Romney's profit 'harvest' in latest video from Mother Jones
September 28th, 2012
10:24 AM ET
8 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. Romney is not My Hero

    @Sam – so it takes Bain 5-7 years to turn around a company. but Mitt believes Obama should have turned the whole country around in 4? hmmm.....

    Thank you, Sam!!!! It is incredible how so many people think that our President could just swoop in and make everything happen overnight. He couldn't do this and neither can anyone else (not even if they wear 50 pairs of magic underwear).

    September 28, 2012 12:03 pm at 12:03 pm |
  2. Critical Thinking

    Just a reminder to Democrats. If you don't know what profits are, let me explain them in a way that you might understand. They are the exact opposite of a deficit. After President Obama has added 5 trillion dollars of deficit spending, we reall need a guy who can harvest profits to offset this and we need him quick.

    September 28, 2012 12:03 pm at 12:03 pm |
  3. babaruge

    Predatory practices aside, Romney invested in a State-Run Chinese Oil Company 3 separate times. A self-described "mobile national territory and a strategic weapon", CNOOC has spent almost 20 billion in Iran to upgrade their natural gas production. I'd say hooray for CNOOC and Romney for making money if Iran WASN'T BEING SANCTIONED BY MOST OF THE WORLD (except China apparently). Tell me how you think a man who invests in a company that is ignoring international sanctions against Iran and talks tough about trade dealings with China could, in good conscience, think he is looking after the interests of his country over his own fat wallet. Romney cares more about making money than American foreign policy, he didn't divest from this company until the day before he cemented the GOP nomination. CNOOC is now trying to buy a Canadian Oil Company; they were earlier thwarted by the US government when they tried to buy Unocal. The US cited national security issues with the proposed buy-out. These investments came to light after we saw his 2011 tax returns, no wonder he doesn't want us to see any others...

    September 28, 2012 12:06 pm at 12:06 pm |
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