must be just as sick of hearing about Bain Capital flipping companies for profit as we regular folk.

Romney sounds like the grim reaper, and I'm sure that's how the ex-employees of all those outsourced and ruined companies feel to this day. The Grim Reaper Romney.

Mother Jones Article Here
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):

Mitt Romney:
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…

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