A 1985 video (below) was recently unearthed, by Mother Jones, showing Mitt Romney explaining how Bain Capital would discover companies with potential and “harvest them at a significant profit."
This contradicts the Romney campaign which has often said that Romney's Bain Capital experience gave him expertise on job creation, Romney himself has claimed that during his tenure at Bain: "We were able to help create over 100,000 jobs."
In the 1985 video, Romney said: "Bain Capital is an investment partnership which was formed to invest in start-up 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."
"Why in the world did Bain and Company get involved in this kind of a business? We’re not particularly noted for having years and years of experience in financing. Three reasons. We recognized that we had the potential to develop a significant and proprietary flow of business opportunities."
"Secondly, we had concepts and experience which would allow us to identify potential value and hidden value in a particular investment candidate. And third, we had the consulting resources and management skills and management resources to become actively involved in the companies we invested in to help them realize their potential value."