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Romney Addresses Latin Builders in Miami
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ShareJanuary 25, 2008 10:22 AM
ABC News' Matt Stuart Reports: Republican hopeful Mitt Romney kept largely to his resume as a consultant turned venture capitalist in his address to the Latin Builders Association in Miami on Friday.
Romney - who was introduced by former Republican party chairman Al Cardenas as the "ultimate champion" for the economy - said that it took "a degree of chutzpah" to become a venture capitalist.
The former governor of Massachusetts explained the process as "go[ing] to someone and say 'give me your money and I will invest it for you and I'll give you back 80 percent of the profit I make and I'm gonna keep 20 percent of the profit I make, I'm gonna charge you a 2 percent fee for taking your money and by the way if I lose your money, too bad, I don't share in the downside, I only share in the upside.'
Romney diverted from the usual, tailoring his speech for the Latin Builders crowd. The Michigander turned Bay stater made a point to talk about first coming to Miami on business.
"What struck me as I came to Miami was an extraordinarily vibrant, beautiful city," he said.
Romney also pointed out that he was not always successful in his investing. "I hear people now and then say not every business that you invested in or managed was successful," Romney said. "It's like, yeah, of course, have you ever been in business before? Do you understand how business works?"
Moving on to the economy, Romney discussed his economic stimulus plan and later spoke at length about layoffs and the effect on the employer.
"I've had settings where I've had to lay people off. It's an awful feeling. No one likes laying someone off," Romney commented.
Continuing, he said, "Someone who thinks that you're a bad person if you lay someone off doesn't understand. You feel bad. Its probably the hardest thing I've done in business."
January 25, 2008 in Palin, Sarah | Permalink | User Comments (7)
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Oh yes, I'm sure he was very sad to lay off workers!
Posted by: Biodun | Jan 25, 2008 2:10:52 PM
So, Governor Romney, are you going to sing any spanish songs to try to relate? Please do. Please....
Posted by: irma | Jan 25, 2008 2:22:14 PM
Please keep showing that "Who let the dog's out" atrocity!!! Good stuff!
Posted by: ugh! | Jan 25, 2008 4:59:13 PM
Y'all are just jealous that you aren't as smart, good looking or likely to become President as Mr. Romney.
As someone who has run my own business, I can tell you that he is right. Laying off or firing workers is not easy but it is often necessary to keep the business floating, so that others can keep their jobs.
I like the fact that Romney understands what it takes to be involved in business, to take risks, ... to win and to lose... and to come back swinging.
Most impressive is his track record of tackling tough situations that have stumped other people with exceptional problem-solving and leadership skills. He will be an excellent president.
Posted by: TC | Jan 25, 2008 6:51:49 PM
I never could put my finger on just why I detest Mitt Romney and now I can. There's nothing smarmier than a wealthy man who tries to identify with blue-collar workers, a wealthy man who never had to do live off the pay of manual labor his entire life. He is a false and thoughtless man.
Posted by: shortnativetexan | Jan 26, 2008 1:57:30 AM
short native texan, I´ll bet you loved the kennedys? and rumor has it they became rich off daddys rum running and assorted dealings with orginised crime? an argument could be made that he is already rich, and has no need to get rich off his position(LBJ)warren buffett might be a good candidate?
Posted by: rugby4u2 | Jan 26, 2008 12:58:56 PM
And this clown and Palin are the best future leaders we Republicans can come up with? Heaven help us!
Posted by: oreilly | Nov 22, 2008 12:22:30 PM
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