Bain pain: Why Romney is being criticized
Former Bain Capital employee sounds off
- Duration 3:49
- Date Jan 13, 2012
Former Bain Capital employee sounds off
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Sorry meanwhile Republican front runner Mitt Romney has been taking major heat for what his critics have called.
Vulture capitalism that's -- -- Rick Perry calls it at Bain Capital but our next guest says Romney's business experience should be seen as a major asset.
Oh -- Roy worked at -- for three years and is familiar how the firm where he is now a senior fellow at Manhattan institute -- joins us.
It from San Francisco -- wanted to go back.
Good morning it's colder out here -- have to show that his New York.
Will you be back in New York soon enough let me let me ask it about this when you were at Bain.
Led by Mitt Romney.
According what I've heard you guys were just looters just got to make a buck.
Well you know I think that it's really funny because the whole culture of Bain Capital was about try to turn around businesses and build businesses -- you know that was.
Totally it was in the veins of every single person who was there were always trying to think about how to make business is better.
And so it it's it's it's it it -- it's it's been funny to watch out what is happening you see a guy like.
Steve Rattner in the Obama administration defending Mitt Romney gets Newt Gingrich it's you know not so that you see every day.
That's right and the story this morning is it apparently.
You know come like general election time it may be hard for the -- United States.
To criticize Maine because apparently the White House hired -- to advise them.
On the -- car bailout and they suggested you know what.
Administration suggest that more dealerships are close so Bane and the White House were on the same page.
That's not surprising at all then I guess not okay what about the suggestion oh victory that Bain.
Was just -- to make a buck.
They took over of what a bunch of struggling companies and in some cases took way too much money out and eventually they would go bankrupt.
Yes -- I mean one thing that's important keep in mind here is.
If being in a -- the investors of Bain and Bain the manages -- and have every incentive for the companies to succeed right because they're gonna make a lot more money.
If those companies succeed they successfully turn them around as opposed to blowing them up by taking out too much debt sure now there is a question of just.
You know did they take out too much -- and and -- -- -- with too much -- in the beginning in certain cases.
And you can say yeah they've there's probably some cases where they probably did a little bit too much of pulling out -- in the beginning.
And that's a debate you can have but to say that that that Bain Capital is a corrupt company because of that that's that's it doesn't make any sense right because.
If if they had been smarter.
And and done things corporately it's a mistake that they that they suffered from as well they have no incentive to watch these things destroy these companies they have much -- -- -- To actually have these companies thrive and succeed Peter is they'll make more money because.
That makes perfect sense that that's capitalism -- -- it before you go some Republicans have suggested that Mitt Romney needs a better defense of his years at -- If you were -- I -- your writer national review.
In addition to the Manhattan institute what would you tell Mitt Romney to say about -- What -- couple things I think it will be good to the human stories are so important when Ted Kennedy ran against him in 94.
You know that's what really killed him as the human stories of these people who -- suffering who got laid off from these companies.
At and really had some trouble as a result of that I think what he need to do is he needs to tell the personal human stories of the people.
-- had great jobs and who expanded to save money on their office supplies -- or whatever it was to tell the stories of how.
People really benefited and gain in -- from on how the economy was more dynamic because of the things that Bain Capital that he's got to tell the human stories this can't be.
An intellectual argument about capitalism.
-- you know all right what you should know used to work -- -- once upon a time of exploit joining us from a chilly San Francisco.
Sir thank you very much -- a lot of pleasure.