bain & company.ew years, the company's ceo and founder, bill bain, asks romney to head up a spinoff -- bain capital. >> mitt was hesitant. he was making a good salary. he had a growing family, and he essentially said no. and bill bain said run this new company called bain capital, and if it fails, i'll bring you back to bain & company. so you sort of can't lose. >> bain capital initially invests in startup companies. in 1986, after a tough two years, bain strikes it big. >> we invested in staples early in the year and staples and -- in pretty short order started doing well. we also helped start sports authority, bright horizons, all within a six or nine-month period. >> romney helps launch staples, not only with money, but with business and strategic advice. >> this can be a hundred stores so it looks like it could be something big. >> mitt was critical. he acted as our lead investor. and a lead investor in an early stage company is very important because they manage your relationships with other inv

at bain. at the olympics.everyone was on romney's team. >> i will agree he was a different cat than what people on beacon hill were used to. i think that's probably a pretty good thing. >> i got better over time. i know i made mistakes in how i dealt with others in the legislature, but we started off pretty well. >> then, two years into his term, he set his sights on something bigger, something that would mean a legacy. health care. >> he had not had a major achievement that he could point to as some big political success in a future campaign. he needed something to say i had done this and it was a big deal. >> romney decided to push for health care to cover everyone in the state. but that meant mandating most residents to buy health insurance. >> the governor felt that it would be wrong for the economy and wrong for our business sector to impose a mandate on employers, to require them to provide insurance to their employees. but he felt it very important that people take responsibility for their own health ca

and bain capital was born.frey rennart. >> well, it was a lot of long hours, a lot of late nights and a lot of learning but a lot of success. >> so what kind of a leader was mitt romney during those early years? >> i would say in the early years mitt was a lead-by-example kind of leader. he -- you know, he dug in, you know, did analysis side by side with us. >> and it paid off. bain capital invested in more than 100 companies, nearly doubling its returns for clients annually. >> how you doing? >> romney made a lot of money, and he would later claim created a lot of jobs. but a former bank colleague, who talked off camera about whether the company's emphasis was on job creation told cnn, quote, we were in the business of creating value for investors. >> was job creation or making money the goal? >> well, every business is organized to create a return for the people who invest in the business. and as businesses are successful and profitable, they're able to hire people. and they can hire more people the more succ

" did some digging for today's paper it looked as 77 businesses bain invested in while romney led the firm. 22% of those companies either filed for bankruptcy or closed 8 years after the bain investment. >> jon: see, 22%! to 8% for the government. see? (cheers and applause) the government can't even get mitt romney at picking failures. let's take a look at one of romney's nonwinners, was a company called life like which received $2 million from bain, a personal loan from mitt romney himself, shortly before it went bankrupt, bain sold it, taking the company for $15,000. wow, $15,000 down from 2 million, that's a solid 99% return minus. why? what did life like make? >> now you can get your very own my twin at my twin.com. >> twice the fun, we have more fun. >> one of a kind my twin dolls. (laughter) >> jon: is it looking at me? why would mitt romney think anybody would want to buy a product so early close to yet so creeply far from human? why would mitt romney think that a perfectly sculpt-- settle down why would mitt romney think that a perfectly sculpt yet dead eye refugee from the is

of bain capital in the ninety's bain invested in a series of companies including call centers and manufacturers that expanded overseas sometimes at the expense of american workers in february of ninety nine i left bank capital and left all management authority and responsibility for the firm had no ongoing research. your involvement in the affairs of bain capital. hello good evening and welcome to this edition of town talk on poll night and i'll be your guest for the next sixty minutes also as we continue to try to find out what's really going on in our community and in fact tonight what's really going on in our state and to help me with that quest is the probable republican nominee for u.s. senate mr rich mitt romney's human outside welcome to the show thank you good to be here paul let me introduce the candidates edward kennedy the democratic candidate has served in the senate since one nine hundred sixty two mitt romney the republican candidate has served as chief executive officer of bain capital a venture capital firm people in massachusetts have been walking watching for thirty two years

and bain capital was born.er jeffrey rennart. >> well, it was a lot of long hours, a lot of late nights and a lot of learning but a lot of success. >> so what kind of a leader was mitt romney during those early years? >> i would say in the early years mitt was a lead-by-example kind of leader. he -- you know, he dug in, you know, did analysis side by side with us. >> and it paid off. bain capital invested in more than 100 companies, nearly doubling its returns for clients annually. >> how you doing? >> romney made a lot of money, and he would later claim created a lot of jobs. but a former bank colleague, who talked off camera about whether the company's emphasis was on job creation told cnn, quote, we were in the business of creating value for investors. >> was job creation or making money the goal? >> well, every business is organized to create a return for the people who invest in the business. and as businesses are successful and profitable, they're able to hire people. and they can hire more people the mor

