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Video: Romney admitting that he "harvested" companies for "significant profit"

Discussion in 'BBS Hangout: Debate & Discussion' started by Carl Herrera, Sep 27, 2012.

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  1. Carl Herrera

    Carl Herrera Member

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    http://www.motherjones.com/politics/2012/09/1985-romney-bain-harvest-firms-profits-video

    ROMNEY: 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…


    My take: Nothing wrong with it-- an accurate description of Bain's private equity business. But rather unfortunate word choice for someone running for office (which I am not sure he had plans for at the time).

    Also, this again makes the Dems' point that what Mitt was great at was not really "job creation."
     
    #1 Carl Herrera, Sep 27, 2012
    Last edited: Sep 27, 2012
  2. ipaman

    ipaman Member

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    honestly these threads and thread titles are embarrassing. are you guys drudge wannabes or what?!?!
     
    #2 ipaman, Sep 27, 2012
  3. justtxyank

    justtxyank Member

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    Thread title is completely misleading and is not what he said. Your post doesn't even back up your thread title.

    With that out of the way, what does this quote say that is anything different than what has already been said?
     
    #3 justtxyank, Sep 27, 2012
  4. Carl Herrera

    Carl Herrera Member

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    "Corporations are people" so harvesting corporations = harvesting people, no?

    Sorry, title was a (bad) joke about "corporations = people." Should have made that clear.

    As to your question: the relevant thing is that what Mitt did was not job creation, but profit creation by taking bets on companies. Sometimes jobs are created, other times they are cut or outsourced, not clear what Mitt's final tally was on jobs lost or gained, but any impact on jobs are an collateral effect to what Bain does, not their goal. And Bain experience does not mean that Mitt is good at creating jobs.
     
    #4 Carl Herrera, Sep 27, 2012
    Last edited: Sep 27, 2012
  5. Al Calavicci

    Al Calavicci Contributing Member

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    you now lose your right to criticize basso or texx's threads
     
    #5 Al Calavicci, Sep 27, 2012
  6. redlawn

    redlawn Member

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    Mitt's exact words:

    Mitt's exact words on corporations (0:17)

    <iframe width="420" height="315" src="http://www.youtube.com/embed/E2h8ujX6T0A" frameborder="0" allowfullscreen></iframe>
     
    #6 redlawn, Sep 27, 2012
  7. Jugdish

    Jugdish Member

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    BAIN CAPITAL IS PEOPLE!
     
    #7 Jugdish, Sep 27, 2012
  8. Buck Turgidson

    Buck Turgidson Member

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    Dammit, beat me to it. I was going to go with Soylent Bain is people, though.
     
    #8 Buck Turgidson, Sep 27, 2012
  9. JuanValdez

    JuanValdez Member

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    Big deal. If Bain's able to harvest a signficant profit, it's because they did a good job building up a strong company, which is good the economy and jobs, even if people got laid off in the process.
     
    #9 JuanValdez, Sep 27, 2012
  10. justtxyank

    justtxyank Member

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    Ok. Get the (bad) joke now.

    Has Romney denied or ever phrased it any way to make it sound like Bain wasn't out to earn a profit? Breaking news for you Carl, the vast vast majority of companies are not formed for job creation, they are formed for profit creation.

    Saying they invested in startup companies with the hope of harvesting a big profit is in no way counter to the idea that he was a job creator.
     
    #10 justtxyank, Sep 27, 2012
  11. redlawn

    redlawn Member

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    Thank you for the lesson on capitalism.

    Now that we have that out of the way, and in light of the fact that capitalism's primary motive is profit generation and that its workers are merely cogs in the wheel, do you frown upon the tenets of its alternative, socialism?
     
    #11 redlawn, Sep 27, 2012
  12. justtxyank

    justtxyank Member

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    The lesson apparently was required since Carl thinks it is newsworthy that Romney is "admitting" to starting Bain Capital in order to turn a profit.
     
    #12 justtxyank, Sep 27, 2012
  13. Nook

    Nook Member

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    Mitt Romney has given everyone LOTS of legitimate material without a need to cobble together new material. Everyone knows exactly who and what he is...
     
    #13 Nook, Sep 27, 2012
  14. redlawn

    redlawn Member

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    I think you should read what he wrote again.

    Granted, Bain Capital seeks to generate a profit. This is no different than your run of the mill corporation, like Staples or Office Max or even Google. However, the means by which it generates those profits are vastly different. Bain Capital invests and then "harvests" other corporations. It speculates on various companies and then pulls out when it desires.

    In the minds of many, it's a worthy debate whether this constitutes a "stellar business career."
     
    #14 redlawn, Sep 27, 2012
  15. justtxyank

    justtxyank Member

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    Again I ask the question. Is this "admission" somehow contrary to the way the corporation has been described in the past? Has Romney denied this before? For him to be "admitting" that his company did what you say it did implies that in the past he has said something different.

    I don't think I commented on the merits of his business or whether he had a stellar business career.
     
    #15 justtxyank, Sep 27, 2012
  16. CrazyDave

    CrazyDave Member

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    Lol... read thread title and all I could think of was this...

    <object width="560" height="315"><param name="movie" value="http://www.youtube.com/v/k4AR3BgaCdA?version=3&amp;hl=en_US"></param><param name="allowFullScreen" value="true"></param><param name="allowscriptaccess" value="always"></param><embed src="http://www.youtube.com/v/k4AR3BgaCdA?version=3&amp;hl=en_US" type="application/x-shockwave-flash" width="560" height="315" allowscriptaccess="always" allowfullscreen="true"></embed></object>

    Nobody beats Farmer Vincent's Meat!
     
    #16 CrazyDave, Sep 27, 2012
  17. ipaman

    ipaman Member

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    soylent green is people!!!
     
    #17 ipaman, Sep 27, 2012
  18. Carl Herrera

    Carl Herrera Member

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    Mitt talked about "creating 100,000 jobs" any how his private sector experience giving him insight that Obama doesn't have on running the economy and creating jobs.


    http://www.washingtonpost.com/blogs...-job-creation/2012/01/03/gIQA31g3YP_blog.html

    http://www.washingtonpost.com/blogs...enable-figure/2012/01/09/gIQAIoihmP_blog.html


    This is Mitt's selling point when the fact is knowing how to run Bain Capital does not mean knowing how to help grow the macro economy or increasing the number of American jobs. Sure, Mitt never said Bain's goal was job creation, but he has argued that running Bain makes him a more capable job creator than Obama. So, it is good to hear from Mitt himself that they were simply harvesting profit, regardless of impact on jobs.
     
    #18 Carl Herrera, Sep 27, 2012
  19. justtxyank

    justtxyank Member

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    I just don't think this "admission" equals what you are trying to stretch it to mean.
     
    #19 justtxyank, Sep 27, 2012
  20. MoonDogg

    MoonDogg Member

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    [​IMG]
     
    #20 MoonDogg, Sep 27, 2012
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