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Former Bain Capital Managing Director Ed Conard on the president’s attacks of Mitt Romney as a businessman.
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President Obama doubles down on his attack on Mitt Romney's success as a businessman.
Here's what he said last night.
When your president as opposed to the head of a private act reform firm.
-- did.
Your job is not simply to maximize profits.
Your job is to figure out how everybody in the country.
Has a fair shot.
All right the president obviously is not backing down and color he's the former managing director at.
Bain Capital is the all -- all -- unintended consequences he -- with Mitt Romney for many years at Bain Capital and welcome back good to see you again -- -- thank you for having me.
Now the president -- just come out full throttle that.
Bain Capital private equity.
Is bad all that it was maximize profits and that doesn't make -- the president -- -- states of America and your responses well let's not kid ourselves it's not really an attack company capitalists and -- business generally.
I think the argument is is.
Propaganda always works in a way where you focus on -- -- the truth instead of the whole truth they want to pretend that all business that was -- -- does work for investors.
But everybody has worked in business knows the business -- foremost works for their customers.
And customers pay for employees customers pay lenders and last of all customers pay back investors if you don't make the customer happy.
You know shot at being successful with your -- now -- adds quote a couple of companies where people world laid off.
A way to go in the other direction for a second.
We use Barrett -- when you're organizing Staples salinity other companies that ultimately employ thousands of people -- was a little before my time couple years before my time but we invested in 350 businesses over the course of -- History a small minority of those businesses were unsuccessful.
-- the the revenues -- of the successful businesses grew about two and a half times faster than the S&P 500.
Put in at close to hundred billion dollars increase in revenues -- those companies so the idea that -- was working hard to make businesses successful.
You can't be successful -- that -- you're not -- you're accused of going in.
Borrowing a lot of money.
Saddling the company with a lot of fees and then hoping that you could -- and around and sell -- -- wrong.
-- minus a few people that's the accusation against bank showing us all equity apartment private equity -- -- Hoping as opposed to working our tails -- -- -- is that how it works well one thing I'd I'd say is I think people talk about -- companies with debt.
Inside the economy as a whole we have a lot of risk averse savers -- want their money on demand they don't wanna take risk.
And you need equity to underwrite the risk of business investment so.
What do you do you can leave that money sitting -- we can have high unemployment slow growth like we have right now you can.
Finance sub prime.
Consumption that didn't work or you can give it to equity investors who use it to invest in businesses and try to make those businesses successful -- they always going to be successful.
Now -- what I think from Mitt -- what do you know he's got to make it a lot more simpler bank employees helped stock the shelves of the first Staples maybe over the since 1986 they probably hired a couple of 100000 people who pay mortgages but tickets to college -- -- -- and hey we don't Domino's Sealy -- to sports authority Burger -- brought to go back -- don't condone it toward the -- these are all thriving American businesses that they want to -- -- you don't like that.
Or you want me out of -- -- come on this I think them.
Golf is trying to say you should not sit back you should -- full wouldn't say Burger King staple of the fact that back happen nowadays credit -- don't have been saying yeah.
I thank you -- -- most strongly that you should welcome and you guys are under attack yes we are under attack but I do think business is under attack and they all business that's a step forward and defend themselves and that is we're all working our tails are Atlanta tornado -- success on the -- -- non listed on the -- that the president comes out with the anti Bain had he goes to a fund -- Blackstone.
Which is a huge private equity cooperation organization -- if you'll stabbed in the back by Blackstone I think he's gonna take his money from wherever he can get all reluctant to go after the Blackstone when they raise money for a guy -- anti private equity -- you mind ahead of Blackstone is pretty strong supporter of -- so.
You know there's people and no -- they are doing the wife and ups what you didn't this why would you raise money for the guy who's beating up until I can't speak for the guys that are given him money I don't think it makes that he said Michelle all right and I should go after all right Ed comment -- at a time -- room for everything that is why.