and bain capital was born. >> well, it was a lot of long hours, a lot of late nights and a lot of learning but a lot of success. >> so what kind of a leader was mitt romney during those early years? >> i would say in the early years mitt was a lead-by-example kind of leader. he -- you know, he dug in, you know, did analysis side by side with us. >> and it paid off. bain capital invested in more than 100 companies, nearly doubling its returns for clients annually. >> how you doing? >> romney made a lot of money, and he would later claim created a lot of jobs. but a former bank colleague, who talked off camera about whether the company's emphasis was on job creation told cnn, quote, we were in the business of creating value for investors. >> was job creation or making money the goal? >> well, every business is organized to create a return for the people who invest in the business. and as businesses are successful and profitable, they're able to hire people. and they can hire more people the more successful they a

really believe this company wants to elect a wall street financier. >> there was a steel mill that bain in, took that company over. >> bain sometimes behaved in behavior where they looted a couple and left behind 1700 unemployed people. >> jon: damn you, obama! that's coming frommed in your own house. and even the right's beloved super pac designed to do to obama what obama did to romney backfired. remember aidle son, las vegas billionaire? said he's give up to $100 million to help romney defeat the socialist obama? why did he have to give so much money? because he gave so much to gingrich in the primaries to defeat vulture capitalist romney, the half-hour bain attack ad was produced and distributed by romney sugar daddy sheldon aidle son. it wasn't murder. it was auto erotica asphyxiation. the highlight of fox's total melted down for me-- and there were a lot of highlights. i'm a bit of a connoisseur-- was to see where they ultimately landed. the place they could go to in their own minds to rationalize the utter destruction of bull ( bleep ) mountain. >> it was almost four years of div

but when romney really left bain capital is now controversial. on paper, he remained chief executive officer, raising the question of his responsibility for companies that laid off workers when he was in utah. he says that he was gone from the company completely, that the olympics were all-consuming. >> when he got there, it was a disaster. and he was panicked. he really seriously considered saying, it's not going to work here, there's just too many problems. >> romney needed help so he rallied an old friend from bain capital, fraser bullock, to be the games chief operating officer. >> mitt did describe it as stepping into an empty elevator shaft because you're falling and you're not sure when you will hit ground. >> bullock joined the team that tried to do damage control. they created an operating plan, tried to convince sponsors to stay on board and took a critical look at the nearly $400 million budget deficit staring them in the face. and even got rid of the usual catering at olympic board meetings. >> we had domino's pizza, and it was a doll

but when the bain capital attacks came, the romney campaign was pretty prepared for them.'ll remember back in 1994, in his race against senator ted kennedy, he dealt with a lot of these same attacks over his career at bain capital, over the layoffs and closure of a lot of factories that bain was investing in, so the romney campaign was prepared for those attacks but they did not expect they would happen in the context of the republican primary. they thought this would wait until the general election. and when newt geng rich and rick perry brought it up in january of 2012, the rom no campaign pretty effectively deflected those attacks. he went on to win the nomination. the attacks didn't seem to really stick too much. and what that did was created sort of a false confidence within the romney brain trust that they had litigated this issue completely and come the general election when the obama campaign really stepped up its attacks on bain capital, that they just wouldn't stick, and of course that was not the case. >> woodruff: at that point, carol leigh, the obama folks jus

here she is on fox on election night. >> the realization at this point is that those bain capital adshat voters just got inundated with early on in ohio and some of the other areas as it pertained to the auto bailout really i think hurt romney. >> right. >> it seems to be -- >> ultimate compliment really. >> in a weird way, yeah. what do you think of her assessment that the whole focus on bain early on is what really put the guy in a situation he couldn't get out of? >> well, i think that's what some of the internal research showed, and what they couldn't believe, as you were just saying, was that the romney camp didn't respond to this because basically bill burton, who was the co-founder of priorities usa, said they thought any minute the romney campaign would have the opposite ad, where they would show guys who got jobs because of bain. people at sports authority or, you know, places like that that were supposedly helped out by bain, but that ad was never made, and, you know, it's baffling to people like burton about why they didn't respond, but when i talked to romney people early

you know i mean we're seeing in certain saga in that experience where bain capital actually invested in send sada and is now sending those jobs overseas nearly two hundred jobs and it's not that they're making that they're not making profits they actually are making profits it's just that greed has no bounds bain capital seems to be in the business of buy it strip it flip it fended overseas harvest. additional profit and throw the people in the workers in the community under the bus unfortunately it's the free trade agreements that enable the bain capital's of the world to steal our jobs and send them overseas so you know some would lay that mitt romney's feet but barack obama bears an equal responsibility for actually expanding these free trade agreements and right now there is a transpacific partnership being negotiated as we speak behind closed doors even congress is not able to know what's going on in this agreement but it has been leaked and what we know is that it will continue to offshore our jobs continue to undermine wages here at home and in fact undermine american sovereig

he made a whole movie called king of bain. this is what adelson's money brought to the republican party. >> mitt romney, the king and c.e.o. of bain capitol his mission, to reap massive rewards for himself and his investors. >> mitt romney, them guys, theyy n't care w w i am. >> you going to be on the hit list. you know that. >> he took foreign seed money from latin america and began exploiting dozens of american businesses. >> they fire people, cut benefits. >> that was a gingrich ad, an ad adelson paid for. they built their own coffin. how's that for awesome? they grossly misspent their money. a quote from "the new york times": >> oh, that's interesting. so you great businessman wound up paying so much more. there might be a reason behind this. kevin drum explains in mother jones: >> aha! there we have it. the guys who ran all these super packs, take a cut a commission, you lose the election, that's your problem. i wasted your billionaire money that's your problem. i got rich anyway. listen to the ohio democratic chairman: >

