Thursday, September 27, 2012

New Romney Video: Bain Exists To "Harvest" Companies for Profit

Mother Jones has discovered another devastating Romney video - this one from 1985. In it, Romney describes the creation of Bain Capitol as a firm designed to "harvest" troubled companies for "a significant profit".

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.

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