Romney's profit 'harvest' in latest video from Mother Jones
September 28th, 2012
10:24 AM ET
2 years ago

Romney's profit 'harvest' in latest video from Mother Jones

(CNN) – The left-leaning publication that posted the secretly-recorded videos of Mitt Romney that included his controversial "47%" comments is online with a new, older video where the GOP candidate describes a mission to "harvest" small businesses while at Bain Capital, the private equity firm he founded.

Mother Jones posted video taken in 1985 of Romney describing how the his firm was formed and the company's goal to buy stakes in start-up businesses, manage them for between five and eight years and then "harvest them at a significant profit."

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"Bain Capital is an investment partnership which was formed to invest in startup companies and on-going companies, then to take an active hand in managing them and hopefully, five to eight years later, to harvest them at a significant profit," said Romney in the video posted to Mother Jones' website Thursday.

While campaigning, Romney has touted jobs created as a result of his time as founder and CEO of Bain Capital, buying and managing various smaller companies. The latest video, however, suggests a different objective for the companies-a means to generate profit.

Mother Jones said the latest video was part of a CD-ROM compiled in 1998 celebrating the 25th anniversary of Bain & Company, the parent company to Romney's private equity firm.

Mother Jones posted the first video earlier this month, which showed Romney speaking candidly to a group of top-dollar donors at a private fund-raiser in May about the "47%" of Americans he said who would automatically vote for President Barack Obama because they are dependent on government and consider themselves "victims," among other controversial comments.

"There are 47% of the people who will vote for the president no matter what," Romney said in one of the previously posted clips that generated a firestorm of criticism from both Democrats and Republicans. "There are 47% who are with him, who are dependent on government, who believe that, that they are victims, who believe that government has the responsibility to care for them. Who believe that they are entitled to health care, to food, to housing."

Democrats took off with Romney's "47%" comments using the footage in political ads to criticize the Republican presidential hopeful for writing off nearly half of the American population.

Romney responded to the criticism saying that he cares for "100%" of Americans and admitted his remarks were "not elegantly stated," though ultimately defending the crux of his argument.

"We have a very different approach – the president and I – between a government-dominated society and a society driven by free people pursuing their dreams," Romney said at a press conference with reporters after the secretly recorded fund-raiser videos were posted.

The Romney campaign responded to the latest video asserting that Romney's tenure with the company helped save jobs at struggling companies.

"In addition to starting new businesses, Mitt Romney helped build Bain Capital by turning around broken companies, creating and saving thousands of jobs. The problem today is that President Obama hasn't been able to turn around our economy in the same way," said Romney campaign spokeswoman Amanda Henneberg.

In May, Obama also took Romney to task for his time at Bain Capital saying his Republican opponent's experience in the private sector does anything but qualify him for the White House.

"When you're president, as opposed to the head of a private equity firm, then your job is not simply to maximize profits. Your job is to figure out how everybody in the country has a fair shot," the president said during a press conference at the NATO summit in Chicago.

CNN's Dana Davidsen contributed to this report.


Filed under: 2012 • Bain Capital • Mitt Romney
soundoff (128 Responses)
  1. Wake up people!

    FINALLY, the real truth about Bain, from Lucifer's mouth himself. I can't wait to hear the spin on this!

    Everyone check out the story about the firm in Florida, that was paid more than $1,000,000 to register repub voters. They have been caught attempting to steal the election, once again.

    Aw CNN, you were my favorite, but your carrying Willards water for him is bordering on ridiculous.

    OBAMA 2012!

    September 28, 2012 10:52 am at 10:52 am |
  2. SuperD

    Way to go CNN. Once again trotting out Democrap talking points and making them news as if this were really "news"

    Just save everybody the trouble. Do an Op-Ed and just admit you're in the tank for the Democrats and Obama.

    September 28, 2012 10:52 am at 10:52 am |
  3. judy

    this should be an interesting one for the repos to spin or denie. People need to wake up and see this clown for what he is a rich lying corporat executive that is only interested in profits not people. Forward.

    September 28, 2012 10:55 am at 10:55 am |
  4. petena

    Mitt thinks I'm his "harvest" to be sold later. Sorry -

    September 28, 2012 10:56 am at 10:56 am |
  5. 23 From Texas

    No Mr. Obama, the Presidents job in not to make sure everyone has a fair shot. Your job is to preserve and protect the constitution, command our military, and to execute laws that the congress puts on your desk. That is why this President has to go; he does not understand his most basic job functions. Time to get somebody in office that has actually read his job description!

    R&R 2012!!!

    September 28, 2012 10:57 am at 10:57 am |
  6. kakaraka

    What? Harvest and dismantle companies for significant profits at the expenses at the workers? This proves once again that Romney is a job killer. He should be ashamed of himself for saying something like that. This guy doesn't care of workers who lose their jobs when he so called harvest companies for significant profits.

    September 28, 2012 10:58 am at 10:58 am |
  7. Pete

    Thank for Mother Jones in putting another nail in Romneys coffin.People have to wake up to Romneys,republicans extreme agandas.If they do see it then we'll have time to retaliate politically in kind but until then we are at their maniacal mercy...Voters supression,changing electoral votes in republican led states ,the list goes on,remember the stealing of votes in 2000,2008 ,they're at it again.They're sore losers and will cheat to win,what's new,losers voting for losers,its historic,its republicans!!!