. >> narrator: and romney moved bain into a lucrative new field: leveraged buyouts. the gold rush was on. >> the people who were either smart enough or lucky enough to enter that space when romney did, all did fabulously well. it was just a great, you know, it was kind of being in the right place at the right time. >> we sold calumet coach, made a terrific profit. we made 35 times our money on a $1 million investment. we sold accuride. we made 24 times our money on a $2.5 million investment. >> there was one deal that was very profitable that basically was turned around and flipped in about seven weeks. this deal, one of romney's partners said this was like being hit by the, quote, "lucky stick." another deal in which he invested $50 million in the yellow pages company in italy and got back a billion dollars, this partner said that was like being "thrashed," unquote, by the lucky stick. >> narrator: mitt and his team memorialized their early success with a photograph. >> these folks think that they went like a giant tidal wave through the american economy and essenti

ready for those bain ads. it inexplicable they didn't have a comeback. they defined him on the auto bail out, on tax returns. >> bob, you taught them the lesson that first time. they should have been ready -- bob shrum, i'm out of time. always an honor to have you on. and john, you're always welcome here, sir. >>> up next, something else that won't help republicans out of their mess, u.s. congressman lewis gohmert is out there suggesting the obama administration is in cahoots with the muslim brotherhood. who is buying this malarkey? malarkey is a good word. this is "hardball," the place for politics. won't help republicans out of tn who have used androgel 1%, there's big news. presenting androgel 1.62%. won't help republicans out of both are used to treat men with low testosterone. androgel 1.62% is from the makers of the number one prescribed testosterone replacement therapy. it raises your testosterone levels, and... is concentrated, so you could use less gel. and with androgel 1.62%, you can save on your mo

. >> the bain story, the bain story has a culture and emotion emotional resonance in the midwest. idea of the rich guy coming to town, shutting down a manufacturing, just resonates. it detonates. >> george, that early spending in ohio on bain. >> if it works, mr. obama will have a mandate not to be bain capital. but, there's another side of this, also, mitt romney may have been the guy that shut down some plants. barack obama came to town and tried to shut down the coal industry. ohio, pennsylvania, important states where coal matters and it will be interesting to see in southwest ohio how -- >> at this point in time, in the aftermath of hurricane sandy and what happened in the forces, with almost believing that climate change is bringing, the argument that romney won't be making at this time, his environmental policies are going to affect the coal country. not an argument that romney wants to make. >> the most common stop the war on coal. fire obama. are there enough people to overcome what is -- >> if the president has an advantage in ohio, even if it's small one that puts more

outsourcing, bain patel, taxes, cayman islands -- bain capit al, since, cayman islands. they beat him over the head with it. when he got the left after the first debate, he probably went up in all 50 states, but he moved up slower in those six or 8 states where the obama ads had beaten his brains out. at the end of the day, that is what made the difference. the cold numbers the republicans are going to have to look at and think about is the demographics. who voted? the country is changing and they have got to change. we will see as they progress through the denial and all of these other things until they get to a point and step forward. if i were the republican party, reince priebus is a terrific operative. he is an effective national cheer. to be honest, i think the republican party -- there is a time when parties need a haley barbour. they need some large stature and person, someone -- large- statured person, someone who has the stature who can move the party along on a sustainable immigration policy for the party. how to hit the pitch right on social, cultural issues,

don't know of any offices that fill up being supported by the government really is at rock bottom baines has lost five hundred fifty officers from her force meaning more work for those left behind and a genuine fear that when people call nine nine nine there won't be anyone left to deal with the emergency and she's not alone so i'm in pain is chair of the war except police federation says morale hasn't been this low in his twenty six year career with the have a plethora of issues over the last two years where the star or conditions of. pension reforms or were thought forms in the police. twenty percent cuts and if i give an example here in work prior to this government coming to power we had a thousand and fifty offices we're down into the seven hundreds we have one of the biggest moto networks in the country and we have no traffic department. so it's coming from all sides times are so hard in war that the force is even selling off its stations including its h.q. there. no for sale here but the iconic scotland yard headquarters of the metropolitan police is also on the markets it's a rea

fourteen thousand officers saying they feel the government gives them a great deal of support rachel baines is surprised but not in a good way. to those fifteen offices are certainly in the force i work in lancashire and i don't know of any offices that fill up being supported by the government at rock bottom baines has lost five hundred fifty officers from her force meaning more work for those left behind and a genuine fear that when people call nine nine nine there won't be anyone left to deal with the emergency and she's not alone simon pain is chair of the war except police federation and says morale hasn't been this low in his twenty six year career. to have a plethora of issues over the last two years where the start or conditions of service pension reforms or were thought forms in the police service purse twenty percent cuts and if i give an example here in work share prior to this government coming to power we had a thousand and fifty offices we're now down into the seven hundreds we have one of the biggest motorway networks in the country and we have no traffic department. so it's