Also in this playlist...
This transcript is automatically generated
With Wilbur Ross one of the -- successful.
Private equity guys investor finance year business leaders in the country.
I wanna turn to the Newt Gingrich assault on Mitt Romney.
-- and the -- neck king of -- documentary the attacks.
On private equity -- some people call -- an attack on free enterprise I don't personally believe it's that but I do believe it is certainly.
If peculiar attack that the Newt Gingrich is chosen.
What are your thoughts.
On the on personally attack the substance summit.
Well I think the -- and so that is simply this.
Gingrich doesn't know what he's talking about in terms of -- private equity functions.
I don't believe that -- can -- these single case.
We're Bain took over a company.
Immediately liquidated did and made a profit.
The reality is that private equity firms hate to liquidate anything because -- only do it means we couldn't fix it and we lose money.
Please simply does not understand.
Or perhaps worse had -- -- want to understand.
How private equity really works.
Yeah and private equity a point of the the exercise is to take assets organize them.
-- create profit leverage those assets and make.
As much money as possible is that a fair statement.
Well exactly and the thing that people also don't realize.
Does that 80% of the profits that private equity makes.
Go to the limited partners and who -- the limited partners mainly pension funds.
And university and ailments so what's so bad about helping pensioners.
We -- private equity success.
Are you surprised that there's not more attention paid to the fact that those investors often -- suggest.
Labor unions and all sorts of -- -- bonds public employees.
You know I mean it's it's it's.
Ended down -- I mean it it's strange that that's given such short shrift.
By the popular press certainly in.
And much of the of the business media.
Well that's it shocks me because it's no secret you can look at Ralph -- -- web -- most of the state pension funds.
And discussion of what their holdings are and the other thing that's interest seem to people who favor of big government.
To the degree that private equity is being financed by these state pension funds it's really the big government that these folks favor.
That's the higher amounts that's the weird thing.
-- it gets weird and in I have to -- -- I'm I'm excited about the potential here for any real discussion and real dialogue debate.
On the campaign trail amongst particularly the Republican.
A candidates now and I hope that -- be one between the nominee of the Republican Party in the president.
On free enterprise capitalism.
And what it means to this country.
How do you feel about I mean I wanna see a real examination.
Of that subject.
Well I think it would be very very useful and I think it would be even more useful.
If the debate focused on how -- we get back to being an inspirational.
I grew up not wealthy my mom was -- school teacher in the day it was a local lawyer.
Then I had to get financial help going through college and -- school and all that.
What's wrong with -- starting -- like that and then making a lot of money.
I think that's what made America great.
And I think the right way to deal with the nine -- 9%.
Is to improve the educational system.
Because that's why they're not getting jobs that's why they're not employable.
And that's why they'll -- upward mobility education.
Proper education is the ticket.
Out of lower income down that's failing.
Like you -- I'm enthusiastic about public education because of -- beneficiary of it.
And and I've always I always refer to public education in this country it's a great equalizer.
-- more so than any other element of our government or whatever would like to more true.
And you are well -- what do -- Have you come back let's talk about some of these subjects in some depth and detail.
Are we -- and I would like to -- I would like to move because some of these high schools and I didn't teaching advanced math anymore.
-- it's it's a horrible travesty for the children and and -- want to start teaching American history beginning with the you're 1877.
Well we're great to have you here will take it up over the next a couple of weeks great to see open most of --
Filter by section