“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.”
~Mitt Romney
This video comes courtesy of Mother Jones with some other findings HERE. This is just a reminder of what Bain Capital really did. It used private equity funding to buy up companies, actively manage these businesses which often times involved laying off workers or cutting wages and then loading these companies with lots of debt with one end goal in mind – profits for the investors.
Now – even though the way Romney and Bain did what they did is despicable and not like most businesses …. making profits IS the point of running a business. But – his goals weren’t to create jobs no matter what he might like to say. He wants to talk about how he was this successful private business man but then he doesn’t want to talk about how he was “successful” in business. This video isn’t really an indictment on Romney so much as a reminder that this man has been for the past 30 years focused on one thing – making lots and lots of money.
