FLASHBACK: Stemberg Admitted Romney’s Bain Tenure About Creating Wealth, Not Jobs
Staples co-founder Tom Stemberg, who’s addressing the Republican National Convention, has admitted that Mitt Romney’s work as a corporate buyout specialist was “certainly to make money,” not create jobs. Romney has personally admitted that his focus at Bain Capital was about creating wealth for himself and his investors, not creating jobs, as he and his campaign are trying to claim tonight.
Staples Co-Founder And Romney Surrogate Tom Stemberg “Said Making Money—Rather Than Creating Jobs—Was The Primary Goal Of The Presumed Republican Party Presidential Nominee When He Was Running Bain Capital.” “A top surrogate to Mitt Romney said making money—rather than creating jobs—was the primary goal of the presumed Republican Party presidential nominee when he was running Bain Capital LLC, saying he ‘acted responsibly’ as chief executive officer of the private-equity firm. ‘The role of private equity as fiduciaries is certainly to make money,’ said Tom Stemberg, the founder of Staples Inc. (SPLS), in an interview on Bloomberg Television’s ‘Political Capital,’ airing this weekend.” [Bloomberg, 5/18/12]
Staples Co-Founder And Romney Surrogate Tom Stemberg On Bain Capital Job Losses: “Sometimes That Means Closing A Factory Somewhere And Moving The Manufacturing To China” When asked about those who lost their jobs as a result of Bain Capital, Staples co-founder and Romney supporter Tom Stemberg said: “You know what happens in business is that you’re the CEO, you’ve got to do things the most cost effective way you possibly can. And sometimes that means closing a factory somewhere and moving the manufacturing to China. At other times, just like recently at Staples, they shut down a bunch of jobs in Massachusetts and moved them, of all places, to Columbia, S.C., because they can be done more effectively there. And that’s the way the world works.” [Fox & Friends, Fox News, 1/16/12]
ROMNEY ADMITTED HE DID NOT CREATE JOBS AT BAIN CAPITAL
Romney: “When You Ask The Question, How Many Jobs Did You Create At Bain Capital, The Truth Is We Invested In Businesses That Created The Jobs. We Didn’t Create Them Ourselves.” Romney: “And when you ask the question, how many jobs did you create at Bain Capital, the truth is we invested in businesses that created the jobs. We didn’t create them ourselves. They did but I’m proud of the fact that businesses we invested in collectively created amongst themselves well-over a hundred thousand jobs.” [KMOV (St. Louis, MO), 3/13/12]