    September 28, 2012 10:58 am at 10:58 am |
  8. Scott

    Why is it that when an obscure, far-left leaning blog posts a video about a republican candidate it is front page news at CNN and when a right leaning website posts a far-more revealing video of Obama, CNN doesn't even report on it??

    Just asking.

    September 28, 2012 10:58 am at 10:58 am |
  9. Wire Palladin, S. F.

    This man is an elitist corporate vulture who does not understand ordinary Americans.

    September 28, 2012 10:59 am at 10:59 am |
  10. Nomad

    Romney's past- the gift that keep's on giving. Nice find MJ!

    September 28, 2012 11:00 am at 11:00 am |
  11. Ricky

    I hope he does have the same intentions with a whole country....honestly i wouldn't want a profit minded person as president...we've seen such people leading some economies around the world to a grinding halt. America is not for sale people!

    September 28, 2012 11:01 am at 11:01 am |
  12. jean2009

    Well the obvious problem with Romney, is he doesn't believe people should have a right to food, housing, and health care which on any level of decency lacks the compassion necessary for governing a diverse nation. A nation where many people who cannot afford these things will need some or all of the above at some time or another. This defintely shows he is only interested in governing for the benefit of wealthy people like himself. "I've got mine sorry about your bad luck of not being born rich. Sorry about your having to go fight....but I've got the strings to get a deferment.

    September 28, 2012 11:02 am at 11:02 am |
  13. Al-NY,NY

    done and done. Crawl back to LaJolla and your car elevator Romney. You're wasting your time

    September 28, 2012 11:02 am at 11:02 am |
  14. Lynda/Minnesota

    "Romney responded to the criticism saying that he cares for "100%" of Americans and admitted his remarks were "not elegantly stated," though ultimately defending the crux of his argument."

    Mr. Mittens is now grovelling his best to bring fruit to the harvest of those 47%ers he is (in reality) so disdainful of, is he? Oh, well, come November 6th, Mr. Mittens will have reaped what he sowed one hundred fold. Unfortunately for Republicans, they will have reaped what Romney sowed as well.

    Let the harvesting begin .... Obama/Biden 2012

    September 28, 2012 11:02 am at 11:02 am |
  15. charlesName

    Polls going up for Obama. Romney u built that!!

    September 28, 2012 11:03 am at 11:03 am |
  16. Jeff

    I can't believe it's a surprise to anyone that the goal of Bain was to turn a profit and as big of one as possible. Romney can speak about the "good" Bain did by making certain companies do well but don't forget the reason behind these companies doing well was pure profit. I can guarantee no thought was given to workers, etc. when any decision was made about any company Bain was involved with. Any decision was simply made with profits in mind period.

    September 28, 2012 11:03 am at 11:03 am |
  17. jennifer in Houston

    Bain and Romney were predators...

    September 28, 2012 11:03 am at 11:03 am |
  18. loqe

    This shows exactly what Flip Robme stands for! His next plan is to "harvest" the rest of America's businesses for his own profit.

    September 28, 2012 11:04 am at 11:04 am |
  19. Deb in MT

    Well, Mittens certainly did do his share of 'harvesting' businesses–not only by tearing up jobs by the roots and outsourcing them overseas–but also by reaping those delicious pension funds at their prime. Other peoples' retirement savings sure are tasty, huh Mittens?

    Between the "47%" film, and this one, Mother Jones might very well have saved the republic.

    September 28, 2012 11:05 am at 11:05 am |
  20. hihohiho

    Wow – you live in a captitalist society – ya know? and why are you calling Mother Jones a "eft "leaning" publication? CNN your intense bias against Romney knows no bounds..

    September 28, 2012 11:05 am at 11:05 am |
  21. Gimmeabreak!

    I would have loved it if Obama had "harvested" something - anything - for this country during his failed four years of non-stop campaigning and zero time leading! And I will vote for a business man who can harvest good things for my country - Mitt Romney - yeah!!!!!

    September 28, 2012 11:06 am at 11:06 am |
  22. California Gary

    Kind of makes you wonder what he intends to "harvest" from the American people if he should win the presidency.

    September 28, 2012 11:08 am at 11:08 am |
  23. jinx88

    And Mittens just keeps on giving and its not even Christmas.

    September 28, 2012 11:08 am at 11:08 am |
  24. Bill

    Well this is how to run a business.....Maybe if our Congress understood this we wouldn't be trillions in debt. Congress takes their cut and passes laws to help these big companies get rich.......I am going with ROMNEY this election I gave Obama a chance and he blew it...he is more interested in being a POP star than the President........Romney has crossed the line and worked with Democrats in Mass.....I think he is our last chance to clean up Congress.......

    September 28, 2012 11:09 am at 11:09 am |
  25. SOUTHERN HOTTIE

    Welly, welly, welly, well. . . . the plot thickens!

    September 28, 2012 11:10 am at 11:10 am |
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