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“Buyout of America” author Josh Kosman breaks down the career of Mitt Romney during his time at Bain Capital.
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Thanks appreciate Newt Gingrich starting to back pedal a little from his attacks on Bain Capital today calling.
On the super -- supporting him to corrected misstatements.
In a 27 minute anti Romney movie here's what -- said I'm calling for the winning.
Our future super -- supporting me.
To either admit it's king of -- -- and move and movie it to reed moved to remove its inaccuracies.
Or to pull it off the air and off the Internet entirely.
So is this a sign that -- and other GOP candidates are dropping the bandits acts the but the White House is jumping on the bandwagon look at this.
From president's reelection campaign President Obama who like Mitt Romney -- a degree from harbor and all the opportunities that affords.
Began his career helping jobless workers in the shadow of a close down steel -- Mitt Romney on the other hand again this is from the White House made millions closing down steel mills well let's ask the man.
Though it's some people say started -- is Josh -- and is author of the book the body out.
Of America which has a lot of the information as I understand -- charge that was used in the self correct.
It has some of the information the film Newt Gingrich -- people never reached out to me but I we certainly cover some of the same -- is Bain.
A positive or negative influence on -- bottom line bottom line very negative -- -- very negative not only during Mitt Romney's time but afterwards.
I'm just an investigative journalists I spent two years full time looking at all of private equity this one chapter in my book on Bain.
And Bain Capital over and over again made money by five mortgaging their businesses by having them borrow a lot of money to finance the acquisitions.
Then they wouldn't raise the earnings of the company -- the companies could pay the debt.
Problem then they would take money out through dividends by starving companies of operating in human capital -- those companies very often collapse.
Alright well Steve Rattner.
Who works for the press -- used to work for President Obama who is no friend -- -- just the opposite view he hopes that Mitt Romney loses.
-- about it he was supporting Bain Capital and saying that what you say is overrated that only full war.
Of the companies that they went in to deal with out of 77 I think of the big investments that they made while Romney was their only four of them.
He did that to that is squeezing that the money out of the amend and forcing him into bankruptcy I think what he's dead wrong.
He's pretty -- the first call Steve Rattner is a private equity executive shore but -- does not want Mitt Romney to wit he is not our friend have been brought to you -- hope -- friends with President Obama that the whole different issue.
And I don't take any sides in this spot.
It's four of beings ten biggest investments while Mitt Romney ran the from -- I think arguably five of those companies went bankrupt.
Mitt likes to throw up now he's -- turnaround situations they were not there are companies like Domino's Pizza.
Sealy mattress the we're number one or number two in their industries very profitable companies.
That then they drove in -- bankruptcy these were not -- but the but look it is Steve -- for all of his misdeeds and I think that's not -- -- beginning with very could be in the cards are.
But he said he knows that the vulture companies from the other venture capital companies and he says Bain Capital is not now.
Nor has it ever been some kind of Gordon -- like fire breathing corporate raider that slash and burn companies in a lady jobs wherever they appear in its path is is he just dead wrong -- -- -- Look he's in the industry.
-- the private equity industry is coming -- the defense of the industry when it's coming under a lot of criticism.
I spoke to a partner and managing director of Bain Capital work while Romney was there.
He said 50% of the time right before we're gonna buy -- company.
We talked about layoffs we never talked about creating jobs we talked about layoffs so often that it just wasn't a big deal.
On the other hand this movie which you suggest your your book kind of inspired in some ways are right there are had a lot of mistakes and as somebody that knew just as I mentioned came out said he wants it either pulled.
Or corrected.
Some of those mistakes are really egregious for one thing that when they talk about -- back.
A company that took over the film suggests a unit Mac is out of business in fact you know -- is still going strong at its new headquarters in Wisconsin we've -- KB toys.
The chronology is totally off Bain Capital did not by KB toys until late 2000 more than a year after Romney left.
But the film states the opposite -- regard to DDI.
The film while focusing on 2200 jobs were lost during the technology bust if it lost money during the 2000 technology bust but so did thousands of other companies.
It doesn't -- dvi emerge from bankruptcy proceedings and is currently thriving so this -- was just chock full of -- There are some definite -- I think KB toys is unfair I agree with the criticism.
I don't talk about you know Mac in the book and I don't know enough about it to comment on dvi when a company that -- owned and five -- their ten biggest investments went bankrupt.
That means the -- is usually wiped off that means the company can operate the fact that it emerges as a profitable company chose -- was a company to be saved shows the exact opposite.
About being -- shows that this company should have survived.
Should have thrived and it only survived because you got rid of the debt the people.
Disagreement that you and I have does not detract from one iota from your journalistic work which is excellent and they took the buyout of America.
I guess it came out a couple of years ago right is still available still in print you can still get it and I would advise people do so Josh scotsman good to see if I always --
