Jon Stewart Takes On Mitt Romney's Bain Capital Credentials (VIDEO)
Ahead of Mitt Romney's big victory in Florida Tuesday night, Jon Stewart took a moment to break down the GOP candidate's private sector credentials, specifically his time at Bain Capital, on "The Daily Show."
Now, just because Bain Capital sounds like a Batman villain doesn't mean it's an evil corporation, right? Giving Romney the benefit of the doubt, Stewart looked at some of Bain's best buyouts, like a contact lens business they revamped and made a $300 million profit from. But not all the companies Bain "helped" were as lucky, such as Dade International, which went bankrupt after Bain bought it out -- and Bain still made $345 million dollars.
"They get it anyway?" Stewart said, confused, as he tried to understand and explain leveraged buyouts -- you know, that thing where you buy a company with borrowed money and then use the company's assets as collateral to pay yourself back (more than you owe) and sacrifice the company to the lenders.
The whole thing made Stewart pretty uneasy, but that's not really a surprise considering that Romney himself advocated against the same thing (on a smaller scale) at a campaign rally. Stewart was amused by the contradiction:
"Mitt Romney's pitch to Americans: Elect me as your President! I have 25 years business experience doing something this country should never, ever do."
Watch the full segment above.